hurriyet valuation updated new last2

7/30/2019 Hurriyet Valuation Updated New Last2

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DCF #NAME? #NAME? Margin

In Million USD 0%

US$mn 2006 2007 2008F 2009F 2010F 2011F 2012F 2013F

US$/YTL Avg. 1.431 1.300 1.298 1.580 1.460 1.504 1.549 1.595

Revenues - 702 297 153 155 184 197 207

Growth (%) #DIV/0! -57.7% -48.4% 1.1% 18.8% 7.0% 5.2%

EBITDA - 150 55 29 31 39 41 44

Margin(%) #DIV/0! 21.3% 18.7% 19.0% 20.0% 21.0% 21.0% 21.0%

EBIT - 57 50 24 22 30 32 35

Unlevered taxes - (21) (18) (9) (8) (11) (12) (13)

Effective tax rate (%) -30% -37% -37% -37% -37% -37% -37% -37%

NOPAT - 36 31 15 14 19 20 22

Capital expenditures 6 6 6 6 9 9 9 9

Depreciation & amortisation 6 6 6 6 9 9 9 9

Change in working capital - 3 1 (1) 0 1 1 0

Unlevered free-cash-flow 35 33 15 16 13 17 20 21

WACC at Target D/TC of 25% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9% 10.9%

Discount multiplier 1.00 1.00 1.00 0.90 0.81 0.73 0.66

Cost of Equity 13.0% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6%

Cost of Debt (after tax) 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

#NAME? Value

FCF 92

Terminal [email protected]% 130

Value of company #NAME?

Net Debt & Value of real estate for sale 300 #VALUE!Minority Interest @ DCF Value #VALUE! #VALUE!

Implied Equity Value #NAME? #NAME?Current Mcap #NAME? #NAME? #NAME?

Implied Value per share (YTL) #NAME?

Upside from current value #NAME?

12 Month Target #NAME?

Revenue Summary (US$ mn) 2006 2007F 2008F 2009F 2010F 2011F 2012F 2013F

Revenues 441.8 702.5 769.5 499.5 551.8 602.5 601.5 608.2

Cost of Sales (295.7) (413.2) (142.6) (78.2) (396.7) (449.8) (436.8) (432.7)

Gross Profit 146.1 289.3 626.9 421.3 155.1 152.7 164.8 175.5

Operating Expenses (85.4) (199.8) (154.4) (74.2) (76.3) (86.6) (88.3) (90.8)

Operating Profit 60.7 89.5 477.7 347.1 78.8 66.0 76.5 84.8

EBITDA 96.8 149.8 55.4 29.1 31.0 38.7 41.4 43.5

Other Income, net 26.8 (10.6) (9.5) (5.0) (4.0) (4.0) (3.0) (3.0)

Income Statement Forecasts



Net financial income (exp.) (8.9) 36.9 (7.0) (5.0) (5.0) (5.0) (5.0) (5.0)

Profit Before Taxes 79.6 108.7 392.7 333.1 65.8 53.0 64.5 72.8

Income Tax (6.9) (36.7) (82.6) (69.0) (15.9) (14.6) (17.4) (19.4)

Minority Interest 0.9 (7.1) (7.3) (3.3) (3.6) (5.0) (5.5) (5.9)

Net Profit 72.8 72.4 302.8 260.7 46.4 33.4 41.6 47.4

Net Sales 308.7 540.4 592.8 316.1 377.9 400.6 388.3 381.2

EBITDA - 149.8 55.4 29.1 31.0 38.7 41.4 43.5

Net Profit 72.8 72.4 302.8 260.7 46.4 33.4 41.6 47.4



0.146



Growth

0%

2014F 2015F 2016F

1.643 1.693 1.743 0.821519 0.616139

216 218 220

4.3% 1.0% 1.0%

45 46 46

21.0% 21.0% 21.0%

36 37 37

(13) (14) (14)

-37% -37% -37%

23 23 23

9 9 9

9 9 9

0 0 0

23 23 23

10.9% 10.9% 10.9%

0.60 0.54 0.48

12.6% 12.6% 12.6%

6.0% 6.0% 6.0%

#NAME? 5.630137 1.691499

0

2014F 2015F

613.3 612.9 -35%

(428.2) (421.8)

185.2 191.1

(92.6) (92.5)

92.5 98.6

45.4 45.8 -0.474242

(3.0) (3.0)



(5.0) (5.0)

80.5 86.6

(21.3) (22.6)

(6.3) (6.4)

53.0 57.7

373.2 362.1

45.4 45.8

53.0 57.7

#NAME? -2.0% -1.0% 0.0% 1.0% 2.0%

-2.0% #NAME? #NAME? #NAME? #NAME? #NAME?

-1.0% #NAME? #NAME? #NAME? #NAME? #NAME?

0.0% #NAME? #NAME? #NAME? #NAME? #NAME?



Upside PotentialChange in growth rates relative to base case

C h a n g e i n

E B I T D A

m a r g i n

r e l a t i v e t o

b a s e c a s e



DCF HURGZ #NAME? #NAME?

In Million USD

US$mn 2005 2006 2007F 2008F 2009F 2010F 2011F

US$/YTL Avg. 1.340 1.431 1.300 1.298 1.580 1.460 1.504

Revenues - - - - - -

Growth (%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

EBITDA - - - - - -

Margin(%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

EBIT - - - - - -

Unlevered taxes - - - - - -

Effective tax rate (%) -20% -20% -20% -20% -20% -20%

NOPAT - - - - - -

Capital expenditures - - - - - -

Depreciation & amortisation - - - - - -

Change in working capital - - - - - -

Unlevered free-cash-flow - - - - - -

WACC at Target D/TC of 25% 10.9% 10.9% 10.9% 10.9% 10.9%

Discount multiplier 1.00 0.90 0.81 0.73 0.66

Cost of Equity 13.0% 12.6% 12.6% 12.6% 12.6% 12.6%

Cost of Debt (after tax) 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

NPV as of 02/06/2007 Value

FCF 0

Terminal [email protected]% 2.0% 0


28.4615

Revenue Summary (US$ mn) 2005 2006 2007F 2008F 2009F 2010F 2011F

Revenues 441.8 486.7 472.6 346.2 396.8 418.4

Cost of Sales - - - - (319.2) (359.6)

Gross Profit 441.8 486.7 472.6 346.2 77.6 58.8

Operating Expenses - - (23.7) (19.2) (20.8) (22.4)

Operating Profit 441.8 486.7 448.9 327.0 56.8 36.4

EBITDA 96.8 - - - - -

Other Income, net 26.8 (3.9) (5.0) (5.0) (4.0) (4.0)




Net financial income (exp.) (8.9) 32.7 (75.0) (3.0) (3.0) (3.0)

Profit Before Taxes 79.6 84.6 368.9 319.0 49.8 29.4

Income Tax (6.9) (19.2) (73.8) (63.8) (10.0) (5.9)

Minority Interest - - - - - -

Net Profit 72.8 66.2 295.1 255.2 39.9 23.5



0.146



Margin Growth

0% 0%

2012F 2013F 2014F 2015F 2016F

1.549 1.595 1.643 1.693 1.743

- - - - -

0.0% 0.0% 0.0% 0.0% 0.0%

- - - - -

0.0% 0.0% 0.0% 0.0% 0.0%

- - - - -

- - - - -

-20% -20% -20% -20% -20%

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

10.9% 10.9% 10.9% 10.9% 10.9%

0.60 0.54 0.48 0.44 0.39

12.6% 12.6% 12.6% 12.6% 12.6%

6.0% 6.0% 6.0% 6.0% 6.0%

#DIV/0!

2012F 2013F 2014F 2015F

404.5 401.0 397.2 394.6

(340.2) (331.1) (322.3) (314.9)

64.3 69.8 74.9 79.8

(20.2) (19.6) (18.8) (18.0)

44.1 50.2 56.1 61.7

- - - -

(3.0) (3.0) (3.0) (3.0)



(3.0) (3.0) (3.0) (3.0)

38.1 44.2 50.1 55.7

(7.6) (8.8) (10.0) (11.1)

- - - - -

30.5 35.4 40.1 44.6

0% -2.0% -1.0% 0.0%

-2.0% #NAME? #NAME? #NAME?

-1.0% #NAME? #NAME? #NAME?

0.0% #NAME? #NAME? #NAME?



Upside PotentialChange in growth rates relative t

C h a n g e i n

E B I T D A m a r g i n

r e l a t i v e t o

b a s e c a s e



1.0% 2.0%

#NAME? #NAME?

#NAME? #NAME?

#NAME? #NAME?

#NAME? #NAME?

#NAME? #NAME?

base case



DCF HURGZ 4/28/2008 #NAME?

In Million USD 68.76

US$mn 2005 2006 2007F 2008F 2009F 2010F 2011F

US$/YTL Avg. 1.340 1.431 1.300 1.220 1.580 1.460 1.504

Revenues - 226 279 297 153 155 184

Growth (%) 23.7% 11.0% -20.0% 7.0% 18.8%

EBITDA 57 62 55 29 31 39

Margin(%) 25.4% 22.3% 22.0% 19.0% 20.0% 21.0%

EBIT 52 57 50 24 22 30

Unlevered taxes (17) (21) (18) (9) (8) (11)

Effective tax rate (%) -33% -37% -37% -37% -37% -37%

NOPAT 35 36 31 15 14 19

Capital expenditures 6 6 6 6 6 9 9

Depreciation & amortisation 6 6 6 6 6 9 9

Change in working capital - 3 1 (1) 0 1

Unlevered free-cash-flow 35 33 15 16 13 17

WACC at Target D/TC of 25% 10.9% 10.9% 10.9% 10.9% 10.9%

Discount multiplier 1.00 0.90 0.81 0.73 0.66

Cost of Equity 13.0% 12.6% 12.6% 12.6% 12.6% 12.6%

Cost of Debt (after tax) 6.0% 6.0% 6.0% 6.0% 6.0% 6.0%

NPV as of 02/06/2007 Value

FCF 101

Terminal [email protected]% 2.0% 106

Value of company #VALUE!

Net Debt 78

Equity Value #VALUE!

