1 2 3 4 5 6

2019 2020 2021 2022 2023 2024

Op BV 255.4 306.9908 367.467988 438.021841 519.931926 614.559536
ROE 20.20% 19.700% 19.200% 18.700% 18.200% 17.700%
EPS 51.5908 60.4771876 70.5538536 81.9100843 94.6276104 108.777038
CL BV 306.9908 367.467988 438.021841 519.931926 614.559536 723.336574
Cost of Equity 8.20% 8.20% 8.20% 8.20% 8.20% 8.20%

RI
EPS 51.5908 60.4771876 70.5538536 81.9100843 94.6276104 108.777038
Equity Charge 20.9428 25.1732456 30.132375 35.917791 42.6344179 50.3938819
RI 30.648 35.303942 40.4214786 45.9922933 51.9931926 58.3831559
PV RI 28.3253235 30.155649 31.9102652 33.556451 35.0598603 36.385136
Value time 0 972.24512
 7 8 9 10 11 12 13
2025 2026 2027 2028 2029 2030 2031
723.336574 847.750465 989.324792 1149.59541 1330.08189 1532.25433 1757.49572
17.200% 16.700% 16.200% 15.700% 15.200% 14.700% 14.200%
124.413891 141.574328 160.270616 180.486479 202.172447 225.241387 249.564392
847.750465 989.324792 1149.59541 1330.08189 1532.25433 1757.49572 2007.06011
8.20% 8.20% 8.20% 8.20% 8.20% 8.20% 8.20%

124.413891 141.574328 160.270616 180.486479 202.172447 225.241387 249.564392

59.3135991 69.5155381 81.124633 94.2668235 109.066715 125.644855 144.114649
65.1002916 72.0587895 79.1459834 86.2196556 93.1057321 99.5965317 105.449743
37.4966189 38.3591412 38.9388869 39.2042975 39.1270001 38.6827273 37.8522009
 14 15 16 17 18 19 20
2032 2033 2034 2035 2036 2037 2038
2007.06011 2282.02735 2583.25496 2911.32834 3266.5104 3648.69211 4057.34563
13.700% 13.200% 12.700% 12.200% 11.700% 11.200% 10.700%
274.967236 301.22761 328.07338 355.182057 382.181716 408.653517 434.135982
2282.02735 2583.25496 2911.32834 3266.5104 3648.69211 4057.34563 4491.48161
8.20% 8.20% 8.20% 8.20% 8.20% 8.20% 8.20%

274.967236 301.22761 328.07338 355.182057 382.181716 408.653517 434.135982

164.578929 187.126243 211.826907 238.728924 267.853853 299.192753 332.702342
110.388306 114.101367 116.246473 116.453134 114.327864 109.460763 101.433641
36.6219461 34.9850048 32.9415184 30.4991507 27.6733283 24.4872784 20.9718527
 21 22 23 24 25
2039 2040 2041 2042 2043
4491.48161 4949.61274 5429.72517 5929.25989 6445.1055
10.200% 9.700% 9.200% 8.700% 8.200%
458.131125 480.112436 499.534716 515.84561 528.498651
4949.61274 5429.72517 5929.25989 6445.1055 6973.60415
8.20% 8.20% 8.20% 8.20% 8.20%

458.131125 480.112436 499.534716 515.84561 528.498651

368.301492 405.868244 445.237464 486.199311 528.498651
89.8296323 74.2441911 54.2972517 29.6462994 0
17.1651319 13.1118129 8.86238985 4.47214867 0
 Sr NO Year Op BV ROE EPS DPS Cl BV
1 2020 28.8517 7.162 2.9995 33.0142
2 2021 33.0142 8.356 3.2995 38.0707
3 2022 38.0707 25% 9.517675 3.80707 43.781305
4 2023 43.781305 25% 10.94532625 4.3781305 50.34850075
5 2024 50.34850075 25% 12.58712519 5.034850075 57.90077586
6 2025 57.90077586 25% 14.47519397 5.790077586 66.58589224
7 2026 66.58589224 25% 16.64647306 6.658589224 76.57377608
8 2027 76.57377608 20% 15.31475522 6.125902086 85.76262921
9 2028 85.76262921 20% 17.15252584 6.861010337 96.05414471
10 2029 96.05414471 20% 19.21082894 7.684331577 107.5806421
11 2030 107.5806421 20% 21.51612842 8.606451366 120.4903191
12 2031 120.4903191 20% 24.09806383 9.63922553 134.9491574
13 2032 134.9491574 20% 26.98983148 10.79593259 151.1430563
14 2033 151.1430563 20% 30.22861126 12.09144451 169.2802231
15 2034 169.2802231 20% 33.85604461 13.54241785 189.5938498
16 2035 189.5938498 20% 37.91876997 15.16750799 212.3451118
17 2036 212.3451118 20% 42.46902236 16.98760895 237.8265252
18 2037 237.8265252 20% 47.56530505 19.02612202 266.3657083
19 2038 266.3657083 20% 53.27314165 21.30925666 298.3295933
20 2039 298.3295933 20% 59.66591865 23.86636746 334.1291445

