Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Galata Wind Enerji A.S. (GWIND.IS)

Company Dividend Discount ModelIndustry: Renewable UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$14.15 - $21.14$17.47
Multi-Stage$26.29 - $28.97$27.60
Blended Fair Value$22.54
Current Price$24.34
Upside-7.41%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS0.00%0.00%0.980.980.280.190.020.000.000.000.000.00
YoY Growth--0.71%251.80%50.00%900.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.89%4.02%1.69%2.74%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)924.90
(-) Cash Dividends Paid (M)31.36
(=) Cash Retained (M)893.54
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)184.98115.6169.37
Cash Retained (M)893.54893.54893.54
(-) Cash Required (M)-184.98-115.61-69.37
(=) Excess Retained (M)708.56777.93824.18
(/) Shares Outstanding (M)540.00540.00540.00
(=) Excess Retained per Share1.311.441.53
LTM Dividend per Share0.060.060.06
(+) Excess Retained per Share1.311.441.53
(=) Adjusted Dividend1.371.501.58
WACC / Discount Rate7.49%7.49%7.49%
Growth Rate-2.00%-1.00%0.00%
Fair Value$14.15$17.47$21.14
Upside / Downside-41.88%-28.23%-13.13%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)924.90915.65906.49897.43888.46879.57905.96
Payout Ratio3.39%20.71%38.03%55.36%72.68%90.00%92.50%
Projected Dividends (M)31.36189.65344.78496.78645.71791.61838.01

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.49%7.49%7.49%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)174.65176.43178.21
Year 2 PV (M)292.39298.39304.44
Year 3 PV (M)387.97399.97412.21
Year 4 PV (M)464.39483.64503.48
Year 5 PV (M)524.29551.59580.01
PV of Terminal Value (M)12,353.2012,996.4613,666.24
Equity Value (M)14,196.8814,906.4715,644.60
Shares Outstanding (M)540.00540.00540.00
Fair Value$26.29$27.60$28.97
Upside / Downside8.01%13.41%19.03%

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