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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 8.2x - 9.0x | 8.6x |
| Selected Fwd Revenue Multiple | 8.3x - 9.2x | 8.7x |
| Fair Value | ₺14.42 - ₺15.93 | ₺15.17 |
| Upside | 23.3% - 36.3% | 29.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Tatlipinar Enerji Uretim A.S. | TATEN | IBSE:TATEN |
| Akfen Yenilenebilir Enerji | AKFYE | IBSE:AKFYE |
| Mogan Enerji Yatirim Holding Anonim Sirketi | MOGAN | IBSE:MOGAN |
| Biotrend Cevre ve Enerji Yatirimlari A.S. | BIOEN | IBSE:BIOEN |
| Galata Wind Enerji A.S. | GWIND | IBSE:GWIND |
| Birlesim Grup Enerji Yatirimlari A.S. | BIGEN | IBSE:BIGEN |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| TATEN | AKFYE | MOGAN | BIOEN | GWIND | BIGEN | |||
| IBSE:TATEN | IBSE:AKFYE | IBSE:MOGAN | IBSE:BIOEN | IBSE:GWIND | IBSE:BIGEN | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | NM- | 59.0% | NM- | 96.4% | 56.9% | NM- | ||
| 3Y CAGR | 87.0% | 58.1% | 57.7% | 84.5% | 63.6% | NM- | ||
| Latest Twelve Months | 45.3% | -19.1% | -29.8% | -16.6% | -11.9% | NM | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 47.5% | 28.2% | 12.5% | 10.7% | 61.9% | 36.5% | ||
| Prior Fiscal Year | 55.1% | 47.0% | 14.7% | 1.9% | 55.0% | 35.3% | ||
| Latest Fiscal Year | 50.3% | 34.1% | -2.6% | -13.7% | 42.2% | 35.5% | ||
| Latest Twelve Months | 50.3% | 34.1% | -2.6% | -13.7% | 42.2% | 31.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 8.56x | 5.22x | 4.63x | 4.71x | 6.22x | 8.81x | ||
| EV / LTM EBIT | 17.0x | 15.3x | -176.7x | -34.5x | 14.7x | 28.1x | ||
| Price / LTM Sales | 5.24x | 3.84x | 1.65x | 3.40x | 5.81x | 6.51x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 4.63x | 5.22x | 8.56x | |||||
| Historical EV / LTM Revenue | 0.00x | NM | 0.00x | |||||
| Selected EV / LTM Revenue | 8.17x | 8.60x | 9.03x | |||||
| (x) LTM Revenue | 1,037 | 1,037 | 1,037 | |||||
| (=) Implied Enterprise Value | 8,468 | 8,914 | 9,359 | |||||
| (-) Non-shareholder Claims * | 0 | 0 | 0 | |||||
| (=) Equity Value | 8,468 | 8,914 | 9,359 | |||||
| (/) Shares Outstanding | 577.0 | 577.0 | 577.0 | |||||
| Implied Value Range | 14.68 | 15.45 | 16.22 | |||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 14.68 | 15.45 | 16.22 | 11.69 | ||||
| Upside / (Downside) | 25.5% | 32.1% | 38.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TATEN | AKFYE | MOGAN | BIOEN | GWIND | BIGEN | |
| Enterprise Value | 16,804 | 26,618 | 59,652 | 12,670 | 14,617 | 6,745 | |
| (+) Cash & Short Term Investments | 187 | 1,159 | 3,009 | 99 | 1,318 | 0 | |
| (+) Investments & Other | 0 | 1 | 0 | 319 | 94 | 0 | |
| (-) Debt | (4,894) | (8,085) | (32,143) | (3,953) | (2,292) | 0 | |
| (-) Other Liabilities | (1,803) | (99) | (9,240) | (10) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,294 | 19,594 | 21,278 | 9,125 | 13,738 | 6,745 | |
| (/) Shares Outstanding | 280.5 | 1,197.0 | 2,440.1 | 500.0 | 540.0 | 577.0 | |
| Implied Stock Price | 36.70 | 16.37 | 8.72 | 18.25 | 25.44 | 11.69 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 36.70 | 16.37 | 8.72 | 18.25 | 25.44 | 11.69 | |
| 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 | |