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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16,7x - 18,4x | 17,5x |
| Selected Fwd EBITDA Multiple | 3,1x - 3,4x | 3,3x |
| Fair Value | ₺16,94 - ₺18,90 | ₺17,92 |
| Upside | 38,4% - 54,4% | 46,4% |
| Benchmarks | Ticker | Full Ticker |
| Metemtur Yatirim Enerji Turizm ve Insaat Anonim Sirketi | METUR | IBSE:METUR |
| Flap Kongre Toplanti Hizmetleri Otomotiv ve Turizm A.S. | FLAP | IBSE:FLAP |
| Gezinomi Seyahat Turizm Ticaret Anonim Sirketi | GZNMI | IBSE:GZNMI |
| Büyük Sefler Gida Turizm Tekstil Danismanlik Organizasyon Egitim Sanayi Ve Ticaret A.S. | BIGCH | IBSE:BIGCH |
| Tab Gida Sanayi ve Ticaret A.S. | TABGD | IBSE:TABGD |
| Etiler Gida Ve Ticari Yatirimlar Sanayi Ve Ticaret Anonim Sirketi | ETILR | IBSE:ETILR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| METUR | FLAP | GZNMI | BIGCH | TABGD | ETILR | ||
| IBSE:METUR | IBSE:FLAP | IBSE:GZNMI | IBSE:BIGCH | IBSE:TABGD | IBSE:ETILR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 43.0% | 30.7% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | 120.5% | 118.5% | 129.2% | 107.2% | 123.4% | 173.0% | |
| Latest Twelve Months | -28.8% | -79.4% | 391.7% | 4.1% | 19.4% | 326.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 47.7% | -21.5% | 5.1% | 15.2% | 10.4% | 7.0% | |
| Prior Fiscal Year | 29.9% | 6.9% | 1.5% | 15.1% | 12.8% | 6.1% | |
| Latest Fiscal Year | 22.5% | 1.5% | 6.0% | 14.2% | 13.8% | 11.2% | |
| Latest Twelve Months | 22.5% | 1.5% | 6.0% | 14.2% | 13.8% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 9.26x | 1.42x | 3.97x | 0.95x | 1.32x | 1.52x | |
| EV / LTM EBITDA | 41.1x | 93.1x | 66.1x | 6.7x | 9.5x | 13.5x | |
| EV / LTM EBIT | 141.1x | 157.4x | 81.4x | 13.0x | 15.2x | 15.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.7x | 41.1x | 93.1x | ||||
| Historical EV / LTM EBITDA | -147.2x | 36.1x | 621.3x | ||||
| Selected EV / LTM EBITDA | 16.7x | 17.5x | 18.4x | ||||
| (x) LTM EBITDA | 124 | 124 | 124 | ||||
| (=) Implied Enterprise Value | 2,059 | 2,168 | 2,276 | ||||
| (-) Non-shareholder Claims * | (204) | (204) | (204) | ||||
| (=) Equity Value | 1,856 | 1,964 | 2,072 | ||||
| (/) Shares Outstanding | 120.0 | 120.0 | 120.0 | ||||
| Implied Value Range | 15.46 | 16.37 | 17.27 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.46 | 16.37 | 17.27 | 12.24 | |||
| Upside / (Downside) | 26.3% | 33.7% | 41.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | METUR | FLAP | GZNMI | BIGCH | TABGD | ETILR | |
| Enterprise Value | 1,974 | 506 | 10,140 | 3,292 | 42,205 | 1,673 | |
| (+) Cash & Short Term Investments | 8 | 20 | 306 | 104 | 6,033 | 26 | |
| (+) Investments & Other | 0 | 180 | 383 | 0 | 0 | 0 | |
| (-) Debt | (40) | (2) | (754) | (560) | (3,669) | (230) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,942 | 703 | 10,075 | 2,836 | 44,570 | 1,469 | |
| (/) Shares Outstanding | 108.0 | 93.8 | 65.0 | 107.0 | 261.1 | 120.0 | |
| Implied Stock Price | 17.98 | 7.50 | 155.00 | 26.50 | 170.70 | 12.24 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17.98 | 7.50 | 155.00 | 26.50 | 170.70 | 12.24 | |
| 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 | |