Definitive Analysis
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Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Limak Dogu Anadolu Cimento Sny Ve Tcr AS (LMKDC.IS)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$25.53 - $36.15$30.77
Multi-Stage$38.57 - $42.33$40.41
Blended Fair Value$35.59
Current Price$26.98
Upside31.93%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR20242023202220212020
DPS0.00%0.00%0.000.000.000.000.000.000.000.000.000.00
YoY Growth---100.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.01%0.00%0.00%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)2,016.45
(-) Cash Dividends Paid (M)562.54
(=) Cash Retained (M)1,453.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)403.29252.06151.23
Cash Retained (M)1,453.911,453.911,453.91
(-) Cash Required (M)-403.29-252.06-151.23
(=) Excess Retained (M)1,050.621,201.861,302.68
(/) Shares Outstanding (M)516.03516.03516.03
(=) Excess Retained per Share2.042.332.52
LTM Dividend per Share1.091.091.09
(+) Excess Retained per Share2.042.332.52
(=) Adjusted Dividend3.133.423.61
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Fair Value$25.53$30.77$36.15
Upside / Downside-5.38%14.06%33.97%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2,016.451,996.291,976.321,956.561,936.991,917.621,975.15
Payout Ratio27.90%40.32%52.74%65.16%77.58%90.00%92.50%
Projected Dividends (M)562.54804.861,042.281,274.871,502.711,725.861,827.02

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)724.30731.69739.08
Year 2 PV (M)844.08861.39878.88
Year 3 PV (M)929.10957.83987.15
Year 4 PV (M)985.531,026.371,068.47
Year 5 PV (M)1,018.581,071.621,126.85
PV of Terminal Value (M)15,404.0616,206.1917,041.39
Equity Value (M)19,905.6520,855.0921,841.82
Shares Outstanding (M)516.03516.03516.03
Fair Value$38.57$40.41$42.33
Upside / Downside42.97%49.79%56.88%

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