VALUE t0 86.40502071
Cost of Equity Equity Charge RI PV RI
12% 3.462204 3.699796 3.303389286
12% 3.961704 4.394296 3.503105867
12% 4.568484 4.949191 3.522736396
12% 5.2537566 5.69156965 3.617095407
12% 6.04182009 6.545305098 3.713981891
12% 6.9480931035 7.527100862 3.813463549
12% 7.990307069 8.656165991 3.915609894
12% 9.1888531294 6.125902086 2.474149109
12% 10.291515505 6.861010337 2.474149109 g =ROE *RR
12% 11.526497365 7.684331577 2.474149109 12.00%
12% 12.909677049 8.606451366 2.474149109
12% 14.458838295 9.63922553 2.474149109
12% 16.193898891 10.79593259 2.474149109
12% 18.137166758 12.09144451 2.474149109
12% 20.313626769 13.54241785 2.474149109
12% 22.751261981 15.16750799 2.474149109
12% 25.481413418 16.98760895 2.474149109
12% 28.539183029 19.02612202 2.474149109
12% 31.963884992 21.30925666 2.474149109
12% 35.799551191 23.86636746 2.474149109
57.55332071
 Sr NO Year Op BV ROE EPS DPS
1 2020 28.8517 7.162 2.9995
2 2021 33.0142 8.356 3.2995
3 2022 38.0707 25% 9.517675 3.80707
4 2023 43.781305 25% 10.9453262 4.3781305
5 2024 50.3485008 25% 12.5871252 5.03485008
6 2025 57.9007759 25% 14.475194 5.79007759
7 2026 66.5858922 25% 16.6464731 6.65858922
8 2027 76.5737761 20% 15.3147552 6.12590209
9 2028 85.7626292 20% 17.1525258 6.86101034
10 2029 96.0541447 20% 19.2108289 7.68433158
11 2030 107.580642 20% 21.5161284 8.60645137
12 2031 120.490319 20% 24.0980638 9.63922553
13 2032 134.949157 20% 26.9898315 10.7959326
14 2033 151.143056 20% 30.2286113 12.0914445
15 2034 169.280223 20% 33.8560446 13.5424178
16 2035 189.59385 20% 37.91877 15.167508
17 2036 212.345112 20% 42.4690224 16.9876089
18 2037 237.826525 20% 47.565305 19.026122
19 2038 266.365708 20% 53.2731417 21.3092567
20 2039 298.329593 20% 59.6659187 23.8663675
20

