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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 23.1x - 25.6x | 24.4x |
| Selected Fwd EBIT Multiple | 87.3x - 96.4x | 91.9x |
| Fair Value | ₺191.98 - ₺214.98 | ₺203.48 |
| Upside | -32.8% - -24.7% | -28.7% |
| Benchmarks | Ticker | Full Ticker |
| Mega Polietilen Köpük Sanayi ve Ticaret Anonim Sirketi | MEGAP | IBSE:MEGAP |
| Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi | KLKIM | IBSE:KLKIM |
| Temapol Polimer Plastik ve Insaat Sanayi Ticaret Anonim Sirketi | TMPOL | IBSE:TMPOL |
| Rainbow Polikarbonat Sanayi Ticaret Anonim Sirketi | RNPOL | IBSE:RNPOL |
| DYO Boya Fabrikalari Sanayi ve Ticaret A.S. | DYOBY | IBSE:DYOBY |
| Gübre Fabrikalari Türk Anonim Sirketi | GUBRF | IBSE:GUBRF |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MEGAP | KLKIM | TMPOL | RNPOL | DYOBY | GUBRF | ||
| IBSE:MEGAP | IBSE:KLKIM | IBSE:TMPOL | IBSE:RNPOL | IBSE:DYOBY | IBSE:GUBRF | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 134.0% | 90.8% | 40.3% | NM- | 50.0% | 60.2% | |
| 3Y CAGR | 228.7% | 108.3% | 34.4% | 71.9% | 49.5% | 24.5% | |
| Latest Twelve Months | -21.8% | -6.0% | -22.6% | 70.8% | -0.9% | -15.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.0% | 18.1% | 9.1% | 13.0% | 10.0% | 9.5% | |
| Prior Fiscal Year | 16.9% | 20.2% | 8.0% | 10.9% | 7.6% | 7.4% | |
| Latest Fiscal Year | 6.4% | 17.1% | 8.2% | 20.4% | 8.7% | 6.5% | |
| Latest Twelve Months | 6.4% | 17.1% | 8.2% | 20.4% | 8.7% | 6.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.14x | 1.71x | 2.15x | 1.46x | 0.82x | 2.17x | |
| EV / LTM EBITDA | 2.1x | 9.1x | 13.6x | 6.2x | 7.1x | 23.8x | |
| EV / LTM EBIT | 2.2x | 10.0x | 26.2x | 7.2x | 9.4x | 33.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.2x | 9.4x | 26.2x | ||||
| Historical EV / LTM EBIT | 29.1x | 33.3x | 75.3x | ||||
| Selected EV / LTM EBIT | 23.1x | 24.4x | 25.6x | ||||
| (x) LTM EBIT | 3,156 | 3,156 | 3,156 | ||||
| (=) Implied Enterprise Value | 73,015 | 76,858 | 80,701 | ||||
| (-) Non-shareholder Claims * | (8,872) | (8,872) | (8,872) | ||||
| (=) Equity Value | 64,143 | 67,986 | 71,828 | ||||
| (/) Shares Outstanding | 334.0 | 334.0 | 334.0 | ||||
| Implied Value Range | 192.04 | 203.55 | 215.06 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 192.04 | 203.55 | 215.06 | 285.50 | |||
| Upside / (Downside) | -32.7% | -28.7% | -24.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MEGAP | KLKIM | TMPOL | RNPOL | DYOBY | GUBRF | |
| Enterprise Value | 1,727 | 12,843 | 1,779 | 1,313 | 8,756 | 104,229 | |
| (+) Cash & Short Term Investments | 33 | 1,799 | 91 | 190 | 347 | 5,801 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 1 | 815 | |
| (-) Debt | (913) | (398) | (733) | (424) | (4,712) | (10,178) | |
| (-) Other Liabilities | 0 | (242) | (5) | 0 | 0 | (5,310) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 847 | 14,002 | 1,132 | 1,080 | 4,392 | 95,357 | |
| (/) Shares Outstanding | 275.0 | 460.0 | 14.2 | 30.0 | 300.0 | 334.0 | |
| Implied Stock Price | 3.08 | 30.44 | 79.85 | 36.00 | 14.64 | 285.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.08 | 30.44 | 79.85 | 36.00 | 14.64 | 285.50 | |
| 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 | |