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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 30.9x - 32.9x | 31.9x |
| Fair Value | ₺7.96 - ₺9.36 | ₺8.65 |
| Upside | -29.2% - -16.8% | -23.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (TRY in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 10,867 | 10,867 | 10,867 | 10,867 | 10,867 | 10,867 |
| % Growth | 1.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 856 | 569 | 569 | 569 | 569 | 569 |
| % of Revenue | 7.9% | 5.2% | 5.2% | 5.2% | 5.2% | 5.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TRY in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 569 | 569 | 569 | 569 | 569 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (178) | (178) | (178) | (178) | (178) | |
| EBIT | 391 | 391 | 391 | 391 | 391 | |
| Pro forma Taxes | (117) | (117) | (117) | (117) | (117) | |
| NOPAT | 496 | 274 | 274 | 274 | 274 | 274 |
| Capital Expenditures | (235) | (240) | (240) | (240) | (240) | (240) |
| NWC Investment | (49) | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 147 | 178 | 178 | 178 | 178 | 178 |
| Free Cash Flow | 359 | 211 | 211 | 211 | 211 | 211 |
| % Growth | -41% | 0% | 0% | 0% | 0% | |