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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17.5x - 19.3x | 18.4x |
| Selected Fwd EBITDA Multiple | 78.5x - 86.7x | 82.6x |
| Fair Value | ₺198.07 - ₺221.71 | ₺209.89 |
| Upside | -30.6% - -22.3% | -26.5% |
| Benchmarks | Ticker | Full Ticker |
| Mega Polietilen Köpük Sanayi ve Ticaret Anonim Sirketi | MEGAP | IBSE:MEGAP |
| Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi | KLKIM | IBSE:KLKIM |
| Temapol Polimer Plastik ve Insaat Sanayi Ticaret Anonim Sirketi | TMPOL | IBSE:TMPOL |
| Rainbow Polikarbonat Sanayi Ticaret Anonim Sirketi | RNPOL | IBSE:RNPOL |
| DYO Boya Fabrikalari Sanayi ve Ticaret A.S. | DYOBY | IBSE:DYOBY |
| Gübre Fabrikalari Türk Anonim Sirketi | GUBRF | IBSE:GUBRF |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MEGAP | KLKIM | TMPOL | RNPOL | DYOBY | GUBRF | ||
| IBSE:MEGAP | IBSE:KLKIM | IBSE:TMPOL | IBSE:RNPOL | IBSE:DYOBY | IBSE:GUBRF | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 134.7% | 89.3% | 56.0% | NM- | 50.8% | 62.5% | |
| 3Y CAGR | 220.1% | 108.2% | 61.9% | 78.0% | 57.0% | 34.2% | |
| Latest Twelve Months | -21.3% | -4.8% | 16.4% | 86.9% | 0.7% | -7.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.7% | 20.0% | 11.7% | 14.6% | 12.2% | 11.6% | |
| Prior Fiscal Year | 17.9% | 22.0% | 10.3% | 11.5% | 9.9% | 9.4% | |
| Latest Fiscal Year | 6.8% | 18.9% | 15.8% | 23.5% | 11.5% | 9.1% | |
| Latest Twelve Months | 6.8% | 18.9% | 15.8% | 23.5% | 11.5% | 9.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.14x | 1.70x | 2.22x | 1.42x | 0.81x | 2.16x | |
| EV / LTM EBITDA | 2.1x | 9.0x | 14.0x | 6.0x | 7.1x | 23.7x | |
| EV / LTM EBIT | 2.2x | 9.9x | 27.1x | 7.0x | 9.3x | 33.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.1x | 7.1x | 14.0x | ||||
| Historical EV / LTM EBITDA | 17.9x | 25.4x | 63.6x | ||||
| Selected EV / LTM EBITDA | 17.5x | 18.4x | 19.3x | ||||
| (x) LTM EBITDA | 4,418 | 4,418 | 4,418 | ||||
| (=) Implied Enterprise Value | 77,104 | 81,162 | 85,220 | ||||
| (-) Non-shareholder Claims * | (8,872) | (8,872) | (8,872) | ||||
| (=) Equity Value | 68,232 | 72,290 | 76,348 | ||||
| (/) Shares Outstanding | 334.0 | 334.0 | 334.0 | ||||
| Implied Value Range | 204.29 | 216.44 | 228.59 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 204.29 | 216.44 | 228.59 | 285.50 | |||
| Upside / (Downside) | -28.4% | -24.2% | -19.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MEGAP | KLKIM | TMPOL | RNPOL | DYOBY | GUBRF | |
| Enterprise Value | 1,727 | 12,843 | 1,779 | 1,313 | 8,756 | 104,229 | |
| (+) Cash & Short Term Investments | 33 | 1,799 | 91 | 190 | 347 | 5,801 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 1 | 815 | |
| (-) Debt | (913) | (398) | (733) | (424) | (4,712) | (10,178) | |
| (-) Other Liabilities | 0 | (242) | (5) | 0 | 0 | (5,310) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 847 | 14,002 | 1,132 | 1,080 | 4,392 | 95,357 | |
| (/) Shares Outstanding | 275.0 | 460.0 | 14.2 | 30.0 | 300.0 | 334.0 | |
| Implied Stock Price | 3.08 | 30.44 | 79.85 | 36.00 | 14.64 | 285.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.08 | 30.44 | 79.85 | 36.00 | 14.64 | 285.50 | |
| 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 | |