DDM Analysis: SELEC.IS

Valuation Snapshot

Stable Growth	$103.12 - $280.30	$262.68
Multi-Stage	$39.37 - $43.09	$41.19
Blended Fair Value	$151.94
Current Price	$79.95
Upside	90.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.91%	18.65%	0.30	0.36	0.50	0.17	0.17	0.10	0.10	0.08	0.07	0.06
YoY Growth	-	-	-14.97%	-28.49%	194.12%	0.00%	70.00%	0.00%	20.48%	21.28%	12.19%	10.91%
Dividend Yield	-	-	0.48%	0.71%	1.57%	1.40%	1.62%	1.34%	2.61%	2.23%	2.05%	2.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	875.25
(-) Cash Dividends Paid (M)	285.98
(=) Cash Retained (M)	589.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	175.05	109.41	65.64
Cash Retained (M)	589.27	589.27	589.27
(-) Cash Required (M)	-175.05	-109.41	-65.64
(=) Excess Retained (M)	414.22	479.86	523.62
(/) Shares Outstanding (M)	621.00	621.00	621.00
(=) Excess Retained per Share	0.67	0.77	0.84
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.67	0.77	0.84
(=) Adjusted Dividend	1.13	1.23	1.30
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$103.12	$262.68	$280.30
Upside / Downside	28.98%	228.56%	250.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	875.25	932.14	992.73	1,057.26	1,125.98	1,199.17	1,235.14
Payout Ratio	32.67%	44.14%	55.60%	67.07%	78.53%	90.00%	92.50%
Projected Dividends (M)	285.98	411.44	552.01	709.10	884.29	1,079.25	1,142.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.65%	6.65%	6.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	382.15	385.78	389.40
Year 2 PV (M)	476.21	485.28	494.44
Year 3 PV (M)	568.19	584.50	601.12
Year 4 PV (M)	658.12	683.43	709.46
Year 5 PV (M)	746.04	782.07	819.48
PV of Terminal Value (M)	21,616.32	22,660.40	23,744.43
Equity Value (M)	24,447.03	25,581.45	26,758.33
Shares Outstanding (M)	621.00	621.00	621.00
Fair Value	$39.37	$41.19	$43.09
Upside / Downside	-50.76%	-48.48%	-46.10%

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Selçuk Ecza Deposu Ticaret ve Sanayi A.S. (SELEC.IS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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