11.18 22 10.82

Revenue Summary (US$ mn) 2005 2006 2007F 2008F 2009F 2010F 2011F

Revenues 211.4 279.1 296.9 153.3 155.0 184.1

Cost of Sales (98.4) (133.8) (142.6) (78.2) (77.5) (90.2)

-48% -51% -50% -49%

Gross Profit 113.0 145.3 154.3 75.1 77.5 93.9

G & A Expenses (55.7) (83.0) (104.1) (46.0) (46.5) (55.2)

Stock-based Compensation/Goodwill (3.4) (3.5) (12.3)

Depreciation & Amortization (6.2) (8.4) (9.8) (9.0) (9.0) (9.0)

Other Operating Costs (1.4) (8.9) (4.5) - - -

Operating Profit 46.3 41.5 28.8 20.1 22.0 29.7

EBITDA 57.3 62.3 55.4 29.1 31.0 38.7




EBITDA Margin % 25.4% 22.3% 18.7% 19.0% 5.6% 13.8%

FX Gain & Other 0.9 8.8 2.0 1.0 1.0 1.0

Net financial income (exp.) (12.4) (13.6) (7.0) (7.0) (7.0) (7.0)

Profit Before Taxes 34.8 36.7 23.8 14.1 16.0 23.7

Income Tax (17.2) (25.7) (8.8) (5.2) (5.9) (8.8)

Minority Interest (4.3) (7.1) (3.6) (0.6) (0.4) (0.2)

Net Profit from Continuing 13.3 3.9 11.4 8.3 9.7 14.7

Net Income

Net Sales 211.4 279.1 296.9 153.3 155.0 184.1

EBITDA 57.3 62.3 55.4 29.1 31.0 38.7

Net Profit 13.3 3.9 11.4 8.3 9.7 14.7



0.146



Margin Growth

0% 0%

2012F 2013F 2014F 2015F 2016F

1.549 1.595 1.643 1.693 1.743

197 207 216 218 220 0.9764677.0% 5.2% 4.3% 1.0% 1.0%

41 44 45 46 46

21.0% 21.0% 21.0% 21.0% 21.0%

32 35 36 37 37

(12) (13) (13) (14) (14)

-37% -37% -37% -37% -37%

20 22 23 23 23

9 9 9 9 9

9 9 9 9 9

1 0 0 0 0

20 21 23 23 23

10.9% 10.9% 10.9% 10.9% 10.9%

0.60 0.54 0.48 0.44 0.39

12.6% 12.6% 12.6% 12.6% 12.6%

6.0% 6.0% 6.0% 6.0% 6.0%

#DIV/0!

2012F 2013F 2014F 2015F 2016F

197.0 207.3 216.1 218.3 220.5

(96.5) (101.6) (105.9) (107.0) (108.0)

-49% -49% -49% -49% -49%

100.5 105.7 110.2 111.3 112.4

(59.1) (62.2) (64.8) (65.5) (66.1)

(9.0) (9.0) (9.0) (9.0) (9.0)

- - - - -

32.4 34.5 36.4 36.8 37.3

41.4 43.5 45.4 45.8 46.3



15.4% 16.5% 17.6% 17.3% 17.0%

1.0 1.0 1.0 1.0 1.0

(7.0) (7.0) (7.0) (7.0) (7.0)

26.4 28.5 30.4 30.8 31.3

(9.8) (10.6) (11.2) (11.4) (11.6)

(0.1) (0.1) (0.0) (0.0) (0.0)16.5 17.9 19.1 19.4 19.7

-

197.0 207.3 216.1 218.3

41.4 43.5 45.4 45.8

16.5 17.9 19.1 19.4

0% -2.0% -1.0% 0.0%

-2.0% -23% -14% -4%

-1.0% -20% -11% -1%

0.0% -17% -8% 3%

1.0% -14% -4% 7%

2.0% -11% -1% 11%

Upside PotentialChange in growth rates relative t

C h a n

g e i n

E B I T D A

m a r g i n

r e l a t i v e

t o b a s e

c a

s e



1.0% 2.0%

8% 23%

12% 27%

16% 32%

20% 37%

24% 42%

base case



2005 2006 2007 2008 2009

Spot media advertising market, total (US$)* 5,060 6,300 7,765 9,102 10,548%ch YoY 29 25 23 17 16Spot media advertising market, total (RBL) 135,109 170,097 201,895 233,933 268,977%ch YoY 28 24 19 16 15Television (%) 46% 51.00 53.00 55.00 56.00

Radio (%) 5.90 5.70 5.50 5.30 5.00Printed press (%) 27.50 24.80 22.80 21.30 20.30Newspapers (%) 5.70 5.20 4.80 4.40 4.20Magazines (%) 11.50 10.70 10.00 9.40 9.00Classifieds (%) 10.30 8.90 8.10 7.40 7.10Outdoor (%) 18.00 15.20 14.70 13.80 13.60

Internet (%) 2.20 3.00 3.70 4.30 4.80Other (%) 0.40 0.40 0.40 0.40 0.40Total ATL market (%) 100.00 100.00 100.00 100.00 100.00Classifieds revenue (US$) 135.5 152.5 171.6 189.6 211.4%ch YoY 13.6 12.6 12.5 10.5 11.5Classifieds revenue (RBL) 3825.3 4118 4462.2 4871.5 5389.5

%ch YoY 12.6 7.7 8.4 9.2 10.6Market share of classifieds (%) 27.5 28.2 28.3 29.3 31.1Internet revenue (US$) 1.1 3.6 5.4 8.2 11.1

Internet revenue (RBL) 31.1 86 140.9 210 282.5%ch YoY 176.9 63.9 49 34.5 29.2 As % of Russia, Baltics and CIS revenues 0.8 2 3.1 4.1 5Market share of internet (%) 1 1.7 1.9 2.1 2.2Total revenue - Russia, Baltics and CIS (US$) 136.6 155.7 177 197.7 222.4%ch YoY 14.5 14 13.7 11.7 12.5Total revenue - Russia, Baltics and CIS (RBL) 3,856.30 4,204.00 4,603.20 5,081.50 5,672.00

Regions 58.4 75.3 101.5 119.8 58.2 29.0% 26.0% 18.0% 5.0%

Moscow 77.1 72.9 83.4 90.9 49.5 -5.5% 14.5% 9.0% 3.0%

Total 135.5 148.2 184.9 210.7 107.7 9.4% 24.8% 13.9% -48.9%

Regions 14.6 12.8 23.9 26.3 8.7 25% 24% 24% 22% 15%

Moscow 39.7 34.5 33.9 31.8 12.4 52% 42% 41% 35% 25%

EBITDA 54.3 47.3 57.7 58.2 21.1

Total Revenues 225.8 279.2 295.6 153.3

24% 6% -48% 191.5 211.4

Cost of Sales 85.1 104.6 138.1 146.2 75.2 44.4% 49.5% 49.5% 49.5% 49.5%

Depreciation & Amortisation Expense 5.9 6.2 6.2 9.0 9.0

Operating Expenses 46.5 55.7 70.94 80.72 70.60 Stock based compensation 3.4 3.5 0 0



Operational EBITDA 54.8 65.2 76.3 77.6 16.5 EBITDA Margin 28.9% 27.3% 26.3% 10.8%

Headquarter & Competency Centre Costs 7.9 14.0 12.5 12.9 3%

Consolidated 57.3 62.3 65.1 3.6

25.4% 22.3% 22.0% 2.4%

Depreciation & Amortization 6.0 6.2 8.4 7.0 9.0

Investments 5.5 5.5 5.5 5.5 5.5

NOPLAT 32.2 38.9 44.8 46.6 5.0 Effective Tax Rate

Free Cash Flow 32.7 39.6 47.7 48.1 8.5



2010 2011 2012 2013 2014 2015

12,245 14,079 15,475 16,851 18,183 19,72916 15 10 9 8 9

314,690 363,230 402,350 438,129 472,764 512,95617 15 11 9 8 9

57.00 58.00 58.50 59.00 59.50 60.00

4.70 4.50 4.20 4.00 3.70 3.5019.30 18.30 17.90 17.50 17.10 16.70

4.00 3.80 3.70 3.60 3.60 3.508.50 8.10 7.90 7.70 7.60 7.406.70 6.40 6.20 6.10 6.00 5.80

13.40 13.20 12.90 12.70 12.50 12.60

5.30 5.80 6.20 6.60 6.90 7.000.40 0.40 0.40 0.40 0.40 0.40

100.00 100.00 100.00 100.00 100.00 100.00232.3 246.2 260.7 276.2 290.7 306.1

9.9 6 5.9 6 5.3 5.35971.8 6,353.70 6,777.90 7,181.80 7,558.90 7,959.50

10.8 6.4 6.7 6 5.3 5.332.6 33.6 35 36.5 38.4 40.214.2 17.9 21 24.4 27.5 30.3

365.1 461.4 546.5 633.6 714.9 78726.4 18.4 15.9 12.8 10.15.8 6.8 7.5 8.1 8.6 92.2 2.2 2.2 2.2 2.2 2.2

246.6 264.2 281.7 300.6 318.2 336.410.9 7.1 6.6 6.7 5.9 5.7

6,337.00 6,815.10 7,324.40 7,815.50 8,273.90 8,746.50

65.2 72.4 78.9 84.4 88.6 89.5 90.4 12.0% 11% 9.0% 7.0% 5.0% 1.0% 1.0%

53.5 55.6 57.8 59.6 61.3 62.0 62.6 8.0% 4.0% 4.0% 3.0% 3.0% 1.0% 1.0%

118.6 128.0 136.7 143.9 149.9 151.4 153.0 10.2% 7.8% 6.8% 5.3% 4.2% 1.0% 1.0%

13.0 14.5 15.8 16.9 17.7 17.9 18.1 20% 20% 20% 20% 20% 20% 20%13.4 13.9 14.5 14.9 15.3 15.5 15.6 25% 25% 25% 25% 25% 25% 25%26.4 28.4 30.2 31.8 33.1 33.4 33.7

155.0 184.1 197.0 207.3 216.1 218.3 220.5

1% 19% 7% 5% 4% 1% 1%

79.1 92.0 98.5 103.6 108.1 109.1 110.2 51.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%

9.0 9.0 9.0 9.0 9.0 9.0 9.0

63.00 62.00 63.00 64.00 64.00 65.00 66.00 0 0 0 0 0 0 0



22.0 39.0 44.5 48.6 53.1 53.1 53.2 14.2% 21.2% 22.6% 23.5% 24.6% 24.3% 24.3%

13.3 13.7 14.1 14.5 14.9 15.4 15.8 3% 3% 3% 3% 3% 3% 3%8.7 25.4 30.4 34.1 38.1 37.8 37.4

5.6% 13.8% 15.4% 16.5% 17.6% 17.3% 17.0%

9.0 9.0 9.0 9.0 9.0 9.0 9.0

9.0 9.0 9.0 9.0 9.0 9.0 9.0

8.5 19.8 23.4 26.2 29.1 29.1 29.2

8.5 19.8 23.4 26.2 29.1 29.1 29.2



2008 2009

Total Revenues 53.7 60.8 48.6 24.1 13.2% 12.0% 10.0%

EBITDA 11.5 8.6 8.6 8.6 21.4% 14.1% 5.0% 5.0%



26.5 28.6 30.1 31.6 32.8 33.2 33.5 10.0% 8.0% 5.0% 5.0% 4.0% 1.0% 1.0%

8.6 8.6 8.6 8.6 8.6 8.6 8.6 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%



