DDM Analysis: GWIND.IS

Valuation Snapshot

Stable Growth	$13.75 - $20.41	$16.93
Multi-Stage	$24.69 - $27.20	$25.92
Blended Fair Value	$21.43
Current Price	$24.34
Upside	-11.97%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.98	0.98	0.28	0.19	0.02	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.71%	251.80%	50.00%	900.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.89%	4.02%	1.69%	2.74%	0.00%	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)	924.90
(-) Cash Dividends Paid (M)	31.36
(=) Cash Retained (M)	893.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	184.98	115.61	69.37
Cash Retained (M)	893.54	893.54	893.54
(-) Cash Required (M)	-184.98	-115.61	-69.37
(=) Excess Retained (M)	708.56	777.93	824.18
(/) Shares Outstanding (M)	540.00	540.00	540.00
(=) Excess Retained per Share	1.31	1.44	1.53
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	1.31	1.44	1.53
(=) Adjusted Dividend	1.37	1.50	1.58
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$13.75	$16.93	$20.41
Upside / Downside	-43.49%	-30.44%	-16.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	924.90	915.65	906.49	897.43	888.46	879.57	905.96
Payout Ratio	3.39%	20.71%	38.03%	55.36%	72.68%	90.00%	92.50%
Projected Dividends (M)	31.36	189.65	344.78	496.78	645.71	791.61	838.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.76%	7.76%	7.76%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	174.21	175.99	177.77
Year 2 PV (M)	290.92	296.89	302.92
Year 3 PV (M)	385.05	396.96	409.11
Year 4 PV (M)	459.74	478.80	498.44
Year 5 PV (M)	517.74	544.69	572.77
PV of Terminal Value (M)	11,505.65	12,104.78	12,728.61
Equity Value (M)	13,333.32	13,998.11	14,689.61
Shares Outstanding (M)	540.00	540.00	540.00
Fair Value	$24.69	$25.92	$27.20
Upside / Downside	1.44%	6.50%	11.76%

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Galata Wind Enerji A.S. (GWIND.IS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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