Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Turkiye Garanti Bankasi A.S. (GARAN.IS)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$3,142.61 - $5,132.45$4,809.85
Multi-Stage$822.17 - $900.74$860.73
Blended Fair Value$2,835.29
Current Price$139.80
Upside1,928.11%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS622.00%41.14%3.182.090.310.150.000.000.460.300.140.14
YoY Growth--52.01%571.32%109.58%0.00%-100.00%-99.96%54.34%120.25%-0.03%33.67%
Dividend Yield--2.71%2.99%1.12%1.22%0.00%0.00%5.65%2.72%1.53%1.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)108,389.71
(-) Cash Dividends Paid (M)18,963.03
(=) Cash Retained (M)89,426.67
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)21,677.9413,548.718,129.23
Cash Retained (M)89,426.6789,426.6789,426.67
(-) Cash Required (M)-21,677.94-13,548.71-8,129.23
(=) Excess Retained (M)67,748.7375,877.9681,297.44
(/) Shares Outstanding (M)4,199.954,199.954,199.95
(=) Excess Retained per Share16.1318.0719.36
LTM Dividend per Share4.524.524.52
(+) Excess Retained per Share16.1318.0719.36
(=) Adjusted Dividend20.6522.5823.87
WACC / Discount Rate6.19%6.19%6.19%
Growth Rate5.50%6.50%7.50%
Fair Value$3,142.61$4,809.85$5,132.45
Upside / Downside2,147.93%3,340.52%3,571.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)108,389.71115,435.04122,938.32130,929.31139,439.71148,503.29152,958.39
Payout Ratio17.50%32.00%46.50%61.00%75.50%90.00%92.50%
Projected Dividends (M)18,963.0336,934.8157,162.8079,864.38105,275.65133,652.96141,486.51

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.19%6.19%6.19%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)34,454.2234,780.8035,107.38
Year 2 PV (M)49,742.3950,689.8451,646.23
Year 3 PV (M)64,829.5266,690.5468,586.84
Year 4 PV (M)79,717.5982,783.3085,936.60
Year 5 PV (M)94,408.5698,968.52103,703.01
PV of Terminal Value (M)3,129,934.503,281,111.513,438,074.42
Equity Value (M)3,453,086.773,615,024.523,783,054.48
Shares Outstanding (M)4,199.954,199.954,199.95
Fair Value$822.17$860.73$900.74
Upside / Downside488.11%515.69%544.31%

High-Yield Dividend Screener

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