DDM Analysis: CLARA.BO

Valuation Snapshot

Stable Growth	$7.19 - $10.62	$8.83
Multi-Stage	$12.77 - $14.06	$13.40
Blended Fair Value	$11.12
Current Price	$19.37
Upside	-42.61%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021
DPS	0.00%	0.00%	0.10	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	-	-	0.51%	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)	18.90
(-) Cash Dividends Paid (M)	2.07
(=) Cash Retained (M)	16.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.78	2.36	1.42
Cash Retained (M)	16.84	16.84	16.84
(-) Cash Required (M)	-3.78	-2.36	-1.42
(=) Excess Retained (M)	13.06	14.47	15.42
(/) Shares Outstanding (M)	20.77	20.77	20.77
(=) Excess Retained per Share	0.63	0.70	0.74
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.63	0.70	0.74
(=) Adjusted Dividend	0.73	0.80	0.84
WACC / Discount Rate	7.93%	7.93%	7.93%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.19	$8.83	$10.62
Upside / Downside	-62.89%	-54.40%	-45.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18.90	18.71	18.53	18.34	18.16	17.98	18.52
Payout Ratio	10.93%	26.75%	42.56%	58.37%	74.19%	90.00%	92.50%
Projected Dividends (M)	2.07	5.01	7.89	10.71	13.47	16.18	17.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.93%	7.93%	7.93%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4.59	4.64	4.68
Year 2 PV (M)	6.63	6.77	6.91
Year 3 PV (M)	8.26	8.52	8.78
Year 4 PV (M)	9.53	9.93	10.34
Year 5 PV (M)	10.50	11.05	11.62
PV of Terminal Value (M)	225.72	237.47	249.71
Equity Value (M)	265.24	278.37	292.03
Shares Outstanding (M)	20.77	20.77	20.77
Fair Value	$12.77	$13.40	$14.06
Upside / Downside	-34.08%	-30.82%	-27.42%

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Clara Industries Ltd. (CLARA.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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