EREGL.IS
EREGLI DEMIR CELIKOpenEREGL.IS discounted cash flow valuation
EREGL.IS Fair Value
Reverse DCF: today's price implies -12.8% a year of FCF growth for years 1–5, against 25.0% in this model.
Model: 25.0% from analyst next-year EPS & revenue growth (capped). Fades linearly to terminal growth by year 10.
Model: 8.20% (CAPM, see the build-up).
Long-run growth after year 10; keep it at or below nominal GDP.
Value Bridge
| PV of free cash flow, years 1–10 | TRY 798.34B |
|---|---|
| PV of terminal value (68% of EV) | TRY 1.70T |
| Enterprise value | TRY 2.50T |
| + Cash & investments | TRY 121.56B |
| − Total debt | −TRY 161.07B |
| Equity value | TRY 2.46T |
| ÷ Shares outstanding | 6.72B |
| Value per share | TRY 365.83 |
| Market cap | TRY 251.80B |
Discount Rate Build-up
| Risk-free rate (10-yr Treasury) | 5.22% |
|---|---|
| Beta (clamped 0.5–2.5) | 0.98 |
| Equity risk premium | 5.00% |
| Cost of equity (CAPM) | 10.13% |
| Pre-tax cost of debt | 6.92% |
| Tax rate | 25.0% |
| Debt / (equity + debt) | 39.0% |
| WACC | 8.20% |
Cost of debt is interest expense ÷ total debt, held between the risk-free rate and 12%.
Free Cash Flow: History and Projection
Sensitivity: Value per Share
| WACC ↓ / g → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 6.20% | 482.48 | 532.98 | 597.12 | 681.28 | 796.61 |
| 7.20% | 386.24 | 418.01 | 456.53 | 504.21 | 564.77 |
| 8.20% | 319.23 | 340.66 | 365.83 | 395.85 | 432.24 |
| 9.20% | 270.03 | 285.22 | 302.66 | 322.92 | 346.72 |
| 10.20% | 232.48 | 243.65 | 256.26 | 270.62 | 287.12 |
Green is above today's price, red below (full colour at ±30%). The outlined centre cell is the current inputs.
Projected Cash Flows
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Base (TTM) | — | TRY 39.86B | — | — |
| Year 1 | 25.0% | TRY 49.83B | 0.924 | TRY 46.05B |
| Year 2 | 25.0% | TRY 62.28B | 0.854 | TRY 53.20B |
| Year 3 | 25.0% | TRY 77.86B | 0.789 | TRY 61.46B |
| Year 4 | 25.0% | TRY 97.32B | 0.730 | TRY 71.01B |
| Year 5 | 25.0% | TRY 121.65B | 0.674 | TRY 82.03B |
| Year 6 | 20.5% | TRY 146.59B | 0.623 | TRY 91.36B |
| Year 7 | 16.0% | TRY 170.04B | 0.576 | TRY 97.94B |
| Year 8 | 11.5% | TRY 189.60B | 0.532 | TRY 100.93B |
| Year 9 | 7.0% | TRY 202.87B | 0.492 | TRY 99.81B |
| Year 10 | 2.5% | TRY 207.94B | 0.455 | TRY 94.55B |
Method
Two-stage free-cash-flow model, the same as the bot's lgf dcf: five years at the chosen growth rate, a straight-line fade to terminal growth by year ten, then a Gordon-growth terminal value. Everything is discounted at WACC.
Base cash flow is the trailing four quarters of operating cash flow minus capital expenditure (the latest fiscal year when quarters are missing). Default growth uses analyst long-term growth when Yahoo publishes it, else the average of next year's EPS and revenue growth, else revenue CAGR, held between −5% and 25%.
A DCF is only as good as its inputs. The terminal value is usually most of the answer, so read the sensitivity grid before the headline number. This is a model, not investment advice.