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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.7x - 3.0x | 2.9x |
| Selected Fwd Revenue Multiple | 2.7x - 3.0x | 2.9x |
| Fair Value | ₺2.40 - ₺2.65 | ₺2.52 |
| Upside | 51.6% - 67.5% | 59.6% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| IZENR | CATES | ODAS | ENJSA | PRKME | CANTE | |||
| IBSE:IZENR | IBSE:CATES | IBSE:ODAS | IBSE:ENJSA | IBSE:PRKME | IBSE:CANTE | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | NM- | NM- | 52.8% | 57.8% | 127.6% | 52.4% | ||
| 3Y CAGR | 74.5% | 104.6% | 75.4% | 79.4% | 100.5% | 72.3% | ||
| Latest Twelve Months | -33.2% | -29.4% | -27.4% | -21.7% | 11.3% | -27.5% | ||
| 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 | 1.76x | 0.82x | 2.46x | 0.36x | 4.05x | 1.91x | ||
| EV / LTM EBIT | 50.7x | 72.5x | -55.2x | 3.1x | 16.8x | 27.3x | ||
| Price / LTM Sales | 1.78x | 0.88x | 0.90x | 0.35x | 4.18x | 1.92x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.36x | 1.76x | 4.05x | |||||
| Historical EV / LTM Revenue | 0.93x | 3.62x | 12.05x | |||||
| Selected EV / LTM Revenue | 2.74x | 2.89x | 3.03x | |||||
| (x) LTM Revenue | 6,104 | 6,104 | 6,104 | |||||
| (=) Implied Enterprise Value | 16,737 | 17,618 | 18,499 | |||||
| (-) Non-shareholder Claims * | 6 | 6 | 6 | |||||
| (=) Equity Value | 16,743 | 17,624 | 18,505 | |||||
| (/) Shares Outstanding | 7,000.0 | 7,000.0 | 7,000.0 | |||||
| Implied Value Range | 2.39 | 2.52 | 2.64 | |||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.39 | 2.52 | 2.64 | 1.58 | ||||
| Upside / (Downside) | 51.4% | 59.3% | 67.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IZENR | CATES | ODAS | ENJSA | PRKME | CANTE | |
| Enterprise Value | 12,767 | 4,498 | 19,263 | 69,693 | 2,628 | 11,054 | |
| (+) 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 | 12,927 | 4,814 | 7,098 | 67,557 | 2,714 | 11,060 | |
| (/) Shares Outstanding | 2,443.8 | 165.2 | 1,400.0 | 1,181.1 | 148.9 | 7,000.0 | |
| Implied Stock Price | 5.29 | 29.14 | 5.07 | 57.20 | 18.23 | 1.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.29 | 29.14 | 5.07 | 57.20 | 18.23 | 1.58 | |
| 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 | |