Definitive Analysis
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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

EIS Eczacibasi Ilaç, Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A.S. (ECILC.IS)

Company Dividend Discount ModelIndustry: Drug Manufacturers - GeneralSector: Healthcare

Valuation Snapshot

Stable Growth$376.38 - $706.87$662.44
Multi-Stage$112.17 - $122.73$117.35
Blended Fair Value$389.90
Current Price$83.60
Upside366.38%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS35.41%33.35%1.370.680.290.220.070.300.200.500.320.06
YoY Growth--102.18%131.36%32.73%206.58%-76.08%50.00%-60.00%56.25%400.00%-16.67%
Dividend Yield--3.06%1.39%1.06%2.31%1.11%6.28%7.35%11.52%8.70%2.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,435.65
(-) Cash Dividends Paid (M)1,363.02
(=) Cash Retained (M)1,072.63
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)487.13304.46182.67
Cash Retained (M)1,072.631,072.631,072.63
(-) Cash Required (M)-487.13-304.46-182.67
(=) Excess Retained (M)585.50768.17889.95
(/) Shares Outstanding (M)685.26685.26685.26
(=) Excess Retained per Share0.851.121.30
LTM Dividend per Share1.991.991.99
(+) Excess Retained per Share0.851.121.30
(=) Adjusted Dividend2.843.113.29
WACC / Discount Rate6.30%6.30%6.30%
Growth Rate5.50%6.50%7.50%
Fair Value$376.38$662.44$706.87
Upside / Downside350.22%692.39%745.54%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,435.652,593.972,762.572,942.143,133.383,337.053,437.16
Payout Ratio55.96%62.77%69.58%76.38%83.19%90.00%92.50%
Projected Dividends (M)1,363.021,628.211,922.112,247.342,606.733,003.353,179.37

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.30%6.30%6.30%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,517.371,531.751,546.14
Year 2 PV (M)1,669.331,701.121,733.22
Year 3 PV (M)1,818.921,871.141,924.34
Year 4 PV (M)1,966.182,041.792,119.57
Year 5 PV (M)2,111.132,213.092,318.96
PV of Terminal Value (M)67,784.1571,058.1574,457.45
Equity Value (M)76,867.0780,417.0584,099.68
Shares Outstanding (M)685.26685.26685.26
Fair Value$112.17$117.35$122.73
Upside / Downside34.18%40.37%46.80%

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