2005 2006 2007 2008Spot cash media advertising market, total (US$) 173,1 197,1 225,2 231,5%ch 13,9 14,3 2,8 4,5

Spot cash media advertising market, total (PLN) 1,029,2 1,156,2 1,262,4 1,381,8%ch 12.3 9.2 9.5 8.7as % of GDP 0.45 0.47 0.48 0.49

Newspapers (%) 15.1 14.7 14.3 13.8Magazines (%) 15.1 15.1 15.2 15.4TV (%) 56 56.5 57 57.3Radio (%) 5.7 5.4 5.1 4.8Outdoor (%) 7.1 7.2 7.4 7.6Internet (%) 0.3 0.4 0.4 0.5Other (%) 0.8 0.7 0.7 0.6Total (%) 100 100 100 100

Classifieds revenue (US$) 10.3 12.1 13.6 14.1%ch YoY 17 13.2 3.2 4.2Classifieds revenue (HRK) 61.2 70.7 76.5 84.1%ch YoY 15.5 8.2 9.9 8.3

Market share of newspapers 39.3 40.5 40 39.5Internet revenue (US$) 0.1 0.2 0.2 0.2%ch YoY 77.3 22.2 12.7 12.1Internet revenue (HRK) 0.6 1 1.2 1.5%ch YoY 75 16.8 20.1 16.6as % of Croatia revenues 1 1.4 1.6 1.7

Market share (%) 25 25.5 22.5 21Total revenue – Croatia (US$) 10.4 12.2 13.9 14.3%ch YoY 17.6 13.3 3.3 4.3Total revenue - Croatia (HRK) 61.8 71.7 77.7 85.5%ch YoY 16 8.3 10 8.5Operational EBITDA 3.6 4 4.8 5.2Op EBITDA margin (%) 34.6 33 34.7 36.4

Source: Zenith Optimedia, Company data _

Total Revenues 23.9 33.5 36.3 15.0% 15.0%

EBITDA 6.4 10.0 10.8 27% 30% 30%



2009 2010 2011 2012 2013 2014 2015241,8 262,7 285,2 309,6 335,9 364,4 388,18,6 8,6 8,5 8,5 8,5 6,5

1,501,6 1,631,2 1,771,2 1,922,6 2,086,1 2,262,8 2,409,88.6 8.6 8.5 8.5 8.5 6.50.5 0.51 0.52 0.53 0.54 0.55 0.55

13.3 12.7 12.2 11.8 11.5 11.1 10.715.6 15.7 15.9 16 16.2 16.3 16.557.5 57.8 58 58.3 58.5 58.8 594.7 4.5 4.4 4.2 4.1 3.9 3.87.9 8.2 8.4 8.5 8.6 8.7 8.80.6 0.6 0.7 0.7 0.8 0.8 0.90.6 0.6 0.5 0.5 0.5 0.5 0.4100 100 100 100 100 100 100

14.7 15.7 16.7 17.8 19 20.2 21.16.9 6.7 6.6 6.5 6.3 4.3

91.1 97.3 103.9 110.7 117.9 125.4 130.86.9 6.7 6.6 6.5 6.3 4.3

39 38 37 36 35 34 330.3 0.3 0.4 0.4 0.5 0.5 0.615.6 14.7 13.9 13.2 12.5 101.7 2 2.3 2.6 2.9 3.3 3.6

15.6 14.7 13.9 13.2 12.5 101.8 2 2.1 2.3 2.4 2.5 2.7

20.5 20 19.5 19 18.5 18 17.514.9 16 17.1 18.2 19.5 20.7 21.6

7 6.9 6.8 6.6 6.5 4.592.8 99.3 106.1 113.3 120.8 128.7 134.4

7 6.9 6.8 6.6 6.5 4.55.4 5.8 6.3 6.7 7.2 7.7 8

36.5 36.6 36.7 36.8 36.9 37 37

21.5 25.0 27.5 30.3 31.8 33.4 33.7 34.0 15.0% 16.3% 10.0% 10.0% 5.0% 5.0% 1.0% 1.0%

6.4 1.3 2.8 4.5 6.4 6.7 6.7 6.8 30% 5% 10% 15% 20% 20% 20% 20%



2005 2006 2007 2008Spot cash media advertising market, total (US$) 1,872,9 2,181,1 2,618,3 2,842,5%ch 31,7 16,5 20,0 8,6

Spot cash media advertising market, total (PLN) 5,852,7 6,586,8 7,370,7 8,257,5%ch 12.5 12.5 11.9 12as % of GDP 0.6 0.63 0.66 0.69

Newspapers (%) 16.5 15.9 15.4 15Magazines (%) 16.8 16.4 16.2 16.1TV (%) 47.8 48 48.4 49Radio (%) 8.2 8.2 8 7.6Outdoor (%) 8.1 8 7.7 7.4Internet (%) 2.4 3.2 4 4.7Other (%) 0.2 0.2 0.2 0.2Total (%) 100 100 100 100Classifieds revenue (US$) 4.3 3.7 3.4 3.3%ch YoY -46.5 -13.1 -8.8 -3.1

Classifieds revenue (PLN) 13.4 11.3 9.6 9.6%ch YoY -54.3 -16 -15 0

Market share of newspapers (%) 1.4 1.1 0.8 0.8Internet revenue (US$) 1.8 2.8 4.3 5.3%ch YoY 70.6 55.2 55.6 22.9Internet revenue (PLN) 5.6 8.4 12.2 15.5%ch YoY 45.7 50 45 26.9as % of Poland revenues 29.5 42.8 56 61.8Market share (%) 4 4 4.1 4Total revenue – Poland (US$) 6.1 6.5 7.8 8.6%ch YoY -33 7.1 18.7 11.5Total revenue – Poland (PLN) 19.1 19.7 21.8 25.1

%ch YoY -42.7 3.5 10.7 15.1Operational EBITDA 0.5 0.7 0.9 1.1Op EBITDA margin (%) 8.2 10.5 11.5 12.5

Source: Zenith Optimedia, Company data _ Total Classified 4.3 6.8 7.2 7.7

57.3% 7.0% 6.0%Internet 1.8 5.8 8.9 11.5

219.4% 54.0% 30.0%Total Poland 6.1 12.5 7.6 19.2

105.2% -39.3% 152.4%EBITDA 0.5 0.7 (0.3) 1.5

8% 6% -4% 8%



2009 2010 2011 2012 2013 2014 20153,049,5 3,237,5 3,438,4 3,652,2 3,879,8 4,122,1 4,380,07,3 6,2 6,2 6,2 6,2 6,2 6,3

9,026,4 9,583,1 10,177,7 10,810,5 11,484,1 12,201,3 12,964,89.3 6.2 6.2 6.2 6.2 6.2 6.3

0.71 0.7 0.7 0.69 0.69 0.68 0.68

14.8 14.5 14.2 13.9 13.7 13.4 13.115.9 15.8 15.9 15.9 15.9 15.9 15.949.3 49.3 49.3 49.3 49.4 49.4 49.47.5 7.5 7.5 7.5 7.5 7.5 7.57.3 7.2 7.3 7.3 7.3 7.3 7.35.1 5.5 5.7 5.9 6.1 6.4 6.60.2 0.2 0.2 0.2 0.2 0.2 0.2100 100 100 100 100 100 1003.2 3.2 3.2 3.2 3.2 3.2 3.2

-1.9 0 0 0 0 0 0

9.6 9.6 9.6 9.6 9.6 9.6 9.60 0 0 0 0 0 0

0.7 0.7 0.7 0.6 0.6 0.6 0.66.1 6.9 7.4 7.9 8.4 8.8 9.114.9 12.1 7.1 7.1 7 3.8 3.418.2 20.4 21.8 23.3 25 25.9 26.8

17 12.1 7.1 7.1 7 3.8 3.465.4 68 69.4 70.9 72.2 73 73.63.9 3.8 3.7 3.6 3.5 3.3 3.19.4 10.1 10.6 11.1 11.7 12 12.38.5 7.9 4.8 4.9 4.9 2.7 2.5

27.8 30 31.4 32.9 34.6 35.5 36.4

10.5 7.9 4.8 4.9 4.9 2.7 2.51.3 1.5 1.6 1.8 1.9 2 2

13.5 14.5 15.5 16.5 16.5 16.5 16.5

8.1 8.6 9.1 9.7 10.3 10.8 10.9 11.0 6.0% 6.0% 6.0% 6.0% 6.0% 5.0% 1.0% 1.0%13.2 17.2 20.7 22.7 23.9 25.0 25.3 25.5

15.0% 30.0% 20.0% 10.0% 5.0% 5.0% 1.0% 1.0%21.4 25.8 29.8 32.4 34.1 35.8 36.2 36.5

11.4% 20.9% 15.3% 8.8% 5.3% 5.0% 1.0% 1.0%1.7 2.1 2.4 2.6 2.7 2.9 2.9 2.9 8% 8% 8% 8% 8% 8% 8% 8%



2005 2006 2007 2008 2009Spot media advertising market, total (US$)* 722 820 945 970 1,056%ch YoY 13 15 3 9 7

Spot media advertising market, total (HUF) 146,665 168,060 187,042 208,570 233,411%ch YoY 15 11 12 9 7as % of GDP 0.65 0.71 0.75 0.78 0.78

Newspapers (%) 19.2 20.2 19.2 18.2 17.7Magazines (%) 18.8 18.8 18.8 18.8 18.8TV (%) 41.2 42.2 43.2 44.2 44.7Radio (%) 5.5 5 4.5 4 3.8Cinema (%) 0.6 0.6 0.6 0.6 0.6Outdoor (%) 9.1 9 9 9 9Internet (%) 3.7 4.2 4.7 5.2 5.5Other (%) 1.9 1.9 1.9 1.9 1.9

Total (%) 100 100 100 100 100Classifieds revenue (US$) 42.6 37.2 38.6 37.7 39.9%ch YoY -12.4 3.5 -2.3 6.1 6.1Classifieds revenue (HUF) 8,627.45 7,635.30 7,635.30 8,097.00 8,828.00

