| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| GWIND | AKSUE | AKENR | AKSEN | MAGEN | | TATEN | |
| IBSE:GWIND | IBSE:AKSUE | IBSE:AKENR | IBSE:AKSEN | IBSE:MAGEN | | IBSE:TATEN | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 56.9% | 40.0% | 69.5% | 41.5% | NM- | | NM- | |
| 3Y CAGR | 63.6% | 53.3% | 86.7% | 31.6% | 30.6% | | 87.0% | |
| Latest Twelve Months | -11.9% | -15.3% | -25.4% | -37.7% | 3.6% | | 45.3% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 61.9% | 41.2% | 6.0% | 15.2% | 28.7% | | 47.5% | |
| Prior Fiscal Year | 55.0% | 23.5% | 5.6% | 18.5% | 19.8% | | 55.1% | |
| Latest Fiscal Year | 42.2% | 3.5% | -0.9% | 16.9% | 5.2% | | 50.3% | |
| Latest Twelve Months | 42.2% | 3.5% | -0.9% | 16.9% | 5.2% | | 50.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 6.19x | 10.83x | 0.94x | 2.28x | 32.08x | | 8.40x | |
| EV / LTM EBIT | 14.6x | 311.9x | -107.2x | 13.5x | 611.5x | | 16.7x | |
| Price / LTM Sales | 5.77x | 17.52x | 0.29x | 1.30x | 31.95x | | 5.08x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.94x | 6.19x | 32.08x | | | | | |
| Historical EV / LTM Revenue | 5.70x | 7.05x | 8.40x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 6.95x | 7.31x | 7.68x | | | | | |
| (x) LTM Revenue | 1,964 | 1,964 | 1,964 | | | | | |
| (=) Implied Enterprise Value | 13,647 | 14,366 | 15,084 | | | | | |
| (-) Non-shareholder Claims * | (6,510) | (6,510) | (6,510) | | | | | |
| (=) Equity Value | 7,138 | 7,856 | 8,574 | | | | | |
| (/) Shares Outstanding | 280.5 | 280.5 | 280.5 | | | | | |
| Implied Value Range | 25.45 | 28.01 | 30.57 | | | | | |
| FX Rate: TRY/TRY | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 25.45 | 28.01 | 30.57 | | 35.98 | | | |
| Upside / (Downside) | -29.3% | -22.2% | -15.0% | | | | | |