Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Coca-Cola Içecek Anonim Sirketi (CCOLA.IS)

Company Dividend Discount ModelIndustry: Beverages - Non-AlcoholicSector: Consumer Defensive

Valuation Snapshot

Stable Growth$71.34 - $126.69$94.70
Multi-Stage$56.47 - $61.57$58.98
Blended Fair Value$76.84
Current Price$46.00
Upside67.04%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS52.50%40.09%0.880.390.220.250.090.110.080.030.010.04
YoY Growth--125.05%74.91%-11.72%197.89%-20.34%30.34%211.62%146.21%-70.05%17.91%
Dividend Yield--1.66%0.72%1.21%2.39%1.37%3.37%2.92%0.81%0.33%0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)14,051.32
(-) Cash Dividends Paid (M)3,516.21
(=) Cash Retained (M)10,535.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)2,810.261,756.421,053.85
Cash Retained (M)10,535.1110,535.1110,535.11
(-) Cash Required (M)-2,810.26-1,756.42-1,053.85
(=) Excess Retained (M)7,724.848,778.699,481.26
(/) Shares Outstanding (M)2,798.082,798.082,798.08
(=) Excess Retained per Share2.763.143.39
LTM Dividend per Share1.261.261.26
(+) Excess Retained per Share2.763.143.39
(=) Adjusted Dividend4.024.394.65
WACC / Discount Rate11.44%11.44%11.44%
Growth Rate5.50%6.50%7.50%
Fair Value$71.34$94.70$126.69
Upside / Downside55.08%105.88%175.42%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)14,051.3214,964.6615,937.3616,973.2918,076.5519,251.5319,829.07
Payout Ratio25.02%38.02%51.01%64.01%77.00%90.00%92.50%
Projected Dividends (M)3,516.215,689.458,130.3610,864.5413,919.8217,326.3818,341.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate11.44%11.44%11.44%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)5,057.395,105.335,153.27
Year 2 PV (M)6,424.246,546.616,670.12
Year 3 PV (M)7,630.977,850.038,073.24
Year 4 PV (M)8,690.779,024.999,368.76
Year 5 PV (M)9,615.8710,080.3210,562.55
PV of Terminal Value (M)120,589.35126,413.87132,461.29
Equity Value (M)158,008.60165,021.14172,289.23
Shares Outstanding (M)2,798.082,798.082,798.08
Fair Value$56.47$58.98$61.57
Upside / Downside22.76%28.21%33.86%

High-Yield Dividend Screener

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