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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.7x - 10.7x | 10.2x |
| Selected Fwd EBITDA Multiple | 4.4x - 4.8x | 4.6x |
| Fair Value | ₺27.89 - ₺31 | ₺29.44 |
| Upside | 9.6% - 21.8% | 15.7% |
| Benchmarks | Ticker | Full Ticker |
| Aksa Enerji Üretim A.S. | AKSEN | IBSE:AKSEN |
| Consus Enerji Isletmeciligi ve Hizmetleri A.S. | CONSE | IBSE:CONSE |
| Tatlipinar Enerji Uretim A.S. | TATEN | IBSE:TATEN |
| Akfen Yenilenebilir Enerji | AKFYE | IBSE:AKFYE |
| Mogan Enerji Yatirim Holding Anonim Sirketi | MOGAN | IBSE:MOGAN |
| Galata Wind Enerji A.S. | GWIND | IBSE:GWIND |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AKSEN | CONSE | TATEN | AKFYE | MOGAN | GWIND | ||
| IBSE:AKSEN | IBSE:CONSE | IBSE:TATEN | IBSE:AKFYE | IBSE:MOGAN | IBSE:GWIND | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 38.3% | NM- | NM- | 50.9% | NM- | 52.8% | |
| 3Y CAGR | 44.2% | 33.1% | 78.2% | 44.0% | 43.8% | 56.5% | |
| Latest Twelve Months | -36.7% | 416.6% | 37.3% | -28.7% | -31.5% | -20.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.4% | 10.9% | 64.0% | 49.0% | 57.5% | 78.0% | |
| Prior Fiscal Year | 22.9% | -6.1% | 71.5% | 64.0% | 56.6% | 75.7% | |
| Latest Fiscal Year | 23.2% | 24.1% | 67.6% | 56.4% | 55.3% | 68.1% | |
| Latest Twelve Months | 23.2% | 24.1% | 67.6% | 56.4% | 55.3% | 68.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.34x | 2.90x | 8.56x | 5.22x | 4.63x | 6.22x | |
| EV / LTM EBITDA | 10.1x | 12.0x | 12.7x | 9.3x | 8.4x | 9.1x | |
| EV / LTM EBIT | 13.9x | 69.3x | 17.0x | 15.3x | -176.7x | 14.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.4x | 10.1x | 12.7x | ||||
| Historical EV / LTM EBITDA | 4.2x | 10.3x | 13.4x | ||||
| Selected EV / LTM EBITDA | 9.7x | 10.2x | 10.7x | ||||
| (x) LTM EBITDA | 1,611 | 1,611 | 1,611 | ||||
| (=) Implied Enterprise Value | 15,621 | 16,443 | 17,265 | ||||
| (-) Non-shareholder Claims * | (879) | (879) | (879) | ||||
| (=) Equity Value | 14,742 | 15,564 | 16,386 | ||||
| (/) Shares Outstanding | 540.0 | 540.0 | 540.0 | ||||
| Implied Value Range | 27.30 | 28.82 | 30.34 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.30 | 28.82 | 30.34 | 25.44 | |||
| Upside / (Downside) | 7.3% | 13.3% | 19.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AKSEN | CONSE | TATEN | AKFYE | MOGAN | GWIND | |
| Enterprise Value | 74,108 | 3,965 | 16,804 | 26,618 | 59,652 | 14,617 | |
| (+) Cash & Short Term Investments | 1,057 | 27 | 187 | 1,159 | 3,009 | 1,318 | |
| (+) Investments & Other | 6 | 0 | 0 | 1 | 0 | 94 | |
| (-) Debt | (28,167) | (1,979) | (4,894) | (8,085) | (32,143) | (2,292) | |
| (-) Other Liabilities | (3,886) | 0 | (1,803) | (99) | (9,240) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 43,118 | 2,012 | 10,294 | 19,594 | 21,278 | 13,738 | |
| (/) Shares Outstanding | 1,226.3 | 771.0 | 280.5 | 1,197.0 | 2,440.1 | 540.0 | |
| Implied Stock Price | 35.16 | 2.61 | 36.70 | 16.37 | 8.72 | 25.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 35.16 | 2.61 | 36.70 | 16.37 | 8.72 | 25.44 | |
| 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 | |