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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €41.55 - €48.28 | €44.03 |
| Upside | 66.2% - 93.1% | 76.1% |
| Select Revenue and EBITDA Forecast | ||||||||||||
| (TRY in millions) | Input Projections | |||||||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 59,211 | 77,737 | 86,810 | 86,111 | 80,490 | 82,197 | 83,841 | 85,517 | 87,228 | 88,972 | 90,752 | |
| % Growth | 72.0% | 31.3% | 11.7% | -0.8% | -6.5% | 2.1% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 15,837 | 23,666 | 26,631 | 25,652 | 24,305 | 23,847 | 24,324 | 24,811 | 25,307 | 25,813 | 26,329 | |
| % of Revenue | 26.7% | 30.4% | 30.7% | 29.8% | 30.2% | 29.0% | 29.0% | 29.0% | 29.0% | 29.0% | 29.0% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (TRY in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 23,666 | 26,631 | 25,652 | 24,305 | 23,847 | 24,324 | 24,811 | 25,307 | 25,813 | 26,329 | 26,329 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7,175) | (8,753) | (7,173) | (5,077) | (5,185) | (5,289) | (5,395) | (5,502) | (5,613) | (5,725) | (4,173) | |
| EBIT | 16,491 | 17,878 | 18,479 | 19,228 | 18,662 | 19,036 | 19,416 | 19,805 | 20,201 | 20,605 | 22,157 | |
| Pro forma Taxes | (3,298) | (3,576) | (3,696) | (3,846) | (3,732) | (3,807) | (3,883) | (3,961) | (4,040) | (4,121) | (4,431) | |
| NOPAT | 8,839 | 13,193 | 14,302 | 14,783 | 15,382 | 14,930 | 15,228 | 15,533 | 15,844 | 16,161 | 16,484 | 17,725 |
| Capital Expenditures | (8,959) | (8,896) | (6,228) | (4,578) | (4,453) | (4,328) | (4,415) | (4,399) | (4,381) | (4,398) | (4,393) | (4,393) |
| NWC Investment | 194 | 145 | 71 | (5) | (44) | 13 | 13 | 13 | 13 | 14 | 14 | 0 |
| (+) D&A | 4,789 | 7,175 | 8,753 | 7,173 | 5,077 | 5,185 | 5,289 | 5,395 | 5,502 | 5,613 | 5,725 | 4,173 |
| Free Cash Flow | 4,863 | 11,617 | 16,898 | 17,372 | 15,962 | 15,800 | 16,115 | 16,542 | 16,979 | 17,389 | 17,830 | 17,506 |
| % Growth | 139% | 45% | 3% | -8% | -1% | 2% | 3% | 3% | 2% | 3% | -2% | |