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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.9x - 13.2x | 12.5x |
| Selected Fwd EBITDA Multiple | 8.3x - 9.2x | 8.8x |
| Fair Value | ₺34.34 - ₺40.40 | ₺37.37 |
| Upside | -15.2% - -0.2% | -7.7% |
| Benchmarks | Ticker | Full Ticker |
| Esenboga Elektrik Üretim A.S. | ESEN | IBSE:ESEN |
| Hun Yenilenebilir Enerji Üretim A.S. | HUNER | IBSE:HUNER |
| Mogan Enerji Yatirim Holding Anonim Sirketi | MOGAN | IBSE:MOGAN |
| Biotrend Cevre ve Enerji Yatirimlari A.S. | BIOEN | IBSE:BIOEN |
| Galata Wind Enerji A.S. | GWIND | IBSE:GWIND |
| Tatlipinar Enerji Uretim A.S. | TATEN | IBSE:TATEN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ESEN | HUNER | MOGAN | BIOEN | GWIND | TATEN | ||
| IBSE:ESEN | IBSE:HUNER | IBSE:MOGAN | IBSE:BIOEN | IBSE:GWIND | IBSE:TATEN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 102.4% | NM- | NM- | 47.3% | 52.8% | NM- | |
| 3Y CAGR | 12.9% | 88.1% | 43.8% | 28.1% | 56.5% | 78.2% | |
| Latest Twelve Months | -17.9% | 43.9% | -31.5% | -59.2% | 23.5% | 37.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 46.2% | 48.7% | 57.5% | 23.8% | 77.6% | 64.0% | |
| Prior Fiscal Year | 32.1% | 60.3% | 56.6% | 19.2% | 75.7% | 71.5% | |
| Latest Fiscal Year | 31.0% | 57.6% | 55.3% | 9.4% | 68.1% | 67.6% | |
| Latest Twelve Months | 31.0% | 57.6% | 55.3% | 9.4% | 71.2% | 67.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 13.72x | 7.04x | 4.57x | 5.13x | 6.27x | 9.03x | |
| EV / LTM EBITDA | 44.3x | 12.2x | 8.3x | 54.8x | 8.8x | 13.4x | |
| EV / LTM EBIT | 344.7x | 16.9x | -174.4x | -37.5x | 14.5x | 18.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.3x | 12.2x | 54.8x | ||||
| Historical EV / LTM EBITDA | 9.0x | 11.2x | 13.4x | ||||
| Selected EV / LTM EBITDA | 11.9x | 12.5x | 13.2x | ||||
| (x) LTM EBITDA | 1,328 | 1,328 | 1,328 | ||||
| (=) Implied Enterprise Value | 15,818 | 16,651 | 17,484 | ||||
| (-) Non-shareholder Claims * | (6,510) | (6,510) | (6,510) | ||||
| (=) Equity Value | 9,309 | 10,141 | 10,974 | ||||
| (/) Shares Outstanding | 280.5 | 280.5 | 280.5 | ||||
| Implied Value Range | 33.19 | 36.15 | 39.12 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 33.19 | 36.15 | 39.12 | 40.48 | |||
| Upside / (Downside) | -18.0% | -10.7% | -3.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ESEN | HUNER | MOGAN | BIOEN | GWIND | TATEN | |
| Enterprise Value | 15,588 | 5,911 | 59,237 | 13,795 | 14,111 | 17,864 | |
| (+) Cash & Short Term Investments | 117 | 188 | 3,009 | 99 | 868 | 187 | |
| (+) Investments & Other | 3,159 | 0 | 0 | 319 | 1 | 0 | |
| (-) Debt | (3,559) | (2,730) | (32,143) | (3,953) | (1,977) | (4,894) | |
| (-) Other Liabilities | (2,830) | 1 | (9,240) | (10) | 0 | (1,803) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,475 | 3,370 | 20,863 | 10,250 | 13,003 | 11,355 | |
| (/) Shares Outstanding | 260.0 | 1,000.0 | 2,440.1 | 500.0 | 540.0 | 280.5 | |
| Implied Stock Price | 47.98 | 3.37 | 8.55 | 20.50 | 24.08 | 40.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 47.98 | 3.37 | 8.55 | 20.50 | 24.08 | 40.48 | |
| 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 | |