Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi A.S. (BASGZ.IS)

Industry: Regulated Gas 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
600917.SS	33	Chongqing Gas Grou	1,473	34.49	37.34	19.28	19.97	109.71	31.19
SPH	34	Suburban Propane P	1,433	11.46	10.24	4.77	4.75	-	5.48
CEGR3.SA	35	Companhia Distribu	1,360	34.30	29.97	17.51	15.24	28.36	37.80
8174.T	36	Nippon Gas Co., Lt	1,293	22.72	20.83	8.12	7.18	21.96	12.82
NWN	37	Northwest Natural	1,266	18.41	16.68	9.69	8.46	-	14.63
017390.KS	38	Seoul City Gas Co.	1,232	5.94	5.32	1.99	1.69	25.92	10,411.31
267290.KS	39	Kyungdong City Gas	1,231	4.13	3.82	0.95	0.86	7.09	2.82
BASGZ.IS	40	Baskent Dogalgaz D	1,021	7.22	7.22	4.76	4.76	-	9.83
600903.SS	41	Guizhou Gas Group	951	-	-	26.65	27.90	213.94	118.01
9908.HK	42	JiaXing Gas Group	940	2.86	2.86	2.32	2.32	4.13	2.92
600635.SS	43	Shanghai Dazhong P	881	29.75	27.64	39.57	41.15	491.99	37.21
016710.KS	44	Daesung Holdings C	841	5.29	5.97	1.55	1.48	-	6.23
015360.KS	45	INVENI Co., Ltd.	809	3.24	3.24	2.87	1.92	3.59	2.46
600681.SS	46	Bestsun Energy Co.	751	15.21	16.34	11.39	12.48	29.21	14.60
603053.SS	47	Chengdu Gas Group	744	19.05	18.41	9.39	8.98	11.04	10.95
0681.HK	48	Chinese People Hol	722	-	-	-1.11	-0.91	-2.04	-2.05

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.46	10.24	6.44	5.97	21.96	11.89
Full Range Median Multiple	15.21	16.34	8.76	7.82	25.92	13.71
Industry Multiple	15.91	15.28	11.15	11.03	86.09	764.89
Market Implied Multiple	7.95	7.95	5.22	5.22	-	10.78
Company (BASGZ.IS) Multiple	7.22	7.22	4.76	4.76	-	9.83
(*) Net Income / EBITDA / Revenue	87	87	138	138	-85	67
Winsorized Enterprise Value	N/A	N/A	892	826	-1,859	797
Full Range Median Enterprise Value	N/A	N/A	1,212	1,083	-2,194	919
(-) Net Debt	30	30	30	30	30	30
Winsorized Equity Value	998	892	861	796	-1,889	766
Full Range Median Equity Value	1,324	1,423	1,182	1,052	-2,225	888
(/) Shares Outstanding	16	16	16	16	16	16
Winsorized Fair Value	$60.88	$54.41	$52.57	$48.54	$-115.28	$46.75
Full Range Median Fair Value	$80.77	$86.80	$72.10	$64.20	$-135.75	$54.20
Current Price	$42.22	$42.22	$42.22	$42.22	$42.22	$42.22
Upside / Downside	44.20%	28.87%	24.51%	14.97%	-373.05%	10.72%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$42.62	$38.09	$36.80	$33.98	$-80.70	$32.72
Buy / Don't Buy	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy