DDM Analysis: FSL.BO

Valuation Snapshot

Stable Growth	$425.40 - $1,887.38	$1,001.69
Multi-Stage	$220.40 - $240.99	$230.51
Blended Fair Value	$616.10
Current Price	$328.80
Upside	87.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-6.02%	0.00%	3.91	3.41	3.38	3.38	2.89	5.33	1.76	0.00	0.00	0.00
YoY Growth	-	-	14.66%	0.90%	0.02%	16.99%	-45.84%	202.82%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.04%	1.59%	2.65%	3.28%	1.54%	14.93%	3.46%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,698.36
(-) Cash Dividends Paid (M)	2,758.57
(=) Cash Retained (M)	3,939.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,339.67	837.30	502.38
Cash Retained (M)	3,939.79	3,939.79	3,939.79
(-) Cash Required (M)	-1,339.67	-837.30	-502.38
(=) Excess Retained (M)	2,600.12	3,102.50	3,437.41
(/) Shares Outstanding (M)	705.81	705.81	705.81
(=) Excess Retained per Share	3.68	4.40	4.87
LTM Dividend per Share	3.91	3.91	3.91
(+) Excess Retained per Share	3.68	4.40	4.87
(=) Adjusted Dividend	7.59	8.30	8.78
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$425.40	$1,001.69	$1,887.38
Upside / Downside	29.38%	204.65%	474.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,698.36	7,133.75	7,597.45	8,091.28	8,617.21	9,177.33	9,452.65
Payout Ratio	41.18%	50.95%	60.71%	70.47%	80.24%	90.00%	92.50%
Projected Dividends (M)	2,758.57	3,634.38	4,612.38	5,702.18	6,914.16	8,259.60	8,743.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,352.72	3,384.50	3,416.28
Year 2 PV (M)	3,925.19	3,999.96	4,075.43
Year 3 PV (M)	4,476.56	4,605.06	4,736.00
Year 4 PV (M)	5,007.38	5,199.95	5,398.02
Year 5 PV (M)	5,518.21	5,784.74	6,061.47
PV of Terminal Value (M)	133,282.78	139,720.39	146,404.38
Equity Value (M)	155,562.84	162,694.59	170,091.58
Shares Outstanding (M)	705.81	705.81	705.81
Fair Value	$220.40	$230.51	$240.99
Upside / Downside	-32.97%	-29.89%	-26.71%

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Firstsource Solutions Limited (FSL.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener