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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 7.2x - 8.0x | 7.6x |
Selected Fwd EBIT Multiple | 11.5x - 12.7x | 12.1x |
Fair Value | ₺8.68 - ₺9.98 | ₺9.33 |
Upside | 6.6% - 22.6% | 14.6% |
Benchmarks | Ticker | Full Ticker |
Ersu Meyve ve Gida Sanayii A.S. | ERSU | IBSE:ERSU |
Özsu Balik Üretim Anonim Sirketi | OZSUB | IBSE:OZSUB |
Ekiz Kimya Sanayi ve Ticaret Anonim Sirketi | EKIZ | IBSE:EKIZ |
Oba Makarnacilik Sanayi ve Ticaret A.S. | OBAMS | IBSE:OBAMS |
Kutahya Seker Fabrikasi Anonim Sirketi | KTSKR | IBSE:KTSKR |
Orçay Ortaköy Çay Sanayi ve Ticaret Anonim Sirketi | ORCAY | IBSE:ORCAY |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ERSU | OZSUB | EKIZ | OBAMS | KTSKR | ORCAY | ||
IBSE:ERSU | IBSE:OZSUB | IBSE:EKIZ | IBSE:OBAMS | IBSE:KTSKR | IBSE:ORCAY | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | -13.0% | NM- | |
3Y CAGR | NM- | -7.2% | NM- | 43.1% | -24.1% | 127.6% | |
Latest Twelve Months | 41.3% | -59.1% | -298.6% | -13.5% | -137.4% | -15.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -1.0% | 7.2% | -0.6% | 4.0% | 18.8% | 16.2% | |
Prior Fiscal Year | -6.9% | 12.5% | 20.2% | 4.1% | 16.0% | 22.2% | |
Latest Fiscal Year | -3.9% | 2.8% | -1.8% | 7.0% | 0.9% | 24.4% | |
Latest Twelve Months | -3.9% | 1.4% | -1.2% | 7.0% | -10.2% | 27.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.75x | 1.47x | 1.68x | 1.88x | 1.00x | 2.19x | |
EV / LTM EBITDA | 17.9x | 38.1x | -145.4x | 20.8x | -39.4x | 7.2x | |
EV / LTM EBIT | -95.6x | 102.1x | -145.1x | 27.1x | -9.8x | 7.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -145.1x | -9.8x | 102.1x | ||||
Historical EV / LTM EBIT | -129.1x | 3.9x | 17.7x | ||||
Selected EV / LTM EBIT | 7.2x | 7.6x | 8.0x | ||||
(x) LTM EBIT | 119 | 119 | 119 | ||||
(=) Implied Enterprise Value | 862 | 908 | 953 | ||||
(-) Non-shareholder Claims * | (297) | (297) | (297) | ||||
(=) Equity Value | 566 | 611 | 657 | ||||
(/) Shares Outstanding | 80.0 | 80.0 | 80.0 | ||||
Implied Value Range | 7.07 | 7.64 | 8.21 | ||||
FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 7.07 | 7.64 | 8.21 | 8.14 | |||
Upside / (Downside) | -13.1% | -6.1% | 0.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ERSU | OZSUB | EKIZ | OBAMS | KTSKR | ORCAY | |
Enterprise Value | 448 | 3,509 | 539 | 31,826 | 1,759 | 948 | |
(+) Cash & Short Term Investments | 92 | 37 | 0 | 2,612 | 909 | 5 | |
(+) Investments & Other | 0 | 266 | 0 | 0 | 0 | 0 | |
(-) Debt | 0 | (930) | 0 | (303) | 0 | (301) | |
(-) Other Liabilities | 0 | 4 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 540 | 2,885 | 539 | 34,135 | 2,668 | 651 | |
(/) Shares Outstanding | 36.0 | 120.0 | 9.3 | 479.4 | 46.0 | 80.0 | |
Implied Stock Price | 15.01 | 24.04 | 58.10 | 71.20 | 58.00 | 8.14 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 15.01 | 24.04 | 58.10 | 71.20 | 58.00 | 8.14 | |
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 |