Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Akbank T.A.S. (AKBNK.IS)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$508.75 - $1,841.58$1,609.29
Multi-Stage$229.43 - $251.23$240.13
Blended Fair Value$924.71
Current Price$62.70
Upside1,374.81%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%35.80%1.921.730.230.120.000.000.310.170.120.11
YoY Growth--10.84%642.49%93.52%0.00%0.00%-100.00%77.78%50.00%5.34%21.84%
Dividend Yield--3.63%3.62%1.38%1.66%0.00%0.00%5.01%2.11%1.58%1.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)48,154.09
(-) Cash Dividends Paid (M)6,354.40
(=) Cash Retained (M)41,799.69
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)9,630.826,019.263,611.56
Cash Retained (M)41,799.6941,799.6941,799.69
(-) Cash Required (M)-9,630.82-6,019.26-3,611.56
(=) Excess Retained (M)32,168.8735,780.4338,188.13
(/) Shares Outstanding (M)5,200.235,200.235,200.23
(=) Excess Retained per Share6.196.887.34
LTM Dividend per Share1.221.221.22
(+) Excess Retained per Share6.196.887.34
(=) Adjusted Dividend7.418.108.57
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate5.50%6.50%7.50%
Fair Value$508.75$1,609.29$1,841.58
Upside / Downside711.40%2,466.64%2,837.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)48,154.0951,284.1054,617.5758,167.7161,948.6165,975.2767,954.53
Payout Ratio13.20%28.56%43.92%59.28%74.64%90.00%92.50%
Projected Dividends (M)6,354.4014,645.0923,986.7234,480.8846,237.9559,377.7562,857.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)13,553.8913,682.3713,810.84
Year 2 PV (M)20,545.4220,936.7521,331.78
Year 3 PV (M)27,333.4728,118.1128,917.63
Year 4 PV (M)33,922.4435,227.0036,568.83
Year 5 PV (M)40,316.6442,263.9544,285.79
PV of Terminal Value (M)1,057,418.891,108,492.621,161,521.06
Equity Value (M)1,193,090.761,248,720.811,306,435.93
Shares Outstanding (M)5,200.235,200.235,200.23
Fair Value$229.43$240.13$251.23
Upside / Downside265.92%282.98%300.68%

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