Definitive Analysis
Definitive Analysis

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Sector

Logo Yazilim Sanayi ve Ticaret A.S. (LOGO.IS)

Company Dividend Discount ModelIndustry: Software - ApplicationSector: Technology

Valuation Snapshot

Stable Growth$599.56 - $2,716.07$1,379.59
Multi-Stage$314.79 - $344.14$329.20
Blended Fair Value$854.39
Current Price$173.20
Upside393.30%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%4.632.260.930.310.000.000.000.000.000.16
YoY Growth--105.19%144.07%202.44%0.00%0.00%0.00%0.00%0.00%-100.00%0.00%
Dividend Yield--3.74%2.77%1.40%0.67%0.00%0.00%0.00%0.00%0.00%1.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,280.08
(-) Cash Dividends Paid (M)556.35
(=) Cash Retained (M)723.73
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)256.02160.0196.01
Cash Retained (M)723.73723.73723.73
(-) Cash Required (M)-256.02-160.01-96.01
(=) Excess Retained (M)467.71563.72627.72
(/) Shares Outstanding (M)93.7393.7393.73
(=) Excess Retained per Share4.996.016.70
LTM Dividend per Share5.945.945.94
(+) Excess Retained per Share4.996.016.70
(=) Adjusted Dividend10.9311.9512.63
WACC / Discount Rate7.42%7.42%7.42%
Growth Rate5.50%6.50%7.50%
Fair Value$599.56$1,379.59$2,716.07
Upside / Downside246.17%696.53%1,468.17%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,280.081,363.281,451.901,546.271,646.781,753.821,806.43
Payout Ratio43.46%52.77%62.08%71.38%80.69%90.00%92.50%
Projected Dividends (M)556.35719.40901.301,103.801,328.831,578.441,670.95

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.42%7.42%7.42%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)663.41669.69675.98
Year 2 PV (M)766.45781.05795.79
Year 3 PV (M)865.59890.44915.76
Year 4 PV (M)960.94997.901,035.91
Year 5 PV (M)1,052.601,103.451,156.23
PV of Terminal Value (M)25,196.0826,413.0727,676.62
Equity Value (M)29,505.0830,855.6032,256.29
Shares Outstanding (M)93.7393.7393.73
Fair Value$314.79$329.20$344.14
Upside / Downside81.75%90.07%98.70%

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