%ch YoY -11.5 0 6 9 6.1Market share of newspapers (%) 5.9 4.5 4.1 3.9 3.8Internet revenue (US$) 2.3 3.3 4.3 4.8 5.3%ch YoY 43.6 29.4 11.3 10.5 7.5Internet revenue (HUF) 466.9 677 846.3 1,022.44 1,161,0%ch YoY 45 25 20.8 13.6 7.5

as % of Hungary revenues 5.1 8.1 10 11.2 11.6Market share (%) 8.6 9.6 9.6 9.4 9.1Total revenue – Hungary (US$) 44.8 40.5 42.8 42.4 45.2%ch YoY -8.8 -9.5 5.6 -1 6.6Total revenue – Hungary (HUF) 9,094,4 8,312,3 8,481,6 9,119,3 9,988,9%ch YoY -8.5 -8.6 2 7.5 9.5Operational EBITDA 9 10.8 11.5 12 13.3

Op EBITDA margin (%) 20.1 26.7 26.9 28.2 29.4

Total Classified 36.6 34.5 34.8 35.9 37.7 -5.7% 1.0% 3.0% 5.0%

Internet 2.3 3.2 4.5 5.6 7.0 39.2% 40.0% 25.0% 25.0%

Total Hungary 38.9 37.7 35.5 41.5 44.7 -3.1% -5.8% 16.9% 7.7%

EBITDA 7.8 7.6 5.0 5.8 6.3 20.1% 20.1% 14.0% 14.0% 14.0%



2010 2011 2012 2013 2014 20151,135 1,220 1,312 1,410 1,515 1,628

7 7 7 7 7

250,893 269,674 289,849 311,522 334,802 359,8067 7 7 7 7

0.78 0.77 0.77 0.76 0.76 0.75

17.1 16.7 16.3 16 15.5 1518.9 19 19 19 19 1945.2 45.4 45.7 45.9 46.2 46.43.5 3.4 3.2 3.1 3.1 3.10.6 0.6 0.6 0.6 0.6 0.6

9 9 9 9 9 95.7 6 6.2 6.5 6.7 71.9 1.9 1.9 1.9 1.9 1.9

100 100 100 100 100 10042.4 44.9 47.6 50.5 53.5 56.7

6 6 6 6 5.99,363.70 9,929.80 10,527.80 11,159.20 11,825.70 12,529.00

6 6 6 6 5.93.7 3.7 3.6 3.6 3.5 3.55.6 6 6.4 6.8 7.2 7.67.1 6.6 6.2 5.7 5.2

1,248,0 1,336,0 1,424,4 1,512,3 1,598,6 1,682,07.1 6.6 6.2 5.7 5.2

11.8 11.9 11.9 11.9 11.9 11.88.7 8.3 7.9 7.5 7.1 6.748 51 54.1 57.3 60.7 64.3

6.2 6.2 6.1 6 5.9 5.910,611,7 11,265,8 11,952,2 12,671,5 13,424,3 14,211,0

6.2 6.2 6.1 6 5.9 5.914.6 16.1 17.7 18.8 20 21.2

30.5 31.6 32.7 32.8 32.9 33

39.6 41.5 43.6 45.8 47.6 48.1 48.6 5.0% 5.0% 5.0% 5.0% 4.0% 1.0% 1.0%

8.8 10.9 13.1 15.1 16.6 16.8 16.9 25.0% 25.0% 20.0% 15.0% 10.0% 1.0% 1.0%

48.3 52.5 56.8 60.9 64.2 64.9 65.5 8.1% 8.6% 8.1% 7.3% 5.5% 1.0% 1.0%

6.8 7.3 7.9 8.5 9.0 9.1 9.2 14.0% 14.0% 14.0% 14.0% 14.0% 14.0% 14.0%



Company Country Mcap

US$mn 2011 2012E 2013E 2014E 2011 2012E 2013E 2014E 2011

Developed Markets

Trinity Mirror Plc TNI LN 211 1.7 2.0 1.9 1.9 1.9 2.2 2.2 2.4 0.4

Promotora De infom Sa -Prisa PRS SM 565 3.5 8.1 60.8 9.2 6.6 8.2 8.2 7.6 1.3

Arnoldo Mondadori Editore MN IM 342 4.9 5.3 11.4 9.1 4.2 5.0 7.5 6.4 0.4

Gruppo Editoriale L'Espresso ES IM 451 6.1 6.0 9.8 9.1 3.1 3.1 4.2 4.1 0.5

New York Times Co -Cl A NYT US 1,422 12.9 15.2 13.2 13.8 4.3 4.5 5.1 5.0 0.7

Gannett Co GCI US 4,256 7.3 8.3 8.2 8.4 4.6 5.2 5.2 5.2 1.1

Developed Markets' Average 5.1 6.5 5.8 7.1 3.6 4.2 4.7 4.4 0.6

Emerging Markets

Ht Media Ltd HTML IN 413 14.2 10.8 11.5 12.5 6.7 5.4 6.4 6.9 1.2

Agora Sa AGO PW 117 4.4 7.2 52.8 42.9 2.7 2.9 4.7 4.5 0.4

Star Publications (Malaysia) STAR MK 774 13.2 12.7 12.9 12.1 7.5 7.3 7.2 6.8 2.1

Emerging Markets' Average 10.6 10.2 25.7 22.5 5.6 5.2 6.1 6.1 1.2

Peer Group (Developed and Emerging Average) 9.0 9.4 11.2 10.8 5.1 5.1 5.9 5.8 1.0

Hurriyet HURGZ TI #NAME? N/M N/M N/M N/M ####### ##### ###### ####### #####

P/E EV/EBITDA



2012E 2013E 2014E

0.4 0.4 0.4

1.5 1.5 1.5

0.4 0.5 0.5

0.5 0.6 0.6

0.7 0.8 0.8

1.1 1.1 1.1

0.7 0.7 0.7

1.0 1.0 1.0

0.4 0.4 0.4

2.0 2.0 1.9

1.1 1.1 1.1

1.0 1.0 1.0

###### ##### #####

EV/Sales



2004 2005 2006

Days 366.00 365.00 365.00

Ad market 1,814 2,245 2,728

Growth 24% 22%

Newspaper segment 645 820 901

Growth 27% 10%Share in Ad Market 35.6% 36.5% 33.0%

Hurriyet's share in newspaper ad revenues 41.1% 41.6% 42.2%

Hurriyet's ad revenues (TLmn) 265 341 380

Print

Internet

TME's ad revenues (TLmn) 265 341 -

Print

Internet

Price

Volume 8% 4%

Pages 73.0 80.0 84.0

Main 40.0 40.0 40.5

Supplement 33.0 40.0 43.5

Price differential 2.9 2.9 2.9

Distribution 3 3 3

Circulation RevenuesTotal circulation 4,541 5,016 5,148

Hurriyet's circulation 495 520 544

Circulation revenues TL mn 73 72 83

TME Circulation revenues

Printing revenues (TLmn) 103 111 118

7% 7%

Hurriyet 30 30 32

1% 8%

Germany Branch 21 24 26

13% 6%

D.Ofset 52 57 60

9% 6%

Other

Hurriyet 32 72 51

TME

Total Revenues

Hurriyet 473 595 632

TME

Cost of Sales 126 137

Hurriyet

TME

Raw Material

Hurriyet total



Hurriyet Raw Material

Tons 81,869 95,062 104,422

Increase 16% 10%

Consumption gr per page 6.19 6.26 6.26

Price 910 1,000

Increase 17% 10%

Ofset +Germany+third party

Other raw material (newspaper printing ink and material)

