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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,9x - 8,7x | 8,3x |
| Selected Fwd EBITDA Multiple | 12,3x - 13,5x | 12,9x |
| Fair Value | ₺39,39 - ₺43,50 | ₺41,44 |
| Upside | 42,0% - 56,8% | 49,4% |
| Benchmarks | Ticker | Full Ticker |
| Yatas Yatak ve Yorgan Sanayi ve Ticaret A.S. | YATAS | IBSE:YATAS |
| Doganlar Mobilya Grubu Imalat Sanayi ve Ticaret Anonim Sirketi | DGNMO | IBSE:DGNMO |
| Arçelik Anonim Sirketi | ARCLK | IBSE:ARCLK |
| Kütahya Porselen Sanayi Anonim Sirketi | KUTPO | IBSE:KUTPO |
| Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi | VESTL | IBSE:VESTL |
| Artemis Hali Anonim Sirketi | ARTMS | IBSE:ARTMS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| YATAS | DGNMO | ARCLK | KUTPO | VESTL | ARTMS | ||
| IBSE:YATAS | IBSE:DGNMO | IBSE:ARCLK | IBSE:KUTPO | IBSE:VESTL | IBSE:ARTMS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 64.1% | 53.4% | 32.0% | 69.6% | 24.2% | NM- | |
| 3Y CAGR | 76.2% | 22.6% | 21.2% | 153.8% | 5.9% | 138.0% | |
| Latest Twelve Months | 129.5% | -79.2% | -65.3% | 2.1% | -76.5% | 172.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.0% | 12.1% | 7.2% | 11.0% | 9.8% | 19.4% | |
| Prior Fiscal Year | 6.8% | 8.5% | 5.8% | 15.5% | 7.3% | 14.2% | |
| Latest Fiscal Year | 14.0% | 3.6% | 2.6% | 20.9% | 4.2% | 32.0% | |
| Latest Twelve Months | 14.1% | 2.2% | 2.0% | 21.5% | 2.6% | 33.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.48x | 0.57x | 0.42x | 0.96x | 0.58x | 1.81x | |
| EV / LTM EBITDA | 3.4x | 25.5x | 21.3x | 4.2x | 17.4x | 5.4x | |
| EV / LTM EBIT | 5.8x | -17.2x | -97.1x | 5.4x | 484.3x | 5.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.4x | 17.4x | 25.5x | ||||
| Historical EV / LTM EBITDA | 29.7x | 29.7x | 29.7x | ||||
| Selected EV / LTM EBITDA | 7.9x | 8.3x | 8.7x | ||||
| (x) LTM EBITDA | 357 | 357 | 357 | ||||
| (=) Implied Enterprise Value | 2,808 | 2,956 | 3,104 | ||||
| (-) Non-shareholder Claims * | 23 | 23 | 23 | ||||
| (=) Equity Value | 2,831 | 2,979 | 3,127 | ||||
| (/) Shares Outstanding | 70.0 | 70.0 | 70.0 | ||||
| Implied Value Range | 40.45 | 42.56 | 44.67 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 40.45 | 42.56 | 44.67 | 27.74 | |||
| Upside / (Downside) | 45.8% | 53.4% | 61.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | YATAS | DGNMO | ARCLK | KUTPO | VESTL | ARTMS | |
| Enterprise Value | 7,708 | 6,438 | 183,897 | 2,947 | 80,029 | 1,919 | |
| (+) Cash & Short Term Investments | 767 | 113 | 44,385 | 285 | 2,658 | 151 | |
| (+) Investments & Other | 5 | 0 | 3,265 | 0 | 4,696 | 0 | |
| (-) Debt | (5,053) | (4,388) | (159,133) | (82) | (68,109) | (129) | |
| (-) Other Liabilities | 0 | 0 | (8,452) | 0 | (8,164) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,427 | 2,163 | 63,962 | 3,149 | 11,110 | 1,942 | |
| (/) Shares Outstanding | 143.8 | 350.0 | 606.9 | 39.9 | 335.5 | 70.0 | |
| Implied Stock Price | 23.84 | 6.18 | 105.40 | 78.90 | 33.12 | 27.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 23.84 | 6.18 | 105.40 | 78.90 | 33.12 | 27.74 | |
| 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 | |