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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal Revenue Multiple | 2.7x - 3.0x | 2.8x |
| Fair Value | €45.92 - €52.15 | €48.94 |
| Upside | 61.7% - 83.6% | 72.3% |
| 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 | 76,877 | 85,849 | 81,515 | 79,600 | 81,287 | 82,913 | 84,571 | 86,263 | 87,988 | 89,748 |
| % Growth | 72.0% | 29.8% | 11.7% | -5.0% | -2.3% | 2.1% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 15,837 | 23,625 | 27,147 | 24,504 | 24,036 | 23,584 | 24,055 | 24,536 | 25,027 | 25,528 | 26,038 |
| % of Revenue | 26.7% | 30.7% | 31.6% | 30.1% | 30.2% | 29.0% | 29.0% | 29.0% | 29.0% | 29.0% | 29.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 23,625 | 27,147 | 24,504 | 24,036 | 23,584 | 24,055 | 24,536 | 25,027 | 25,528 | 26,038 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5,659) | (4,143) | (4,159) | (5,021) | (5,128) | (5,230) | (5,335) | (5,442) | (5,550) | (5,661) | |
| EBIT | 17,966 | 23,004 | 20,345 | 19,015 | 18,456 | 18,825 | 19,201 | 19,586 | 19,977 | 20,377 | |
| Pro forma Taxes | (3,593) | (4,601) | (4,069) | (3,803) | (3,691) | (3,765) | (3,840) | (3,917) | (3,995) | (4,075) | |
| NOPAT | 8,839 | 14,373 | 18,403 | 16,276 | 15,212 | 14,765 | 15,060 | 15,361 | 15,668 | 15,982 | 16,301 |
| Capital Expenditures | (8,959) | (8,798) | (6,160) | (4,527) | (4,404) | (4,280) | (4,366) | (4,350) | (4,332) | (4,349) | (4,344) |
| NWC Investment | 194 | 139 | 70 | (34) | (15) | 13 | 13 | 13 | 13 | 14 | 14 |
| (+) D&A | 4,789 | 5,659 | 4,143 | 4,159 | 5,021 | 5,128 | 5,230 | 5,335 | 5,442 | 5,550 | 5,661 |
| Free Cash Flow | 4,863 | 11,372 | 16,457 | 15,873 | 15,814 | 15,625 | 15,937 | 16,359 | 16,791 | 17,196 | 17,633 |
| % Growth | 45% | -4% | 0% | -1% | 2% | 3% | 3% | 2% | 3% | ||