TME Raw Material

Paper

Other

Depreciation 28 28 32

Other COGS 98 109 123

Hurriyet

TME

Total CoGS

Hurriyet

TME

Gross Profit

Hurriyet

TME

Sales and marketing expenses

Hurriyet

TME

General administrative expenses

Hurriyet

TME

Depreciation Expense

Hurriyet

TME

Total Opex

Hurriyet

TME

Operating Profit

Hurriyet

TME

EBITDA

Hurriyet



TME

Depreciation expense

COGS

Opex

HurriyetTME

Gross Assets

Capital Expenditures

Accumulated Depreciation

Depreciation

As share of Net Assets

Net Assets



2007 2008 2009 2010 2011 2012F

365.00 366.00 365.00 365.00 365.00 366.00

3,258 3,368 2,971 3,892 4,466 4,511

19% 3% -12% 31% 15% 1%

1,018 986 811 920 997 975

13% 7% -18% 13% 8% -2%31.50% 29.28% 27.30% 23.64% 22.32% 21.62%

40.1% 39.7% 38.64% 38.54% 38.86% 38.71%

408 391 313 355 387 377.5

329.5 360.3 341.5

92.92% 93.00% 90.46%

25.1 27.1 36.0

7.08% 7.00% 9.5%

- 322 186 170.9 197.1 195.1

15.3% -1%

142.8 153.5 143.1

83.6% 77.9% 73.35%

28.1 43.6 52.0

16.4% 22.1% 26.6%

6% 5% -10% 3% 0% -8%

85.0 88.0 74.0 81.0 81.0 72.9

37.0 38.0 39.0 39.0 38.0 37.2

48.0 50.0 35.0 42.0 43.0 35.8

2.9 2.9 2.9 2.9 2.9 2.9

2.95 2.9 2.85 2.8 2.75 2.7

5,170 5,200 4,782 4,646 4,753 4,713

571 515 474 449 435 410

82 76 90 91 94 97

3% -7% 25% 3% 3% 3%

33 28 23 20 18

-18.3% -12.8% -7.6%

124 118 120.0 110.6 122.1 125.8

3%

33 31 30 30 30

3% -7% -5% 3% 3%

27 28 28 30 30

5% 5% -5% 5% 5%

64 69 62 66 59

7% 7% -10% 6% 6%

43.1 47.7 48.5

18 27 24 23 25.7 26.5

3%

20 22 22.0

0%

793 868 862

633 613 547 579 629 627

214 239 235

46 466 540.8 527

359.1 414.6 405

62.0% 65.9% 64.7%

106.9 126.2 122

50.0% 52.8% 51.7%

188 230 223

186 164 179 176



127 91 79 102 96

110,909 103,846 80,154 83,108 80,517 68,516

6% -6% -23% 4% -3% -15%

6.26 6.26 6.26 6.26 6.26 6.26

1,150 1,219 1,140 949 1,269 1,404

15% 6% 25% 3% 3% 3%

36.2 37.330% 30%

41.0 42.3

19% 19%

88 48 42 51 48

25% 29% 29%

17 16

34 32

46 45 48 45 40 37

- 123 191 270 266

126 195 192

22% 31% 31%

65 75 74 30.3% 31.5% 31%

466 541 527

359 415 405

107 126 122

113 327 335

220 215 221

38.0% 34.1% 35.3%

107 113 114

50.0% 47.2% 48.3%

118.8 85.6 125 147.2 146.2

79.5 66.1 104.3 109.6 109.1

18.0% 17.4% 17.4%

39.3 19.5 20.7 37.6 37.1

9.7% 15.7% 15.7%

204.6 157.0 157.8 174.7 128.5

84.3 57.9 59.5 67.6 67.3

10.3% 10.7% 10.7%

120.3 99.1 58.8 62.1 61.2

27.5% 26.0% 26.0%

8.9 8.9 9.2 11.3 10.5

30.7 30.4 30.3 33.7 31.3

282.7 321.9 316.5

173.0 188.5 186.9

29.9% 30.0% 29.8%

109.8 133.4 129.5

51.3% 55.8% 55.0%

44.4 5.4 18.5

47.2 26.1 34.2

8.1% 4.1% 5.5%

-2.8 -20.7 -15.7

-1.3% -8.7% -6.7%

90.8 97.8

10.5% 11.3%

101.2 77.8 82.217.5% 12.4% 13.1%



27.5 13.0 15.6

12.9% 5.4% 6.6%

84.1 87.1 84.3 85.4 79.2

44.5 47.8 44.8 40.4 37.4

39.6 39.3 39.5 45.0 41.8

53.4 56.7 54.0 51.7 48.030.7 30.4 30.3 33.7 31.3

1,806.2 1,791 1,762 1,787

47.1 32 25 45

752.7 830 876 955

84.1 87.1 84.3 85.4 79.2

8.1% 8.0% 9.0% 9.0%

1,054 962 886 877



2013F 2014F 2015F 2016F 2017F 2018F

365.00 365.00 365.00 366.00 365.00 365.00

4,781 5,068 5,423 5,803 6,441 7,149

6% 6% 7% 7% 11% 11%

1,000 1,025 1,058 1,092 1,166 1,244

3% 2% 3% 3% 7% 7%20.92% 20.22% 19.51% 18.81% 18.11% 17.41%

38.56% 38.40% 38.25% 38.10% 37.95% 37.80%

385.6 393.5 404.8 415.9 442.6 470.4

339.0 335.8 335.1 333.7 343.8 353.3

87.9% 85.3% 82.8% 80.2% 77.7% 75.1%

46.6 57.7 69.7 82.2 98.8 117.1

12.1% 14.7% 17.2% 19.8% 22.3% 24.9%

193.2 191.2 189.3 189.3 189.3 189.3

-1% -1% -1% 0% 0% 0%

136.1 129.1 122.3 116.8 111.2 105.7

70.4% 67.5% 64.6% 61.7% 58.8% 55.8%

57.1 62.1 67.0 72.6 78.1 83.6

29.6% 32.5% 35.4% 38.3% 41.2% 44.2%

-4% -4% -3% -3% 0% 0%

69.8 66.8 64.5 62.2 62.2 62.1

36.8 36.4 36.1 35.8 35.8 35.7

33.0 30.4 28.4 26.5 26.5 26.4

2.9 2.9 2.9 2.9 2.9 2.9

2.65 2.6 2.55 2.5 2.45 2.4

4,713 4,713 4,713 4,713 4,714 4,714

405 400 400 400 400 400

98 99 100 101 102 103

1% 1% 1% 1% 1% 1%

17 16 14 13 12 11

-7.7% -7.9% -8.0% -7.3% -7.5% -7.7%

129.5 133.4 136.1 138.8 141.6 144.4

3% 3% 2% 2% 2% 2%

48.7 49.0 49.3 49.5 50.1 50.7

26.7 27.0 27.3 27.5 28.1 28.7

1% 1% 1% 1% 2% 2%

22.0 22.0 22.0 22.0 22.0 22.0

0% 0% 0% 0% 0% 0%

872 881 894 908 938 969

640 653 668 683 714 746

232 229 226 225 224 223

528 530 533 535 546 557

409 413 419 423 435 448

64.0% 63.3% 62.7% 61.9% 60.9% 60.0%

119 116 114 113 111 110

51.3% 50.9% 50.5% 50.1% 49.7% 49.3%

175 175 176 177 181 185



93 91 90 90 93 95

64,634 61,071 58,980 57,031 56,897 56,764

-6% -6% -3% -3% 0% 0%

6.26 6.26 6.26 6.26 6.26 6.26

1,446 1,490 1,534 1,580 1,628 1,676

3% 3% 3% 3% 3% 3%

38.4 39.6 40.3 41.2 42.0 42.830% 30% 30% 30% 30% 30%

43.2 44.1 44.8 45.5 46.2 47.0

19% 19% 19% 19% 19% 19%

45 43 40 38 36 34

29% 29% 29% 29% 29% 29%

15 14 13 13 12 11

30 28 27 26 24 23

37 37.0 37 35 33 31

271 275 281 286 296 307

197 201 207 212 221 231

31% 31% 31% 31% 31% 31%

74 74 74 74 75 75 32% 32% 33% 33% 33% 34%

528 530 533 535 546 557

409 413 419 423 435 448

119 116 114 113 111 110

343 352 361 372 392 412

230 240 249 260 279 299

36.0% 36.7% 37.3% 38.1% 39.1% 40.0%

113 112 112 112 112 113

48.7% 49.1% 49.5% 49.9% 50.3% 50.7%

148.2 150.2 152.5 155.2 161.1 167.5

111.4 113.7 116.3 119.0 124.7 131.1

17.4% 17.4% 17.4% 17.4% 17.5% 17.6%

36.8 36.5 36.2 36.2 36.3 36.4

15.8% 15.9% 16.0% 16.1% 16.2% 16.3%

129.0 129.5 130.4 131.7 134.8 138.0

68.7 70.1 71.7 73.3 76.7 80.1

10.7% 10.7% 10.7% 10.7% 10.7% 10.7%

60.3 59.5 58.7 58.4 58.1 57.9

26.0% 26.0% 26.0% 26.0% 26.0% 26.0%

10.5 10.4 10.3 9.7 9.3 8.9

31.3 30.9 30.5 28.9 27.5 26.3

319.0 321.0 323.7 325.6 332.6 340.6

190.6 194.2 198.3 202.0 210.7 220.1

29.8% 29.7% 29.7% 29.6% 29.5% 29.5%

128.3 126.9 125.3 123.5 121.9 120.6

55.3% 55.4% 55.5% 55.0% 54.5% 54.1%

24.5 30.9 37.0 46.6 59.0 70.9

39.8 45.4 50.6 58.1 68.5 78.6

6.2% 7.0% 7.6% 8.5% 9.6% 10.5%

-15.3 -14.5 -13.6 -11.5 -9.6 -7.8

-6.6% -6.3% -6.0% -5.1% -4.3% -3.5%

103.7 109.2 114.2 119.8 128.7 137.5

11.9% 12.4% 12.8% 13.2% 13.7% 14.2%

87.7 92.8 97.4 102.4 110.7 119.013.7% 14.2% 14.6% 15.0% 15.5% 15.9%



16.0 16.4 16.9 17.4 18.0 18.5

6.9% 7.2% 7.5% 7.8% 8.0% 8.3%

79.2 78.3 77.3 73.3 69.7 66.6

37.4 37.0 36.5 34.6 32.9 31.5

41.8 41.3 40.8 38.6 36.8 35.1

47.9 47.4 46.8 44.3 42.2 40.331.3 30.9 30.5 28.9 27.5 26.3

1,832 1,868 1,905 1,942 1,980 2,019

36 37 37 38 39 40

1,034 1,114 1,192 1,269 1,342 1,412

79.2 78.3 77.3 73.3 69.7 66.6

9.5% 9.9% 10.3% 10.3% 10.3% 10.3%

834 791 750 711 677 647



2019F 2020F

365.00 366.00

7,936 8,888

11% 12%

1,325 1,422

7% 7%16.70% 16.00%

37.65% 37.50%

499.1 533.3

362.1 373.3

72.6% 70.0%

137.0 160.0

27.4% 30.0%

189.3 189.3

0% 0%

100.2 94.7

52.9% 50.0%

89.1 94.7

47.1% 50.0%

-1% 0%

61.8 61.8

35.7 35.7

26.1 26.1

2.9 2.9

2.35 2.3

4,714 4,714

400 400

104 105

1% 1%

10 10

-8.0% -8.3%

147.3 150.3

2% 2%

51.2 51.8

29.2 29.8

2% 2%

22.0 22.0

0% 0%

1,001 1,039

779 818

222 221

569 584

460 476

59.1% 58.2%

109 107

49.0% 48.6%

189 194



98 101

56,469 56,675

-1% 0%

6.26 6.26

1,727 1,779

3% 3%

43.7 44.530% 30%

47.7 48.5

19% 19%

33 31

29% 29%

11 10

22 20

30 29

317 330

241 253

31% 31%

76 77 34% 35%

569 584

460 476

109 107

432 456

319 342

40.9% 41.8%

113 114

51.0% 51.4%

174.2 181.9

137.7 145.4

17.7% 17.8%

36.5 36.5

16.4% 16.5%

141.3 145.3

83.7 87.8

10.7% 10.7%

57.6 57.4

26.0% 26.0%

8.5 8.2

25.2 24.3

349.2 359.7

229.9 241.4

29.5% 29.5%

119.3 118.3

53.8% 53.5%

82.9 95.8

89.0 100.5

11.4% 12.3%

-6.1 -4.6

-2.8% -2.1%

146.9 157.4

14.7% 15.2%

127.8 137.816.4% 16.8%



19.1 19.7

8.6% 8.9%

63.9 61.6

30.2 29.1

33.7 32.5

38.7 37.325.2 24.3

2,059 2,100

41 41

1,479 1,543

63.9 61.6

10.3% 10.3%

621 598



DCF HURGZ #NAME? #NAME? ####### #NAME?

In Million USD #NAME?

TRYm 2004 2006 2007 2008 2009 2010 2011 2012F

US$/YTL Avg. 1.548 1.500 1.670 1.800

Revenues - 793 868 862

Growth (%) 9.4% -0.7%

EBITDA 91 98 Margin(%) 0.0% 10.5% 11.3%

EBIT 5 19

Unlevered taxes (1) (4)

Effective tax rate (%) -20% -20% -20%

NOPAT - 4 15

Capital expenditures 32 25 45

Depreciation & amortisation 84 87 84 85 79

Change in working capital (2) (59) (1)

Unlevered free-cash-flow 54 124 50

WACC at Target D/TC of 20% 11.6% 10.9% 17.7% 16.2% 11.3% 10.5% 11.7%

Discount multiplier 1.00 1.00 1.00 1.00 1.00 1.00 0.90

Cost of Equity 13.0% 12.1% 18.4% 18.4% 12.6% 11.3% 12.5%

Cost of Debt (after tax) 6.0% 6.0% 15.1% 7.2% 6.2% 7.1% 8.4%

NPV

FCF 362

Terminal value@%1 1% 306


Minority Interest 60

Equity participation & receivables 180

Net Debt 420

Implied Equity Value #NAME?

