DDM Analysis: CIMSA.IS

Valuation Snapshot

Stable Growth	$203.02 - $390.50	$365.95
Multi-Stage	$61.10 - $66.88	$63.94
Blended Fair Value	$214.94
Current Price	$48.00
Upside	347.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	22.80%	1.29	0.61	0.21	0.00	0.00	0.00	0.07	0.20	0.21	0.18
YoY Growth	-	-	112.57%	186.05%	0.00%	0.00%	0.00%	-100.00%	-64.79%	-4.70%	15.33%	11.96%
Dividend Yield	-	-	2.72%	1.97%	1.58%	0.00%	0.00%	0.00%	7.48%	10.51%	9.63%	8.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,856.69
(-) Cash Dividends Paid (M)	801.50
(=) Cash Retained (M)	1,055.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	371.34	232.09	139.25
Cash Retained (M)	1,055.19	1,055.19	1,055.19
(-) Cash Required (M)	-371.34	-232.09	-139.25
(=) Excess Retained (M)	683.85	823.10	915.94
(/) Shares Outstanding (M)	945.59	945.59	945.59
(=) Excess Retained per Share	0.72	0.87	0.97
LTM Dividend per Share	0.85	0.85	0.85
(+) Excess Retained per Share	0.72	0.87	0.97
(=) Adjusted Dividend	1.57	1.72	1.82
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$203.02	$365.95	$390.50
Upside / Downside	322.97%	662.40%	713.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,856.69	1,977.37	2,105.90	2,242.79	2,388.57	2,543.82	2,620.14
Payout Ratio	43.17%	52.53%	61.90%	71.27%	80.63%	90.00%	92.50%
Projected Dividends (M)	801.50	1,038.81	1,303.57	1,598.37	1,925.99	2,289.44	2,423.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	967.92	977.09	986.26
Year 2 PV (M)	1,131.73	1,153.28	1,175.04
Year 3 PV (M)	1,292.97	1,330.08	1,367.90
Year 4 PV (M)	1,451.66	1,507.49	1,564.91
Year 5 PV (M)	1,607.85	1,685.51	1,766.14
PV of Terminal Value (M)	51,325.47	53,804.51	56,378.42
Equity Value (M)	57,777.59	60,457.96	63,238.69
Shares Outstanding (M)	945.59	945.59	945.59
Fair Value	$61.10	$63.94	$66.88
Upside / Downside	27.30%	33.20%	39.33%

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Çimsa Çimento Sanayi ve Ticaret A.S. (CIMSA.IS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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