I think your 10% dividend growth assumption is a bit too optimistic. MFD had statutory eps of 13.91 cps and is paying out 8.97cps (i.e. DPR of 65%), however their normalised eps (excluding the one-off net profit on sale) was only 11 cps. If you want DPS to grow 10%, you'd need to grow eps from 11 cps to 15.2 cps (or 40% eps growth) assuming the same DPR. I'd also keep in mind that the company still needs to ensure it has cash for future capex so it can grow, so cash flow should be another consideration.
Great result !, page-9
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