DDM Analysis: PERSISTENT.BO

Valuation Snapshot

Stable Growth	$4,318.04 - $21,219.01	$9,159.90
Multi-Stage	$2,345.37 - $2,564.85	$2,453.10
Blended Fair Value	$5,806.50
Current Price	$4,822.50
Upside	20.40%
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	28.74%	23.44%	29.47	26.17	19.10	12.73	6.86	8.33	5.65	5.12	3.08	6.66
YoY Growth	-	-	12.65%	37.01%	50.00%	85.71%	-17.73%	47.55%	10.21%	66.62%	-53.82%	85.59%
Dividend Yield	-	-	0.49%	0.58%	0.76%	0.75%	0.47%	2.62%	1.83%	1.26%	0.90%	1.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16,651.56
(-) Cash Dividends Paid (M)	5,434.02
(=) Cash Retained (M)	11,217.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,330.31	2,081.45	1,248.87
Cash Retained (M)	11,217.54	11,217.54	11,217.54
(-) Cash Required (M)	-3,330.31	-2,081.45	-1,248.87
(=) Excess Retained (M)	7,887.23	9,136.10	9,968.67
(/) Shares Outstanding (M)	156.07	156.07	156.07
(=) Excess Retained per Share	50.54	58.54	63.87
LTM Dividend per Share	34.82	34.82	34.82
(+) Excess Retained per Share	50.54	58.54	63.87
(=) Adjusted Dividend	85.36	93.36	98.69
WACC / Discount Rate	7.59%	7.59%	7.59%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,318.04	$9,159.90	$21,219.01
Upside / Downside	-10.46%	89.94%	340.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16,651.56	17,733.91	18,886.62	20,114.25	21,421.67	22,814.08	23,498.50
Payout Ratio	32.63%	44.11%	55.58%	67.05%	78.53%	90.00%	92.50%
Projected Dividends (M)	5,434.02	7,821.89	10,497.22	13,487.30	16,821.74	20,532.67	21,736.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.59%	7.59%	7.59%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,202.13	7,270.40	7,338.66
Year 2 PV (M)	8,899.65	9,069.16	9,240.28
Year 3 PV (M)	10,528.66	10,830.90	11,138.87
Year 4 PV (M)	12,091.16	12,556.16	13,034.43
Year 5 PV (M)	13,589.14	14,245.50	14,926.98
PV of Terminal Value (M)	313,722.66	328,875.58	344,608.44
Equity Value (M)	366,033.40	382,847.69	400,287.66
Shares Outstanding (M)	156.07	156.07	156.07
Fair Value	$2,345.37	$2,453.10	$2,564.85
Upside / Downside	-51.37%	-49.13%	-46.81%

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Persistent Systems Limited (PERSISTENT.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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