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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 59.403 M - 123.7 M | 78.476 M |
| Discount Rate | 10.3% - 8.3% | 9.3% |
| Fair Value | ₺45.16 - ₺106.47 | ₺63.09 |
| Upside | -20.5% - 87.4% | 11.1% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (TRY in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 18 | 27 | 102 | 177 | 219 | 219 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 5 | 18 | 31 | 55 | 114 | 114 | |
| (+) Net Interest Expense | (0) | (2) | (4) | (10) | (21) | (21) | |
| (+) Other Non Operating Exp. | 1 | (2) | 12 | 30 | 52 | 52 | |
| (+) D&A | 0 | 1 | 1 | 0 | 7 | 7 | |
| (+) Non-recurring Items | |||||||
| Adjusted EBITDA | 7 | 15 | 40 | 75 | 152 | 152 | |
| (-) D&A | (0) | (1) | (1) | (0) | (7) | (7) | |
| Adjusted EBIT | 6 | 14 | 39 | 75 | 146 | 146 | |
| % of Revenue | 35.5% | 53.1% | 38.0% | 42.2% | 66.6% | 66.6% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 35.5% | 42.2% | 66.6% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (TRY in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 580 | 848 | 1,499 | 754 | |||
| (+) Cash & Short Term Investments | 102 | 102 | 102 | 102 | |||
| (+) Investments & Other | 0 | 0 | 0 | 0 | |||
| (-) Debt | (4) | (4) | (4) | (4) | |||
| (-) Other Liabilities | (0) | (0) | (0) | (0) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 677 | 946 | 1,597 | 852 | |||
| (/) Shares Outstanding | 15.0 | 15.0 | 15.0 | 15.0 | |||
| Implied Stock Price (TRY) | 45.16 | 63.09 | 106.47 | 56.80 | |||
| FX Rate: TRY/TRY | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (TRY) | 45.16 | 63.09 | 106.47 | 56.80 | |||
| Upside / (Downside) | -20.49% | 11.07% | 87.44% | ||||
| Stock Price | 56.80 | ||||||
| Stock Price Close | 56.80 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | TRY | ||||||
| Trading Currency | TRY | ||||||
| FX Rate: TRY/TRY | 1.00 | ||||||
| Market Cap | 852.0 | ||||||
| Shares Outstanding | 15.0 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||