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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 57.2x - 63.2x | 60.2x |
| Selected Fwd EBITDA Multiple | 30.0x - 33.1x | 31.5x |
| Fair Value | ₺2.60 - ₺3.18 | ₺2.89 |
| Upside | -41.2% - -28.3% | -34.8% |
| Benchmarks | Ticker | Full Ticker |
| Sodas Sodyum Sanayii A.S. | SODSN | IBSE:SODSN |
| Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi | KLKIM | IBSE:KLKIM |
| Mega Polietilen Köpük Sanayi ve Ticaret Anonim Sirketi | MEGAP | IBSE:MEGAP |
| Innosa Teknoloji A.S. | INTEK | IBSE:INTEK |
| Dinamik Isi Makina Yalitim Malzemeleri Sanayi Ve Ticaret Anonim Sirketi | DNISI | IBSE:DNISI |
| Sasa Polyester Sanayi A.S. | SASA | IBSE:SASA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SODSN | KLKIM | MEGAP | INTEK | DNISI | SASA | ||
| IBSE:SODSN | IBSE:KLKIM | IBSE:MEGAP | IBSE:INTEK | IBSE:DNISI | IBSE:SASA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 17.7% | 89.3% | 134.7% | NM- | 53.0% | 96.6% | |
| 3Y CAGR | 20.2% | 108.2% | 220.1% | 3594.5% | 78.7% | 28.9% | |
| Latest Twelve Months | -76.6% | -20.9% | 4.9% | 9192.1% | 2.7% | -73.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.1% | 19.7% | 9.0% | 2.3% | 16.9% | 19.8% | |
| Prior Fiscal Year | 25.5% | 22.0% | 17.9% | -3.2% | 14.2% | 18.8% | |
| Latest Fiscal Year | 12.3% | 18.9% | 6.8% | 78.4% | 20.3% | 14.9% | |
| Latest Twelve Months | 4.8% | 18.0% | 6.6% | 78.4% | 20.6% | 9.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.70x | 2.07x | 0.17x | 13.13x | 6.75x | 7.86x | |
| EV / LTM EBITDA | 135.0x | 11.5x | 2.5x | 16.7x | 32.8x | 80.9x | |
| EV / LTM EBIT | 758.1x | 12.9x | 2.6x | 17.5x | 105.3x | 284.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.5x | 16.7x | 135.0x | ||||
| Historical EV / LTM EBITDA | 17.1x | 30.2x | 38.2x | ||||
| Selected EV / LTM EBITDA | 57.2x | 60.2x | 63.2x | ||||
| (x) LTM EBITDA | 3,940 | 3,940 | 3,940 | ||||
| (=) Implied Enterprise Value | 225,449 | 237,315 | 249,180 | ||||
| (-) Non-shareholder Claims * | (124,800) | (124,800) | (124,800) | ||||
| (=) Equity Value | 100,649 | 112,515 | 124,381 | ||||
| (/) Shares Outstanding | 43,815.6 | 43,815.6 | 43,815.6 | ||||
| Implied Value Range | 2.30 | 2.57 | 2.84 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.30 | 2.57 | 2.84 | 4.43 | |||
| Upside / (Downside) | -48.1% | -42.0% | -35.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SODSN | KLKIM | MEGAP | INTEK | DNISI | SASA | |
| Enterprise Value | 1,675 | 15,657 | 2,221 | 3,280 | 2,673 | 318,903 | |
| (+) Cash & Short Term Investments | 90 | 1,764 | 24 | 0 | 111 | 3,305 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (0) | (404) | (898) | 0 | (47) | (128,104) | |
| (-) Other Liabilities | 0 | (309) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,766 | 16,707 | 1,347 | 3,280 | 2,737 | 194,103 | |
| (/) Shares Outstanding | 15.0 | 460.0 | 275.0 | 8.0 | 119.7 | 43,815.6 | |
| Implied Stock Price | 117.70 | 36.32 | 4.90 | 410.00 | 22.86 | 4.43 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 117.70 | 36.32 | 4.90 | 410.00 | 22.86 | 4.43 | |
| 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 | |