Enka Holding Yatirim Anonim Sirketi
IBSE-ENKA
BUILD UP FREE CASH | 1999-12-31 (A) | 2000-12-31 (A) | 2001-12-31 (A) | 2002-12-31 (E) | 2003-12-31 (E) | 2004-12-31 (E) | 2005-12-31 (E) | 2006-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 5.7 | 214.1 | 258.7 | 258.7 | 258.7 | 258.7 | 258.7 | 258.7 |
Revenue % Chg. | -99.3% | 3,643.1% | 20.8% | |||||
EBIT | 6.5 | 55.7 | 58.6 | 139.6 | 139.6 | 139.6 | 139.6 | 139.6 |
EBIT Margin | 113.3% | 26% | 22.6% | |||||
Tax Rate | 22.3% | 33.7% | -15.7% | |||||
NOPAT | 5 | 36.9 | 67.8 | 120.8 | 120.8 | 120.8 | 120.8 | 120.8 |
NOPAT Margin | 88% | 17.2% | 26.2% | 46.7% | 46.7% | 46.7% | 46.7% | 46.7% |
D&A | 0.1 | 8.7 | 8.8 | 7.3 | 7.3 | 7.3 | 7.3 | 7.3 |
D&A / Revenue | 1% | 4.1% | 3.4% | |||||
Capex | — | -139.8 | -24.2 | -64.4 | -64.4 | -64.4 | -64.4 | -64.4 |
Capex / Revenue | — | -65.3% | -9.4% | |||||
Chg. NWC | 0.5 | 12.7 | 2.6 | 13.9 | 13.9 | 13.9 | 13.9 | 13.9 |
Chg. NWC / Revenue | 9.1% | 5.9% | 1% | |||||
Unlevered FCF (UFCF) | 5.6 | -81.4 | 55 | 77.7 | 77.7 | 77.7 | 77.7 | 77.7 |
UFCF % Chg. | — | -1,550.4% | -167.5% | 41.2% | — | — | — | — |
PV of UFCF | — | — | — | 65.5 | 55.2 | 46.5 | 39.2 | 33.1 |
Sum of PV of UFCF | — | — | — | 65.5 | 120.7 | 167.3 | 206.5 | 239.6 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 8.9% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 18.6% |
| Total Debt | 70.1 |
| Market Cap | 26,194.6 |
| Total Capital | 26,264.6 |
| Debt Weighting | 0.3% |
| Equity Weighting | 99.7% |
| WACC | 18.6% |
| Exit Multiple EV/FCF | |
| Terminal Value | 26,199.6 |
| PV of Terminal Value | 9,407 |
| Cumulative PV of UFCF | 239.6 |
| Net Debt | 29 |
| Equity Value | 9,617.5 |
| Shares Outstanding | 9,705.3 |
| Implied Share Price | 1 |
| Current Share Price | 2.7 |
| Implied Upside / (Downside) | -63.3% |