Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dogu Aras Enerji Yatirimlari AS (ARASE.IS)

Company Dividend Discount ModelIndustry: Independent Power ProducersSector: Utilities

Valuation Snapshot

Stable Growth$125.25 - $308.15$187.03
Multi-Stage$89.54 - $97.71$93.55
Blended Fair Value$140.29
Current Price$54.05
Upside159.56%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS21.09%0.00%1.000.560.660.650.490.380.000.000.000.00
YoY Growth--79.36%-15.22%1.09%33.40%26.97%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.48%0.89%1.83%2.77%1.65%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)1,423.94
(-) Cash Dividends Paid (M)594.09
(=) Cash Retained (M)829.84
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)284.79177.99106.80
Cash Retained (M)829.84829.84829.84
(-) Cash Required (M)-284.79-177.99-106.80
(=) Excess Retained (M)545.06651.85723.05
(/) Shares Outstanding (M)250.00250.00250.00
(=) Excess Retained per Share2.182.612.89
LTM Dividend per Share2.382.382.38
(+) Excess Retained per Share2.182.612.89
(=) Adjusted Dividend4.564.985.27
WACC / Discount Rate9.34%9.34%9.34%
Growth Rate5.50%6.50%7.50%
Fair Value$125.25$187.03$308.15
Upside / Downside131.74%246.02%470.12%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,423.941,516.491,615.061,720.041,831.851,950.922,009.44
Payout Ratio41.72%51.38%61.03%70.69%80.34%90.00%92.50%
Projected Dividends (M)594.09779.14985.721,215.881,471.781,755.821,858.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.34%9.34%9.34%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)705.90712.59719.28
Year 2 PV (M)809.13824.54840.10
Year 3 PV (M)904.24930.20956.65
Year 4 PV (M)991.681,029.821,069.04
Year 5 PV (M)1,071.871,123.641,177.39
PV of Terminal Value (M)17,903.0418,767.7619,665.58
Equity Value (M)22,385.8623,388.5524,428.05
Shares Outstanding (M)250.00250.00250.00
Fair Value$89.54$93.55$97.71
Upside / Downside65.67%73.09%80.78%

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