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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.1x - 7.8x | 7.5x |
| Selected Fwd EBIT Multiple | 1.7x - 1.9x | 1.8x |
| Fair Value | ₺117.27 - ₺140.68 | ₺128.98 |
| Upside | -19.2% - -3.1% | -11.2% |
| Benchmarks | Ticker | Full Ticker |
| Alarko Holding A.S. | ALARK | IBSE:ALARK |
| Bera Holding A.S. | BERA | IBSE:BERA |
| AG Anadolu Grubu Holding A.S. | AGHOL | IBSE:AGHOL |
| Mazhar Zorlu Holding A.S. | MZHLD | IBSE:MZHLD |
| Ihlas Holding A.S. | IHLAS | IBSE:IHLAS |
| Koç Holding A.S. | KCHOL | IBSE:KCHOL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ALARK | BERA | AGHOL | MZHLD | IHLAS | KCHOL | ||
| IBSE:ALARK | IBSE:BERA | IBSE:AGHOL | IBSE:MZHLD | IBSE:IHLAS | IBSE:KCHOL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 55.9% | 58.7% | NM- | NM- | 53.8% | |
| 3Y CAGR | NM- | 50.4% | 71.2% | NM- | NM- | 20.4% | |
| Latest Twelve Months | -214.4% | -3.5% | 11.9% | -519.6% | -16.6% | -77.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -0.2% | 15.3% | 7.0% | 2.9% | -7.5% | 10.1% | |
| Prior Fiscal Year | -4.0% | 11.9% | 5.5% | 2.5% | -17.1% | 13.0% | |
| Latest Fiscal Year | -20.0% | 12.8% | 5.9% | -14.6% | -21.0% | 3.0% | |
| Latest Twelve Months | -20.0% | 12.8% | 5.9% | -14.6% | -21.0% | 3.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.34x | 0.76x | 0.44x | 2.11x | 1.05x | 0.27x | |
| EV / LTM EBITDA | -3.1x | 5.2x | 5.0x | -23.0x | -5.6x | 5.4x | |
| EV / LTM EBIT | -1.7x | 5.9x | 7.4x | -14.4x | -5.0x | 9.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -14.4x | -1.7x | 7.4x | ||||
| Historical EV / LTM EBIT | 0.8x | 5.4x | 12.2x | ||||
| Selected EV / LTM EBIT | 7.1x | 7.5x | 7.8x | ||||
| (x) LTM EBIT | 69,293 | 69,293 | 69,293 | ||||
| (=) Implied Enterprise Value | 490,731 | 516,559 | 542,387 | ||||
| (-) Non-shareholder Claims * | (266,572) | (266,572) | (266,572) | ||||
| (=) Equity Value | 224,159 | 249,987 | 275,815 | ||||
| (/) Shares Outstanding | 2,535.9 | 2,535.9 | 2,535.9 | ||||
| Implied Value Range | 88.39 | 98.58 | 108.76 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 88.39 | 98.58 | 108.76 | 145.20 | |||
| Upside / (Downside) | -39.1% | -32.1% | -25.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALARK | BERA | AGHOL | MZHLD | IHLAS | KCHOL | |
| Enterprise Value | 2,603 | 12,562 | 246,110 | 3,276 | 10,819 | 634,784 | |
| (+) Cash & Short Term Investments | 13,516 | 3,216 | 84,878 | 13 | 757 | 365,130 | |
| (+) Investments & Other | 47,081 | 126 | 8,971 | 282 | 271 | 577,651 | |
| (-) Debt | (15,629) | (2,162) | (116,021) | (81) | (882) | (879,324) | |
| (-) Other Liabilities | (4,638) | (3,393) | (155,688) | (2,844) | (7,111) | (330,029) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 42,934 | 10,350 | 68,251 | 647 | 3,855 | 368,212 | |
| (/) Shares Outstanding | 435.0 | 683.2 | 243.5 | 108.6 | 1,500.0 | 2,535.9 | |
| Implied Stock Price | 98.70 | 15.15 | 280.25 | 5.96 | 2.57 | 145.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 98.70 | 15.15 | 280.25 | 5.96 | 2.57 | 145.20 | |
| 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 | |