Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Yapi ve Kredi Bankasi A.S. (YKBNK.IS)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$691.02 - $1,045.84$980.11
Multi-Stage$170.95 - $187.27$178.96
Blended Fair Value$579.53
Current Price$33.94
Upside1,607.52%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1,053.28%38.67%1.210.940.120.060.000.000.000.000.000.05
YoY Growth--28.94%691.05%100.00%1,111,115.56%-10.00%19.05%10.53%2.70%-99.99%3.09%
Dividend Yield--5.00%3.30%1.24%1.45%0.00%0.00%0.00%0.00%0.00%1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)44,421.28
(-) Cash Dividends Paid (M)10,202.58
(=) Cash Retained (M)34,218.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)8,884.265,552.663,331.60
Cash Retained (M)34,218.7034,218.7034,218.70
(-) Cash Required (M)-8,884.26-5,552.66-3,331.60
(=) Excess Retained (M)25,334.4428,666.0430,887.10
(/) Shares Outstanding (M)8,447.058,447.058,447.05
(=) Excess Retained per Share3.003.393.66
LTM Dividend per Share1.211.211.21
(+) Excess Retained per Share3.003.393.66
(=) Adjusted Dividend4.214.604.86
WACC / Discount Rate6.14%6.14%6.14%
Growth Rate5.50%6.50%7.50%
Fair Value$691.02$980.11$1,045.84
Upside / Downside1,936.01%2,787.76%2,981.44%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)44,421.2847,308.6650,383.7253,658.6657,146.4860,861.0062,686.83
Payout Ratio22.97%36.37%49.78%63.19%76.59%90.00%92.50%
Projected Dividends (M)10,202.5817,208.1525,081.3533,905.3643,770.5254,774.9057,985.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.14%6.14%6.14%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)16,060.1216,212.3416,364.57
Year 2 PV (M)21,846.3922,262.5022,682.54
Year 3 PV (M)27,562.0428,353.2529,159.46
Year 4 PV (M)33,207.7334,484.8035,798.36
Year 5 PV (M)38,784.0740,657.3642,602.34
PV of Terminal Value (M)1,306,599.281,369,708.511,435,233.08
Equity Value (M)1,444,059.621,511,678.761,581,840.35
Shares Outstanding (M)8,447.058,447.058,447.05
Fair Value$170.95$178.96$187.27
Upside / Downside403.70%427.28%451.75%

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