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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11,0x - 12,1x | 11,5x |
| Selected Fwd EBITDA Multiple | 7,3x - 8,1x | 7,7x |
| Fair Value | ₺67,67 - ₺83,52 | ₺75,60 |
| Upside | -25,1% - -7,6% | -16,4% |
| Benchmarks | Ticker | Full Ticker |
| Ihlas Ev Aletleri Imalat Sanayi ve Ticaret A.S. | IHEVA | IBSE:IHEVA |
| Silverline Endustri ve Ticaret A.S. | SILVR | IBSE:SILVR |
| Yonga Mobilya Sanayi ve Ticaret A.S. | YONGA | IBSE:YONGA |
| Doganlar Mobilya Grubu Imalat Sanayi ve Ticaret Anonim Sirketi | DGNMO | IBSE:DGNMO |
| Ihlas Gayrimenkul Proje Gelistirme ve Ticaret A.S. | IHLGM | IBSE:IHLGM |
| Isbir Holding A.S. | ISBIR | IBSE:ISBIR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| IHEVA | SILVR | YONGA | DGNMO | IHLGM | ISBIR | ||
| IBSE:IHEVA | IBSE:SILVR | IBSE:YONGA | IBSE:DGNMO | IBSE:IHLGM | IBSE:ISBIR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 31.8% | 63.5% | NM- | 53.4% | -4.7% | 23.8% | |
| 3Y CAGR | 68.6% | 28.7% | NM- | 22.6% | -27.2% | 4.5% | |
| Latest Twelve Months | -18.1% | 47.1% | 63.1% | -82.8% | 87.3% | -59.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.5% | 5.0% | 4.2% | 11.4% | -17.0% | 17.0% | |
| Prior Fiscal Year | 7.2% | 1.8% | -20.7% | 8.5% | -63.9% | 13.5% | |
| Latest Fiscal Year | 8.1% | 8.2% | -8.0% | 3.6% | 5.3% | 6.1% | |
| Latest Twelve Months | 7.7% | 8.6% | -8.0% | 1.7% | -7.4% | 6.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.26x | 0.48x | 3.27x | 0.58x | 5.70x | 0.79x | |
| EV / LTM EBITDA | 3.4x | 5.6x | -40.6x | 34.2x | -77.1x | 13.0x | |
| EV / LTM EBIT | 3.9x | 12.0x | -30.7x | -17.1x | -61.4x | 20.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -77.1x | 3.4x | 34.2x | ||||
| Historical EV / LTM EBITDA | 4.0x | 7.6x | 13.0x | ||||
| Selected EV / LTM EBITDA | 11.0x | 11.5x | 12.1x | ||||
| (x) LTM EBITDA | 432 | 432 | 432 | ||||
| (=) Implied Enterprise Value | 4,731 | 4,980 | 5,229 | ||||
| (-) Non-shareholder Claims * | (2,684) | (2,684) | (2,684) | ||||
| (=) Equity Value | 2,047 | 2,296 | 2,545 | ||||
| (/) Shares Outstanding | 32.4 | 32.4 | 32.4 | ||||
| Implied Value Range | 63.20 | 70.88 | 78.57 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 63.20 | 70.88 | 78.57 | 90.40 | |||
| Upside / (Downside) | -30.1% | -21.6% | -13.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IHEVA | SILVR | YONGA | DGNMO | IHLGM | ISBIR | |
| Enterprise Value | 720 | 858 | 1,177 | 6,508 | 2,743 | 5,612 | |
| (+) Cash & Short Term Investments | 43 | 2 | 26 | 113 | 39 | 883 | |
| (+) Investments & Other | 49 | 0 | 0 | 0 | 0 | 11 | |
| (-) Debt | (111) | (154) | (205) | (4,388) | (49) | (2,314) | |
| (-) Other Liabilities | (5) | 0 | 0 | 0 | (3) | (1,265) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 696 | 705 | 998 | 2,233 | 2,730 | 2,928 | |
| (/) Shares Outstanding | 343.0 | 45.0 | 16.8 | 350.0 | 1,000.0 | 32.4 | |
| Implied Stock Price | 2.03 | 15.67 | 59.40 | 6.38 | 2.73 | 90.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.03 | 15.67 | 59.40 | 6.38 | 2.73 | 90.40 | |
| 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 | |