DDM Analysis: TRGYO.IS

Valuation Snapshot

Stable Growth	$416.88 - $1,255.74	$661.74
Multi-Stage	$269.02 - $294.37	$281.46
Blended Fair Value	$471.60
Current Price	$74.75
Upside	530.91%
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	0.30	0.00	0.00	0.00	0.00	0.05	0.05	0.06	0.05
YoY Growth	-	-	-100.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	-16.57%	20.00%	66.67%
Dividend Yield	-	-	0.00%	0.74%	0.00%	0.00%	0.00%	0.00%	2.20%	1.72%	2.65%	2.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16,224.49
(-) Cash Dividends Paid (M)	318.75
(=) Cash Retained (M)	15,905.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,244.90	2,028.06	1,216.84
Cash Retained (M)	15,905.73	15,905.73	15,905.73
(-) Cash Required (M)	-3,244.90	-2,028.06	-1,216.84
(=) Excess Retained (M)	12,660.84	13,877.67	14,688.90
(/) Shares Outstanding (M)	1,000.00	1,000.00	1,000.00
(=) Excess Retained per Share	12.66	13.88	14.69
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	12.66	13.88	14.69
(=) Adjusted Dividend	12.98	14.20	15.01
WACC / Discount Rate	8.78%	8.78%	8.78%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$416.88	$661.74	$1,255.74
Upside / Downside	457.70%	785.27%	1,579.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16,224.49	17,279.08	18,402.22	19,598.36	20,872.26	22,228.95	22,895.82
Payout Ratio	1.96%	19.57%	37.18%	54.79%	72.39%	90.00%	92.50%
Projected Dividends (M)	318.75	3,381.81	6,841.72	10,737.13	15,110.04	20,006.06	21,178.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.78%	8.78%	8.78%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,079.53	3,108.72	3,137.91
Year 2 PV (M)	5,673.29	5,781.35	5,890.43
Year 3 PV (M)	8,107.61	8,340.35	8,577.50
Year 4 PV (M)	10,389.74	10,789.30	11,200.28
Year 5 PV (M)	12,526.67	13,131.71	13,759.91
PV of Terminal Value (M)	229,238.22	240,310.51	251,806.56
Equity Value (M)	269,015.05	281,461.93	294,372.58
Shares Outstanding (M)	1,000.00	1,000.00	1,000.00
Fair Value	$269.02	$281.46	$294.37
Upside / Downside	259.89%	276.54%	293.81%

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CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
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Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO.IS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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