DDM Analysis: SAREGAMA.BO

Valuation Snapshot

Stable Growth	$197.81 - $420.11	$280.95
Multi-Stage	$149.18 - $162.67	$155.80
Blended Fair Value	$218.38
Current Price	$469.15
Upside	-53.45%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	68.96%	42.06%	4.50	4.00	3.00	3.00	1.94	0.33	0.27	0.13	0.13	0.14
YoY Growth	-	-	12.49%	33.33%	0.00%	54.37%	494.74%	22.26%	98.88%	-0.03%	-0.56%	0.54%
Dividend Yield	-	-	0.90%	0.72%	0.74%	0.83%	0.62%	0.77%	0.48%	0.20%	0.48%	0.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,028.60
(-) Cash Dividends Paid (M)	867.60
(=) Cash Retained (M)	1,161.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	405.72	253.58	152.15
Cash Retained (M)	1,161.00	1,161.00	1,161.00
(-) Cash Required (M)	-405.72	-253.58	-152.15
(=) Excess Retained (M)	755.28	907.43	1,008.86
(/) Shares Outstanding (M)	192.70	192.70	192.70
(=) Excess Retained per Share	3.92	4.71	5.24
LTM Dividend per Share	4.50	4.50	4.50
(+) Excess Retained per Share	3.92	4.71	5.24
(=) Adjusted Dividend	8.42	9.21	9.74
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$197.81	$280.95	$420.11
Upside / Downside	-57.84%	-40.11%	-10.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,028.60	2,160.46	2,300.89	2,450.45	2,609.73	2,779.36	2,862.74
Payout Ratio	42.77%	52.21%	61.66%	71.11%	80.55%	90.00%	92.50%
Projected Dividends (M)	867.60	1,128.08	1,418.75	1,742.45	2,102.23	2,501.42	2,648.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,015.97	1,025.60	1,035.23
Year 2 PV (M)	1,150.78	1,172.70	1,194.82
Year 3 PV (M)	1,272.88	1,309.42	1,346.66
Year 4 PV (M)	1,383.09	1,436.28	1,490.99
Year 5 PV (M)	1,482.18	1,553.77	1,628.10
PV of Terminal Value (M)	22,441.60	23,525.54	24,650.96
Equity Value (M)	28,746.51	30,023.32	31,346.77
Shares Outstanding (M)	192.70	192.70	192.70
Fair Value	$149.18	$155.80	$162.67
Upside / Downside	-68.20%	-66.79%	-65.33%

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Saregama India Limited (SAREGAMA.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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