| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| FRA | TLMAN | CLEBI | ADPORTS | CARC | | 5THA | |
| DB:FRA | IBSE:TLMAN | IBSE:CLEBI | ADX:ADPORTS | BASE:CARC | | BST:5THA | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 3.7% | 58.0% | 59.2% | 44.3% | 80.7% | | 65.6% | |
| 3Y CAGR | 27.2% | 85.1% | 95.7% | 64.1% | 97.6% | | 95.8% | |
| Latest Twelve Months | 10.8% | -7.3% | 76.5% | 48.0% | 16.9% | | 72.0% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 4.5% | 41.3% | 19.7% | 22.1% | 4.3% | | 10.5% | |
| Prior Fiscal Year | 16.3% | 35.6% | 23.3% | 13.2% | -2.7% | | 19.7% | |
| Latest Fiscal Year | 15.8% | 19.0% | 22.1% | 14.9% | 4.1% | | 18.7% | |
| Latest Twelve Months | 15.8% | 19.0% | 22.1% | 14.9% | 4.1% | | 18.7% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 3.05x | 2.82x | 3.85x | 2.40x | 2.04x | | 1.90x | |
| EV / LTM EBIT | 19.2x | 14.8x | 17.4x | 16.1x | 50.0x | | 10.2x | |
| Price / LTM Sales | 1.20x | 3.19x | 3.74x | 1.28x | 2.29x | | 1.48x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 2.04x | 2.82x | 3.85x | | | | | |
| Historical EV / LTM Revenue | 1.76x | 2.21x | 11.18x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 2.23x | 2.35x | 2.47x | | | | | |
| (x) LTM Revenue | 59,211 | 59,211 | 59,211 | | | | | |
| (=) Implied Enterprise Value | 132,171 | 139,127 | 146,083 | | | | | |
| (-) Non-shareholder Claims * | (24,352) | (24,352) | (24,352) | | | | | |
| (=) Equity Value | 107,818 | 114,775 | 121,731 | | | | | |
| (/) Shares Outstanding | 86.9 | 86.9 | 86.9 | | | | | |
| Implied Value Range | 1,240.11 | 1,320.12 | 1,400.13 | | | | | |
| FX Rate: TRY/EUR | 41.1 | 41.1 | 41.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 30.15 | 32.09 | 34.04 | | 28.40 | | | |
| Upside / (Downside) | 6.1% | 13.0% | 19.8% | | | | | |