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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.9x - 7.7x | 7.3x |
| Selected Fwd EBITDA Multiple | 4.7x - 5.2x | 5.0x |
| Fair Value | €26.38 - €29.88 | €28.13 |
| Upside | -7.1% - 5.2% | -0.9% |
| Benchmarks | Ticker | Full Ticker |
| Fraport AG | FRA | DB:FRA |
| Trabzon Liman Isletmeciligi Anonim Sirketi | TLMAN | IBSE:TLMAN |
| Çelebi Hava Servisi A.S. | CLEBI | IBSE:CLEBI |
| Abu Dhabi Ports Company PJSC | ADPORTS | ADX:ADPORTS |
| Carboclor S.A. | CARC | BASE:CARC |
| TAV Havalimanlari Holding A.S. | 5THA | BST:5THA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FRA | TLMAN | CLEBI | ADPORTS | CARC | 5THA | ||
| DB:FRA | IBSE:TLMAN | IBSE:CLEBI | ADX:ADPORTS | BASE:CARC | BST:5THA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.6% | 45.9% | 68.2% | 28.3% | 64.6% | 50.1% | |
| 3Y CAGR | 46.0% | 58.0% | 95.0% | 34.6% | 91.3% | 96.0% | |
| Latest Twelve Months | 7.3% | -30.0% | 66.6% | 56.4% | 115.2% | 62.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.1% | 50.9% | 23.4% | 34.1% | 15.2% | 21.8% | |
| Prior Fiscal Year | 27.8% | 46.8% | 26.4% | 22.0% | 8.4% | 28.4% | |
| Latest Fiscal Year | 26.9% | 35.3% | 24.9% | 23.2% | 15.4% | 26.7% | |
| Latest Twelve Months | 26.9% | 35.3% | 24.9% | 23.2% | 15.4% | 26.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.04x | 2.71x | 3.70x | 2.36x | 2.03x | 1.94x | |
| EV / LTM EBITDA | 11.3x | 7.7x | 14.8x | 10.2x | 13.2x | 7.2x | |
| EV / LTM EBIT | 19.2x | 14.2x | 16.8x | 15.9x | 49.8x | 10.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.7x | 11.3x | 14.8x | ||||
| Historical EV / LTM EBITDA | -30.4x | 6.8x | 17.0x | ||||
| Selected EV / LTM EBITDA | 6.9x | 7.3x | 7.7x | ||||
| (x) LTM EBITDA | 15,837 | 15,837 | 15,837 | ||||
| (=) Implied Enterprise Value | 109,639 | 115,409 | 121,180 | ||||
| (-) Non-shareholder Claims * | (24,352) | (24,352) | (24,352) | ||||
| (=) Equity Value | 85,286 | 91,057 | 96,827 | ||||
| (/) Shares Outstanding | 86.9 | 86.9 | 86.9 | ||||
| Implied Value Range | 980.95 | 1,047.32 | 1,113.69 | ||||
| FX Rate: TRY/EUR | 41.1 | 41.1 | 41.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 23.85 | 25.46 | 27.07 | 28.40 | |||
| Upside / (Downside) | -16.0% | -10.4% | -4.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FRA | TLMAN | CLEBI | ADPORTS | CARC | 5THA | |
| Enterprise Value | 13,628 | 1,670 | 73,779 | 41,411 | 24,545 | 125,927 | |
| (+) Cash & Short Term Investments | 3,298 | 332 | 4,887 | 2,811 | 2,964 | 15,353 | |
| (+) Investments & Other | 1,245 | 0 | 31 | 4,086 | 0 | 28,756 | |
| (-) Debt | (12,477) | (113) | (6,481) | (21,425) | 0 | (67,903) | |
| (-) Other Liabilities | (350) | 0 | (531) | (4,802) | 0 | (558) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,345 | 1,889 | 71,685 | 22,081 | 27,509 | 101,574 | |
| (/) Shares Outstanding | 92.4 | 21.0 | 24.3 | 5,087.9 | 1,091.6 | 86.9 | |
| Implied Stock Price | 57.85 | 89.95 | 2,950.00 | 4.34 | 25.20 | 1,168.29 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 41.14 | |
| Implied Stock Price (Trading Cur) | 57.85 | 89.95 | 2,950.00 | 4.34 | 25.20 | 28.40 | |
| Trading Currency | EUR | TRY | TRY | AED | ARS | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 41.14 | |