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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 34,5x - 38,2x | 36,4x |
| Selected Fwd Revenue Multiple | 30,1x - 33,2x | 31,6x |
| Fair Value | ₺75,89 - ₺83,89 | ₺79,89 |
| Upside | -10,1% - -0,7% | -5,4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Margün Enerji Üretim Sanayi ve Ticaret A.S. | MAGEN | IBSE:MAGEN |
| Kartal Yenilenebilir Enerji Uretim A.S. | KARYE | IBSE:KARYE |
| Consus Enerji Isletmeciligi ve Hizmetleri A.S. | CONSE | IBSE:CONSE |
| Esenboga Elektrik Üretim A.S. | ESEN | IBSE:ESEN |
| Zorlu Enerji Elektrik Üretim A.S. | ZOREN | IBSE:ZOREN |
| Pamukova Yenilenebilir Elektrik Uretim A.S. | PAMEL | IBSE:PAMEL |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| MAGEN | KARYE | CONSE | ESEN | ZOREN | PAMEL | |||
| IBSE:MAGEN | IBSE:KARYE | IBSE:CONSE | IBSE:ESEN | IBSE:ZOREN | IBSE:PAMEL | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | NM- | 58.1% | NM- | 116.3% | 29.3% | 54.0% | ||
| 3Y CAGR | 30.6% | 63.3% | 54.4% | 27.0% | 36.6% | 93.4% | ||
| Latest Twelve Months | 3.6% | 48.2% | -19.7% | -15.0% | -24.7% | -15.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 28.7% | 41.3% | -3.3% | 28.6% | 11.2% | 180.0% | ||
| Prior Fiscal Year | 19.8% | 18.3% | -20.0% | 9.4% | 6.3% | 202.2% | ||
| Latest Fiscal Year | 5.2% | 39.3% | 4.2% | 4.0% | 3.9% | 109.8% | ||
| Latest Twelve Months | 5.2% | 39.3% | 4.2% | 4.0% | 3.9% | 109.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 31.71x | 4.89x | 2.86x | 11.04x | 1.87x | 40.17x | ||
| EV / LTM EBIT | 604.6x | 12.5x | 68.5x | 277.5x | 47.6x | 36.6x | ||
| Price / LTM Sales | 31.58x | 3.62x | 1.44x | 8.30x | 0.58x | 40.13x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.87x | 4.89x | 31.71x | |||||
| Historical EV / LTM Revenue | 39.90x | 53.34x | 302.54x | |||||
| Selected EV / LTM Revenue | 34.54x | 36.36x | 38.18x | |||||
| (x) LTM Revenue | 67 | 67 | 67 | |||||
| (=) Implied Enterprise Value | 2,302 | 2,423 | 2,544 | |||||
| (-) Non-shareholder Claims * | (3) | (3) | (3) | |||||
| (=) Equity Value | 2,299 | 2,420 | 2,542 | |||||
| (/) Shares Outstanding | 31.1 | 31.1 | 31.1 | |||||
| Implied Value Range | 73.94 | 77.84 | 81.73 | |||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 73.94 | 77.84 | 81.73 | 84.45 | ||||
| Upside / (Downside) | -12.4% | -7.8% | -3.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MAGEN | KARYE | CONSE | ESEN | ZOREN | PAMEL | |
| Enterprise Value | 35,711 | 1,907 | 3,934 | 12,832 | 55,586 | 2,629 | |
| (+) Cash & Short Term Investments | 115 | 55 | 27 | 117 | 1,542 | 2 | |
| (+) Investments & Other | 3,159 | 0 | 0 | 3,159 | 5,752 | 0 | |
| (-) Debt | (3,422) | (546) | (1,979) | (3,559) | (45,729) | (4) | |
| (-) Other Liabilities | 0 | 0 | 0 | (2,830) | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 35,563 | 1,416 | 1,981 | 9,719 | 17,150 | 2,626 | |
| (/) Shares Outstanding | 1,367.8 | 55.0 | 771.0 | 260.0 | 5,000.0 | 31.1 | |
| Implied Stock Price | 26.00 | 25.74 | 2.57 | 37.38 | 3.43 | 84.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.00 | 25.74 | 2.57 | 37.38 | 3.43 | 84.45 | |
| 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 | |