DDM Analysis: ZEEL.BO

Valuation Snapshot

Stable Growth	$42.47 - $61.56	$51.74
Multi-Stage	$102.11 - $112.73	$107.31
Blended Fair Value	$79.52
Current Price	$112.37
Upside	-29.23%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-25.12%	-8.55%	1.00	0.00	3.00	2.50	0.30	4.25	4.33	2.50	2.71	4.22
YoY Growth	-	-	0.00%	-100.00%	20.03%	727.93%	-92.89%	-1.92%	73.45%	-7.98%	-35.65%	72.53%
Dividend Yield	-	-	0.68%	0.00%	1.69%	1.17%	0.14%	2.48%	1.21%	0.46%	0.55%	0.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,722.00
(-) Cash Dividends Paid (M)	961.00
(=) Cash Retained (M)	4,761.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,144.40	715.25	429.15
Cash Retained (M)	4,761.00	4,761.00	4,761.00
(-) Cash Required (M)	-1,144.40	-715.25	-429.15
(=) Excess Retained (M)	3,616.60	4,045.75	4,331.85
(/) Shares Outstanding (M)	960.52	960.52	960.52
(=) Excess Retained per Share	3.77	4.21	4.51
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	3.77	4.21	4.51
(=) Adjusted Dividend	4.77	5.21	5.51
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	-4.04%	-3.04%	-2.04%
Fair Value	$42.47	$51.74	$61.56
Upside / Downside	-62.21%	-53.96%	-45.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,722.00	5,547.90	5,379.09	5,215.42	5,056.73	4,902.87	5,049.96
Payout Ratio	16.79%	31.44%	46.08%	60.72%	75.36%	90.00%	92.50%
Projected Dividends (M)	961.00	1,744.03	2,478.52	3,166.70	3,810.70	4,412.59	4,671.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	-4.04%	-3.04%	-2.04%
Year 1 PV (M)	1,617.26	1,634.12	1,650.97
Year 2 PV (M)	2,131.31	2,175.96	2,221.08
Year 3 PV (M)	2,525.16	2,604.93	2,686.36
Year 4 PV (M)	2,817.82	2,937.13	3,060.19
Year 5 PV (M)	3,025.72	3,186.70	3,354.46
PV of Terminal Value (M)	85,964.83	90,538.50	95,304.79
Equity Value (M)	98,082.11	103,077.34	108,277.87
Shares Outstanding (M)	960.52	960.52	960.52
Fair Value	$102.11	$107.31	$112.73
Upside / Downside	-9.13%	-4.50%	0.32%

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Zee Entertainment Enterprises Limited (ZEEL.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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