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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,0x - 11,0x | 10,5x |
| Selected Fwd EBITDA Multiple | 9,6x - 10,6x | 10,1x |
| Fair Value | ₺27,99 - ₺30,64 | ₺29,32 |
| Upside | -9,4% - -0,8% | -5,1% |
| Benchmarks | Ticker | Full Ticker |
| Kuzey Boru Anonim Sirketi | KBORU | IBSE:KBORU |
| Seranit Granit Seramik Sanayi ve Ticaret Anonim Sirketi | SERNT | IBSE:SERNT |
| Sanica Isi Sanayi A.S. | SNICA | IBSE:SNICA |
| Usak Seramik Sanayi A.S. | USAK | IBSE:USAK |
| QUA Granite Hayal Yapi ve Ürünleri Sanayi Ticaret A.S. | QUAGR | IBSE:QUAGR |
| Cagdas Cam Sanayi ve Ticaret A.S. | CGCAM | IBSE:CGCAM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KBORU | SERNT | SNICA | USAK | QUAGR | CGCAM | ||
| IBSE:KBORU | IBSE:SERNT | IBSE:SNICA | IBSE:USAK | IBSE:QUAGR | IBSE:CGCAM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 37.6% | 39.9% | 65.0% | NM- | |
| 3Y CAGR | 169.0% | 5.5% | 29.3% | 59.0% | 27.6% | 9.8% | |
| Latest Twelve Months | -50.8% | NM | -76.6% | 156.8% | -76.6% | NM | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.5% | 26.7% | 25.7% | 16.7% | 28.6% | 22.5% | |
| Prior Fiscal Year | 23.5% | 24.7% | 29.4% | 14.8% | 21.7% | 19.0% | |
| Latest Fiscal Year | 10.2% | 39.0% | 15.5% | 14.1% | 10.9% | 18.9% | |
| Latest Twelve Months | 11.5% | 35.2% | 10.3% | 23.7% | 8.1% | 19.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.51x | 3.80x | 1.50x | 2.46x | 2.96x | 2.20x | |
| EV / LTM EBITDA | 21.9x | 10.8x | 14.6x | 10.4x | 36.4x | 11.3x | |
| EV / LTM EBIT | 30.9x | 14.7x | 54.6x | 15.0x | 349.2x | 13.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.4x | 14.6x | 36.4x | ||||
| Historical EV / LTM EBITDA | 12.4x | 12.4x | 12.4x | ||||
| Selected EV / LTM EBITDA | 10.0x | 10.5x | 11.0x | ||||
| (x) LTM EBITDA | 416 | 416 | 416 | ||||
| (=) Implied Enterprise Value | 4,156 | 4,374 | 4,593 | ||||
| (-) Non-shareholder Claims * | 481 | 481 | 481 | ||||
| (=) Equity Value | 4,637 | 4,855 | 5,074 | ||||
| (/) Shares Outstanding | 168.0 | 168.0 | 168.0 | ||||
| Implied Value Range | 27.60 | 28.90 | 30.20 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.60 | 28.90 | 30.20 | 30.90 | |||
| Upside / (Downside) | -10.7% | -6.5% | -2.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KBORU | SERNT | SNICA | USAK | QUAGR | CGCAM | |
| Enterprise Value | 9,357 | 8,000 | 3,443 | 7,653 | 22,520 | 4,710 | |
| (+) Cash & Short Term Investments | 53 | 25 | 17 | 31 | 1,443 | 672 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,646) | (3,841) | (664) | (1,754) | (5,882) | (191) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 3 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,764 | 4,184 | 2,796 | 5,929 | 18,084 | 5,191 | |
| (/) Shares Outstanding | 600.0 | 413.0 | 600.0 | 1,225.0 | 2,640.0 | 168.0 | |
| Implied Stock Price | 12.94 | 10.13 | 4.66 | 4.84 | 6.85 | 30.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.94 | 10.13 | 4.66 | 4.84 | 6.85 | 30.90 | |
| 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 | |