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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Terminal EBITDA Multiple | 6.5x - 8.5x | 7.5x |
| Fair Value | ₺43.87 - ₺57.86 | ₺50.73 |
| Upside | 14.3% - 50.8% | 32.2% |
| 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 | 15,873 | 15,873 | 15,873 | 15,873 | 15,873 | 15,873 |
| % Growth | -4.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 1,628 | 1,431 | 1,431 | 1,431 | 1,431 | 1,431 |
| % of Revenue | 10.3% | 9.0% | 9.0% | 9.0% | 9.0% | 9.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TRY in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,431 | 1,431 | 1,431 | 1,431 | 1,431 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (53) | (53) | (53) | (53) | (53) | |
| EBIT | 1,378 | 1,378 | 1,378 | 1,378 | 1,378 | |
| Pro forma Taxes | (344) | (344) | (344) | (344) | (344) | |
| NOPAT | 1,172 | 1,033 | 1,033 | 1,033 | 1,033 | 1,033 |
| Capital Expenditures | (520) | (473) | (526) | (526) | (526) | (526) |
| NWC Investment | 96 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 64 | 53 | 53 | 53 | 53 | 53 |
| Free Cash Flow | 813 | 614 | 560 | 560 | 560 | 560 |
| % Growth | -24% | -9% | 0% | 0% | 0% | |