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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -87.2x - -96.4x | -91.8x |
| Selected Fwd EBIT Multiple | 6.4x - 7.1x | 6.8x |
| Fair Value | €6.94 - €9.40 | €8.17 |
| Upside | -55.8% - -40.1% | -48.0% |
| Benchmarks | Ticker | Full Ticker |
| AB Electrolux (publ) | ELRX.F | OTCPK:ELRX.F |
| Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi | VESTL | IBSE:VESTL |
| Doganlar Mobilya Grubu Imalat Sanayi ve Ticaret Anonim Sirketi | DGNMO | IBSE:DGNMO |
| Haier Smart Home Co., Ltd. | 600690 | SHSE:600690 |
| Midea Group Co., Ltd. | 333 | SZSE:000333 |
| Arçelik Anonim Sirketi | RCAA | BST:RCAA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ELRX.F | VESTL | DGNMO | 600690 | 333 | RCAA | ||
| OTCPK:ELRX.F | IBSE:VESTL | IBSE:DGNMO | SHSE:600690 | SZSE:000333 | BST:RCAA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -26.2% | -2.7% | NM- | 17.0% | 8.6% | -10.1% | |
| 3Y CAGR | -48.8% | -32.1% | NM- | 15.3% | 15.9% | -36.6% | |
| Latest Twelve Months | 151.7% | -108.7% | -187.8% | 11.1% | 3.4% | -111.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.9% | 7.1% | 6.8% | 6.2% | 8.7% | 5.2% | |
| Prior Fiscal Year | -2.3% | 4.3% | 4.5% | 6.6% | 9.5% | 3.6% | |
| Latest Fiscal Year | 0.7% | 1.0% | -2.4% | 7.2% | 9.5% | 0.3% | |
| Latest Twelve Months | 1.6% | -0.6% | -3.4% | 7.3% | 9.3% | -0.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.37x | 0.59x | 0.58x | 0.55x | 1.12x | 0.45x | |
| EV / LTM EBITDA | 8.4x | 23.1x | 34.5x | 6.1x | 10.5x | 22.6x | |
| EV / LTM EBIT | 23.5x | -96.5x | -17.3x | 7.6x | 12.1x | -103.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -96.5x | 7.6x | 23.5x | ||||
| Historical EV / LTM EBIT | 8.8x | 9.9x | 28.8x | ||||
| Selected EV / LTM EBIT | -87.2x | -91.8x | -96.4x | ||||
| (x) LTM EBIT | (1,894) | (1,894) | (1,894) | ||||
| (=) Implied Enterprise Value | 165,136 | 173,827 | 182,518 | ||||
| (-) Non-shareholder Claims * | (119,935) | (119,935) | (119,935) | ||||
| (=) Equity Value | 45,201 | 53,892 | 62,584 | ||||
| (/) Shares Outstanding | 155.7 | 155.7 | 155.7 | ||||
| Implied Value Range | 290.25 | 346.06 | 401.87 | ||||
| FX Rate: TRY/EUR | 46.9 | 46.9 | 46.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.19 | 7.38 | 8.58 | 15.70 | |||
| Upside / (Downside) | -60.5% | -53.0% | -45.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ELRX.F | VESTL | DGNMO | 600690 | 333 | RCAA | |
| Enterprise Value | 49,541 | 81,082 | 6,655 | 174,656 | 482,152 | 234,506 | |
| (+) Cash & Short Term Investments | 12,536 | 2,658 | 113 | 60,803 | 163,773 | 44,385 | |
| (+) Investments & Other | 69 | 4,696 | 0 | 42,197 | 9,495 | 3,265 | |
| (-) Debt | (43,055) | (68,109) | (4,388) | (34,788) | (96,147) | (159,133) | |
| (-) Other Liabilities | (5) | (8,164) | 0 | (7,471) | (11,802) | (8,452) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,086 | 12,164 | 2,380 | 235,397 | 547,470 | 114,571 | |
| (/) Shares Outstanding | 303.9 | 335.5 | 350.0 | 9,322.6 | 7,637.7 | 155.7 | |
| Implied Stock Price | 62.80 | 36.26 | 6.80 | 25.25 | 71.68 | 735.69 | |
| FX Conversion Rate to Trading Currency | 9.51 | 1.00 | 1.00 | 1.00 | 1.00 | 46.86 | |
| Implied Stock Price (Trading Cur) | 6.61 | 36.26 | 6.80 | 25.25 | 71.68 | 15.70 | |
| Trading Currency | USD | TRY | TRY | CNY | CNY | EUR | |
| FX Rate to Reporting Currency | 9.51 | 1.00 | 1.00 | 1.00 | 1.00 | 46.86 | |