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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.9x - 18.7x | 17.8x |
| Selected Fwd EBIT Multiple | 10.8x - 12.0x | 11.4x |
| Fair Value | ₺1.22 - ₺1.34 | ₺1.28 |
| Upside | -15.6% - -6.7% | -11.2% |
| Benchmarks | Ticker | Full Ticker |
| IZDEMIR Enerji Elektrik Uretim A.S. | IZENR | IBSE:IZENR |
| Çates Elektrik Üretim Anonim Sirketi | CATES | IBSE:CATES |
| Odas Elektrik Üretim Sanayi Ticaret A.S. | ODAS | IBSE:ODAS |
| Enerjisa Enerji A.S. | ENJSA | IBSE:ENJSA |
| Park Elektrik Üretim Madencilik Sanayi ve Ticaret A.S. | PRKME | IBSE:PRKME |
| Çan2 Termik A.S. | CANTE | IBSE:CANTE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IZENR | CATES | ODAS | ENJSA | PRKME | CANTE | ||
| IBSE:IZENR | IBSE:CATES | IBSE:ODAS | IBSE:ENJSA | IBSE:PRKME | IBSE:CANTE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | -1.7% | 52.0% | NM- | 25.9% | |
| 3Y CAGR | -8.5% | NM- | -25.2% | 69.4% | 144.2% | 13.2% | |
| Latest Twelve Months | -72.8% | -93.2% | -128.9% | 4.1% | 82.6% | -58.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.9% | 4.3% | 21.2% | 11.3% | 5.8% | 22.4% | |
| Prior Fiscal Year | 8.5% | 11.8% | 11.2% | 8.6% | 14.7% | 12.3% | |
| Latest Fiscal Year | 3.5% | 1.1% | -4.5% | 11.5% | 24.1% | 7.0% | |
| Latest Twelve Months | 3.5% | 1.1% | -4.5% | 11.5% | 24.1% | 7.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.61x | 0.80x | 2.46x | 0.37x | 4.07x | 1.65x | |
| EV / LTM EBITDA | 14.4x | 4.5x | 12.5x | 2.8x | 6.0x | 5.3x | |
| EV / LTM EBIT | 46.4x | 70.3x | -55.0x | 3.2x | 16.9x | 23.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -55.0x | 16.9x | 70.3x | ||||
| Historical EV / LTM EBIT | 4.0x | 24.0x | 31.4x | ||||
| Selected EV / LTM EBIT | 16.9x | 17.8x | 18.7x | ||||
| (x) LTM EBIT | 428 | 428 | 428 | ||||
| (=) Implied Enterprise Value | 7,230 | 7,611 | 7,991 | ||||
| (-) Non-shareholder Claims * | 6 | 6 | 6 | ||||
| (=) Equity Value | 7,236 | 7,616 | 7,997 | ||||
| (/) Shares Outstanding | 7,000.0 | 7,000.0 | 7,000.0 | ||||
| Implied Value Range | 1.03 | 1.09 | 1.14 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.03 | 1.09 | 1.14 | 1.44 | |||
| Upside / (Downside) | -28.2% | -24.4% | -20.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IZENR | CATES | ODAS | ENJSA | PRKME | CANTE | |
| Enterprise Value | 12,450 | 4,383 | 19,137 | 69,457 | 2,586 | 10,074 | |
| (+) Cash & Short Term Investments | 721 | 399 | 1,854 | 18,159 | 86 | 157 | |
| (+) Investments & Other | 2 | 0 | 2 | 34,518 | 0 | 0 | |
| (-) Debt | (563) | (83) | (510) | (54,813) | 0 | (82) | |
| (-) Other Liabilities | 0 | 0 | (13,511) | 0 | 0 | (70) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,610 | 4,698 | 6,972 | 67,321 | 2,672 | 10,080 | |
| (/) Shares Outstanding | 2,443.8 | 165.2 | 1,400.0 | 1,181.1 | 148.9 | 7,000.0 | |
| Implied Stock Price | 5.16 | 28.44 | 4.98 | 57.00 | 17.95 | 1.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.16 | 28.44 | 4.98 | 57.00 | 17.95 | 1.44 | |
| 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 | |