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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.4x - 11.5x | 10.9x |
| Selected Fwd EBITDA Multiple | 4.4x - 4.9x | 4.7x |
| Fair Value | ₺29.15 - ₺32.39 | ₺30.77 |
| Upside | 12.6% - 25.1% | 18.8% |
| Benchmarks | Ticker | Full Ticker |
| Mogan Enerji Yatirim Holding Anonim Sirketi | MOGAN | IBSE:MOGAN |
| Biotrend Cevre ve Enerji Yatirimlari A.S. | BIOEN | IBSE:BIOEN |
| Hun Yenilenebilir Enerji Üretim A.S. | HUNER | IBSE:HUNER |
| Esenboga Elektrik Üretim A.S. | ESEN | IBSE:ESEN |
| Tatlipinar Enerji Uretim A.S. | TATEN | IBSE:TATEN |
| Galata Wind Enerji A.S. | GWIND | IBSE:GWIND |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MOGAN | BIOEN | HUNER | ESEN | TATEN | GWIND | ||
| IBSE:MOGAN | IBSE:BIOEN | IBSE:HUNER | IBSE:ESEN | IBSE:TATEN | IBSE:GWIND | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 47.3% | NM- | 102.4% | NM- | 52.8% | |
| 3Y CAGR | 43.8% | 28.1% | 88.1% | 12.9% | 78.2% | 56.5% | |
| Latest Twelve Months | -31.5% | -59.2% | 43.9% | -17.9% | 37.3% | -20.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 57.5% | 23.8% | 48.7% | 46.2% | 64.0% | 78.0% | |
| Prior Fiscal Year | 56.6% | 19.2% | 60.3% | 32.1% | 71.5% | 75.7% | |
| Latest Fiscal Year | 55.3% | 9.4% | 57.6% | 31.0% | 67.6% | 68.1% | |
| Latest Twelve Months | 55.3% | 9.4% | 57.6% | 31.0% | 67.6% | 68.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.63x | 4.98x | 7.71x | 11.55x | 8.58x | 6.33x | |
| EV / LTM EBITDA | 8.4x | 53.1x | 13.4x | 37.3x | 12.7x | 9.3x | |
| EV / LTM EBIT | -176.5x | -36.4x | 18.5x | 290.2x | 17.1x | 15.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.4x | 13.4x | 53.1x | ||||
| Historical EV / LTM EBITDA | 4.2x | 10.4x | 13.4x | ||||
| Selected EV / LTM EBITDA | 10.4x | 10.9x | 11.5x | ||||
| (x) LTM EBITDA | 1,611 | 1,611 | 1,611 | ||||
| (=) Implied Enterprise Value | 16,685 | 17,563 | 18,441 | ||||
| (-) Non-shareholder Claims * | (879) | (879) | (879) | ||||
| (=) Equity Value | 15,806 | 16,684 | 17,562 | ||||
| (/) Shares Outstanding | 540.0 | 540.0 | 540.0 | ||||
| Implied Value Range | 29.27 | 30.90 | 32.52 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 29.27 | 30.90 | 32.52 | 25.90 | |||
| Upside / (Downside) | 13.0% | 19.3% | 25.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MOGAN | BIOEN | HUNER | ESEN | TATEN | GWIND | |
| Enterprise Value | 59,603 | 13,375 | 6,471 | 13,123 | 16,855 | 14,865 | |
| (+) Cash & Short Term Investments | 3,009 | 99 | 188 | 117 | 187 | 1,318 | |
| (+) Investments & Other | 0 | 319 | 0 | 3,159 | 0 | 94 | |
| (-) Debt | (32,143) | (3,953) | (2,730) | (3,559) | (4,894) | (2,292) | |
| (-) Other Liabilities | (9,240) | (10) | 1 | (2,830) | (1,803) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 21,229 | 9,830 | 3,930 | 10,010 | 10,345 | 13,986 | |
| (/) Shares Outstanding | 2,440.1 | 500.0 | 1,000.0 | 260.0 | 280.5 | 540.0 | |
| Implied Stock Price | 8.70 | 19.66 | 3.93 | 38.50 | 36.88 | 25.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.70 | 19.66 | 3.93 | 38.50 | 36.88 | 25.90 | |
| 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 | |