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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.2x - 7.9x | 7.6x |
| Selected Fwd EBIT Multiple | 7.5x - 8.3x | 7.9x |
| Fair Value | ₺79.02 - ₺86.65 | ₺82.84 |
| Upside | 32.5% - 45.3% | 38.9% |
| Benchmarks | Ticker | Full Ticker |
| Intema Insaat ve Tesisat Malzemeleri Yatirim ve Pazarlama A.S. | INTEM | IBSE:INTEM |
| Stokvis Nord Afrique S.A. | SNA | CBSE:SNA |
| C & I Leasing Plc | CILEASING | NGSE:CILEASING |
| Yesil Yapi Endüstrisi A.S. | YYAPI | IBSE:YYAPI |
| Kaleseramik Canakkale Kalebodur Seramik Sanayi A.S. | KLSER | IBSE:KLSER |
| TGS Dis Ticaret Anonim Sirketi | TGSAS | IBSE:TGSAS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| INTEM | SNA | CILEASING | YYAPI | KLSER | TGSAS | ||
| IBSE:INTEM | CBSE:SNA | NGSE:CILEASING | IBSE:YYAPI | IBSE:KLSER | IBSE:TGSAS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 66.9% | NM- | 20.6% | NM- | NM- | 58.4% | |
| 3Y CAGR | 65.5% | NM- | 47.0% | NM- | NM- | 116.9% | |
| Latest Twelve Months | -60.1% | 80.3% | 172.1% | -202.7% | -543.5% | 95.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.4% | -17.3% | 30.1% | -166.3% | -2.2% | 44.7% | |
| Prior Fiscal Year | 22.0% | -56.3% | 27.1% | -168.5% | 3.9% | 42.2% | |
| Latest Fiscal Year | 11.3% | -5.0% | 41.3% | -215.2% | -24.1% | 66.6% | |
| Latest Twelve Months | 11.3% | -5.0% | 41.3% | -215.2% | -24.1% | 66.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.67x | 3.49x | 1.23x | 40.04x | 5.44x | 3.73x | |
| EV / LTM EBITDA | 19.9x | -25.7x | 3.0x | -18.8x | -31.5x | 5.4x | |
| EV / LTM EBIT | 23.7x | -70.2x | 3.0x | -18.6x | -22.6x | 5.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -70.2x | -18.6x | 23.7x | ||||
| Historical EV / LTM EBIT | 5.6x | 19.4x | 182.7x | ||||
| Selected EV / LTM EBIT | 7.2x | 7.6x | 7.9x | ||||
| (x) LTM EBIT | 146 | 146 | 146 | ||||
| (=) Implied Enterprise Value | 1,047 | 1,102 | 1,157 | ||||
| (-) Non-shareholder Claims * | 98 | 98 | 98 | ||||
| (=) Equity Value | 1,145 | 1,200 | 1,255 | ||||
| (/) Shares Outstanding | 15.0 | 15.0 | 15.0 | ||||
| Implied Value Range | 76.32 | 79.99 | 83.66 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 76.32 | 79.99 | 83.66 | 59.65 | |||
| Upside / (Downside) | 27.9% | 34.1% | 40.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INTEM | SNA | CILEASING | YYAPI | KLSER | TGSAS | |
| Enterprise Value | 3,828 | 1,178 | 45,230 | (853) | 53,800 | 797 | |
| (+) Cash & Short Term Investments | 48 | 236 | 4,389 | 38 | 1,458 | 102 | |
| (+) Investments & Other | 0 | 0 | 7,902 | 2,029 | 86 | 0 | |
| (-) Debt | (54) | (405) | (46,697) | (0) | (5,404) | (4) | |
| (-) Other Liabilities | 0 | (1) | (1,182) | (3) | (69) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,821 | 1,009 | 9,642 | 1,210 | 49,872 | 895 | |
| (/) Shares Outstanding | 19.2 | 17.7 | 2,948.6 | 852.4 | 1,645.9 | 15.0 | |
| Implied Stock Price | 199.40 | 57.00 | 3.27 | 1.42 | 30.30 | 59.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 199.40 | 57.00 | 3.27 | 1.42 | 30.30 | 59.65 | |
| Trading Currency | TRY | MAD | NGN | TRY | TRY | TRY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |