DDM Analysis: CARERATING.BO

Valuation Snapshot

Stable Growth	$548.90 - $878.88	$698.32
Multi-Stage	$600.83 - $657.82	$628.79
Blended Fair Value	$663.55
Current Price	$1,788.20
Upside	-62.89%
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	-11.88%	-14.87%	18.24	22.22	19.85	12.72	13.21	34.33	64.90	32.98	32.96	30.24
YoY Growth	-	-	-17.90%	11.92%	56.04%	-3.70%	-61.51%	-47.10%	96.78%	0.05%	8.99%	-66.87%
Dividend Yield	-	-	1.02%	2.04%	2.83%	3.03%	1.87%	8.18%	6.88%	2.63%	2.06%	3.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,528.62
(-) Cash Dividends Paid (M)	220.59
(=) Cash Retained (M)	1,308.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	305.72	191.08	114.65
Cash Retained (M)	1,308.03	1,308.03	1,308.03
(-) Cash Required (M)	-305.72	-191.08	-114.65
(=) Excess Retained (M)	1,002.30	1,116.95	1,193.38
(/) Shares Outstanding (M)	30.10	30.10	30.10
(=) Excess Retained per Share	33.30	37.11	39.65
LTM Dividend per Share	7.33	7.33	7.33
(+) Excess Retained per Share	33.30	37.11	39.65
(=) Adjusted Dividend	40.63	44.44	46.97
WACC / Discount Rate	10.02%	10.02%	10.02%
Growth Rate	2.44%	3.44%	4.44%
Fair Value	$548.90	$698.32	$878.88
Upside / Downside	-69.30%	-60.95%	-50.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,528.62	1,581.20	1,635.60	1,691.87	1,750.07	1,810.28	1,864.59
Payout Ratio	14.43%	29.54%	44.66%	59.77%	74.89%	90.00%	92.50%
Projected Dividends (M)	220.59	467.16	730.43	1,011.27	1,310.56	1,629.25	1,724.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.02%	10.02%	10.02%
Growth Rate	2.44%	3.44%	4.44%
Year 1 PV (M)	420.50	424.60	428.71
Year 2 PV (M)	591.81	603.42	615.14
Year 3 PV (M)	737.51	759.32	781.55
Year 4 PV (M)	860.32	894.40	929.50
Year 5 PV (M)	962.70	1,010.61	1,060.41
PV of Terminal Value (M)	14,512.60	15,234.91	15,985.70
Equity Value (M)	18,085.43	18,927.26	19,801.01
Shares Outstanding (M)	30.10	30.10	30.10
Fair Value	$600.83	$628.79	$657.82
Upside / Downside	-66.40%	-64.84%	-63.21%

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CARE Ratings Limited (CARERATING.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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