Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Galata Wind Enerji A.S. (GWIND.IS)

Company Dividend Discount ModelIndustry: Renewable UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$13.75 - $20.41$16.93
Multi-Stage$24.69 - $27.20$25.92
Blended Fair Value$21.43
Current Price$24.34
Upside-11.97%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.980.980.280.190.020.000.000.000.000.00
YoY Growth--0.71%251.80%50.00%900.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.89%4.02%1.69%2.74%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)924.90
(-) Cash Dividends Paid (M)31.36
(=) Cash Retained (M)893.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)184.98115.6169.37
Cash Retained (M)893.54893.54893.54
(-) Cash Required (M)-184.98-115.61-69.37
(=) Excess Retained (M)708.56777.93824.18
(/) Shares Outstanding (M)540.00540.00540.00
(=) Excess Retained per Share1.311.441.53
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share1.311.441.53
(=) Adjusted Dividend1.371.501.58
WACC / Discount Rate7.76%7.76%7.76%
Growth Rate-2.00%-1.00%0.00%
Fair Value$13.75$16.93$20.41
Upside / Downside-43.49%-30.44%-16.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)924.90915.65906.49897.43888.46879.57905.96
Payout Ratio3.39%20.71%38.03%55.36%72.68%90.00%92.50%
Projected Dividends (M)31.36189.65344.78496.78645.71791.61838.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.76%7.76%7.76%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)174.21175.99177.77
Year 2 PV (M)290.92296.89302.92
Year 3 PV (M)385.05396.96409.11
Year 4 PV (M)459.74478.80498.44
Year 5 PV (M)517.74544.69572.77
PV of Terminal Value (M)11,505.6512,104.7812,728.61
Equity Value (M)13,333.3213,998.1114,689.61
Shares Outstanding (M)540.00540.00540.00
Fair Value$24.69$25.92$27.20
Upside / Downside1.44%6.50%11.76%

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