Valuation 107.02293
 Cl BV Cost of EquityEquity Charge RI PV RI
33.0142 12% 3.462204 3.699796 3.30338929
38.0707 12% 3.961704 4.394296 3.50310587
43.781305 12% 4.568484 4.949191 3.5227364
50.3485008 12% 5.2537566 5.69156965 3.61709541
57.9007759 12% 6.04182009 6.5453051 3.71398189
66.5858922 12% 6.9480931 7.52710086 3.81346355
76.5737761 12% 7.99030707 8.65616599 3.91560989
85.7626292 12% 9.18885313 6.12590209 2.47414911
96.0541447 12% 10.2915155 6.86101034 2.47414911
107.580642 12% 11.5264974 7.68433158 2.47414911
120.490319 12% 12.909677 8.60645137 2.47414911
134.949157 12% 14.4588383 9.63922553 2.47414911
151.143056 12% 16.1938989 10.7959326 2.47414911
169.280223 12% 18.1371668 12.0914445 2.47414911
189.59385 12% 20.3136268 13.5424178 2.47414911
212.345112 12% 22.751262 15.167508 2.47414911
237.826525 12% 25.4814134 16.9876089 2.47414911
266.365708 12% 28.539183 19.026122 2.47414911
298.329593 12% 31.963885 21.3092567 2.47414911
334.129144 12% 35.7995512 23.8663675 2.47414911
12% 198.886396 20.6179092
78.1712299
 Sr NO Year Op BV ROE EPS DPS Cl BV
1 2020 28.8517 7.162 2.9995 33.0142
2 2021 33.0142 8.356 3.2995 38.0707
3 2022 38.0707 25% 9.517675 3.80707 43.781305
4 2023 43.781305 25% 10.9453262 4.3781305 50.3485008
5 2024 50.3485008 25% 12.5871252 5.03485008 57.9007759
6 2025 57.9007759 25% 14.475194 5.79007759 66.5858922
7 2026 66.5858922 25% 16.6464731 6.65858922 76.5737761
8 2027 76.5737761 20% 15.3147552 6.12590209 85.7626292
9 2028 85.7626292 20% 17.1525258 6.86101034 96.0541447
10 2029 96.0541447 20% 19.2108289 7.68433158 107.580642
11 2030 107.580642 20% 21.5161284 8.60645137 120.490319
12 2031 120.490319 20% 24.0980638 9.63922553 134.949157
13 2032 134.949157 20% 26.9898315 10.7959326 151.143056
14 2033 151.143056 20% 30.2286113 12.0914445 169.280223
15 2034 169.280223 20% 33.8560446 13.5424178 189.59385
16 2035 189.59385 20% 37.91877 15.167508 212.345112
17 2036 212.345112 20% 42.4690224 16.9876089 237.826525
18 2037 237.826525 20% 47.565305 19.026122 266.365708
19 2038 266.365708 20% 53.2731417 21.3092567 298.329593
20 2039 298.329593 20% 59.6659187 23.8663675 334.129144
20

Valuation 91.7339572
Cost of EquityEquity Charge RI PV RI
12% 3.462204 3.699796 3.30338929
12% 3.961704 4.394296 3.50310587
12% 4.568484 4.949191 3.5227364
12% 5.2537566 5.69156965 3.61709541
12% 6.04182009 6.5453051 3.71398189
12% 6.9480931 7.52710086 3.81346355
12% 7.99030707 8.65616599 3.91560989
12% 9.18885313 6.12590209 2.47414911
12% 10.2915155 6.86101034 2.47414911
12% 11.5264974 7.68433158 2.47414911
12% 12.909677 8.60645137 2.47414911
12% 14.4588383 9.63922553 2.47414911
12% 16.1938989 10.7959326 2.47414911
12% 18.1371668 12.0914445 2.47414911
12% 20.3136268 13.5424178 2.47414911
12% 22.751262 15.167508 2.47414911
12% 25.4814134 16.9876089 2.47414911
12% 28.539183 19.026122 2.47414911
12% 31.963885 21.3092567 2.47414911
12% 35.7995512 23.8663675 2.47414911
12% 45.8968605 5.32893654
62.8822572
 Year Op BV ROE EPS DPS Cl BV Ke
1 15 25% 3.75 1.125 17.625 7.95%
2 17.625 25% 4.40625 1.321875 20.709375 7.95%
3 20.709375 25% 5.17734375 1.553203125 24.33351563 7.95%
4 24.33351563 25% 6.083378906 1.825013672 28.59188086 7.95%
5 28.59188086 25% 7.147970215 2.144391064 33.59546001 7.95%
6 33.59546001 25% 8.398865002 2.519659501 39.47466551 7.95%

Valuation (RI)52.71107138
Valuation (DDM)52.71107138
Equity Charge RI Market Value PV future RI Total RI PV RI
1.1925 2.6 2.5575 2.369152385
1.4011875 3.0 3.0050625 2.578743912
1.646395313 3.5 3.530948438 2.806877347
1.934514492 4.1 4.148864414 3.055193037
2.273054528 4.9 4.874915687 3.325476441
2.670839071 5.7 71.054397921 31.5797324091797 37.3 23.57562826
37.71107138
 CF under DDM PV Dividends
1.125 1.042149143
1.321875 1.134344829
1.553203125 1.23469678
1.825013671875 1.343926556
2.14439106445313 1.462819549
73.5740574213867 46.49313453
52.71107138