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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15,2x - 16,8x | 16,0x |
| Selected Fwd EBIT Multiple | 8,6x - 9,6x | 9,1x |
| Fair Value | ₺28,77 - ₺34,34 | ₺31,56 |
| Upside | -41,5% - -30,2% | -35,9% |
| Benchmarks | Ticker | Full Ticker |
| Bursa Cimento Fabrikasi A.S. | BUCIM | IBSE:BUCIM |
| Akçansa Çimento Sanayi ve Ticaret Anonim Sirketi | AKCNS | IBSE:AKCNS |
| Afyon Çimento Sanayi Türk Anonim Sirketi | AFYON | IBSE:AFYON |
| Bogazici Beton Sanayi Ve Ticaret Anonim Sirketi | BOBET | IBSE:BOBET |
| OYAK Çimento Fabrikalari A.S. | OYAKC | IBSE:OYAKC |
| Çimsa Çimento Sanayi ve Ticaret A.S. | CIMSA | IBSE:CIMSA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BUCIM | AKCNS | AFYON | BOBET | OYAKC | CIMSA | ||
| IBSE:BUCIM | IBSE:AKCNS | IBSE:AFYON | IBSE:BOBET | IBSE:OYAKC | IBSE:CIMSA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 162.0% | 76.6% | NM- | 55.4% | 136.5% | 93.0% | |
| 3Y CAGR | 61.5% | 106.4% | 131.5% | 176.8% | 133.0% | 76.7% | |
| Latest Twelve Months | -70.2% | -42.9% | 0.8% | -83.4% | -12.7% | -7.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.4% | 11.2% | 14.9% | 11.3% | 19.8% | 12.0% | |
| Prior Fiscal Year | 21.4% | 16.5% | 20.6% | 20.6% | 26.3% | 12.0% | |
| Latest Fiscal Year | 14.6% | 12.1% | 19.8% | 8.3% | 23.8% | 11.3% | |
| Latest Twelve Months | 9.4% | 11.2% | 23.0% | 4.5% | 24.3% | 10.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.34x | 1.11x | 1.60x | 0.89x | 2.45x | 2.33x | |
| EV / LTM EBITDA | 9.4x | 6.6x | 4.8x | 5.7x | 8.1x | 13.1x | |
| EV / LTM EBIT | 14.2x | 9.9x | 7.0x | 20.1x | 10.1x | 21.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.0x | 10.1x | 20.1x | ||||
| Historical EV / LTM EBIT | 8.2x | 10.6x | 18.8x | ||||
| Selected EV / LTM EBIT | 15.2x | 16.0x | 16.8x | ||||
| (x) LTM EBIT | 3,195 | 3,195 | 3,195 | ||||
| (=) Implied Enterprise Value | 48,501 | 51,053 | 53,606 | ||||
| (-) Non-shareholder Claims * | (22,878) | (22,878) | (22,878) | ||||
| (=) Equity Value | 25,622 | 28,175 | 30,728 | ||||
| (/) Shares Outstanding | 945.6 | 945.6 | 945.6 | ||||
| Implied Value Range | 27.10 | 29.80 | 32.50 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.10 | 29.80 | 32.50 | 49.20 | |||
| Upside / (Downside) | -44.9% | -39.4% | -34.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BUCIM | AKCNS | AFYON | BOBET | OYAKC | CIMSA | |
| Enterprise Value | 13,981 | 22,063 | 5,048 | 8,184 | 106,493 | 69,401 | |
| (+) Cash & Short Term Investments | 1,515 | 3,662 | 992 | 2,120 | 11,398 | 4,953 | |
| (+) Investments & Other | 997 | 4,676 | 0 | 0 | 0 | 2,414 | |
| (-) Debt | (3,121) | (3,981) | (16) | (2,119) | (3,350) | (23,096) | |
| (-) Other Liabilities | (2,302) | 0 | 0 | 0 | 0 | (7,149) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,070 | 26,420 | 6,024 | 8,185 | 114,541 | 46,523 | |
| (/) Shares Outstanding | 1,500.0 | 191.4 | 400.0 | 380.0 | 4,861.7 | 945.6 | |
| Implied Stock Price | 7.38 | 138.00 | 15.06 | 21.54 | 23.56 | 49.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.38 | 138.00 | 15.06 | 21.54 | 23.56 | 49.20 | |
| 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 | |