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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18,5x - 20,5x | 19,5x |
| Selected Fwd EBIT Multiple | 18,6x - 20,6x | 19,6x |
| Fair Value | ₺18,88 - ₺20,85 | ₺19,87 |
| Upside | 9,3% - 20,7% | 15,0% |
| Benchmarks | Ticker | Full Ticker |
| Ayen Enerji A.S. | AYEN | IBSE:AYEN |
| Odas Elektrik Üretim Sanayi Ticaret A.S. | ODAS | IBSE:ODAS |
| Dogu Aras Enerji Yatirimlari AS | ARASE | IBSE:ARASE |
| Çan2 Termik A.S. | CANTE | IBSE:CANTE |
| Çates Elektrik Üretim Anonim Sirketi | CATES | IBSE:CATES |
| Park Elektrik Üretim Madencilik Sanayi ve Ticaret A.S. | PRKME | IBSE:PRKME |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AYEN | ODAS | ARASE | CANTE | CATES | PRKME | ||
| IBSE:AYEN | IBSE:ODAS | IBSE:ARASE | IBSE:CANTE | IBSE:CATES | IBSE:PRKME | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 47.6% | NM- | NM- | 25.9% | NM- | NM- | |
| 3Y CAGR | 37.0% | NM- | 121.8% | 13.2% | NM- | 144.2% | |
| Latest Twelve Months | 8.0% | -169.8% | -16.7% | -88.4% | -90.2% | 31.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 28.4% | 19.0% | 13.7% | 21.7% | 5.7% | 8.6% | |
| Prior Fiscal Year | 15.7% | 11.2% | 18.2% | 12.3% | 11.8% | 14.7% | |
| Latest Fiscal Year | 19.9% | -4.5% | 14.6% | 7.0% | 1.1% | 24.1% | |
| Latest Twelve Months | 19.9% | -10.0% | 15.8% | 1.8% | 1.4% | 24.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.97x | 3.02x | 0.40x | 2.22x | 0.85x | 3.97x | |
| EV / LTM EBITDA | 6.3x | 19.0x | 2.5x | 7.7x | 5.1x | 5.8x | |
| EV / LTM EBIT | 9.9x | -30.1x | 2.5x | 123.4x | 62.8x | 19.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -30.1x | 9.9x | 123.4x | ||||
| Historical EV / LTM EBIT | -79.7x | 48.8x | 261.5x | ||||
| Selected EV / LTM EBIT | 18.5x | 19.5x | 20.5x | ||||
| (x) LTM EBIT | 154 | 154 | 154 | ||||
| (=) Implied Enterprise Value | 2,858 | 3,009 | 3,159 | ||||
| (-) Non-shareholder Claims * | 31 | 31 | 31 | ||||
| (=) Equity Value | 2,889 | 3,040 | 3,190 | ||||
| (/) Shares Outstanding | 148.9 | 148.9 | 148.9 | ||||
| Implied Value Range | 19.41 | 20.42 | 21.43 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.41 | 20.42 | 21.43 | 17.27 | |||
| Upside / (Downside) | 12.4% | 18.2% | 24.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AYEN | ODAS | ARASE | CANTE | CATES | PRKME | |
| Enterprise Value | 12,692 | 21,184 | 14,190 | 11,791 | 4,456 | 2,540 | |
| (+) Cash & Short Term Investments | 520 | 1,672 | 1,022 | 18 | 418 | 31 | |
| (+) Investments & Other | 1 | 2 | 0 | 0 | 0 | 0 | |
| (-) Debt | (5,803) | (981) | (2,992) | (466) | (80) | 0 | |
| (-) Other Liabilities | (555) | (14,794) | 0 | (74) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,854 | 7,084 | 12,220 | 11,270 | 4,794 | 2,571 | |
| (/) Shares Outstanding | 277.5 | 1,400.0 | 250.0 | 7,000.0 | 165.2 | 148.9 | |
| Implied Stock Price | 24.70 | 5.06 | 48.88 | 1.61 | 29.02 | 17.27 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 24.70 | 5.06 | 48.88 | 1.61 | 29.02 | 17.27 | |
| 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 | |