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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -36.4x - -40.2x | -38.3x |
| Selected Fwd EBIT Multiple | 11.2x - 12.4x | 11.8x |
| Fair Value | ₺16.11 - ₺17.66 | ₺16.88 |
| Upside | -36.8% - -30.7% | -33.7% |
| Benchmarks | Ticker | Full Ticker |
| Ayes Celik Hasir Ve Cit Sanayi A.S. | AYES | IBSE:AYES |
| Erciyas Çelik Boru Sanayi A.S. | ERCB | IBSE:ERCB |
| Çemas Döküm Sanayi A.S. | CEMAS | IBSE:CEMAS |
| Koza Anadolu Metal Madencilik Isletmeleri A.S. | KOZAA | IBSE:KOZAA |
| CVK Maden Isletmeleri Sanayi ve Ticaret Anonim Sirketi | CVKMD | IBSE:CVKMD |
| Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. | DOFER | IBSE:DOFER |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AYES | ERCB | CEMAS | KOZAA | CVKMD | DOFER | ||
| IBSE:AYES | IBSE:ERCB | IBSE:CEMAS | IBSE:KOZAA | IBSE:CVKMD | IBSE:DOFER | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 47.5% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | 44.7% | NM- | NM- | 111.8% | NM- | |
| Latest Twelve Months | -101.2% | -6.6% | -126.2% | -128.2% | -25.5% | NM | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.4% | 10.8% | 6.1% | 34.0% | 29.2% | 1.7% | |
| Prior Fiscal Year | 5.3% | 4.9% | -3.1% | 6.0% | 30.4% | 4.9% | |
| Latest Fiscal Year | -0.1% | 5.2% | -9.0% | -2.3% | 18.6% | 2.7% | |
| Latest Twelve Months | -0.1% | 5.2% | -9.0% | -2.3% | 18.6% | -0.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.22x | 1.41x | 1.47x | 3.79x | 5.10x | 0.53x | |
| EV / LTM EBITDA | 46.6x | 16.4x | 48.3x | 30.4x | 18.1x | 101.4x | |
| EV / LTM EBIT | -344.3x | 27.2x | -16.4x | -166.5x | 27.5x | -66.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -344.3x | -16.4x | 27.5x | ||||
| Historical EV / LTM EBIT | 0.0x | NM | 0.0x | ||||
| Selected EV / LTM EBIT | -36.4x | -38.3x | -40.2x | ||||
| (x) LTM EBIT | (20) | (20) | (20) | ||||
| (=) Implied Enterprise Value | 730 | 769 | 807 | ||||
| (-) Non-shareholder Claims * | 79 | 79 | 79 | ||||
| (=) Equity Value | 809 | 848 | 886 | ||||
| (/) Shares Outstanding | 55.8 | 55.8 | 55.8 | ||||
| Implied Value Range | 14.52 | 15.21 | 15.90 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 14.52 | 15.21 | 15.90 | 25.48 | |||
| Upside / (Downside) | -43.0% | -40.3% | -37.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AYES | ERCB | CEMAS | KOZAA | CVKMD | DOFER | |
| Enterprise Value | 1,637 | 10,221 | 2,767 | 35,039 | 15,988 | 1,341 | |
| (+) Cash & Short Term Investments | 466 | 430 | 76 | 10,976 | 587 | 201 | |
| (+) Investments & Other | 0 | 1 | 503 | 2,474 | 0 | 0 | |
| (-) Debt | (784) | (4,251) | (338) | (26) | (2,166) | (122) | |
| (-) Other Liabilities | 0 | 31 | (161) | (15,632) | (410) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,320 | 6,432 | 2,848 | 32,832 | 14,000 | 1,421 | |
| (/) Shares Outstanding | 150.0 | 77.8 | 791.0 | 388.1 | 1,400.0 | 55.8 | |
| Implied Stock Price | 8.80 | 82.70 | 3.60 | 84.60 | 10.00 | 25.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.80 | 82.70 | 3.60 | 84.60 | 10.00 | 25.48 | |
| Trading Currency | TRY | TRY | TRY | TRY | TRY | TRY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |