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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 20.9x - 23.1x | 22.0x |
| Selected Fwd Revenue Multiple | 19.7x - 21.8x | 20.8x |
| Fair Value | ₺17.09 - ₺18.90 | ₺17.99 |
| Upside | -39.0% - -32.5% | -35.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Pamukova Yenilenebilir Elektrik Uretim A.S. | PAMEL | IBSE:PAMEL |
| Zorlu Enerji Elektrik Üretim A.S. | ZOREN | IBSE:ZOREN |
| Kartal Yenilenebilir Enerji Uretim A.S. | KARYE | IBSE:KARYE |
| Esenboga Elektrik Üretim A.S. | ESEN | IBSE:ESEN |
| Tatlipinar Enerji Uretim A.S. | TATEN | IBSE:TATEN |
| Margün Enerji Üretim Sanayi ve Ticaret A.S. | MAGEN | IBSE:MAGEN |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| PAMEL | ZOREN | KARYE | ESEN | TATEN | MAGEN | |||
| IBSE:PAMEL | IBSE:ZOREN | IBSE:KARYE | IBSE:ESEN | IBSE:TATEN | IBSE:MAGEN | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 54.0% | 29.3% | 58.1% | 116.3% | NM- | NM- | ||
| 3Y CAGR | 93.4% | 36.6% | 63.3% | 27.0% | 87.0% | 30.6% | ||
| Latest Twelve Months | -15.1% | -24.7% | 48.2% | -15.0% | 45.3% | 3.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 169.3% | 11.2% | 41.3% | 28.6% | 47.5% | 28.7% | ||
| Prior Fiscal Year | 202.2% | 6.3% | 18.3% | 9.4% | 55.1% | 19.8% | ||
| Latest Fiscal Year | 109.8% | 3.9% | 39.3% | 4.0% | 50.3% | 5.2% | ||
| Latest Twelve Months | 109.8% | 3.9% | 39.3% | 4.0% | 50.3% | 5.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 38.81x | 1.89x | 4.97x | 11.32x | 8.56x | 33.88x | ||
| EV / LTM EBIT | 35.3x | 48.0x | 12.7x | 284.4x | 17.0x | 646.0x | ||
| Price / LTM Sales | 38.77x | 0.59x | 3.70x | 8.58x | 5.24x | 33.75x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.89x | 8.56x | 38.81x | |||||
| Historical EV / LTM Revenue | 7.94x | 18.46x | 33.88x | |||||
| Selected EV / LTM Revenue | 20.94x | 22.04x | 23.14x | |||||
| (x) LTM Revenue | 1,135 | 1,135 | 1,135 | |||||
| (=) Implied Enterprise Value | 23,757 | 25,007 | 26,258 | |||||
| (-) Non-shareholder Claims * | (147) | (147) | (147) | |||||
| (=) Equity Value | 23,609 | 24,860 | 26,110 | |||||
| (/) Shares Outstanding | 1,367.8 | 1,367.8 | 1,367.8 | |||||
| Implied Value Range | 17.26 | 18.17 | 19.09 | |||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 17.26 | 18.17 | 19.09 | 28.00 | ||||
| Upside / (Downside) | -38.4% | -35.1% | -31.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PAMEL | ZOREN | KARYE | ESEN | TATEN | MAGEN | |
| Enterprise Value | 2,587 | 55,986 | 1,925 | 12,863 | 16,804 | 38,446 | |
| (+) Cash & Short Term Investments | 2 | 1,542 | 55 | 117 | 187 | 115 | |
| (+) Investments & Other | 0 | 5,752 | 0 | 3,159 | 0 | 3,159 | |
| (-) Debt | (4) | (45,729) | (546) | (3,559) | (4,894) | (3,422) | |
| (-) Other Liabilities | 0 | (0) | 0 | (2,830) | (1,803) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,584 | 17,550 | 1,434 | 9,750 | 10,294 | 38,299 | |
| (/) Shares Outstanding | 31.1 | 5,000.0 | 55.0 | 260.0 | 280.5 | 1,367.8 | |
| Implied Stock Price | 83.10 | 3.51 | 26.08 | 37.50 | 36.70 | 28.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 83.10 | 3.51 | 26.08 | 37.50 | 36.70 | 28.00 | |
| 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 | |