10Y DCF EBITDA Exit for Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS (PRKME)

Stock Price

17.05 TRY

Fair Value

15.84 TRY

2.7%

Revenue 10y CAGR

63.5%

10y Avg EBITDA Margin

Unlevered FCF 10y CAGR

10-Year DCF Model: EBITDA Exit

Stock Price

17.05 TRY

Fair Value

15.84 TRY

Upside

-7.1%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


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	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	639	686	710	725	739	754	769	784	800	816	832
% Growth	11.3%	7.5%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	433	436	451	460	470	479	489	498	508	519	529
% of Revenue	67.8%	63.5%	63.5%	63.5%	63.5%	63.5%	63.5%	63.5%	63.5%	63.5%	63.5%

Supporting Calculations

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(TRY in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		436	451	460	470	479	489	498	508	519	529
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(296)	(306)	(313)	(319)	(325)	(332)	(338)	(345)	(352)	(359)

EBIT		140	145	148	151	154	157	160	163	167	170
Pro forma Taxes		(38)	(39)	(40)	(41)	(42)	(42)	(43)	(44)	(45)	(46)
NOPAT	112	102	106	108	110	112	115	117	119	122	124

Capital Expenditures	(634)	(480)	(536)	(550)	(522)	(536)	(332)	(338)	(345)	(338)	(341)
NWC Investment	(24)	(18)	(9)	(5)	(5)	(5)	(6)	(6)	(6)	(6)	(6)
(+) D&A	279	296	306	313	319	325	332	338	345	352	359

Free Cash Flow	(267)	(100)	(133)	(135)	(99)	(104)	109	111	113	129	136
% Growth		NM	NM	NM	NM	NM	NM	2%	2%	14%	NM

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