Anadolu Hayat Emeklilik Anonim Sirketi (ANHYT.IS)

Industry: Insurance - Life Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
CSN.L	52	Chesnara plc	2,221	-	-	11.91	9.66	0.50	0.39
082640.KS	53	Tong Yang Life Ins	1,874	7.54	6.50	4.19	3.46	12.41	7.97
002423.SZ	54	COFCO Capital Hold	1,809	32.21	31.77	6.37	5.57	22.11	12.83
0376.HK	55	Yunfeng Financial	1,395	7.25	6.43	2.06	2.06	0.65	0.54
BLA-R.BK	56	Bangkok Life Assur	1,044	5.38	4.86	3.30	3.03	1.83	3.03
0662.HK	57	Asia Financial Hol	896	3.35	2.95	0.85	0.76	0.16	0.18
PNLF.JK	58	PT Panin Financial	883	4.70	4.86	-1.45	-1.18	-0.80	-1.25
ANHYT.IS	59	Anadolu Hayat Emek	783	7.22	4.51	4.62	2.92	4.48	2.96
NWLI	60	National Western L	744	16.66	17.41	-	-	6.06	15.33
PNIN.JK	61	PT Paninvest Tbk	665	3.19	3.11	-1.41	-1.10	-3.04	-1.78
RELIGARE.BO	62	Religare Enterpris	651	62.63	62.63	24.36	24.36	321.17	35.04
NOL.AX	63	NobleOak Life Limi	338	8.54	8.54	2.11	2.11	-	4.32
HSD.L	64	Hansard Global plc	334	9.83	12.49	0.73	0.74	1.92	1.76
IHC	65	Independence Holdi	300	6.92	7.11	6.41	6.66	13.03	5.92
CIA	66	Citizens, Inc.	247	24.19	24.19	18.62	18.62	14.68	19.75
7157.T	67	Lifenet Insurance	216	22.74	22.74	13.84	13.84	11.48	9.11

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.39	6.81	3.75	3.24	3.99	4.32
Full Range Median Multiple	8.04	7.83	5.28	4.51	8.77	5.92
Industry Multiple	15.37	15.40	7.89	7.57	33.83	8.94
Market Implied Multiple	8.29	5.18	5.45	3.45	5.29	3.50
Company (ANHYT.IS) Multiple	7.22	4.51	4.62	2.92	4.48	2.96
(*) Net Income / EBITDA / Revenue	126	202	161	255	166	251
Winsorized Enterprise Value	N/A	N/A	603	825	662	1,084
Full Range Median Enterprise Value	N/A	N/A	850	1,149	1,455	1,486
(-) Net Debt	-166	-166	-166	-166	-166	-166
Winsorized Equity Value	932	1,372	769	991	828	1,251
Full Range Median Equity Value	1,013	1,577	1,016	1,315	1,621	1,652
(/) Shares Outstanding	10	10	10	10	10	10
Winsorized Fair Value	$92.55	$136.28	$76.41	$98.47	$82.28	$124.23
Full Range Median Fair Value	$100.63	$156.68	$100.90	$130.62	$161.03	$164.12
Current Price	$103.70	$103.70	$103.70	$103.70	$103.70	$103.70
Upside / Downside	-10.75%	31.41%	-26.32%	-5.05%	-20.65%	19.79%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$64.79	$95.39	$53.49	$68.93	$57.60	$86.96
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy