Definitive Analysis
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Definitive Analysis

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Sector

Indeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret Anonim Sirketi (INDES.IS)

Company Dividend Discount ModelIndustry: Computer HardwareSector: Technology

Valuation Snapshot

Stable Growth$27.25 - $146.76$49.37
Multi-Stage$15.89 - $17.40$16.63
Blended Fair Value$33.00
Current Price$8.25
Upside300.04%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS47.00%56.88%0.380.390.340.060.030.050.090.050.050.03
YoY Growth---2.27%12.47%428.42%111.37%-44.09%-39.22%89.19%-3.20%73.93%579.38%
Dividend Yield--5.32%4.43%6.09%2.49%1.39%9.35%16.37%4.41%6.94%4.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)619.94
(-) Cash Dividends Paid (M)16.65
(=) Cash Retained (M)603.28
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)123.9977.4946.50
Cash Retained (M)603.28603.28603.28
(-) Cash Required (M)-123.99-77.49-46.50
(=) Excess Retained (M)479.29525.79556.79
(/) Shares Outstanding (M)750.00750.00750.00
(=) Excess Retained per Share0.640.700.74
LTM Dividend per Share0.020.020.02
(+) Excess Retained per Share0.640.700.74
(=) Adjusted Dividend0.660.720.76
WACC / Discount Rate8.06%8.06%8.06%
Growth Rate5.50%6.50%7.50%
Fair Value$27.25$49.37$146.76
Upside / Downside230.31%498.48%1,678.94%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)619.94660.23703.15748.85797.53849.37874.85
Payout Ratio2.69%20.15%37.61%55.07%72.54%90.00%92.50%
Projected Dividends (M)16.65133.03264.47412.43578.50764.43809.23

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.06%8.06%8.06%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)121.95123.11124.26
Year 2 PV (M)222.25226.49230.76
Year 3 PV (M)317.73326.85336.15
Year 4 PV (M)408.56424.27440.43
Year 5 PV (M)494.91518.81543.63
PV of Terminal Value (M)10,354.0010,854.1011,373.34
Equity Value (M)11,919.4012,473.6313,048.58
Shares Outstanding (M)750.00750.00750.00
Fair Value$15.89$16.63$17.40
Upside / Downside92.64%101.59%110.89%

High-Yield Dividend Screener

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