DDM Analysis: BHARTIARTL.BO

Valuation Snapshot

Stable Growth	$10,802.27 - $12,726.91	$11,926.98
Multi-Stage	$3,231.74 - $3,542.92	$3,384.44
Blended Fair Value	$7,655.71
Current Price	$1,878.40
Upside	307.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	30.59%	15.77%	11.51	6.95	5.96	2.40	4.47	3.03	7.74	5.42	1.52	1.77
YoY Growth	-	-	65.73%	16.57%	148.64%	-46.34%	47.33%	-60.82%	42.77%	256.15%	-14.15%	-33.40%
Dividend Yield	-	-	0.57%	0.48%	0.68%	0.35%	0.87%	0.55%	2.26%	1.58%	0.44%	0.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	385,426.00
(-) Cash Dividends Paid (M)	114,035.00
(=) Cash Retained (M)	271,391.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	77,085.20	48,178.25	28,906.95
Cash Retained (M)	271,391.00	271,391.00	271,391.00
(-) Cash Required (M)	-77,085.20	-48,178.25	-28,906.95
(=) Excess Retained (M)	194,305.80	223,212.75	242,484.05
(/) Shares Outstanding (M)	6,022.80	6,022.80	6,022.80
(=) Excess Retained per Share	32.26	37.06	40.26
LTM Dividend per Share	18.93	18.93	18.93
(+) Excess Retained per Share	32.26	37.06	40.26
(=) Adjusted Dividend	51.20	56.00	59.19
WACC / Discount Rate	5.06%	5.06%	5.06%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10,802.27	$11,926.98	$12,726.91
Upside / Downside	475.08%	534.95%	577.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	385,426.00	410,478.69	437,159.80	465,575.19	495,837.58	528,067.02	543,909.03
Payout Ratio	29.59%	41.67%	53.75%	65.83%	77.92%	90.00%	92.50%
Projected Dividends (M)	114,035.00	171,043.98	234,982.34	306,510.02	386,343.50	475,260.32	503,115.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.06%	5.06%	5.06%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	161,273.36	162,802.02	164,330.68
Year 2 PV (M)	208,903.11	212,882.13	216,898.68
Year 3 PV (M)	256,926.68	264,302.12	271,817.37
Year 4 PV (M)	305,346.52	317,089.28	329,167.53
Year 5 PV (M)	354,165.10	371,271.41	389,032.41
PV of Terminal Value (M)	18,177,495.01	19,055,474.81	19,967,056.97
Equity Value (M)	19,464,109.78	20,383,821.77	21,338,303.65
Shares Outstanding (M)	6,022.80	6,022.80	6,022.80
Fair Value	$3,231.74	$3,384.44	$3,542.92
Upside / Downside	72.05%	80.18%	88.61%

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Bharti Airtel Limited (BHARTIARTL.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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