Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 78.2x - 80.2x | 79.2x |
| Fair Value | ₺28.51 - ₺30.06 | ₺29.27 |
| Upside | -24.9% - -20.8% | -22.9% |
| 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 | 786 | 802 | 818 | 834 | 851 | 868 |
| % Growth | 3.6% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 97 | 101 | 103 | 105 | 107 | 109 |
| % of Revenue | 12.4% | 12.6% | 12.6% | 12.6% | 12.6% | 12.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TRY in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 101 | 103 | 105 | 107 | 109 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (58) | (59) | (60) | (61) | (62) | |
| EBIT | 43 | 44 | 45 | 46 | 47 | |
| Pro forma Taxes | (6) | (6) | (6) | (6) | (7) | |
| NOPAT | 27 | 37 | 38 | 39 | 40 | 40 |
| Capital Expenditures | (54) | (115) | (151) | (125) | (130) | (136) |
| NWC Investment | (5) | (3) | (3) | (3) | (3) | (3) |
| (+) D&A | 66 | 58 | 59 | 60 | 61 | 62 |
| Free Cash Flow | 34 | (23) | (57) | (29) | (33) | (36) |
| % Growth | NM | NM | NM | NM | NM | |