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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.9x - 15.4x | 14.6x |
| Selected Fwd EBITDA Multiple | 9.7x - 10.7x | 10.2x |
| Fair Value | ₺85.63 - ₺94.67 | ₺90.15 |
| Upside | -21.0% - -12.7% | -16.8% |
| Benchmarks | Ticker | Full Ticker |
| Tümosan Motor ve Traktör Sanayi A.S. | TMSN | IBSE:TMSN |
| Burçelik Vana Sanayi ve Ticaret A.S. | BURVA | IBSE:BURVA |
| Katmerciler Arac Üstü Ekipman Sanayi ve Ticaret A.S. | KATMR | IBSE:KATMR |
| Klimasan Klima Sanayi ve Ticaret A.S. | KLMSN | IBSE:KLMSN |
| Hidropar Hareket Kontrol Teknolojileri Merkezi Sanayi ve Ticaret A.S. | HKTM | IBSE:HKTM |
| Safkar Ege Sogutmacilik Klima Soguk Hava Tesisleri Ihracat Ithalat Sanayi ve Ticaret Anonim Sirketi | SAFKR | IBSE:SAFKR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TMSN | BURVA | KATMR | KLMSN | HKTM | SAFKR | ||
| IBSE:TMSN | IBSE:BURVA | IBSE:KATMR | IBSE:KLMSN | IBSE:HKTM | IBSE:SAFKR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 226.5% | 101.5% | 23.6% | -5.6% | NM- | 87.9% | |
| 3Y CAGR | 46.9% | 296.9% | 19.9% | -30.5% | 25.5% | 119.7% | |
| Latest Twelve Months | -74.6% | 686.1% | 709.6% | 2.5% | -29.4% | 13.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.3% | 11.1% | 20.4% | 8.6% | 13.2% | 15.3% | |
| Prior Fiscal Year | 17.6% | -6.1% | -1.8% | 2.5% | 13.6% | 17.9% | |
| Latest Fiscal Year | 7.4% | 21.1% | 17.5% | 1.6% | 12.5% | 16.4% | |
| Latest Twelve Months | 7.4% | 21.1% | 17.5% | 1.6% | 12.5% | 16.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.75x | 1.77x | 1.93x | 0.74x | 2.51x | 2.91x | |
| EV / LTM EBITDA | 23.7x | 8.4x | 11.0x | 46.8x | 20.2x | 17.8x | |
| EV / LTM EBIT | 87.7x | 8.9x | 12.9x | -154.1x | 32.1x | 18.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.4x | 20.2x | 46.8x | ||||
| Historical EV / LTM EBITDA | 7.0x | 14.7x | 28.0x | ||||
| Selected EV / LTM EBITDA | 13.9x | 14.6x | 15.4x | ||||
| (x) LTM EBITDA | 215 | 215 | 215 | ||||
| (=) Implied Enterprise Value | 2,992 | 3,149 | 3,307 | ||||
| (-) Non-shareholder Claims * | (6) | (6) | (6) | ||||
| (=) Equity Value | 2,986 | 3,143 | 3,300 | ||||
| (/) Shares Outstanding | 35.3 | 35.3 | 35.3 | ||||
| Implied Value Range | 84.70 | 89.16 | 93.63 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 84.70 | 89.16 | 93.63 | 108.40 | |||
| Upside / (Downside) | -21.9% | -17.7% | -13.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TMSN | BURVA | KATMR | KLMSN | HKTM | SAFKR | |
| Enterprise Value | 12,185 | 724 | 2,580 | 4,215 | 1,690 | 3,827 | |
| (+) Cash & Short Term Investments | 1,170 | 26 | 252 | 923 | 58 | 59 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 7 | 0 | |
| (-) Debt | (3,776) | (4) | (1,185) | (3,259) | (325) | (65) | |
| (-) Other Liabilities | 0 | 0 | (0) | 0 | (29) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,580 | 746 | 1,647 | 1,879 | 1,402 | 3,821 | |
| (/) Shares Outstanding | 115.0 | 7.3 | 1,076.6 | 79.2 | 105.0 | 35.3 | |
| Implied Stock Price | 83.30 | 101.50 | 1.53 | 23.72 | 13.35 | 108.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 83.30 | 101.50 | 1.53 | 23.72 | 13.35 | 108.40 | |
| 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 | |