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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Fair Value | ₺107.42 - ₺116.66 | ₺111.96 |
| Upside | 23.8% - 34.5% | 29.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (TRY in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 9,237 | 15,102 | 20,388 | 24,465 | 27,523 | 29,588 |
| % Growth | 7.4% | 63.5% | 35.0% | 20.0% | 12.5% | 7.5% |
| EBITDA | 798 | 7,517 | 11,677 | 15,236 | 17,828 | 19,461 |
| % of Revenue | 8.6% | 49.8% | 57.3% | 62.3% | 64.8% | 65.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TRY in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 7,517 | 11,677 | 15,236 | 17,828 | 19,461 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,021) | (2,728) | (3,274) | (3,683) | (3,960) | |
| EBIT | 5,496 | 8,949 | 11,962 | 14,145 | 15,502 | |
| Pro forma Taxes | (1,429) | (2,327) | (3,110) | (3,678) | (4,030) | |
| NOPAT | (423) | 4,067 | 6,622 | 8,852 | 10,467 | 11,471 |
| Capital Expenditures | (4,380) | (4,465) | (5,097) | (4,647) | (4,736) | (4,827) |
| NWC Investment | (54) | (496) | (447) | (345) | (259) | (175) |
| (+) D&A | 1,370 | 2,021 | 2,728 | 3,274 | 3,683 | 3,960 |
| Free Cash Flow | (3,487) | 1,127 | 3,806 | 7,133 | 9,155 | 10,429 |
| % Growth | NM | 238% | 87% | 28% | 14% | |