Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Yapi ve Kredi Bankasi A.S. (YKBNK.IS)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$887.68 - $1,045.84$980.11
Multi-Stage$281.38 - $308.55$294.71
Blended Fair Value$637.41
Current Price$33.94
Upside1,778.04%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1,053.28%38.67%1.210.940.120.060.000.000.000.000.000.05
YoY Growth--28.94%691.05%100.00%1,111,115.56%-10.00%19.05%10.53%2.70%-99.99%3.09%
Dividend Yield--5.00%3.30%1.24%1.45%0.00%0.00%0.00%0.00%0.00%1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)44,421.28
(-) Cash Dividends Paid (M)10,202.58
(=) Cash Retained (M)34,218.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8,884.265,552.663,331.60
Cash Retained (M)34,218.7034,218.7034,218.70
(-) Cash Required (M)-8,884.26-5,552.66-3,331.60
(=) Excess Retained (M)25,334.4428,666.0430,887.10
(/) Shares Outstanding (M)8,447.058,447.058,447.05
(=) Excess Retained per Share3.003.393.66
LTM Dividend per Share1.211.211.21
(+) Excess Retained per Share3.003.393.66
(=) Adjusted Dividend4.214.604.86
WACC / Discount Rate4.95%4.95%4.95%
Growth Rate5.50%6.50%7.50%
Fair Value$887.68$980.11$1,045.84
Upside / Downside2,515.45%2,787.76%2,981.44%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)44,421.2847,308.6650,383.7253,658.6657,146.4860,861.0062,686.83
Payout Ratio22.97%36.37%49.78%63.19%76.59%90.00%92.50%
Projected Dividends (M)10,202.5817,208.1525,081.3533,905.3643,770.5254,774.9057,985.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate4.95%4.95%4.95%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)16,243.3216,397.2816,551.25
Year 2 PV (M)22,347.6522,773.3123,202.98
Year 3 PV (M)28,516.0729,334.6630,168.77
Year 4 PV (M)34,749.0936,085.4437,459.97
Year 5 PV (M)41,047.2243,029.8245,088.29
PV of Terminal Value (M)2,233,905.142,341,803.602,453,831.58
Equity Value (M)2,376,808.492,489,424.112,606,302.84
Shares Outstanding (M)8,447.058,447.058,447.05
Fair Value$281.38$294.71$308.55
Upside / Downside729.04%768.32%809.09%

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