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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 2.7x - 3.0x | 2.9x |
| Fair Value | ₺12.07 - ₺14.18 | ₺13.11 |
| Upside | -30.4% - -18.2% | -24.4% |
| 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 | 11,552 | 12,996 | 13,971 | 14,460 | 14,749 | 15,044 |
| % Growth | 19.4% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 4,849 | 5,534 | 6,089 | 6,302 | 6,428 | 6,556 |
| % of Revenue | 42.0% | 42.6% | 43.6% | 43.6% | 43.6% | 43.6% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (TRY in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 5,534 | 6,089 | 6,302 | 6,428 | 6,556 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (102) | (109) | (113) | (116) | (118) | |
| EBIT | 5,432 | 5,979 | 6,189 | 6,312 | 6,439 | |
| Pro forma Taxes | (869) | (957) | (990) | (1,010) | (1,030) | |
| NOPAT | 4,046 | 4,563 | 5,023 | 5,198 | 5,302 | 5,408 |
| Capital Expenditures | (4,827) | (4,619) | (4,333) | (4,593) | (4,515) | (4,481) |
| NWC Investment | (135) | (104) | (70) | (35) | (21) | (21) |
| (+) D&A | 32 | 102 | 109 | 113 | 116 | 118 |
| Free Cash Flow | (884) | (59) | 729 | 683 | 882 | 1,024 |
| % Growth | NM | NM | -6% | 29% | 16% | |