DDM Analysis: HALKB.IS

Valuation Snapshot

Stable Growth	$320.45 - $752.49	$705.19
Multi-Stage	$108.24 - $118.62	$113.33
Blended Fair Value	$409.26
Current Price	$26.34
Upside	1,453.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.04	0.03	0.03
YoY Growth	-	-	-100.00%	87.77%	0.00%	0.00%	0.00%	-100.00%	-26.42%	7.54%	6.73%	-19.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.43%	0.40%	0.32%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27,185.17
(-) Cash Dividends Paid (M)	2.94
(=) Cash Retained (M)	27,182.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,437.03	3,398.15	2,038.89
Cash Retained (M)	27,182.23	27,182.23	27,182.23
(-) Cash Required (M)	-5,437.03	-3,398.15	-2,038.89
(=) Excess Retained (M)	21,745.20	23,784.08	25,143.34
(/) Shares Outstanding (M)	7,184.78	7,184.78	7,184.78
(=) Excess Retained per Share	3.03	3.31	3.50
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	3.03	3.31	3.50
(=) Adjusted Dividend	3.03	3.31	3.50
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$320.45	$705.19	$752.49
Upside / Downside	1,116.59%	2,577.26%	2,756.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27,185.17	28,952.20	30,834.10	32,838.31	34,972.81	37,246.04	38,363.42
Payout Ratio	0.01%	18.01%	36.01%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	2.94	5,213.90	11,102.27	17,734.11	25,181.18	33,521.43	35,486.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,849.87	4,895.84	4,941.81
Year 2 PV (M)	9,606.09	9,789.06	9,973.75
Year 3 PV (M)	14,272.87	14,682.59	15,100.08
Year 4 PV (M)	18,851.47	19,576.44	20,322.13
Year 5 PV (M)	23,343.13	24,470.61	25,641.25
PV of Terminal Value (M)	706,733.16	740,868.64	776,310.56
Equity Value (M)	777,656.59	814,283.18	852,289.58
Shares Outstanding (M)	7,184.78	7,184.78	7,184.78
Fair Value	$108.24	$113.33	$118.62
Upside / Downside	310.92%	330.28%	350.36%

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Türkiye Halk Bankasi A.S. (HALKB.IS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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