Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Bajaj Electricals Limited (BAJAJELEC.BO)

Company Dividend Discount ModelIndustry: Furnishings, Fixtures & AppliancesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$70.31 - $103.34$86.19
Multi-Stage$99.37 - $109.24$104.21
Blended Fair Value$95.20
Current Price$545.05
Upside-82.53%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-4.37%8.71%3.014.003.000.000.003.763.102.460.014.26
YoY Growth---24.92%33.56%0.00%0.00%-100.00%21.11%25.96%29,570.37%-99.81%226.69%
Dividend Yield--0.44%0.38%0.26%0.00%0.00%1.07%0.68%0.52%0.00%2.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,031.80
(-) Cash Dividends Paid (M)8.61
(=) Cash Retained (M)1,023.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)206.36128.9877.39
Cash Retained (M)1,023.201,023.201,023.20
(-) Cash Required (M)-206.36-128.98-77.39
(=) Excess Retained (M)816.84894.22945.81
(/) Shares Outstanding (M)115.02115.02115.02
(=) Excess Retained per Share7.107.778.22
LTM Dividend per Share0.070.070.07
(+) Excess Retained per Share7.107.778.22
(=) Adjusted Dividend7.187.858.30
WACC / Discount Rate9.40%9.40%9.40%
Growth Rate-0.73%0.27%1.27%
Fair Value$70.31$86.19$103.34
Upside / Downside-87.10%-84.19%-81.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,031.801,034.561,037.321,040.091,042.871,045.661,077.03
Payout Ratio0.83%18.67%36.50%54.33%72.17%90.00%92.50%
Projected Dividends (M)8.61193.12378.63565.12752.61941.10996.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.40%9.40%9.40%
Growth Rate-0.73%0.27%1.27%
Year 1 PV (M)174.77176.53178.29
Year 2 PV (M)310.08316.36322.71
Year 3 PV (M)418.84431.62444.67
Year 4 PV (M)504.79525.44546.71
Year 5 PV (M)571.23600.58631.14
PV of Terminal Value (M)9,450.449,936.1410,441.61
Equity Value (M)11,430.1511,986.6812,565.12
Shares Outstanding (M)115.02115.02115.02
Fair Value$99.37$104.21$109.24
Upside / Downside-81.77%-80.88%-79.96%

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