Thank you for sharing with us.
Your analysis is superb wrt to the dividend. However , considering the long span of 10 years and the recent concall , Following are my few points to ponder:
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I believe the management has spoken during the concall , that they are not looking for further acquisitions apart from the current , wherein they will acquire till 100% of all current assets.
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Mangement has clarified that dividend per share per year will gradually fall.
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IMO , with no futuristic growth plan and lower divided per share , manegement need to express clearly their growth plan for next 5 years.
Do correct me if i have a wrong understanding of the company.
I think , holding just for dividend is a waste of capital .
Disc : Sold , due to lack of growth vision. Although earned good dividend from listing.