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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,5x - 7,1x | 6,8x |
| Selected Fwd EBITDA Multiple | 3,9x - 4,3x | 4,1x |
| Fair Value | ₺371,67 - ₺427,11 | ₺399,39 |
| Upside | 17,0% - 34,4% | 25,7% |
| Benchmarks | Ticker | Full Ticker |
| Pegasus Hava Tasimaciligi Anonim Sirketi | PGSUS | IBSE:PGSUS |
| Air New Zealand Limited | AIR | NZSE:AIR |
| Ryanair Holdings plc | R1YA34 | BOVESPA:R1YA34 |
| Southwest Airlines Co. | S1OU34 | BOVESPA:S1OU34 |
| easyJet plc | EJTT.F | PINC:EJTT.F |
| Türk Hava Yollari Anonim Ortakligi | THYAO | IBSE:THYAO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PGSUS | AIR | R1YA34 | S1OU34 | EJTT.F | THYAO | ||
| IBSE:PGSUS | NZSE:AIR | BOVESPA:R1YA34 | BOVESPA:S1OU34 | PINC:EJTT.F | IBSE:THYAO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 56.8% | -6.5% | 13.0% | -16.0% | 4.5% | 71.3% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | 80.2% | |
| Latest Twelve Months | 46.6% | -29.3% | -11.5% | -9.5% | 20.6% | 21.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 3.6% | 11.8% | -3.4% | -13.5% | 13.1% | |
| Prior Fiscal Year | 20.2% | 14.8% | 21.2% | 8.3% | 8.9% | 17.1% | |
| Latest Fiscal Year | 18.7% | 8.9% | 22.7% | 6.1% | 9.4% | 14.1% | |
| Latest Twelve Months | 18.7% | 8.8% | 20.3% | 6.9% | 9.4% | 14.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.02x | 0.46x | 1.54x | 0.54x | 0.38x | 0.88x | |
| EV / LTM EBITDA | 10.8x | 5.3x | 7.6x | 7.9x | 4.0x | 6.2x | |
| EV / LTM EBIT | 11.6x | 14.2x | 12.4x | 28.9x | 5.8x | 8.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.0x | 7.6x | 10.8x | ||||
| Historical EV / LTM EBITDA | -44.5x | 6.2x | 11.9x | ||||
| Selected EV / LTM EBITDA | 6.5x | 6.8x | 7.1x | ||||
| (x) LTM EBITDA | 105,116 | 105,116 | 105,116 | ||||
| (=) Implied Enterprise Value | 678,152 | 713,844 | 749,536 | ||||
| (-) Non-shareholder Claims * | (213,972) | (213,972) | (213,972) | ||||
| (=) Equity Value | 464,180 | 499,872 | 535,564 | ||||
| (/) Shares Outstanding | 1,380.0 | 1,380.0 | 1,380.0 | ||||
| Implied Value Range | 336.37 | 362.24 | 388.10 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 336.37 | 362.24 | 388.10 | 317.75 | |||
| Upside / (Downside) | 5.9% | 14.0% | 22.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PGSUS | AIR | R1YA34 | S1OU34 | EJTT.F | THYAO | |
| Enterprise Value | 225,054 | 3,092 | 16,426 | 18,022 | 4,083 | 652,453 | |
| (+) Cash & Short Term Investments | 57,357 | 1,542 | 2,751 | 8,252 | 3,461 | 214,148 | |
| (+) Investments & Other | 5,397 | 235 | 0 | 0 | 51 | 61,960 | |
| (-) Debt | (166,308) | (2,964) | (2,700) | (7,995) | (3,315) | (489,955) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (125) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 121,500 | 1,905 | 16,477 | 18,279 | 4,280 | 438,481 | |
| (/) Shares Outstanding | 500.0 | 3,342.5 | 3,508.3 | 720.0 | 827.5 | 1,380.0 | |
| Implied Stock Price | 243.00 | 0.57 | 4.70 | 25.39 | 5.17 | 317.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.15 | 0.18 | 0.75 | 1.00 | |
| Implied Stock Price (Trading Cur) | 243.00 | 0.57 | 30.38 | 144.42 | 6.89 | 317.75 | |
| Trading Currency | TRY | NZD | BRL | BRL | USD | TRY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.15 | 0.18 | 0.75 | 1.00 | |