Current Mcap #NAME?

Implied Value per share (TRY) #NAME?

Source: TEB Research

Equity risk premium 4.5% 4.5% 4.5% 4.5% 4.5%

Risk-free YTL 1 0.74 18.4% 18.4% 8.5% 7.3% 8.4%

Cost of Equity 18.4% 18.4% 12.6% 11.3% 12.5%

0.00 0.00 54.27 124.00 44.63

Beta 0.91

76.00 195 #DIV/0!

(TRYm) 2006 2007 2008 2009 2010 2011 2012F

Hurriyet 579 629 627

Advertising 355 387 377

Circulation 91 94 97

Printing 111 122 126

Other 23 26 26

TME 214 239 235

Advertising 171 197 195

Circulation 23 20 18

Other 20 22 22

Total revenues - 998 784 794 869 862

CoGs 596 499 466 541 527

Gross Profit 403 285 328 328 335



Operating Expenses 323 236 283 322 316

Operating Profit 79 49 45 6 19

EBITDA 163 136 130 91 98

EBITDA Margin 16.4% 17.4% 16.3% 10.5% 11.3%

Other Income, net 49 (70) (78) (168) 137

Net financial income (exp.) (158) (6) (17) (105) (25)

Profit Before MI & Tax (30) (27) (50) (267) 130 Minority Interest (17) 6 15 22 3

Tax expense 8 (14) (6) 9 (7)

Net Income (38.1) (35.1) (40.1) (235.7) 126.6

Source: TEB Research 38.0939 -35.08 -40.08 -235.7 126.59

(US$ mn) 0 2006 2007F 2008F 2009F 2010F 2011F 2012F

Investments - - - - - 91 98

2005 2006 2007F 2008F 2009F 2010F 2011F 2012F

Revenues 100% 100% 100%

CoGs 59% 62% 61%

Gross Profit 41% 38% 39%

Operating Expenses 36% 37% 37%

Operating Profit* 6% 1% 2%

EBITDA 16% 11% 11%

Other Income, net* 16% 11% 11%

Net financial income (exp.) -10% -19% 16%

Profit Before MI & Tax (17) -12% -3%

Minority Interest -6% -31% 15%

Tax Rate -12% 3% 5%

Net Income -5.0% -27% 15%

269 269 269 269 342

484 529 416 245 302

(TRLmn) 2005 2006 2007 2008 2009 2010F 2011F 2012F

Cash and cash equivalents 370 297 108 282 313

Trade receivables 187 191 187 142 141

Inventories 23 18 18 19 18

Other current assets 69 33 35 111 161

Current Assets 650 539 348 553 634

Net Financial Assets 5 5 5 5 5

Gross Assets & Intangibles 538 1,806 1,791 1,762 1,907

Accumulated Depreciation 573 753 830 876 955

Net Fixed Assets & Intangibles 1,110 1,054 962 886 952

Other Non-current Assets 279 257 265 191 251

Total Non Current Assets 1,394 1,315 1,231 1,082 1,208

Total Assets 2,044 1,854 1,579 1,635 1,841

STD & Cur Maturities 276 320 230 265 265 Accounts Payable 45 41 37 53 53

Other Current Liabilities 54 101 123 232 232

Total Current Liabilities 374 462 391 550 549

Long Term Debt 628 330 276 338 438

Other Long Term Liabilities 156 144 139 152 152

Total Long Term Liabilities 784 474 415 490 590

Total Liabilities 1,158 936 806 1,040 1,140

Minorities 133 120 88 81 58

Total Equity 753 798 685 514 644



Total Liabilities & Equity 2,044 1,854 1,579 1,635 1,841

Source: TEB Research -2.33%

Average Equity 753 775 741 599 579

Average Assets 2,044 1,949 1,716 1,607 1,738

Net Invested Capital 1,419 1,271 1,171 917 1,092

Net Income (38) (35) (40) (236) 127

NOPLAT 79 49 45 4 15

ROE -5.1% -4.5% -5.4% -39.3% 21.9%

ROA -1.9% -1.8% -2.3% -14.7% 1%

Return on Invested Capital 5.6% 3.9% 3.9% 0.5% 1.4%

Return on Invested Capital 0.0% 0.0% 0.0% 0.6% 1.7%

44.3% 58.1% 62.5%

2005 2006 2007 2008 2009 2010F 2011F 2012F

Revenues - - 998 784 794 869 862

CoGs - - 596 499 466 541 527

Gross Profit - - 403 285 328 328 335

Operating Expenses - - 323 236 283 322 316

Operating Profit - - 79 49 45 6 19

EBITDA - - 163 136 130 91 98

#DIV/0! #DIV/0! 16.4% 17.4% 16.3% 10.5% 11.3%

Other Income, net - - 49 (70) (78) (168) 137

Net financial income (exp.) - - (158) (6) (17) (105) (25)

Profit Before MI & Tax - - (30) (27) (50) (267) 130

Minority Interest - - (17) 6 15 22 3

Tax expense - - 8 (14) (6) 9 (7)

Net Income - - (38) (35) (40) (236) 127


84 85 79

- - 0.00

P/E (69.8) (67.6) - - -

EV/EBITDA 20.0 23.6 - - -

EV/Sales 3.3 4.1 - - -

P/B 3.5 3.0 - - -

P/Sales 2.7 3.0 - - -

Mcap 2,659 2,371

EV 3,274 3,215

2005 2006 2007 2008 2009 2010F 2011F 2012F

Revenues #DIV/0! 507 530 520 479

CoGs #DIV/0! 322 311 324 293

Gross Profit #DIV/0! 184 219 196 186

Operating Expenses #DIV/0! 152 189 193 176

Operating Profit #DIV/0! 32 30 4 10

EBITDA #DIV/0! 88 87 55 54 Other Income, net #DIV/0! (45) (52) (100) 76

Net financial income (exp.) #DIV/0! (4) (11) (63) (14)

Profit Before MI & Tax #DIV/0! (17) (33) (160) 72

Minority Interest #DIV/0! 4 10 13 2

Tax expense #DIV/0! (9) (4) 5 (4)

Net Income #DIV/0! (23) (27) (141) 70


0.000



Margin Growth

0% 0%

2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F

1.845 1.900 1.957 2.016 2.077 2.139 2.203 2.269

872 881 894 908 938 969 1,001 1,039 1.094428 0.99294 1.21 1.0236341.1% 1.1% 1.4% 1.6% 3.3% 3.3% 3.3% 3.8% (5.37) #NUM!

104 109 114 120 129 138 147 157 . . .11.9% 12.4% 12.8% 13.2% 13.7% 14.2% 14.7% 15.2%

25 31 37 47 59 71 83 96

(5) (6) (7) (9) (12) (14) (17) (19)

-20% -20% -20% -20% -20% -20% -20% -20%

20 25 30 37 47 57 66 77

36 37 37 38 39 40 41 41

79 78 77 73 70 67 64 62

1 1 1 2 4 4 4 5

62 65 68 71 74 80 86 92 1.85 1.079987

13.0% 12.9% 12.1% 11.6% 11.4% 12.0% 11.9% 11.9%

0.79 0.70 0.63 0.56 0.50 0.45 0.40 0.36

14.1% 14.2% 13.3% 12.8% 12.3% 13.1% 13.0% 13.0%

8.5% 7.8% 7.4% 7.0% 7.6% 7.5% 7.5% 7.5%

.18.32514115.2179-98.0917

4.9

4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%

10.0% 10.1% 9.2% 8.7% 8.2% 9.0% 8.9% 8.9% 8.9% 8.9% 8.9% 8.9%

14.1% 14.2% 13.3% 12.8% 12.3% 13.1% 13.0% 13.0% 13.0% 8.9% 8.9% 8.9%

48.80 45.71 42.49 39.55

43.6872 44.35938.

577.0588 7.694118 7.8125 1.015386

2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F 3Y CAGR 8Y CAGR

640 653 668 683 714 746 779 818 104.1%

386 393 405 416 443 470 499 533 103.2% #DIV/0!

98 99 100 101 102 103 104 105 101.7%

130 133 136 139 142 144 147 150 102.4% #DIV/0!

27 27 27 28 28 29 29 30

232 229 226 225 224 223 222 221

193 191 189 189 189 189 189 189

17 16 14 13 12 11 10 10

22 22 22 22 22 22 22 22

872 881 894 908 938 969 1,001 1,039 9.4% 101.7% 104.5% 1.009

528 530 533 535 546 557 569 584 1.8% -1.3%

343 352 361 372 392 412 432 456 5.5% -1.0%



319 321 324 326 333 341 349 360 10.3% 0.1%

25 31 37 47 59 71 83 96 -27.7% -6.4%

104 109 114 120 129 138 147 157 -29.6% 105.6% -3.8% 1.056

11.9% 12.4% 12.8% 13.2% 13.7% 14.2% 14.7% 15.2% -13.2% -2.7%

(23) (23) (23) (23) (23) (23) (23) (23) -225.0% N.M.

(16) (14) (11) (8) (4) 0 5 10 62.3% N.M.

(14) (5) 3 16 32 48 65 83 -268.9% N.M.3 3 3 2 2 2 2 2 -21.7% #NUM!

3 1 (1) (3) (6) (10) (13) (17) -22.7% #NUM!

