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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Perpetuity Growth Rate | 2.5% - 3.5% | 3.0% |
| Fair Value | ₺15.75 - ₺22.90 | ₺18.61 |
| Upside | -25.2% - 8.7% | -11.6% |
| 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 | 1,316 | 1,480 | 1,591 | 1,647 | 1,680 | 1,714 | |
| % Growth | 24.4% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 215 | 280 | 316 | 328 | 334 | 341 | |
| % of Revenue | 16.4% | 18.9% | 19.9% | 19.9% | 19.9% | 19.9% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (TRY in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 280 | 316 | 328 | 334 | 341 | 341 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (11) | (11) | (12) | (12) | (12) | (39) | |
| EBIT | 269 | 305 | 316 | 322 | 329 | 302 | |
| Pro forma Taxes | (73) | (82) | (85) | (87) | (89) | (81) | |
| NOPAT | 149 | 196 | 223 | 231 | 235 | 240 | 220 |
| Capital Expenditures | (15) | (36) | (38) | (40) | (40) | (41) | (41) |
| NWC Investment | (73) | (46) | (31) | (16) | (9) | (9) | (14) |
| (+) D&A | 11 | 11 | 11 | 12 | 12 | 12 | 39 |
| Free Cash Flow | 72 | 125 | 165 | 187 | 197 | 201 | 204 |
| % Growth | 73% | 32% | 14% | 6% | 2% | 1% | |