Discounted Cash Flow (DCF) Analysis Levered

Turkcell Iletisim Hizmetleri A.S. (TKC)

$5.31

-0.05 (-0.93%)
All numbers are in Millions, Currency in USD
Stock DCF: 687.87 | 5.31 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 21,292.4725,137.1329,103.7435,920.5453,878.4968,324.9686,644.97109,877.14139,338.56176,699.49
Revenue (%)
Operating Cash Flow 5,829.859,026.5513,092.7919,947.2425,151.8628,763.4336,475.7846,256.0658,658.7274,386.92
Operating Cash Flow (%)
Capital Expenditure -5,430.38-6,016.18-7,781.70-9,876.73-14,085.60-17,739.11-22,495.51-28,527.24-36,176.27-45,876.24
Capital Expenditure (%)
Free Cash Flow 399.483,010.375,311.1010,070.5211,066.2611,024.3213,980.2717,728.8122,482.4528,510.68

Weighted Average Cost Of Capital

Share price $ 5.31
Beta 0.777
Diluted Shares Outstanding 873.24
Cost of Debt
Tax Rate -46.67
After-tax Cost of Debt 5.78%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.918
Total Debt 53,854.35
Total Equity 4,636.92
Total Capital 58,491.27
Debt Weighting 92.07
Equity Weighting 7.93
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 21,292.4725,137.1329,103.7435,920.5453,878.4968,324.9686,644.97109,877.14139,338.56176,699.49
Operating Cash Flow 5,829.859,026.5513,092.7919,947.2425,151.8628,763.4336,475.7846,256.0658,658.7274,386.92
Capital Expenditure -5,430.38-6,016.18-7,781.70-9,876.73-14,085.60-17,739.11-22,495.51-28,527.24-36,176.27-45,876.24
Free Cash Flow 399.483,010.375,311.1010,070.5211,066.2611,024.3213,980.2717,728.8122,482.4528,510.68
WACC
PV LFCF 10,405.2112,454.1414,906.5417,841.8521,355.16
SUM PV LFCF 76,962.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.95
Free cash flow (t + 1) 29,080.90
Terminal Value 736,225.26
Present Value of Terminal Value 551,449.71

Intrinsic Value

Enterprise Value 628,412.60
Net Debt 27,731.08
Equity Value 600,681.52
Shares Outstanding 873.24
Equity Value Per Share 687.87