(8.7) (2) 5 15 28 41 54 69 488.0% 74.0% #NUM! (0.579)

-8.72

1.15625 -3.932312013F 2014F 2015F 2016F

104 109 114 120

2013F 2014F 2015F 2016F

100% 100% 100% 100%

61% 60% 60% 59%

39% 40% 40% 41%

37% 36% 36% 36%

3% 4% 4% 5%

12% 12% 13% 13%

12% 12% 13% 13%

-3% -3% -3% -3%

-2% -2% -1% -1%

-2% -1% 0% 2%

20% 20% 20% 20%

-1% 0% 1% 2%

342 342 - - - - - -

296 297 646 664 694 737 794 864

2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F

456 495 539 587 642 706 780 864

142 144 146 148 153 158 163 170

19 19 19 19 20 21 21 22

111 111 111 111 111 111 111 111

729 769 815 866 927 996 1,076 1,167

5 5 5 5 5 5 5 5

1,943 1,980 2,017 2,055 2,094 2,134 2,175 2,216

1,034 1,113 1,190 1,263 1,333 1,400 1,463 1,525

909 867 827 792 761 735 711 691

191 191 191 191 191 191 191 191

1,105 1,063 1,023 988 957 930 907 887

1,833 1,832 1,838 1,854 1,884 1,927 1,983 2,054

265 265 265 265 265 265 265 265 53 54 54 55 57 59 61 63

232 232 232 232 232 232 232 232

550 551 551 552 554 556 558 560

438 438 438 438 438 438 438 438

152 152 152 152 152 152 152 152

590 590 590 590 590 590 590 590

1,140 1,141 1,142 1,142 1,144 1,146 1,148 1,150

55 53 50 48 46 43 41 39

638 639 646 664 694 737 794 864



1,833 1,832 1,838 1,854 1,884 1,927 1,983 2,054

641 638 642 655

1,837 1,833 1,835 1,846

940 899 861 828

(9) (2) 5 15

20 25 30 37

-1.4% -0.3% 0.8% 2.3%

1% 1% 2% 2%

2.1% 2.8% 3.4% 4.5%

2.6% 3.4% 4.3% 5.6%

2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F

872 881 894 908 938 969 1,001 1,039

528 530 533 535 546 557 569 584

343 352 361 372 392 412 432 456

319 321 324 326 333 341 349 360

25 31 37 47 59 71 83 96

104 109 114 120 129 138 147 157

11.9% 12.4% 12.8% 13.2% 13.7% 14.2% 14.7% 15.2%

(23) (23) (23) (23) (23) (23) (23) (23)

(16) (14) (11) (8) (4) 0 5 10

(14) (5) 3 16 32 48 65 83

3 3 3 2 2 2 2 2

3 1 (1) (3) (6) (10) (13) (17)

(9) (2) 5 15 28 41 54 69

- - - -

- - - -

- - - -

- - - -

- - - -

2013F 2014F 2015F 2016F 2017F 2018F 2019F 2020F

472 464 457 450 452 453 454 458

286 279 272 266 263 261 258 257

186 185 184 185 189 192 196 201

173 169 165 161 160 159 159 159

13 16 19 23 28 33 38 42

56 57 58 59 62 64 67 69 (12) (12) (12) (11) (11) (11) (10) (10)

(9) (7) (5) (4) (2) 0 2 5

(8) (3) 2 8 15 23 30 37

2 1 1 1 1 1 1 1

2 1 (0) (2) (3) (5) (6) (7)

(5) (1) 3 8 13 19 25 30



. .

19.166667

8.9% 8.9%

425



9/20/2012 Finansal Özet

HURGZ

TL

2006/12 2007/12 2008/12

UFRS XI_29 XI_29

UFRS XI_29 XI_29Bilanço

Cari/Dönen Varlıklar 406.89 441.62 649.95

Hazır Değerler 141.82 137.94 370.33

Menkul Kıymetler (net) 23.06 2.09 0.00

Kısa Vadeli Ticari Alacaklar 155.92 222.31 186.93

Diğer Kısa Vadeli Alacaklar 63.01 6.23 16.69

Stoklar 18.00 26.19 23.45

Diğer Dönen Varlıklar 5.08 46.86 52.55

Cari Olmayan/Duran Varlıklar 562.48 1,380.79 1,394.40

Uzun Vadeli Ticari Alacaklar 0.33 0.00 7.35

Diğer Uzun Vadeli Alacaklar 0.00 0.12 0.30

Finansal Duran Varlıklar 10.76 6.19 5.00

Maddi Duran Varlıklar 518.27 552.84 529.13

Maddi Olmayan Duran Varlıklar 12.51 558.64 581.19

Goodwill 11.33 236.13 236.45

Diğer Duran Varlıklar 20.60 263.01 271.44

Toplam Varlıklar 969.36 1,822.41 2,044.35

Kısa Vadeli Yükümlülükler 105.59 174.54 374.32

Kısa Vadeli Finansal Borçlar 11.71 59.74 275.66

Kısa Vadeli Ticari Borçlar 49.09 45.08 45.02

Diğer Kısa Vadeli Borçlar 3.97 64.57 46.90

Kısa Vadeli Borç ve Gider Karşılıkları 40.83 5.15 6.73

Uzun Vadeli Yükümlülükler 160.98 794.04 783.83

Uzun Vadeli Finansal Borçlar 47.09 605.20 627.94

Uzun Vadeli Ticari Borçlar 78.00 0.00 0.00

Diğer Uzun Vadeli Borçlar 0.00 188.84 155.89

Uzun Vadeli Borç ve Gider Karşılıkları 35.88 0.00 0.00

Özsermaye 702.57 743.24 753.06

Azınlık Payları 0.11 110.58 133.14

Sermaye 416.74 421.00 460.00

Karşılıklı İştirak Sermayesi Düzeltmesi 0.00 0.00 77.20

Emisyon Primi 0.00 0.00 0.00

Yeniden Değerleme Fonu 0.00 0.00 0.00

Yedekler ve Diğer Öz Sermaye Kalemleri 153.17 159.44 157.50

Geçmiş Yıllar Kar/Zararları 28.61 179.20 229.59

Dönem Net Kar/Zararı 104.16 94.19 -38.09

Toplam Öz Sermaye ve Yükümlülükler 969.36 1,822.41 2,044.35

Gelir Tablosu

Satış Gelirleri (net) 632.37 897.58 998.45

Satışların Maliyeti (-) -423.21 -531.80 -595.81

Hizmet Gelirleri (net) 0.00 0.00 0.00

Esas Faaliyetlerden Gelirler/faiz+temettü+kira (net) 0.00 0.00 0.00

Finans Sektörü Faaliyetlerinden Brüt Kar (Zarar) 0.00 0.00 0.00

BRÜT ESAS FAALİYET KARI/ZARARI 209.17 365.78 402.63

Faaliyet Giderleri (-) -122.19 -248.15 -323.34

NET ESAS FAALİYET KARI/ZARARI 86.98 117.63 79.29

Diğer Gelir ve Giderler (Net) 38.43 -7.04 -1.69



Özkaynak Yöntemiyle Değerlenen Yatırımların Kar/Zararlarındaki P 0.00 -20.90 -8.77

Finansman Giderleri (-) -12.72 63.28 -157.57

Net Parasal Pozisyon Kar/Zararı 0.00 0.00 0.00

SÜRDÜRÜLEN FAALİYETLER VERGİ ÖNCESİ KARI (ZARARI) 112.69 152.97 -88.73

Vergiler -9.83 -47.69 8.21

SÜRDÜRÜLEN FAALİYETLER DÖNEM KARI/ZARARI 102.86 105.28 -80.52

Durdurulan Faaliyetler Vergi Sonrası Dönem Karı (Zararı) 0.00 -1.81 59.19

DÖNEM KARI (ZARARI) 102.86 103.46 -21.33 Azınlık Payları 1.30 9.27 16.76

NET DÖNEM KARI (ZARARI) 104.16 94.19 -38.09

Dipnot Tablosu

Amortisman ve İtfa Giderleri 49.49 72.00 84.12

Kıdem Tazminatı 2.13 3.82 5.00

Finansman Giderleri -12.72 -69.51 -264.47

Yurtiçi Satışlar 601.78 595.17 583.48

Yurtdışı Satışlar 30.59 302.40 414.97

Net Yabancı Para Pozisyonu -37.39 -581.97 -645.88

EBITDA 136.47 189.63 163.41

Diğer Bilgiler 21.58% 21.13% 16.37%

İşletme Sermayesi 124.83 203.41 165.35

Net Nakit 106.08 -542.76 -553.00

Piyasa Değeri 452,640,000.00 452,640,000.00 452,640,000.00

Firma Değeri 346.56 995.40 1,005.64

F/DD 0.64 0.61 0.60

FVAÖK 136.47 189.63 163.41

Brüt Kar Marjı 33.08 40.75 40.33

Esas Faaliyet Kar Marjı 13.75 13.11 7.94

FVAÖK Marjı 21.58 21.13 16.37

Net Kar Marjı 16.47 10.49 -3.82



2009/12 2010/12 2011/12 2012/06

XI_29 XI_29 XI_29 XI_29

XI_29 XI_29 XI_29 XI_29

539.01 347.62 553.17 447.61

278.38 89.53 281.60 98.09

18.36 18.86 0.00 0.00

191.19 186.50 141.76 213.15

2.61 1.84 0.50 79.08

18.45 17.65 18.57 16.67

30.02 33.24 110.74 40.62

1,314.99 1,231.30 1,082.01 1,104.62

0.00 0.00 0.00 0.00

0.67 0.79 0.91 100.33

4.89 4.85 4.53 4.35

507.26 457.36 336.71 329.12

546.25 504.26 549.34 495.69

222.34 206.18 136.20 128.36

255.94 264.05 190.51 175.14

1,854.00 1,578.93 1,635.18 1,552.23

462.22 390.54 549.79 587.28

320.33 230.19 265.19 374.45

40.56 37.42 52.90 51.36

83.39 112.51 228.89 158.26

17.95 10.41 2.81 3.20

474.13 415.35 490.21 252.71

329.95 276.19 337.96 115.22

0.00 0.00 0.00 0.00144.18 139.17 152.25 137.50

0.00 0.00 0.00 0.00

797.90 684.85 514.10 651.81

119.75 88.18 81.08 60.43

552.00 552.00 552.00 552.00

77.20 77.20 0.00 0.00

0.08 0.08 0.08 0.08

0.00 0.00 0.00 0.00

132.36 114.12 249.93 201.58

191.09 69.71 28.86 -191.68

-35.08 -40.08 -235.68 150.26

1,854.00 1,578.93 1,635.18 1,552.23

Building Pr 1462 37.7%

784.13 794.23 868.74 430.59 Healthcare 634.9 16.4% 1463

-499.03 -466.05 -540.79 -264.37 Consumer 854.2 22.0%

0.00 0.00 0.00 0.00 Other 924.7 23.9%

0.00 0.00 0.00 0.00 3875.8 100.0%

0.00 0.00 0.00 0.00 Building Pr Healthcare Consumer Other

285.10 328.18 327.95 166.22 37.7% 16.4% 22.0% 23.9%

-235.99 -282.72 -321.94 -148.61

49.11 45.46 6.00 17.61 Publishing 684 48.7%

-55.02 -69.06 -156.44 138.35 Broadcasti 472 33.6%



-15.19 -8.94 -11.33 -5.69 Retail 162 11.5%

-5.92 -17.05 -104.78 9.00 Other 87 6.2%

0.00 0.00 0.00 0.00 1405

-27.02 -49.59 -266.55 159.26

-14.11 -5.94 8.95 -11.71 Publishing Broadcasti Retail

-41.13 -55.53 -257.60 147.55 49% 34% 12%

0.00 0.00 0.00 0.00

-41.13 -55.53 -257.60 147.55 1.001809

-6.06 -15.45 -21.92 -2.70

-35.08 -40.08 -235.68 150.26 clebi

136.19 129.81 91.40 56.21

87.08 84.35 85.40 38.60 38766.49 -10.96 -8.49 5.11 260.2

-147.86 -61.83 -188.01 -72.95 0.067131 2.547771

515.66 553.54 0.00 305.89

268.47 240.69 0.00 124.70

-509.60 -465.24 -510.34 -278.58

136.19 129.81 91.40 56.21

17.37% 16.34% 10.52% 13.05%

169.08 166.73 107.43 178.46

-371.32 -455.07 -388.28 -409.90 1.136756452,640,000.00 ######## ######## ########

