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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 0.9x - 1.0x | 0.9x |
| Fair Value | ₺35.81 - ₺39.69 | ₺37.72 |
| Upside | 31.1% - 45.3% | 38.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (TRY in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 |
| Revenue | 2,377 | 2,377 | 2,377 | 2,377 | 2,377 | 2,377 |
| % Growth | -17.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 102 | 117 | 117 | 117 | 117 | 117 |
| % of Revenue | 4.3% | 4.9% | 4.9% | 4.9% | 4.9% | 4.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TRY in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | |
| EBITDA | 117 | 117 | 117 | 117 | 117 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (36) | (36) | (36) | (36) | (36) | |
| EBIT | 81 | 81 | 81 | 81 | 81 | |
| Pro forma Taxes | (19) | (19) | (19) | (19) | (19) | |
| NOPAT | 49 | 62 | 62 | 62 | 62 | 62 |
| Capital Expenditures | (3) | (2) | (2) | (3) | (3) | (3) |
| NWC Investment | 36 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 38 | 36 | 36 | 36 | 36 | 36 |
| Free Cash Flow | 120 | 96 | 96 | 96 | 96 | 96 |
| % Growth | -20% | 0% | 0% | 0% | 0% | |