DDM Analysis: GARAN.IS

Valuation Snapshot

Stable Growth	$1,422.28 - $5,132.45	$4,525.28
Multi-Stage	$642.38 - $703.29	$672.28
Blended Fair Value	$2,598.78
Current Price	$139.80
Upside	1,758.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	622.00%	41.14%	3.18	2.09	0.31	0.15	0.00	0.00	0.46	0.30	0.14	0.14
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21,677.94	13,548.71	8,129.23
Cash Retained (M)	89,426.67	89,426.67	89,426.67
(-) Cash Required (M)	-21,677.94	-13,548.71	-8,129.23
(=) Excess Retained (M)	67,748.73	75,877.96	81,297.44
(/) Shares Outstanding (M)	4,199.95	4,199.95	4,199.95
(=) Excess Retained per Share	16.13	18.07	19.36
LTM Dividend per Share	4.52	4.52	4.52
(+) Excess Retained per Share	16.13	18.07	19.36
(=) Adjusted Dividend	20.65	22.58	23.87
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,422.28	$4,525.28	$5,132.45
Upside / Downside	917.37%	3,136.96%	3,571.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	108,389.71	115,435.04	122,938.32	130,929.31	139,439.71	148,503.29	152,958.39
Payout Ratio	17.50%	32.00%	46.50%	61.00%	75.50%	90.00%	92.50%
Projected Dividends (M)	18,963.03	36,934.81	57,162.80	79,864.38	105,275.65	133,652.96	141,486.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	34,184.35	34,508.38	34,832.40
Year 2 PV (M)	48,966.21	49,898.87	50,840.34
Year 3 PV (M)	63,318.05	65,135.69	66,987.78
Year 4 PV (M)	77,249.17	80,219.96	83,275.61
Year 5 PV (M)	90,768.67	95,152.83	99,704.78
PV of Terminal Value (M)	2,383,482.03	2,498,605.10	2,618,134.21
Equity Value (M)	2,697,968.48	2,823,520.82	2,953,775.12
Shares Outstanding (M)	4,199.95	4,199.95	4,199.95
Fair Value	$642.38	$672.28	$703.29
Upside / Downside	359.50%	380.88%	403.07%

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

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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