Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Turkcell Iletisim Hizmetleri A.S. (TCELL.IS)

Company Dividend Discount ModelIndustry: Telecommunications ServicesSector: Communication Services

Valuation Snapshot

Stable Growth$217.47 - $907.69$374.52
Multi-Stage$140.79 - $153.58$147.07
Blended Fair Value$260.79
Current Price$96.15
Upside171.24%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS48.80%97.33%3.361.141.101.180.370.460.871.370.001.80
YoY Growth--194.35%3.91%-6.80%218.59%-19.67%-47.23%-36.47%0.00%-100.00%47,929.86%
Dividend Yield--3.56%1.70%3.43%5.22%2.47%3.73%7.30%9.06%0.00%15.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)15,649.01
(-) Cash Dividends Paid (M)10,988.21
(=) Cash Retained (M)4,660.80
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3,129.801,956.131,173.68
Cash Retained (M)4,660.804,660.804,660.80
(-) Cash Required (M)-3,129.80-1,956.13-1,173.68
(=) Excess Retained (M)1,531.002,704.673,487.12
(/) Shares Outstanding (M)2,179.462,179.462,179.46
(=) Excess Retained per Share0.701.241.60
LTM Dividend per Share5.045.045.04
(+) Excess Retained per Share0.701.241.60
(=) Adjusted Dividend5.746.286.64
WACC / Discount Rate8.29%8.29%8.29%
Growth Rate5.50%6.50%7.50%
Fair Value$217.47$374.52$907.69
Upside / Downside126.18%289.51%844.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)15,649.0116,666.1917,749.4918,903.2120,131.9221,440.5022,083.71
Payout Ratio70.22%74.17%78.13%82.09%86.04%90.00%92.50%
Projected Dividends (M)10,988.2112,361.8713,867.6815,517.0217,322.1819,296.4520,427.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.29%8.29%8.29%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)11,308.6911,415.8811,523.07
Year 2 PV (M)11,605.4011,826.4512,049.59
Year 3 PV (M)11,879.3512,220.3612,567.84
Year 4 PV (M)12,131.5212,598.0613,077.93
Year 5 PV (M)12,362.8412,959.9713,579.95
PV of Terminal Value (M)247,558.95259,516.14271,930.96
Equity Value (M)306,846.74320,536.86334,729.34
Shares Outstanding (M)2,179.462,179.462,179.46
Fair Value$140.79$147.07$153.58
Upside / Downside46.43%52.96%59.73%

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