DDM Analysis: DOHOL.IS

Valuation Snapshot

Stable Growth	$21.04 - $78.69	$35.34
Multi-Stage	$12.96 - $14.19	$13.56
Blended Fair Value	$24.45
Current Price	$15.57
Upside	57.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.31%	0.00%	0.06	0.28	0.48	0.07	0.04	0.10	0.00	0.09	0.00	0.00
YoY Growth	-	-	-78.50%	-41.63%	570.45%	80.94%	-61.88%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.37%	2.12%	5.09%	2.14%	1.21%	6.68%	0.00%	6.70%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,847.82
(-) Cash Dividends Paid (M)	20.61
(=) Cash Retained (M)	1,827.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	369.56	230.98	138.59
Cash Retained (M)	1,827.21	1,827.21	1,827.21
(-) Cash Required (M)	-369.56	-230.98	-138.59
(=) Excess Retained (M)	1,457.65	1,596.23	1,688.62
(/) Shares Outstanding (M)	2,538.02	2,538.02	2,538.02
(=) Excess Retained per Share	0.57	0.63	0.67
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.57	0.63	0.67
(=) Adjusted Dividend	0.58	0.64	0.67
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.04	$35.34	$78.69
Upside / Downside	35.16%	126.95%	405.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,847.82	1,967.93	2,095.84	2,232.07	2,377.16	2,531.67	2,607.62
Payout Ratio	1.12%	18.89%	36.67%	54.45%	72.22%	90.00%	92.50%
Projected Dividends (M)	20.61	371.78	768.53	1,215.28	1,716.85	2,278.50	2,412.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	339.69	342.91	346.13
Year 2 PV (M)	641.57	653.79	666.13
Year 3 PV (M)	926.95	953.56	980.67
Year 4 PV (M)	1,196.49	1,242.50	1,289.83
Year 5 PV (M)	1,450.83	1,520.91	1,593.67
PV of Terminal Value (M)	28,337.05	29,705.74	31,126.81
Equity Value (M)	32,892.57	34,419.40	36,003.23
Shares Outstanding (M)	2,538.02	2,538.02	2,538.02
Fair Value	$12.96	$13.56	$14.19
Upside / Downside	-16.76%	-12.90%	-8.89%

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Dogan Sirketler Grubu Holding A.S. (DOHOL.IS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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