DDM Analysis: TANLA.BO

Valuation Snapshot

Stable Growth	$1,567.51 - $7,100.99	$3,606.77
Multi-Stage	$804.67 - $880.71	$842.00
Blended Fair Value	$2,224.38
Current Price	$656.75
Upside	238.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	92.76%	0.00%	12.03	10.02	8.09	1.01	1.01	0.45	0.30	0.25	0.00	0.18
YoY Growth	-	-	20.08%	23.81%	702.45%	-0.34%	123.85%	49.44%	21.61%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	1.87%	1.03%	0.79%	0.10%	0.13%	0.63%	0.42%	0.80%	0.00%	0.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,792.99
(-) Cash Dividends Paid (M)	808.30
(=) Cash Retained (M)	3,984.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	958.60	599.12	359.47
Cash Retained (M)	3,984.70	3,984.70	3,984.70
(-) Cash Required (M)	-958.60	-599.12	-359.47
(=) Excess Retained (M)	3,026.10	3,385.57	3,625.22
(/) Shares Outstanding (M)	134.24	134.24	134.24
(=) Excess Retained per Share	22.54	25.22	27.01
LTM Dividend per Share	6.02	6.02	6.02
(+) Excess Retained per Share	22.54	25.22	27.01
(=) Adjusted Dividend	28.56	31.24	33.03
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,567.51	$3,606.77	$7,100.99
Upside / Downside	138.68%	449.18%	981.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,792.99	5,104.54	5,436.33	5,789.69	6,166.02	6,566.82	6,763.82
Payout Ratio	16.86%	31.49%	46.12%	60.75%	75.37%	90.00%	92.50%
Projected Dividends (M)	808.30	1,607.48	2,507.15	3,516.99	4,647.51	5,910.13	6,256.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,482.36	1,496.41	1,510.46
Year 2 PV (M)	2,132.04	2,172.65	2,213.64
Year 3 PV (M)	2,757.99	2,837.17	2,917.84
Year 4 PV (M)	3,360.86	3,490.11	3,623.05
Year 5 PV (M)	3,941.26	4,131.62	4,329.27
PV of Terminal Value (M)	94,341.11	98,897.82	103,628.92
Equity Value (M)	108,015.62	113,025.78	118,223.19
Shares Outstanding (M)	134.24	134.24	134.24
Fair Value	$804.67	$842.00	$880.71
Upside / Downside	22.52%	28.21%	34.10%

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Tanla Platforms Limited (TANLA.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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