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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -2,3x - -2,5x | -2,4x |
| Selected Fwd EBITDA Multiple | 1,5x - 1,7x | 1,6x |
| Fair Value | ₺37,14 - ₺39,84 | ₺38,49 |
| Upside | 11,9% - 20,1% | 16,0% |
| Benchmarks | Ticker | Full Ticker |
| Gimat Magazacilik Sanayi ve Ticaret A.S. | GMTAS | IBSE:GMTAS |
| BIM Birlesik Magazalar A.S. | BIMAS | IBSE:BIMAS |
| Ersan Alisveris Hizmetleri ve Gida Sanayi Ticaret A.S. | KIMMR | IBSE:KIMMR |
| CarrefourSA Carrefour Sabanci Ticaret Merkezi A.S. | CRFSA | IBSE:CRFSA |
| Bizim Toptan Satis Magazalari A.S. | BIZIM | IBSE:BIZIM |
| Sok Marketler Ticaret A.S. | SOKM | IBSE:SOKM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GMTAS | BIMAS | KIMMR | CRFSA | BIZIM | SOKM | ||
| IBSE:GMTAS | IBSE:BIMAS | IBSE:KIMMR | IBSE:CRFSA | IBSE:BIZIM | IBSE:SOKM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 43.5% | NM- | -4.4% | NM- | NM- | |
| 3Y CAGR | NM- | 40.6% | 84.5% | -22.3% | NM- | NM- | |
| Latest Twelve Months | -19.7% | -11.1% | 29.4% | 164.3% | 171.1% | -243.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.1% | 5.1% | 3.5% | 2.1% | 1.9% | 2.9% | |
| Prior Fiscal Year | 10.6% | 2.8% | 4.0% | -1.2% | -1.0% | 0.2% | |
| Latest Fiscal Year | 11.4% | 3.0% | 4.0% | 0.4% | -0.3% | -2.9% | |
| Latest Twelve Months | 10.0% | 2.7% | 4.5% | 0.3% | 0.4% | -2.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.79x | 0.57x | 0.32x | 0.30x | 0.08x | 0.06x | |
| EV / LTM EBITDA | 8.0x | 21.2x | 7.3x | 85.6x | 21.0x | -2.3x | |
| EV / LTM EBIT | 8.0x | 97.7x | 10.1x | -18.5x | -7.2x | -1.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.3x | 21.0x | 85.6x | ||||
| Historical EV / LTM EBITDA | -4.4x | 6.6x | 40.1x | ||||
| Selected EV / LTM EBITDA | -2.3x | -2.4x | -2.5x | ||||
| (x) LTM EBITDA | (5,624) | (5,624) | (5,624) | ||||
| (=) Implied Enterprise Value | 12,867 | 13,544 | 14,222 | ||||
| (-) Non-shareholder Claims * | 6,807 | 6,807 | 6,807 | ||||
| (=) Equity Value | 19,674 | 20,351 | 21,028 | ||||
| (/) Shares Outstanding | 593.3 | 593.3 | 593.3 | ||||
| Implied Value Range | 33.16 | 34.30 | 35.44 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 33.16 | 34.30 | 35.44 | 33.18 | |||
| Upside / (Downside) | -0.1% | 3.4% | 6.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GMTAS | BIMAS | KIMMR | CRFSA | BIZIM | SOKM | |
| Enterprise Value | 2,311 | 296,854 | 3,166 | 19,773 | 2,953 | 12,879 | |
| (+) Cash & Short Term Investments | 224 | 23,490 | 1,267 | 2,902 | 595 | 6,807 | |
| (+) Investments & Other | 0 | 5,994 | 0 | 0 | 0 | 0 | |
| (-) Debt | (146) | (42,090) | (1,587) | (13,111) | (1,663) | 0 | |
| (-) Other Liabilities | 0 | (1,027) | 0 | 0 | 8 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,389 | 283,220 | 2,846 | 9,564 | 1,893 | 19,685 | |
| (/) Shares Outstanding | 149.2 | 595.0 | 238.6 | 127.8 | 80.5 | 593.3 | |
| Implied Stock Price | 16.01 | 476.00 | 11.93 | 74.85 | 23.52 | 33.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.01 | 476.00 | 11.93 | 74.85 | 23.52 | 33.18 | |
| 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 | |