DDM Analysis: ACCELERATE.BO

Valuation Snapshot

Stable Growth	$80.31 - $124.14	$100.65
Multi-Stage	$177.76 - $195.95	$186.68
Blended Fair Value	$143.66
Current Price	$124.00
Upside	15.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	21.94
(-) Cash Dividends Paid (M)	3.44
(=) Cash Retained (M)	18.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.39	2.74	1.65
Cash Retained (M)	18.51	18.51	18.51
(-) Cash Required (M)	-4.39	-2.74	-1.65
(=) Excess Retained (M)	14.12	15.76	16.86
(/) Shares Outstanding (M)	2.54	2.54	2.54
(=) Excess Retained per Share	5.57	6.22	6.65
LTM Dividend per Share	1.36	1.36	1.36
(+) Excess Retained per Share	5.57	6.22	6.65
(=) Adjusted Dividend	6.92	7.57	8.01
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$80.31	$100.65	$124.14
Upside / Downside	-35.23%	-18.83%	0.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21.94	21.72	21.51	21.29	21.08	20.87	21.49
Payout Ratio	15.67%	30.53%	45.40%	60.27%	75.13%	90.00%	92.50%
Projected Dividends (M)	3.44	6.63	9.76	12.83	15.84	18.78	19.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	6.17	6.23	6.29
Year 2 PV (M)	8.44	8.62	8.79
Year 3 PV (M)	10.32	10.64	10.96
Year 4 PV (M)	11.84	12.33	12.84
Year 5 PV (M)	13.06	13.74	14.45
PV of Terminal Value (M)	400.85	421.73	443.46
Equity Value (M)	450.69	473.29	496.80
Shares Outstanding (M)	2.54	2.54	2.54
Fair Value	$177.76	$186.68	$195.95
Upside / Downside	43.36%	50.55%	58.03%

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AccelerateBS India Ltd. (ACCELERATE.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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