DDM Analysis: INDES.IS

Valuation Snapshot

Stable Growth	$25.22 - $107.31	$43.62
Multi-Stage	$15.21 - $16.65	$15.92
Blended Fair Value	$29.77
Current Price	$8.25
Upside	260.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	47.00%	56.88%	0.38	0.39	0.34	0.06	0.03	0.05	0.09	0.05	0.05	0.03
YoY Growth	-	-	-2.27%	12.47%	428.42%	111.37%	-44.09%	-39.22%	89.19%	-3.20%	73.93%	579.38%
Dividend Yield	-	-	5.32%	4.43%	6.09%	2.49%	1.39%	9.35%	16.37%	4.41%	6.94%	4.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	619.94
(-) Cash Dividends Paid (M)	16.65
(=) Cash Retained (M)	603.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	123.99	77.49	46.50
Cash Retained (M)	603.28	603.28	603.28
(-) Cash Required (M)	-123.99	-77.49	-46.50
(=) Excess Retained (M)	479.29	525.79	556.79
(/) Shares Outstanding (M)	750.00	750.00	750.00
(=) Excess Retained per Share	0.64	0.70	0.74
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.64	0.70	0.74
(=) Adjusted Dividend	0.66	0.72	0.76
WACC / Discount Rate	8.27%	8.27%	8.27%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.22	$43.62	$107.31
Upside / Downside	205.73%	428.71%	1,200.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	619.94	660.23	703.15	748.85	797.53	849.37	874.85
Payout Ratio	2.69%	20.15%	37.61%	55.07%	72.54%	90.00%	92.50%
Projected Dividends (M)	16.65	133.03	264.47	412.43	578.50	764.43	809.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.27%	8.27%	8.27%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	121.72	122.87	124.03
Year 2 PV (M)	221.41	225.62	229.88
Year 3 PV (M)	315.92	324.99	334.23
Year 4 PV (M)	405.46	421.06	437.09
Year 5 PV (M)	490.22	513.90	538.48
PV of Terminal Value (M)	9,854.95	10,330.95	10,825.17
Equity Value (M)	11,409.69	11,939.40	12,488.89
Shares Outstanding (M)	750.00	750.00	750.00
Fair Value	$15.21	$15.92	$16.65
Upside / Downside	84.40%	92.96%	101.84%

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Indeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret Anonim Sirketi (INDES.IS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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