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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.2x - 14.6x | 13.9x |
| Selected Fwd EBITDA Multiple | 9.0x - 9.9x | 9.4x |
| Fair Value | ₺38.69 - ₺45.48 | ₺42.09 |
| Upside | -7.4% - 8.8% | 0.7% |
| Benchmarks | Ticker | Full Ticker |
| Hun Yenilenebilir Enerji Üretim A.S. | HUNER | IBSE:HUNER |
| Mogan Enerji Yatirim Holding Anonim Sirketi | MOGAN | IBSE:MOGAN |
| Biotrend Cevre ve Enerji Yatirimlari A.S. | BIOEN | IBSE:BIOEN |
| Esenboga Elektrik Üretim A.S. | ESEN | IBSE:ESEN |
| Akfen Yenilenebilir Enerji | AKFYE | IBSE:AKFYE |
| Tatlipinar Enerji Uretim A.S. | TATEN | IBSE:TATEN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HUNER | MOGAN | BIOEN | ESEN | AKFYE | TATEN | ||
| IBSE:HUNER | IBSE:MOGAN | IBSE:BIOEN | IBSE:ESEN | IBSE:AKFYE | IBSE:TATEN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 47.3% | 102.4% | 50.9% | NM- | |
| 3Y CAGR | 88.1% | 43.8% | 28.1% | 12.9% | 44.0% | 78.2% | |
| Latest Twelve Months | 2.5% | -37.5% | -58.4% | 9.8% | -49.1% | 40.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 49.8% | 58.7% | 22.8% | 45.0% | 49.2% | 64.2% | |
| Prior Fiscal Year | 60.3% | 56.6% | 19.2% | 32.1% | 64.0% | 71.5% | |
| Latest Fiscal Year | 57.6% | 55.3% | 9.4% | 31.0% | 56.4% | 67.6% | |
| Latest Twelve Months | 45.1% | 53.3% | 5.7% | 27.7% | 52.1% | 66.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.06x | 5.13x | 5.55x | 16.36x | 5.79x | 9.02x | |
| EV / LTM EBITDA | 15.6x | 9.6x | 97.9x | 59.0x | 11.1x | 13.5x | |
| EV / LTM EBIT | 21.3x | -52.2x | -34.0x | 1176.3x | 21.1x | 18.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.6x | 15.6x | 97.9x | ||||
| Historical EV / LTM EBITDA | 9.0x | 11.4x | 13.9x | ||||
| Selected EV / LTM EBITDA | 13.2x | 13.9x | 14.6x | ||||
| (x) LTM EBITDA | 1,402 | 1,402 | 1,402 | ||||
| (=) Implied Enterprise Value | 18,455 | 19,426 | 20,397 | ||||
| (-) Non-shareholder Claims * | (7,223) | (7,223) | (7,223) | ||||
| (=) Equity Value | 11,232 | 12,203 | 13,175 | ||||
| (/) Shares Outstanding | 280.5 | 280.5 | 280.5 | ||||
| Implied Value Range | 40.04 | 43.51 | 46.97 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 40.04 | 43.51 | 46.97 | 41.80 | |||
| Upside / (Downside) | -4.2% | 4.1% | 12.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HUNER | MOGAN | BIOEN | ESEN | AKFYE | TATEN | |
| Enterprise Value | 6,360 | 61,042 | 13,868 | 20,656 | 27,095 | 18,948 | |
| (+) Cash & Short Term Investments | 65 | 1,151 | 63 | 373 | 2,117 | 333 | |
| (+) Investments & Other | 0 | 0 | 358 | 3,382 | 3 | 0 | |
| (-) Debt | (3,015) | (32,566) | (4,364) | (4,254) | (10,432) | (5,539) | |
| (-) Other Liabilities | 1 | (10,033) | 0 | (3,178) | (110) | (2,017) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,410 | 19,594 | 9,925 | 16,978 | 18,673 | 11,725 | |
| (/) Shares Outstanding | 1,000.0 | 2,440.1 | 500.0 | 260.0 | 1,197.0 | 280.5 | |
| Implied Stock Price | 3.41 | 8.03 | 19.85 | 65.30 | 15.60 | 41.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.41 | 8.03 | 19.85 | 65.30 | 15.60 | 41.80 | |
| 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 | |