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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -3,5x - -3,9x | -3,7x |
| Selected Fwd EBITDA Multiple | 2,0x - 2,2x | 2,1x |
| Fair Value | ₺33,21 - ₺37,37 | ₺35,29 |
| Upside | -7,7% - 3,8% | -2,0% |
| Benchmarks | Ticker | Full Ticker |
| Gimat Magazacilik Sanayi ve Ticaret A.S. | GMTAS | IBSE:GMTAS |
| Adese Gayrimenkul Yatirim A.S. | ADESE | IBSE:ADESE |
| Bizim Toptan Satis Magazalari A.S. | BIZIM | IBSE:BIZIM |
| Migros Ticaret A.S. | MGROS | IBSE:MGROS |
| Ersan Alisveris Hizmetleri ve Gida Sanayi Ticaret A.S. | KIMMR | IBSE:KIMMR |
| Sok Marketler Ticaret A.S. | SOKM | IBSE:SOKM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GMTAS | ADESE | BIZIM | MGROS | KIMMR | SOKM | ||
| IBSE:GMTAS | IBSE:ADESE | IBSE:BIZIM | IBSE:MGROS | IBSE:KIMMR | IBSE:SOKM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 42.2% | NM- | NM- | |
| 3Y CAGR | NM- | 69.0% | NM- | 61.3% | 84.5% | NM- | |
| Latest Twelve Months | 10.5% | -37.6% | 79.0% | 2456.9% | 5.0% | -1457.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.0% | 12.4% | 2.1% | 4.7% | 3.4% | 3.4% | |
| Prior Fiscal Year | 10.6% | 45.6% | -1.0% | -0.2% | 4.0% | 0.2% | |
| Latest Fiscal Year | 11.4% | 26.4% | -0.3% | 3.4% | 4.0% | -2.9% | |
| Latest Twelve Months | 11.4% | 26.4% | -0.3% | 3.4% | 4.0% | -2.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.62x | 10.94x | 0.07x | 0.28x | 0.26x | 0.12x | |
| EV / LTM EBITDA | 5.4x | 41.5x | -27.2x | 8.2x | 6.5x | -4.3x | |
| EV / LTM EBIT | 5.9x | 58.1x | -4.0x | 15.0x | 9.7x | -2.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -27.2x | 6.5x | 41.5x | ||||
| Historical EV / LTM EBITDA | -4.3x | 6.6x | 40.1x | ||||
| Selected EV / LTM EBITDA | -3.5x | -3.7x | -3.9x | ||||
| (x) LTM EBITDA | (5,798) | (5,798) | (5,798) | ||||
| (=) Implied Enterprise Value | 20,236 | 21,301 | 22,366 | ||||
| (-) Non-shareholder Claims * | (3,712) | (3,712) | (3,712) | ||||
| (=) Equity Value | 16,524 | 17,589 | 18,654 | ||||
| (/) Shares Outstanding | 593.3 | 593.3 | 593.3 | ||||
| Implied Value Range | 27.85 | 29.65 | 31.44 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.85 | 29.65 | 31.44 | 36.00 | |||
| Upside / (Downside) | -22.6% | -17.6% | -12.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GMTAS | ADESE | BIZIM | MGROS | KIMMR | SOKM | |
| Enterprise Value | 1,744 | 5,717 | 2,676 | 81,249 | 2,457 | 25,070 | |
| (+) Cash & Short Term Investments | 294 | 55 | 869 | 22,546 | 1,287 | 5,782 | |
| (+) Investments & Other | 0 | 70 | 0 | 3,403 | 0 | 0 | |
| (-) Debt | (70) | (188) | (1,511) | (21,096) | (1,698) | (9,494) | |
| (-) Other Liabilities | 0 | (3,770) | 6 | (373) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,968 | 1,885 | 2,041 | 85,729 | 2,047 | 21,358 | |
| (/) Shares Outstanding | 149.2 | 1,008.0 | 80.5 | 181.1 | 238.6 | 593.3 | |
| Implied Stock Price | 13.19 | 1.87 | 25.36 | 473.50 | 8.58 | 36.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.19 | 1.87 | 25.36 | 473.50 | 8.58 | 36.00 | |
| 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 | |