DDM Analysis: SARKY.IS

Valuation Snapshot

Stable Growth	$39.91 - $120.99	$113.39
Multi-Stage	$16.62 - $18.17	$17.38
Blended Fair Value	$65.38
Current Price	$15.01
Upside	335.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	47.43%	33.44%	0.39	0.19	0.11	0.08	0.02	0.06	0.04	0.02	0.02	0.01
YoY Growth	-	-	109.93%	66.61%	33.17%	289.75%	-61.63%	48.97%	116.01%	-13.93%	36.58%	-32.08%
Dividend Yield	-	-	3.26%	1.25%	0.92%	1.45%	0.54%	5.80%	5.90%	2.48%	4.29%	3.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	608.39
(-) Cash Dividends Paid (M)	327.19
(=) Cash Retained (M)	281.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	121.68	76.05	45.63
Cash Retained (M)	281.20	281.20	281.20
(-) Cash Required (M)	-121.68	-76.05	-45.63
(=) Excess Retained (M)	159.52	205.15	235.57
(/) Shares Outstanding (M)	1,000.00	1,000.00	1,000.00
(=) Excess Retained per Share	0.16	0.21	0.24
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.16	0.21	0.24
(=) Adjusted Dividend	0.49	0.53	0.56
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.91	$113.39	$120.99
Upside / Downside	165.88%	655.42%	706.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	608.39	647.93	690.05	734.90	782.67	833.54	858.55
Payout Ratio	53.78%	61.02%	68.27%	75.51%	82.76%	90.00%	92.50%
Projected Dividends (M)	327.19	395.39	471.08	554.94	647.71	750.19	794.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	366.79	370.27	373.74
Year 2 PV (M)	405.39	413.11	420.90
Year 3 PV (M)	443.00	455.72	468.67
Year 4 PV (M)	479.65	498.09	517.07
Year 5 PV (M)	515.35	540.24	566.08
PV of Terminal Value (M)	14,407.27	15,103.15	15,825.65
Equity Value (M)	16,617.44	17,380.57	18,172.12
Shares Outstanding (M)	1,000.00	1,000.00	1,000.00
Fair Value	$16.62	$17.38	$18.17
Upside / Downside	10.71%	15.79%	21.07%

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Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A.S. (SARKY.IS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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