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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 0,5x - 0,5x | 0,5x |
Selected Fwd Revenue Multiple | 0,3x - 0,3x | 0,3x |
Fair Value | €22,93 - €27,41 | €25,17 |
Upside | 77,7% - 112,5% | 95,1% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
AB Electrolux (publ) | ELRX.F | OTCPK:ELRX.F |
Isbir Holding A.S. | ISBIR | IBSE:ISBIR |
Hisense Home Appliances Group Co., Ltd. | HISE.F | OTCPK:HISE.F |
Yatas Yatak ve Yorgan Sanayi ve Ticaret A.S. | YATAS | IBSE:YATAS |
Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi | VESTL | IBSE:VESTL |
Arçelik Anonim Sirketi | RCAA | BST:RCAA |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
ELRX.F | ISBIR | HISE.F | YATAS | VESTL | RCAA | |||
OTCPK:ELRX.F | IBSE:ISBIR | OTCPK:HISE.F | IBSE:YATAS | IBSE:VESTL | BST:RCAA | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 2.7% | 53.7% | 18.9% | 69.2% | 52.7% | 68.1% | ||
3Y CAGR | 2.7% | 54.5% | 20.9% | 78.2% | 63.8% | 84.5% | ||
Latest Twelve Months | 1.3% | -10.5% | 11.3% | 19.5% | -11.9% | 15.4% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 2.0% | 15.0% | 4.1% | 9.6% | 7.8% | 5.5% | ||
Prior Fiscal Year | -2.3% | 11.0% | 3.6% | 4.3% | 4.3% | 3.6% | ||
Latest Fiscal Year | 0.7% | 3.9% | 5.1% | 8.8% | 1.0% | 0.3% | ||
Latest Twelve Months | 0.7% | 3.9% | 4.7% | 8.8% | 1.0% | 0.3% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.37x | 0.73x | 0.26x | 0.49x | 0.54x | 0.41x | ||
EV / LTM EBIT | 51.8x | 18.6x | 5.6x | 5.6x | 56.4x | 135.3x | ||
Price / LTM Sales | 0.17x | 0.35x | 0.43x | 0.24x | 0.11x | 0.19x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.26x | 0.49x | 0.73x | |||||
Historical EV / LTM Revenue | 0.31x | 0.71x | 0.90x | |||||
Selected EV / LTM Revenue | 0.46x | 0.48x | 0.50x | |||||
(x) LTM Revenue | 428,548 | 428,548 | 428,548 | |||||
(=) Implied Enterprise Value | 194,998 | 205,261 | 215,524 | |||||
(-) Non-shareholder Claims * | (91,978) | (91,978) | (91,978) | |||||
(=) Equity Value | 103,020 | 113,283 | 123,546 | |||||
(/) Shares Outstanding | 113.8 | 113.8 | 113.8 | |||||
Implied Value Range | 904.90 | 995.05 | 1,085.19 | |||||
FX Rate: TRY/EUR | 41.1 | 41.1 | 41.1 | Market Price | ||||
Implied Value Range (Trading Cur) | 22.00 | 24.19 | 26.38 | 12.90 | ||||
Upside / (Downside) | 70.5% | 87.5% | 104.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ELRX.F | ISBIR | HISE.F | YATAS | VESTL | RCAA | |
Enterprise Value | 49,794 | 5,117 | 10,983 | 7,878 | 77,292 | 152,393 | |
(+) Cash & Short Term Investments | 16,339 | 883 | 24,992 | 978 | 2,812 | 51,225 | |
(+) Investments & Other | 69 | 11 | 1,903 | 4 | 5,565 | 2,732 | |
(-) Debt | (43,778) | (2,314) | (3,131) | (5,059) | (61,586) | (138,043) | |
(-) Other Liabilities | (5) | (1,265) | (3,528) | 0 | (7,673) | (7,893) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 22,419 | 2,432 | 31,219 | 3,801 | 16,411 | 60,415 | |
(/) Shares Outstanding | 270.0 | 32.4 | 1,386.4 | 143.8 | 335.5 | 113.8 | |
Implied Stock Price | 83.02 | 75.10 | 22.52 | 26.44 | 48.92 | 530.67 | |
FX Conversion Rate to Trading Currency | 10.00 | 1.00 | 7.26 | 1.00 | 1.00 | 41.14 | |
Implied Stock Price (Trading Cur) | 8.30 | 75.10 | 3.10 | 26.44 | 48.92 | 12.90 | |
Trading Currency | USD | TRY | USD | TRY | TRY | EUR | |
FX Rate to Reporting Currency | 10.00 | 1.00 | 7.26 | 1.00 | 1.00 | 41.14 |