Dhairya Doshi

• Identified and substantiated £65M in cost adjustment claims by constructing a multi-variable econometric
benchmarking model using Ofwats PR24 Annual Performance Reporting dataset, directly informing the companys
regulatory settlement and capital allocation strategy.
• Assessed the impact of the CMAs PR24 redetermination on Pennons regulated subsidiaries (Bristol Water, South
West Water, SES Water), analysing revised WACC assumptions and the adoption of LASSO — a machine learning
based variable selection technique — for base cost modelling, providing management with a consolidated view of
variance from Ofwats Final Determination.
• Developed a bottom-up cost disaggregation model using Random Effects regression in Stata, adapting the Brinson
Hood-Beebower attribution framework (CFA) to decompose Ofwats base cost allowance across allocation, selection,
and interaction effects.
• Led Pennons PR24 in-period cost change submissions across all Ofwat assessment gates, conducting whole-life cost
benefit analysis, benchmarking against historical outturn data, and performing what base buys analysis to isolate
genuinely incremental costs.

• Built time-series and survival analysis models in Python for UKWIRs AC water mains deterioration project,
forecasting asset replacement needs and optimising capital expenditure allocation across a multi-decade investment
horizon.

• Performed financial statement analysis and analytical procedures across 20+ client engagements, identifying anomalies
and ensuring compliance with Indian Accounting Standards — building foundational skills in forensic accounting and
financial due diligence.

• Conducted DCF and ratio analysis (EV/EBITDA, P/E, P/B) on listed equities to identify mispriced investment
opportunities, presenting findings in weekly portfolio review meetings alongside macroeconomic analysis.
• Valued four early-stage companies using Comparable Transaction, Cost-to-Duplicate, and Book Value methodologies
to support investor pitches, gaining direct exposure to private market valuation and investment committee processes.