DDM Analysis: FROTO.IS

Valuation Snapshot

Stable Growth	$605.45 - $2,500.78	$1,556.35
Multi-Stage	$301.97 - $330.18	$315.82
Blended Fair Value	$936.09
Current Price	$99.05
Upside	845.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	78.89%	63.21%	8.65	6.77	2.41	1.31	0.40	0.47	0.44	0.29	0.24	0.15
YoY Growth	-	-	27.71%	180.77%	83.51%	226.60%	-14.75%	6.71%	52.44%	19.05%	65.79%	128.00%
Dividend Yield	-	-	8.31%	6.00%	4.13%	4.40%	2.08%	9.86%	9.54%	4.68%	6.85%	3.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34,197.31
(-) Cash Dividends Paid (M)	14,864.89
(=) Cash Retained (M)	19,332.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,839.46	4,274.66	2,564.80
Cash Retained (M)	19,332.42	19,332.42	19,332.42
(-) Cash Required (M)	-6,839.46	-4,274.66	-2,564.80
(=) Excess Retained (M)	12,492.96	15,057.75	16,767.62
(/) Shares Outstanding (M)	2,719.55	2,719.55	2,719.55
(=) Excess Retained per Share	4.59	5.54	6.17
LTM Dividend per Share	5.47	5.47	5.47
(+) Excess Retained per Share	4.59	5.54	6.17
(=) Adjusted Dividend	10.06	11.00	11.63
WACC / Discount Rate	7.25%	7.25%	7.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$605.45	$1,556.35	$2,500.78
Upside / Downside	511.26%	1,471.28%	2,424.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34,197.31	36,420.14	38,787.45	41,308.63	43,993.69	46,853.28	48,258.88
Payout Ratio	43.47%	52.77%	62.08%	71.39%	80.69%	90.00%	92.50%
Projected Dividends (M)	14,864.89	19,220.51	24,079.56	29,489.08	35,500.09	42,167.95	44,639.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.25%	7.25%	7.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	17,752.47	17,920.74	18,089.01
Year 2 PV (M)	20,541.69	20,932.95	21,327.90
Year 3 PV (M)	23,234.99	23,901.98	24,581.62
Year 4 PV (M)	25,834.77	26,828.30	27,850.22
Year 5 PV (M)	28,343.36	29,712.35	31,133.74
PV of Terminal Value (M)	705,507.15	739,583.41	774,963.85
Equity Value (M)	821,214.42	858,879.73	897,946.33
Shares Outstanding (M)	2,719.55	2,719.55	2,719.55
Fair Value	$301.97	$315.82	$330.18
Upside / Downside	204.86%	218.85%	233.35%

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Ford Otomotiv Sanayi A.S. (FROTO.IS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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