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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11,2x - 12,4x | 11,8x |
| Selected Fwd EBITDA Multiple | 6,7x - 7,4x | 7,0x |
| Fair Value | ₺5,21 - ₺6,79 | ₺6 |
| Upside | -25,1% - -2,3% | -13,7% |
| Benchmarks | Ticker | Full Ticker |
| Birko Birlesik Koyunlulular Mensucat Ticaret ve Sanayi A.S. | BRKO | IBSE:BRKO |
| Koleksiyon Mobilya Sanayi A.S. | KLSYN | IBSE:KLSYN |
| Vestel Beyaz Esya Sanayi ve Ticaret A.S. | VESBE | IBSE:VESBE |
| Arçelik Anonim Sirketi | ARCLK | IBSE:ARCLK |
| Isbir Holding A.S. | ISBIR | IBSE:ISBIR |
| Doganlar Mobilya Grubu Imalat Sanayi ve Ticaret Anonim Sirketi | DGNMO | IBSE:DGNMO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BRKO | KLSYN | VESBE | ARCLK | ISBIR | DGNMO | ||
| IBSE:BRKO | IBSE:KLSYN | IBSE:VESBE | IBSE:ARCLK | IBSE:ISBIR | IBSE:DGNMO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 42.6% | 32.0% | 23.8% | 53.4% | |
| 3Y CAGR | 59.1% | 78.6% | 28.1% | 21.2% | 4.5% | 22.6% | |
| Latest Twelve Months | NM | -31.1% | -53.3% | -47.9% | -59.8% | -58.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.0% | 27.7% | 12.4% | 7.5% | 17.0% | 12.5% | |
| Prior Fiscal Year | NA | 31.8% | 12.3% | 5.8% | 13.5% | 8.5% | |
| Latest Fiscal Year | 65.9% | 25.0% | 6.7% | 2.6% | 6.1% | 3.6% | |
| Latest Twelve Months | 65.9% | 25.0% | 6.7% | 2.6% | 6.1% | 3.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 19.75x | 1.63x | 0.41x | 0.39x | 0.80x | 0.50x | |
| EV / LTM EBITDA | 30.0x | 6.5x | 6.2x | 15.0x | 13.2x | 13.8x | |
| EV / LTM EBIT | 30.0x | 9.2x | 12.2x | 129.9x | 20.4x | -20.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.2x | 13.2x | 30.0x | ||||
| Historical EV / LTM EBITDA | 2.6x | 9.4x | 13.8x | ||||
| Selected EV / LTM EBITDA | 11.2x | 11.8x | 12.4x | ||||
| (x) LTM EBITDA | 426 | 426 | 426 | ||||
| (=) Implied Enterprise Value | 4,786 | 5,038 | 5,290 | ||||
| (-) Non-shareholder Claims * | (3,447) | (3,447) | (3,447) | ||||
| (=) Equity Value | 1,339 | 1,591 | 1,843 | ||||
| (/) Shares Outstanding | 350.0 | 350.0 | 350.0 | ||||
| Implied Value Range | 3.83 | 4.55 | 5.27 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.83 | 4.55 | 5.27 | 6.95 | |||
| Upside / (Downside) | -44.9% | -34.6% | -24.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BRKO | KLSYN | VESBE | ARCLK | ISBIR | DGNMO | |
| Enterprise Value | 1,560 | 2,764 | 31,588 | 169,049 | 5,793 | 5,880 | |
| (+) Cash & Short Term Investments | 1 | 64 | 1,116 | 51,225 | 883 | 181 | |
| (+) Investments & Other | 136 | 0 | 0 | 2,732 | 11 | 0 | |
| (-) Debt | (15) | (399) | (11,856) | (138,043) | (2,314) | (3,629) | |
| (-) Other Liabilities | 0 | 0 | 0 | (7,893) | (1,265) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,681 | 2,429 | 20,848 | 77,070 | 3,109 | 2,433 | |
| (/) Shares Outstanding | 140.0 | 431.4 | 1,600.0 | 606.9 | 32.4 | 350.0 | |
| Implied Stock Price | 12.01 | 5.63 | 13.03 | 127.00 | 96.00 | 6.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.01 | 5.63 | 13.03 | 127.00 | 96.00 | 6.95 | |
| 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 | |