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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₨7.98 - ₨8.50 | ₨8.04 |
| Adjusted Dividend Yield | 6.2% - 6.6% | 6.3% |
| Perpetuity Growth Rate | 5.3% - 5.8% | 5.5% |
| Discount Rate | 10.5% - 8.5% | 9.5% |
| Fair Value | ₨159.89 - ₨326.93 | ₨212.11 |
| Upside | 24.8% - 155.2% | 65.6% |
| Calculate Adjusted Dividend | ||||||||
| (PKR in millions) | Latest | Notes | ||||||
| Net Income To Common | 156 | |||||||
| (-) Cash Dividends Paid | (136) | |||||||
| (=) Cash Retained | 21 | 13.2% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 156 | 156 | 156 | |||||
| (=) Cash Required | 31 | 20 | 12 | |||||
| Cash Retained | 21 | 21 | 21 | |||||
| (-) Cash Required | (31) | (20) | (12) | |||||
| (=) Excess Retained | 0 | 1 | 9 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (PKR) | 0 | 1 | 9 | |||||
| (/) Shares Outstanding | 17.0 | 17.0 | 17.0 | |||||
| (=) Excess Retained per Share | 0.00 | 0.07 | 0.53 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 7.98 | 7.98 | 7.98 | |||||
| (+) Excess Retained per Share | 0.00 | 0.07 | 0.53 | |||||
| Adjusted Dividend | 7.98 | 8.04 | 8.50 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 8.04 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 8.5% | 9.0% | 9.5% | 10.0% | 10.5% | |||
| 3.5% | 166.47 | 151.34 | 138.73 | 128.05 | 118.91 | |||
| 4.5% | 210.10 | 186.76 | 168.08 | 152.80 | 140.07 | |||
| 5.5% | 282.81 | 242.41 | 212.11 | 188.54 | 169.69 | |||
| 6.5% | 428.24 | 342.59 | 285.49 | 244.71 | 214.12 | |||
| 7.5% | NM | 576.35 | 432.26 | 345.81 | 288.18 | |||