DDM Analysis: LKD.WA

Valuation Snapshot

Stable Growth	$15.94 - $26.06	$20.46
Multi-Stage	$48.57 - $53.58	$51.02
Blended Fair Value	$35.74
Current Price	$23.00
Upside	55.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.20%	0.00%	2.70	1.88	1.65	0.79	0.23	2.00	1.30	1.14	0.78	0.25
YoY Growth	-	-	43.82%	13.86%	109.29%	248.67%	-88.69%	53.28%	14.66%	46.72%	210.24%	0.00%
Dividend Yield	-	-	12.51%	7.12%	10.71%	4.06%	1.26%	16.81%	7.77%	6.58%	5.35%	2.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26.32
(-) Cash Dividends Paid (M)	9.00
(=) Cash Retained (M)	17.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.26	3.29	1.97
Cash Retained (M)	17.32	17.32	17.32
(-) Cash Required (M)	-5.26	-3.29	-1.97
(=) Excess Retained (M)	12.06	14.03	15.35
(/) Shares Outstanding (M)	18.00	18.00	18.00
(=) Excess Retained per Share	0.67	0.78	0.85
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.67	0.78	0.85
(=) Adjusted Dividend	1.17	1.28	1.35
WACC / Discount Rate	5.19%	5.19%	5.19%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$15.94	$20.46	$26.06
Upside / Downside	-30.68%	-11.03%	13.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26.32	26.06	25.80	25.54	25.28	25.03	25.78
Payout Ratio	34.19%	45.35%	56.52%	67.68%	78.84%	90.00%	92.50%
Projected Dividends (M)	9.00	11.82	14.58	17.28	19.93	22.53	23.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.19%	5.19%	5.19%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	11.12	11.24	11.35
Year 2 PV (M)	12.91	13.18	13.44
Year 3 PV (M)	14.40	14.85	15.30
Year 4 PV (M)	15.63	16.28	16.95
Year 5 PV (M)	16.63	17.49	18.39
PV of Terminal Value (M)	803.52	845.36	888.93
Equity Value (M)	874.21	918.39	964.36
Shares Outstanding (M)	18.00	18.00	18.00
Fair Value	$48.57	$51.02	$53.58
Upside / Downside	111.16%	121.83%	132.94%

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Lokum Deweloper S.A. (LKD.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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