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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0,6x - 0,7x | 0,7x |
| Selected Fwd Revenue Multiple | 0,6x - 0,7x | 0,7x |
| Fair Value | 29,52₺ - 32,48₺ | 31,00₺ |
| Upside | 11,0% - 22,1% | 16,6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Erbosan Erciyas Boru Sanayii ve Ticaret A.S. | ERBOS | IBSE:ERBOS |
| Erciyas Çelik Boru Sanayi A.S. | ERCB | IBSE:ERCB |
| Yukselen Celik Anonim Sirketi | YKSLN | IBSE:YKSLN |
| Ayes Celik Hasir Ve Cit Sanayi A.S. | AYES | IBSE:AYES |
| Çemas Döküm Sanayi A.S. | CEMAS | IBSE:CEMAS |
| Dofer Yapi Malzemeleri Sanayi ve Ticaret A.S. | DOFER | IBSE:DOFER |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ERBOS | ERCB | YKSLN | AYES | CEMAS | DOFER | |||
| IBSE:ERBOS | IBSE:ERCB | IBSE:YKSLN | IBSE:AYES | IBSE:CEMAS | IBSE:DOFER | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 49.5% | 54.4% | 55.6% | 85.1% | 66.9% | NM- | ||
| 3Y CAGR | 51.5% | 90.4% | 31.8% | 77.2% | 78.1% | NM- | ||
| Latest Twelve Months | -17.8% | -12.3% | -23.8% | -4.3% | -21.1% | NM | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 16.3% | 10.8% | 16.4% | 4.4% | 6.1% | 1.7% | ||
| Prior Fiscal Year | 17.2% | 4.9% | 12.7% | 5.3% | -3.1% | 4.9% | ||
| Latest Fiscal Year | 11.8% | 5.2% | 10.1% | -0.1% | -9.0% | 2.7% | ||
| Latest Twelve Months | 11.8% | 5.2% | 10.1% | -0.1% | -9.0% | -0.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.87x | 1.42x | 1.38x | 0.22x | 1.70x | 0.57x | ||
| EV / LTM EBIT | 7.3x | 27.4x | 13.7x | -347.5x | -19.0x | -71.1x | ||
| Price / LTM Sales | 0.73x | 0.90x | 0.97x | 0.18x | 1.75x | 0.60x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.22x | 1.38x | 1.70x | |||||
| Historical EV / LTM Revenue | 0.00x | NM | 0.00x | |||||
| Selected EV / LTM Revenue | 0.64x | 0.68x | 0.71x | |||||
| (x) LTM Revenue | 2,524 | 2,524 | 2,524 | |||||
| (=) Implied Enterprise Value | 1,620 | 1,706 | 1,791 | |||||
| (-) Non-shareholder Claims * | 79 | 79 | 79 | |||||
| (=) Equity Value | 1,699 | 1,785 | 1,870 | |||||
| (/) Shares Outstanding | 55.8 | 55.8 | 55.8 | |||||
| Implied Value Range | 30.48 | 32.01 | 33.54 | |||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 30.48 | 32.01 | 33.54 | 26.60 | ||||
| Upside / (Downside) | 14.6% | 20.3% | 26.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ERBOS | ERCB | YKSLN | AYES | CEMAS | DOFER | |
| Enterprise Value | 3,902 | 10,206 | 2,125 | 1,679 | 3,281 | 1,404 | |
| (+) Cash & Short Term Investments | 549 | 430 | 30 | 466 | 76 | 201 | |
| (+) Investments & Other | 6 | 1 | 1 | 0 | 503 | 0 | |
| (-) Debt | (1,173) | (4,251) | (668) | (784) | (338) | (122) | |
| (-) Other Liabilities | 0 | 31 | 0 | 0 | (161) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,284 | 6,416 | 1,488 | 1,362 | 3,362 | 1,483 | |
| (/) Shares Outstanding | 20.0 | 77.8 | 250.0 | 150.0 | 791.0 | 55.8 | |
| Implied Stock Price | 164.20 | 82.50 | 5.95 | 9.08 | 4.25 | 26.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 164.20 | 82.50 | 5.95 | 9.08 | 4.25 | 26.60 | |
| 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 | |