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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 20.7x - 22.9x | 21.8x |
| Selected Fwd Revenue Multiple | 15.3x - 17.0x | 16.2x |
| Fair Value | ₺17.09 - ₺18.90 | ₺18 |
| Upside | -34.8% - -27.9% | -31.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Pamukova Yenilenebilir Elektrik Uretim A.S. | PAMEL | IBSE:PAMEL |
| Zorlu Enerji Elektrik Üretim A.S. | ZOREN | IBSE:ZOREN |
| Kartal Yenilenebilir Enerji Uretim A.S. | KARYE | IBSE:KARYE |
| Esenboga Elektrik Üretim A.S. | ESEN | IBSE:ESEN |
| Tatlipinar Enerji Uretim A.S. | TATEN | IBSE:TATEN |
| Margün Enerji Üretim Sanayi ve Ticaret A.S. | MAGEN | IBSE:MAGEN |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| PAMEL | ZOREN | KARYE | ESEN | TATEN | MAGEN | |||
| IBSE:PAMEL | IBSE:ZOREN | IBSE:KARYE | IBSE:ESEN | IBSE:TATEN | IBSE:MAGEN | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 54.0% | 29.3% | 58.1% | 116.3% | NM- | NM- | ||
| 3Y CAGR | 93.4% | 36.6% | 63.3% | 27.0% | 87.0% | 30.6% | ||
| Latest Twelve Months | 22.6% | -24.7% | 48.2% | -15.0% | 45.3% | 3.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 180.0% | 11.2% | 41.3% | 28.6% | 47.5% | 28.7% | ||
| Prior Fiscal Year | 415.3% | 6.3% | 18.3% | 9.4% | 55.1% | 19.8% | ||
| Latest Fiscal Year | 109.8% | 3.9% | 39.3% | 4.0% | 50.3% | 5.2% | ||
| Latest Twelve Months | 109.8% | 3.9% | 39.3% | 4.0% | 50.3% | 5.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 40.17x | 1.87x | 4.89x | 11.04x | 8.30x | 31.71x | ||
| EV / LTM EBIT | 36.6x | 47.6x | 12.5x | 277.5x | 16.5x | 604.6x | ||
| Price / LTM Sales | 40.13x | 0.58x | 3.62x | 8.30x | 4.99x | 31.58x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.87x | 8.30x | 40.17x | |||||
| Historical EV / LTM Revenue | 7.94x | 18.46x | 31.71x | |||||
| Selected EV / LTM Revenue | 20.75x | 21.84x | 22.93x | |||||
| (x) LTM Revenue | 1,135 | 1,135 | 1,135 | |||||
| (=) Implied Enterprise Value | 23,543 | 24,782 | 26,021 | |||||
| (-) Non-shareholder Claims * | (147) | (147) | (147) | |||||
| (=) Equity Value | 23,396 | 24,635 | 25,874 | |||||
| (/) Shares Outstanding | 1,367.8 | 1,367.8 | 1,367.8 | |||||
| Implied Value Range | 17.10 | 18.01 | 18.92 | |||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 17.10 | 18.01 | 18.92 | 26.20 | ||||
| Upside / (Downside) | -34.7% | -31.3% | -27.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PAMEL | ZOREN | KARYE | ESEN | TATEN | MAGEN | |
| Enterprise Value | 2,677 | 55,536 | 1,895 | 12,551 | 16,310 | 35,984 | |
| (+) Cash & Short Term Investments | 2 | 1,542 | 55 | 117 | 187 | 115 | |
| (+) Investments & Other | 0 | 5,752 | 0 | 3,159 | 0 | 3,159 | |
| (-) Debt | (4) | (45,729) | (546) | (3,559) | (4,894) | (3,422) | |
| (-) Other Liabilities | 0 | (0) | 0 | (2,830) | (1,803) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,674 | 17,100 | 1,404 | 9,438 | 9,801 | 35,837 | |
| (/) Shares Outstanding | 31.1 | 5,000.0 | 55.0 | 260.0 | 280.5 | 1,367.8 | |
| Implied Stock Price | 86.00 | 3.42 | 25.52 | 36.30 | 34.94 | 26.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 86.00 | 3.42 | 25.52 | 36.30 | 34.94 | 26.20 | |
| 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 | |