DDM Analysis: KALPATPOWR.NS

Valuation Snapshot

Stable Growth	$2,643.01 - $5,730.77	$5,370.57
Multi-Stage	$859.49 - $941.12	$899.55
Blended Fair Value	$3,135.06
Current Price	$534.25
Upside	486.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	21.08%	15.47%	6.34	1.46	8.27	7.89	3.07	2.44	0.04	1.41	1.50	1.50
YoY Growth	-	-	334.20%	-82.35%	4.79%	157.36%	25.90%	5,353.00%	-96.84%	-6.09%	0.00%	0.00%
Dividend Yield	-	-	1.19%	0.41%	1.94%	3.64%	0.57%	0.61%	0.01%	0.55%	0.58%	0.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,410.00
(-) Cash Dividends Paid (M)	1,207.80
(=) Cash Retained (M)	3,202.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	882.00	551.25	330.75
Cash Retained (M)	3,202.20	3,202.20	3,202.20
(-) Cash Required (M)	-882.00	-551.25	-330.75
(=) Excess Retained (M)	2,320.20	2,650.95	2,871.45
(/) Shares Outstanding (M)	153.04	153.04	153.04
(=) Excess Retained per Share	15.16	17.32	18.76
LTM Dividend per Share	7.89	7.89	7.89
(+) Excess Retained per Share	15.16	17.32	18.76
(=) Adjusted Dividend	23.05	25.21	26.65
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,643.01	$5,370.57	$5,730.77
Upside / Downside	394.71%	905.25%	972.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,410.00	4,696.65	5,001.93	5,327.06	5,673.32	6,042.08	6,223.34
Payout Ratio	27.39%	39.91%	52.43%	64.96%	77.48%	90.00%	92.50%
Projected Dividends (M)	1,207.80	1,874.44	2,622.65	3,460.20	4,395.55	5,437.87	5,756.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,744.82	1,761.36	1,777.90
Year 2 PV (M)	2,272.47	2,315.75	2,359.44
Year 3 PV (M)	2,790.85	2,870.97	2,952.60
Year 4 PV (M)	3,300.11	3,427.02	3,557.56
Year 5 PV (M)	3,800.35	3,983.91	4,174.49
PV of Terminal Value (M)	117,627.70	123,309.16	129,208.06
Equity Value (M)	131,536.29	137,668.16	144,030.06
Shares Outstanding (M)	153.04	153.04	153.04
Fair Value	$859.49	$899.55	$941.12
Upside / Downside	60.88%	68.38%	76.16%

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Kalpataru Power Transmission Limited (KALPATPOWR.NS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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