Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Mavi Giyim Sanayi ve Ticaret A.S. (MAVI.IS)

Company Dividend Discount ModelIndustry: Apparel - RetailSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$124.38 - $602.65$267.35
Multi-Stage$68.26 - $74.59$71.37
Blended Fair Value$169.36
Current Price$42.30
Upside300.37%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.00%43.38%1.500.620.170.040.000.000.040.000.000.00
YoY Growth--143.12%256.60%296.84%0.00%0.00%-100.00%0.00%0.00%0.00%-100.00%
Dividend Yield--4.65%1.34%1.34%0.86%0.00%0.00%1.57%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2,106.66
(-) Cash Dividends Paid (M)1,120.98
(=) Cash Retained (M)985.68
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)421.33263.33158.00
Cash Retained (M)985.68985.68985.68
(-) Cash Required (M)-421.33-263.33-158.00
(=) Excess Retained (M)564.35722.35827.68
(/) Shares Outstanding (M)695.20695.20695.20
(=) Excess Retained per Share0.811.041.19
LTM Dividend per Share1.611.611.61
(+) Excess Retained per Share0.811.041.19
(=) Adjusted Dividend2.422.652.80
WACC / Discount Rate7.56%7.56%7.56%
Growth Rate5.50%6.50%7.50%
Fair Value$124.38$267.35$602.65
Upside / Downside194.04%532.03%1,324.71%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,106.662,243.592,389.422,544.742,710.142,886.302,972.89
Payout Ratio53.21%60.57%67.93%75.28%82.64%90.00%92.50%
Projected Dividends (M)1,120.981,358.921,623.061,915.792,239.722,597.672,749.93

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.56%7.56%7.56%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,251.591,263.451,275.32
Year 2 PV (M)1,376.791,403.021,429.49
Year 3 PV (M)1,496.751,539.721,583.50
Year 4 PV (M)1,611.621,673.601,737.35
Year 5 PV (M)1,721.551,804.711,891.04
PV of Terminal Value (M)39,998.9941,930.9543,936.86
Equity Value (M)47,457.3049,615.4551,853.55
Shares Outstanding (M)695.20695.20695.20
Fair Value$68.26$71.37$74.59
Upside / Downside61.38%68.72%76.33%

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