DDM Analysis: AKSEN.IS

Valuation Snapshot

Stable Growth	$33.79 - $78.62	$49.54
Multi-Stage	$23.52 - $25.72	$24.60
Blended Fair Value	$37.07
Current Price	$37.28
Upside	-0.57%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	1.51	1.17	0.57	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	29.41%	104.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	4.39%	3.42%	2.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,987.97
(-) Cash Dividends Paid (M)	109.01
(=) Cash Retained (M)	1,878.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	397.59	248.50	149.10
Cash Retained (M)	1,878.96	1,878.96	1,878.96
(-) Cash Required (M)	-397.59	-248.50	-149.10
(=) Excess Retained (M)	1,481.37	1,630.46	1,729.86
(/) Shares Outstanding (M)	1,225.39	1,225.39	1,225.39
(=) Excess Retained per Share	1.21	1.33	1.41
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	1.21	1.33	1.41
(=) Adjusted Dividend	1.30	1.42	1.50
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$33.79	$49.54	$78.62
Upside / Downside	-9.36%	32.87%	110.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,987.97	2,117.19	2,254.80	2,401.37	2,557.45	2,723.69	2,805.40
Payout Ratio	5.48%	22.39%	39.29%	56.19%	73.10%	90.00%	92.50%
Projected Dividends (M)	109.01	473.97	885.91	1,349.41	1,869.41	2,451.32	2,594.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	428.58	432.64	436.71
Year 2 PV (M)	724.36	738.16	752.09
Year 3 PV (M)	997.68	1,026.32	1,055.50
Year 4 PV (M)	1,249.79	1,297.85	1,347.29
Year 5 PV (M)	1,481.88	1,553.46	1,627.77
PV of Terminal Value (M)	23,942.94	25,099.40	26,300.11
Equity Value (M)	28,825.24	30,147.83	31,519.46
Shares Outstanding (M)	1,225.39	1,225.39	1,225.39
Fair Value	$23.52	$24.60	$25.72
Upside / Downside	-36.90%	-34.01%	-31.00%

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Aksa Enerji Üretim A.S. (AKSEN.IS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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