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Indeks Bilgisayar announced that its fully owned subsidiary Telkos A.S. signed a revenue sharing agreement with Seba Vadi Insaat for its 40k sqm plot. The contract stipulates the following:
Teklos font will have a 46.5% stake in total revenues, while Seba Insaat will have a 53.6% stake.
Seba Insaat will receive a construction permit by the end of September 2013.
The construction is expected or required to be completed in 36 months after the construction permit is granted.
Seba Insaat guarantees a minimum sale price of USD 3,806/sqm.
According to the announcement, Teklos is expected to collect at least USD 88.5mn (Excluding VAT: USD 75mn) in revenues from the project within a 36-month period. Indeks Bilgisayar currently trades at USD 141.7mn. Assuming Teklos has no value from its core operations and the company's value only consists of the value of plot, then the market implied core business value of Indeks Bilgisayar would be USD 66.7mn, which represents 2.5x current EV/EBITDA and 6.3x current P/E. Although the stock outperformed the benchmark ISE100 by 22% and 20% for three months and 12 months, respectively, we believe there is still a major upside potential for the stock based on the implied multiples.
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