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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,5x - 10,5x | 10,0x |
| Selected Fwd EBIT Multiple | 4,4x - 4,9x | 4,7x |
| Fair Value | €22,22 - €25,28 | €23,75 |
| Upside | -11,1% - 1,1% | -5,0% |
| Benchmarks | Ticker | Full Ticker |
| Fraport AG | FRA | DB:FRA |
| Trabzon Liman Isletmeciligi Anonim Sirketi | TLMAN | IBSE:TLMAN |
| Çelebi Hava Servisi A.S. | CLEBI | IBSE:CLEBI |
| Abu Dhabi Ports Company PJSC | ADPORTS | ADX:ADPORTS |
| Carboclor S.A. | CARC | BASE:CARC |
| TAV Havalimanlari Holding A.S. | 5THA | BST:5THA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FRA | TLMAN | CLEBI | ADPORTS | CARC | 5THA | ||
| DB:FRA | IBSE:TLMAN | IBSE:CLEBI | ADX:ADPORTS | BASE:CARC | BST:5THA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.7% | 34.6% | 70.9% | 28.1% | 37.8% | 57.5% | |
| 3Y CAGR | NM- | 34.6% | 100.0% | 31.6% | 80.1% | 116.5% | |
| Latest Twelve Months | 7.5% | -50.4% | 67.4% | 67.0% | 279.7% | 63.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.5% | 41.3% | 19.7% | 22.1% | 4.3% | 10.5% | |
| Prior Fiscal Year | 16.3% | 35.6% | 23.3% | 13.2% | -2.7% | 19.7% | |
| Latest Fiscal Year | 15.8% | 19.0% | 22.1% | 14.9% | 4.1% | 18.7% | |
| Latest Twelve Months | 15.8% | 19.0% | 22.1% | 14.9% | 4.1% | 18.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.03x | 2.82x | 3.85x | 2.40x | 2.06x | 1.90x | |
| EV / LTM EBITDA | 11.2x | 8.0x | 15.5x | 10.3x | 13.4x | 7.1x | |
| EV / LTM EBIT | 19.1x | 14.8x | 17.4x | 16.1x | 50.3x | 10.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 14.8x | 17.4x | 50.3x | ||||
| Historical EV / LTM EBIT | -26.0x | 10.2x | 47.9x | ||||
| Selected EV / LTM EBIT | 9.5x | 10.0x | 10.5x | ||||
| (x) LTM EBIT | 11,049 | 11,049 | 11,049 | ||||
| (=) Implied Enterprise Value | 104,683 | 110,193 | 115,703 | ||||
| (-) Non-shareholder Claims * | (24,352) | (24,352) | (24,352) | ||||
| (=) Equity Value | 80,331 | 85,841 | 91,350 | ||||
| (/) Shares Outstanding | 86.9 | 86.9 | 86.9 | ||||
| Implied Value Range | 923.95 | 987.32 | 1,050.70 | ||||
| FX Rate: TRY/EUR | 40.9 | 40.9 | 40.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 22.59 | 24.14 | 25.69 | 25.00 | |||
| Upside / (Downside) | -9.7% | -3.5% | 2.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FRA | TLMAN | CLEBI | ADPORTS | CARC | 5THA | |
| Enterprise Value | 13,614 | 1,670 | 73,779 | 41,411 | 24,818 | 113,265 | |
| (+) Cash & Short Term Investments | 3,298 | 332 | 4,887 | 2,811 | 2,964 | 15,353 | |
| (+) Investments & Other | 1,245 | 0 | 31 | 4,086 | 0 | 28,756 | |
| (-) Debt | (12,477) | (113) | (6,481) | (21,425) | 0 | (67,903) | |
| (-) Other Liabilities | (350) | 0 | (531) | (4,802) | 0 | (558) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,331 | 1,889 | 71,685 | 22,081 | 27,782 | 88,913 | |
| (/) Shares Outstanding | 92.4 | 21.0 | 24.3 | 5,087.9 | 1,091.6 | 86.9 | |
| Implied Stock Price | 57.70 | 89.95 | 2,950.00 | 4.34 | 25.45 | 1,022.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 40.91 | |
| Implied Stock Price (Trading Cur) | 57.70 | 89.95 | 2,950.00 | 4.34 | 25.45 | 25.00 | |
| Trading Currency | EUR | TRY | TRY | AED | ARS | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 40.91 | |