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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 4.2x - 4.7x | 4.4x |
| Fair Value | ₺0.90 - ₺1.24 | ₺1.06 |
| Upside | -47.9% - -28.1% | -38.4% |
| 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 | 6,104 | 6,104 | 6,104 | 6,104 | 6,104 | 6,104 | 6,104 | 6,104 | 6,104 | 6,104 | 6,104 |
| % Growth | -27.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 1,900 | 1,901 | 1,901 | 1,901 | 1,901 | 1,901 | 1,901 | 1,901 | 1,901 | 1,901 | 1,901 |
| % of Revenue | 31.1% | 31.1% | 31.1% | 31.1% | 31.1% | 31.1% | 31.1% | 31.1% | 31.1% | 31.1% | 31.1% |
| 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 | 1,901 | 1,901 | 1,901 | 1,901 | 1,901 | 1,901 | 1,901 | 1,901 | 1,901 | 1,901 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (998) | (998) | (998) | (998) | (998) | (998) | (998) | (998) | (998) | (998) | |
| EBIT | 903 | 903 | 903 | 903 | 903 | 903 | 903 | 903 | 903 | 903 | |
| Pro forma Taxes | (163) | (163) | (163) | (163) | (163) | (163) | (163) | (163) | (163) | (163) | |
| NOPAT | 351 | 740 | 740 | 740 | 740 | 740 | 740 | 740 | 740 | 740 | 740 |
| Capital Expenditures | (1,513) | (3,354) | (4,010) | (2,959) | (3,441) | (3,470) | (998) | (998) | (998) | (998) | (998) |
| NWC Investment | 950 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 1,472 | 998 | 998 | 998 | 998 | 998 | 998 | 998 | 998 | 998 | 998 |
| Free Cash Flow | 1,261 | (1,615) | (2,272) | (1,220) | (1,703) | (1,732) | 740 | 740 | 740 | 740 | 740 |
| % Growth | NM | NM | NM | NM | NM | 0% | 0% | 0% | 0% | ||