DDM Analysis: GOEL.BO

Valuation Snapshot

Stable Growth	$45.98 - $69.54	$57.08
Multi-Stage	$90.25 - $99.50	$94.78
Blended Fair Value	$75.93
Current Price	$14.93
Upside	408.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	100.58
(-) Cash Dividends Paid (M)	1.89
(=) Cash Retained (M)	98.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.12	12.57	7.54
Cash Retained (M)	98.69	98.69	98.69
(-) Cash Required (M)	-20.12	-12.57	-7.54
(=) Excess Retained (M)	78.58	86.12	91.15
(/) Shares Outstanding (M)	18.85	18.85	18.85
(=) Excess Retained per Share	4.17	4.57	4.83
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	4.17	4.57	4.83
(=) Adjusted Dividend	4.27	4.67	4.93
WACC / Discount Rate	7.10%	7.10%	7.10%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$45.98	$57.08	$69.54
Upside / Downside	207.98%	282.32%	365.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	100.58	99.57	98.57	97.59	96.61	95.65	98.52
Payout Ratio	1.87%	19.50%	37.12%	54.75%	72.37%	90.00%	92.50%
Projected Dividends (M)	1.89	19.42	36.59	53.43	69.92	86.08	91.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.10%	7.10%	7.10%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	17.95	18.13	18.31
Year 2 PV (M)	31.26	31.91	32.55
Year 3 PV (M)	42.19	43.50	44.83
Year 4 PV (M)	51.04	53.15	55.33
Year 5 PV (M)	58.08	61.10	64.25
PV of Terminal Value (M)	1,500.91	1,579.06	1,660.44
Equity Value (M)	1,701.42	1,786.85	1,875.72
Shares Outstanding (M)	18.85	18.85	18.85
Fair Value	$90.25	$94.78	$99.50
Upside / Downside	504.49%	534.84%	566.41%

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Goel Food Products Limited (GOEL.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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