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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 12.2x - 13.5x | 12.8x |
Selected Fwd EBIT Multiple | 6.1x - 6.8x | 6.4x |
Fair Value | ₺30.57 - ₺33.53 | ₺32.05 |
Upside | 5.3% - 15.6% | 10.4% |
Benchmarks | Ticker | Full Ticker |
Gübre Fabrikalari Türk Anonim Sirketi | GUBRF | IBSE:GUBRF |
Politeknik Metal Sanayi ve Ticaret Anonim Sirketi | POLTK | IBSE:POLTK |
Mega Polietilen Köpük Sanayi ve Ticaret Anonim Sirketi | MEGAP | IBSE:MEGAP |
Sodas Sodyum Sanayii A.S. | SODSN | IBSE:SODSN |
Gediz Ambalaj Sanayi ve Ticaret A.S. | GEDZA | IBSE:GEDZA |
Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi | KLKIM | IBSE:KLKIM |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
GUBRF | POLTK | MEGAP | SODSN | GEDZA | KLKIM | ||
IBSE:GUBRF | IBSE:POLTK | IBSE:MEGAP | IBSE:SODSN | IBSE:GEDZA | IBSE:KLKIM | ||
Historical EBIT Growth | |||||||
5Y CAGR | 60.2% | 46.6% | 134.0% | 11.0% | 21.7% | 90.8% | |
3Y CAGR | 24.5% | 5.9% | 228.7% | 6.7% | -2.1% | 108.3% | |
Latest Twelve Months | 99.4% | -36.2% | 0.3% | -71.4% | -98.4% | -33.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 9.2% | 16.0% | 8.0% | 20.1% | 25.6% | 18.0% | |
Prior Fiscal Year | 7.4% | 12.9% | 16.9% | 22.0% | 30.4% | 20.2% | |
Latest Fiscal Year | 6.5% | 6.5% | 6.4% | 8.2% | 5.3% | 17.1% | |
Latest Twelve Months | 11.8% | 6.4% | 6.7% | 8.2% | 0.7% | 14.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.88x | 43.19x | 0.18x | 6.07x | 1.74x | 1.68x | |
EV / LTM EBITDA | 13.2x | 701.0x | 2.5x | 49.5x | 22.0x | 10.1x | |
EV / LTM EBIT | 16.0x | 677.3x | 2.6x | 74.0x | 246.9x | 11.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 2.6x | 74.0x | 677.3x | ||||
Historical EV / LTM EBIT | 6.8x | 12.0x | 17.4x | ||||
Selected EV / LTM EBIT | 12.2x | 12.8x | 13.5x | ||||
(x) LTM EBIT | 1,076 | 1,076 | 1,076 | ||||
(=) Implied Enterprise Value | 13,098 | 13,787 | 14,476 | ||||
(-) Non-shareholder Claims * | 1,107 | 1,107 | 1,107 | ||||
(=) Equity Value | 14,205 | 14,894 | 15,584 | ||||
(/) Shares Outstanding | 460.0 | 460.0 | 460.0 | ||||
Implied Value Range | 30.88 | 32.38 | 33.88 | ||||
FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 30.88 | 32.38 | 33.88 | 29.02 | |||
Upside / (Downside) | 6.4% | 11.6% | 16.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | GUBRF | POLTK | MEGAP | SODSN | GEDZA | KLKIM | |
Enterprise Value | 94,428 | 25,317 | 2,224 | 1,400 | 1,181 | 12,242 | |
(+) Cash & Short Term Investments | 5,732 | 72 | 23 | 90 | 190 | 1,614 | |
(+) Investments & Other | 871 | 0 | 0 | 0 | 4 | 0 | |
(-) Debt | (10,808) | (40) | (900) | (1) | (70) | (233) | |
(-) Other Liabilities | (5,753) | 0 | 0 | 0 | (108) | (274) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 84,469 | 25,350 | 1,347 | 1,490 | 1,197 | 13,349 | |
(/) Shares Outstanding | 332.9 | 3.8 | 275.0 | 15.0 | 46.7 | 460.0 | |
Implied Stock Price | 253.75 | 6,760.00 | 4.90 | 99.30 | 25.66 | 29.02 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 253.75 | 6,760.00 | 4.90 | 99.30 | 25.66 | 29.02 | |
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 |