DDM Analysis: ECILC.IS

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
Upside	366.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.41%	33.35%	1.37	0.68	0.29	0.22	0.07	0.30	0.20	0.50	0.32	0.06
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	487.13	304.46	182.67
Cash Retained (M)	1,072.63	1,072.63	1,072.63
(-) Cash Required (M)	-487.13	-304.46	-182.67
(=) Excess Retained (M)	585.50	768.17	889.95
(/) Shares Outstanding (M)	685.26	685.26	685.26
(=) Excess Retained per Share	0.85	1.12	1.30
LTM Dividend per Share	1.99	1.99	1.99
(+) Excess Retained per Share	0.85	1.12	1.30
(=) Adjusted Dividend	2.84	3.11	3.29
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$376.38	$662.44	$706.87
Upside / Downside	350.22%	692.39%	745.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,435.65	2,593.97	2,762.57	2,942.14	3,133.38	3,337.05	3,437.16
Payout Ratio	55.96%	62.77%	69.58%	76.38%	83.19%	90.00%	92.50%
Projected Dividends (M)	1,363.02	1,628.21	1,922.11	2,247.34	2,606.73	3,003.35	3,179.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.30%	6.30%	6.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,517.37	1,531.75	1,546.14
Year 2 PV (M)	1,669.33	1,701.12	1,733.22
Year 3 PV (M)	1,818.92	1,871.14	1,924.34
Year 4 PV (M)	1,966.18	2,041.79	2,119.57
Year 5 PV (M)	2,111.12	2,213.09	2,318.96
PV of Terminal Value (M)	67,784.03	71,058.02	74,457.32
Equity Value (M)	76,866.96	80,416.93	84,099.55
Shares Outstanding (M)	685.26	685.26	685.26
Fair Value	$112.17	$117.35	$122.73
Upside / Downside	34.18%	40.37%	46.80%

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

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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