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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.8x - 17.5x | 16.6x |
| Selected Fwd EBITDA Multiple | 26.3x - 29.1x | 27.7x |
| Fair Value | ₺10.55 - ₺12.22 | ₺11.39 |
| Upside | -2.6% - 12.8% | 5.1% |
| Benchmarks | Ticker | Full Ticker |
| Tofas Türk Otomobil Fabrikasi Anonim Sirketi | TOASO | IBSE:TOASO |
| BYD Company Limited | BYDD.F | OTCPK:BYDD.F |
| Mercedes-Benz Group AG | MBGA.F | OTCPK:MBGA.F |
| Ford Otomotiv Sanayi A.S. | FROTO | IBSE:FROTO |
| Piaggio & C. SpA | PIA | BIT:PIA |
| Karsan Otomotiv Sanayii ve Ticaret A.S. | KARSN | IBSE:KARSN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TOASO | BYDD.F | MBGA.F | FROTO | PIA | KARSN | ||
| IBSE:TOASO | OTCPK:BYDD.F | OTCPK:MBGA.F | IBSE:FROTO | BIT:PIA | IBSE:KARSN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 21.3% | 49.9% | 16.5% | 62.4% | 19.1% | 19.2% | |
| 3Y CAGR | 3.1% | 75.0% | -4.3% | 57.2% | 31.6% | 30.8% | |
| Latest Twelve Months | -78.0% | 41.8% | -21.6% | -39.3% | 62.9% | 107.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.2% | 11.7% | 12.1% | 10.1% | 13.3% | 11.0% | |
| Prior Fiscal Year | 13.4% | 12.7% | 14.0% | 10.2% | 14.1% | 3.8% | |
| Latest Fiscal Year | 4.3% | 14.0% | 11.5% | 6.2% | 26.8% | 7.9% | |
| Latest Twelve Months | 4.3% | 14.0% | 11.5% | 6.2% | 26.8% | 7.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.68x | 1.14x | 0.87x | 0.76x | 0.64x | 1.34x | |
| EV / LTM EBITDA | 15.9x | 8.2x | 7.6x | 12.3x | 2.4x | 17.0x | |
| EV / LTM EBIT | 33.3x | 19.3x | 10.1x | 15.9x | 3.1x | 20.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.4x | 8.2x | 15.9x | ||||
| Historical EV / LTM EBITDA | -67.7x | 17.0x | 41.9x | ||||
| Selected EV / LTM EBITDA | 15.8x | 16.6x | 17.5x | ||||
| (x) LTM EBITDA | 856 | 856 | 856 | ||||
| (=) Implied Enterprise Value | 13,536 | 14,249 | 14,961 | ||||
| (-) Non-shareholder Claims * | (4,754) | (4,754) | (4,754) | ||||
| (=) Equity Value | 8,783 | 9,495 | 10,208 | ||||
| (/) Shares Outstanding | 900.0 | 900.0 | 900.0 | ||||
| Implied Value Range | 9.76 | 10.55 | 11.34 | ||||
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.76 | 10.55 | 11.34 | 10.83 | |||
| Upside / (Downside) | -9.9% | -2.6% | 4.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TOASO | BYDD.F | MBGA.F | FROTO | PIA | KARSN | |
| Enterprise Value | 87,954 | 1,072,827 | 127,803 | 453,302 | 1,090 | 14,501 | |
| (+) Cash & Short Term Investments | 19,797 | 143,242 | 18,610 | 22,330 | 240 | 1,178 | |
| (+) Investments & Other | 0 | 30,239 | 13,105 | 954 | 0 | 52 | |
| (-) Debt | (27,901) | (40,460) | (112,798) | (123,922) | (701) | (5,984) | |
| (-) Other Liabilities | 0 | (13,437) | (1,005) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 79,850 | 1,192,411 | 45,715 | 352,665 | 629 | 9,747 | |
| (/) Shares Outstanding | 500.0 | 3,502.2 | 962.0 | 350.9 | 354.2 | 900.0 | |
| Implied Stock Price | 159.70 | 340.47 | 47.52 | 1,005.00 | 1.78 | 10.83 | |
| FX Conversion Rate to Trading Currency | 1.00 | 7.30 | 0.88 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 159.70 | 46.65 | 53.85 | 1,005.00 | 1.78 | 10.83 | |
| Trading Currency | TRY | USD | USD | TRY | EUR | TRY | |
| FX Rate to Reporting Currency | 1.00 | 7.30 | 0.88 | 1.00 | 1.00 | 1.00 | |