DDM Analysis: PATELSAI.BO

Valuation Snapshot

Stable Growth	$3,630.46 - $4,277.30	$4,008.45
Multi-Stage	$2,467.32 - $2,708.35	$2,585.58
Blended Fair Value	$3,297.02
Current Price	$324.00
Upside	917.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	1.44%	2.03%	3.00	3.00	2.60	2.32	2.32	2.79	2.79	2.79	2.45	2.45
YoY Growth	-	-	0.00%	15.59%	12.00%	0.00%	-17.05%	0.16%	0.00%	13.64%	0.00%	0.00%
Dividend Yield	-	-	0.62%	0.42%	1.06%	1.12%	1.29%	2.76%	2.94%	1.99%	1.30%	1.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	117.66
(-) Cash Dividends Paid (M)	8.21
(=) Cash Retained (M)	109.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.53	14.71	8.82
Cash Retained (M)	109.45	109.45	109.45
(-) Cash Required (M)	-23.53	-14.71	-8.82
(=) Excess Retained (M)	85.92	94.74	100.63
(/) Shares Outstanding (M)	5.47	5.47	5.47
(=) Excess Retained per Share	15.71	17.32	18.39
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	15.71	17.32	18.39
(=) Adjusted Dividend	17.21	18.82	19.89
WACC / Discount Rate	2.23%	2.23%	2.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,630.46	$4,008.45	$4,277.30
Upside / Downside	1,020.51%	1,137.18%	1,220.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	117.66	125.30	133.45	142.12	151.36	161.20	166.03
Payout Ratio	6.97%	23.58%	40.18%	56.79%	73.39%	90.00%	92.50%
Projected Dividends (M)	8.21	29.55	53.62	80.71	111.09	145.08	153.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.23%	2.23%	2.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28.63	28.90	29.17
Year 2 PV (M)	50.36	51.31	52.28
Year 3 PV (M)	73.44	75.55	77.70
Year 4 PV (M)	97.96	101.72	105.60
Year 5 PV (M)	123.96	129.95	136.17
PV of Terminal Value (M)	13,122.95	13,756.79	14,414.89
Equity Value (M)	13,497.29	14,144.23	14,815.81
Shares Outstanding (M)	5.47	5.47	5.47
Fair Value	$2,467.32	$2,585.58	$2,708.35
Upside / Downside	661.52%	698.02%	735.91%

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Patels Airtemp (India) Limited (PATELSAI.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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