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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5,6x - 6,2x | 5,9x |
| Selected Fwd EBITDA Multiple | 1,6x - 1,8x | 1,7x |
| Fair Value | ₺120,22 - ₺147,46 | ₺133,84 |
| Upside | -15,9% - 3,1% | -6,4% |
| Benchmarks | Ticker | Full Ticker |
| Alarko Holding A.S. | ALARK | IBSE:ALARK |
| Mazhar Zorlu Holding A.S. | MZHLD | IBSE:MZHLD |
| Bera Holding A.S. | BERA | IBSE:BERA |
| Ihlas Holding A.S. | IHLAS | IBSE:IHLAS |
| Kiler Holding Anonim Sirketi | KLRHO | IBSE:KLRHO |
| Koç Holding A.S. | KCHOL | IBSE:KCHOL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ALARK | MZHLD | BERA | IHLAS | KLRHO | KCHOL | ||
| IBSE:ALARK | IBSE:MZHLD | IBSE:BERA | IBSE:IHLAS | IBSE:KLRHO | IBSE:KCHOL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 50.7% | NM- | NM- | 62.5% | |
| 3Y CAGR | NM- | NM- | 48.4% | NM- | 135.6% | 39.2% | |
| Latest Twelve Months | -155.8% | -445.9% | -34.3% | -15.3% | 532.0% | -67.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.9% | 4.4% | 17.5% | -6.7% | 23.7% | 11.7% | |
| Prior Fiscal Year | 0.5% | 4.6% | 13.9% | -14.4% | 13.0% | 14.6% | |
| Latest Fiscal Year | -11.1% | -9.2% | 14.7% | -18.6% | 26.9% | 5.1% | |
| Latest Twelve Months | -13.6% | -8.4% | 13.4% | -20.3% | 26.9% | 4.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.63x | 2.53x | 0.81x | 1.14x | 9.16x | 0.32x | |
| EV / LTM EBITDA | -48.6x | -30.2x | 6.1x | -5.6x | 34.0x | 6.9x | |
| EV / LTM EBIT | -26.5x | -16.8x | 7.1x | -4.9x | 35.4x | 13.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -48.6x | -5.6x | 34.0x | ||||
| Historical EV / LTM EBITDA | 0.8x | 3.6x | 9.9x | ||||
| Selected EV / LTM EBITDA | 5.6x | 5.9x | 6.2x | ||||
| (x) LTM EBITDA | 104,056 | 104,056 | 104,056 | ||||
| (=) Implied Enterprise Value | 581,305 | 611,900 | 642,495 | ||||
| (-) Non-shareholder Claims * | (351,374) | (351,374) | (351,374) | ||||
| (=) Equity Value | 229,931 | 260,526 | 291,121 | ||||
| (/) Shares Outstanding | 2,535.9 | 2,535.9 | 2,535.9 | ||||
| Implied Value Range | 90.67 | 102.74 | 114.80 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 90.67 | 102.74 | 114.80 | 143.00 | |||
| Upside / (Downside) | -36.6% | -28.2% | -19.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALARK | MZHLD | BERA | IHLAS | KLRHO | KCHOL | |
| Enterprise Value | (5,653) | 3,459 | 12,143 | 11,051 | 124,545 | 714,007 | |
| (+) Cash & Short Term Investments | 12,549 | 21 | 3,325 | 794 | 4,536 | 365,570 | |
| (+) Investments & Other | 49,291 | 311 | 139 | 302 | 10,030 | 570,019 | |
| (-) Debt | (16,584) | (118) | (2,252) | (939) | (2,375) | (944,371) | |
| (-) Other Liabilities | (5,195) | (3,057) | (3,626) | (7,998) | (11,043) | (342,592) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 34,408 | 614 | 9,729 | 3,210 | 125,694 | 362,633 | |
| (/) Shares Outstanding | 435.0 | 108.6 | 683.2 | 1,500.0 | 1,625.0 | 2,535.9 | |
| Implied Stock Price | 79.10 | 5.66 | 14.24 | 2.14 | 77.35 | 143.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 79.10 | 5.66 | 14.24 | 2.14 | 77.35 | 143.00 | |
| 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 | |