823.96 907.71 840.92 862.54

0.57 0.66 0.88 0.69

136.19 129.81 91.40 56.21

36.36 41.32 37.75 38.60

6.26 5.72 0.69 4.09

17.37 16.34 10.52 13.05

-4.47 -5.05 -27.13 34.90

0.282353



0.294322



Other 6%



Industrial ResearchWise Sheet

Company Static Items

@BEGINSTATIC @ENDSTATIC

@INSTTYPE Instrument Type EQ@CODE Instrument Code HURGZ TI Equity

@CTYPE Instrument Code Type @BB

@VERSION Version information (Do not change) 8

@ACCOUNT Accounting Standard

@RCURR Reporting Currency TRY

@ADRTICKER ADR Ticker

@ADRPRICE ADR Price

@REC Recommendation HOLD

@MULT Multiplier 1,000,000

@NRDATE Next Reporting Date 15-Nov-12

@NRPER Next Reporting Period 3Q

@LRDATE Last Reporting Date 28-Aug-12@LRPER Last Reporting Period 2Q

@TARGET Share Price Target 0.80

@TPRBASIS Target Price Basis

@NAV NAV

@FNAV Forward NAV

@FLOAT Free Float % 22.10

@VALUATION Valuation DCF+PEERS

@VALNRISK Valuation and Risk Fair

@ANALYST Lead Analyst (System Username) Kenan.Cosguner

@ANALYSTNAME Lead Analyst Name Kenan Cosguner

@ANALYSTBETA Analyst Specified BETA 1

@DEBTPREM Debt premium to risk free rate (bps) 50

@STOCKSTATUS Parent / Consolidated Indicator C

@PNLDATE Actual PnL Upto Date(dd-mmm-yyyy) 12/31/2011

@BSDATE Actual Balance Sheet Upto Date(dd-mm 12/31/2011

@GSEG1 Name of Geographical Segment 1 Local

@GSEG2 Name of Geographical Segment 2






@PSEG1 Name of Product Segment 1


@PSEG3 Name of Product Segment 3@PSEG4 Name of Product Segment 4





@DSCRPTN Company DescriptionHurriyet is the Turkey's largest newspape

advertisement operation in Russia



@SHOLDER1 Major Shareholder 1 Dogan Yayin Holding

@SHOLDER2 Major Shareholder 2




@SHOLDERPCT1 major Shareholder1 (% of Shares held) 66.60

@SHOLDERPCT2 major Shareholder2 (% of Shares held)




@ENDSTATIC

FINANCIAL STATEMENTS@BEGIN Year FY2008A Y2009A

@DATE Reporting Financial Year 2008 2009

@FSTATUS Accounts Status A A

@FPERIOD Reporting Period FY FY

@YEAREND Financial Year End (month) Dec Dec

Section I - Profit & Loss@INDPL001 Revenue (+) 998 784

@INDPL002 Cost of sales (excl depreciation) (-) (512) (412)

@INDPL003 Gross profit 487 372

@INDPL004 Other operating income (+) 49 (70)

@INDPL005 Operating income 535 302

@INDPL006 SG&A (-) (323) (236)

@INDPL007 R & D (-) - -

@INDPL008 Other operating costs (-) - -

@INDPL009 Operating costs (323) (236)

@INDPL010 Operating EBITDA 212 66

@INDPL011 Depreciation (-) (84) (87)

@INDPL012 Goodwill amortisation (-) - -

@INDPL013 Operating EBIT 128 (21)

@INDPL014 Interest expense (-) (158) (6)

@INDPL015 Capitalised interest (-) - -

@INDPL016 Interest income (+) - -

@INDPL017 Currency gains (losses) (+/-) - -

@INDPL018 Other financing costs (-) - -

@INDPL019 Net financing costs (158) (6)

@INDPL020 Operating EBT (30) (27)

@INDPL021 Associates (+) - -@INDPL022 Non consolidated profits (+) - -

@INDPL023 Dividend income (+) - -

@INDPL024 Other recurring income (+) - -

@COMIT001 Recurring non operating income - -

@COMIT002 Recurring EBT (30) (27)

@INDPL027 Fixed asset disposals (+/-) - -

@INDPL028 Restructuring costs (+/-) - -

@INDPL029 Asset writedowns (+/-) - -



@INDPL030 Provisions for discontinued operations (-) - -

@INDPL031 Other provisions (-) - -

@INDPL032 Other non-recurring items (+/-) - -

@COMIT003 Non recurring items - -

@COMIT004 Profit before tax (30) (27)

@COMIT005 Current tax (-) 8 (14)

@COMIT006 Deferred tax (-) - -

@COMIT007 Tax on non recurring items (+/-) - -@COMIT008 Tax 8 (14)

@COMIT009 Profit after tax (21) (41)

@COMIT010 Minority interests (17) 6

@COMIT011 Preferred dividends - -

@COMIT012 Other items - -

@COMIT013 Reported net profit (38) (35)

@COMIT014 Non recurring items (net of tax) - -

@COMIT015 Goodwill amortisation (-) - -

@COMIT016 Recurring net profit (38) (35)@COMIT017 Total dividends declared - -

@COMIT018 Adjusted DPS - -

@COMIT019 Marginal corporate tax rate (%) - -

Fully diluted profit calculation

@COMIT021 Recurring net profit (38) (35)

@COMIT022 Interest benefit on debt/pref conversion - -

@COMIT023 Interest benefit on warrant/options - -

@COMIT024 Tax on interest benefit - -

@COMIT025 FD Recurring net profit (38) (35)

Section II - Ba ance s eet@INDBS001 Trade debtors 187 191

@INDBS002 Other debtors and prepayments - -

@INDBS003 Stock 23 18

@INDBS004 Other current assets 69 33

@INDBS005 Working capital assets 280 242

@INDBS006 Trade creditors (45) (41)

@INDBS007 Other creditors & accruals - -

@INDBS008 Taxes payable - -

@INDBS009 Dividends payable - -

@INDBS010 Other current liabilities (54) (101)

@INDBS011 Working capital liabilities (99) (142)@INDBS012 Net working capital 181 100

@COMIT026 Tangible fixed assets - gross 538 1,806

@COMIT027 Accumulated depreciation (573) (753)

@COMIT028 Tangible fixed assets - net (35) 1,054

@INDBS013 Operating invested capital 146 1,154

@INDBS014 Goodwill - -

@INDBS015 Brands - -

@INDBS016 Other intangible assets - -



@COMIT029 Intangible assets - -

@INDBS017 Associates - -

@INDBS018 Financial assets 5 5

@INDBS019 Other assets 279 257

@INDBS020 Invested Capital 430 1,415

@INDBS021 Cash (-) (370) (297)@INDBS022 Short term investments (-) - -

@INDBS023 Cash & equivalents (370) (297)

@INDBS024 Short term debt 276 320

@INDBS025 Long term debt 628 330

@INDBS026 Net debt 533 354

@INDBS027 Deferred tax - -

@INDBS028 Deferred income - -

@INDBS029 Pension provisions - -

@INDBS030 Other provisions - -

@INDBS031 Other liabilities 156 144

@INDBS032 Net liabilities 689 498

@COMIT030 Ordinary shares 269 269

@COMIT031 Registered shares - -

@COMIT032 Savings shares - -

@COMIT033 Preference shares - -

@COMIT034 Other - -

@COMIT035 Share capital 269 269

@COMIT036 Share premium account - -

@COMIT037 Revaluation reserve - -

@COMIT038 Legal reserve 484 529

@COMIT039 Revenue reserve - -

@COMIT040 Associates reserves - -@COMIT041 Other - -

@COMIT042 Reserves 484 529

@COMIT043 Total equity 753 798

@COMIT044 Minority interests 133 120

@INDBS033 Invested capital 1,575 1,415

@COMIT083 Total assets/liabilities 899 1,854

Balance sheet balances FALSE TRUE

Current and prior period entered FALSE TRUE

Section III - Cash Flow Statement@INDCF001 Recurring net profit - (35)

@INDCF002 Depreciation - 87

@INDCF003 Associates & minorities - -

@INDCF004 Other non-cash items - -

@INDCF005 Recurring cash flow - 52



@INDCF006 Change in stock - 5

@INDCF007 Change in debtors - (4)

@INDCF008 Change in creditors - (4)

@INDCF009 Other working capital movements - 84

@INDCF010 Changes in working capital - 81

@INDCF011 Capital expenditure (maintenance) - -

@INDCF012 Capital expenditure (new investment) - -@INDCF013 Free cash flow to equity - 133

@INDCF014 Net business acquisitions/disposals - (0)

@INDCF015 Dividends paid - -

@INDCF016 CF after acq/disp/dividends - 132

@INDCF017 Current asset acquisitions/disposals - 37

@INDCF018 Fixed assets disposals - -

@INDCF019 Securities acquisitions/disposals - -

@INDCF020 Other non recurring cash flows - 11

@INDCF021 Non recurring cash flows - 47

@INDCF022 Net cash flow - 180

@INDCF023 Share capital issued - -@INDCF024 Minority interest shares issued - (13)

@INDCF025 Equity finance - (13)

@INDCF026 Debt issued - (253)

@INDCF027 Debt repaid - -

@INDCF028 Other - -

@INDCF029 Debt finance - (253)

@INDCF030 Movement in cash - (87)

Balance sheet reconciliation

@INDCF031 Movement in cash - (87)

@INDCF032 Change in overdrafts - -

@INDCF033 Effects of changes in exchange rates - -

@INDCF034 Other adjustments - 462

@INDCF035 Change in cash & equivalents (CF) - 375.2

@INDCF036 Change in cash & equivalents (BS) 370 (73.6)

CF reconciliation balances FALSE FALSE

Section IV - Selective Data

Share Data@COMIT045 Year end adjusted shares in issue 268.6 268.6

@COMIT046 Weighted average adjusted shares 268.6 268.6

@COMIT047 FD weighted average adjusted shares 268.6 268.6

@COMIT048 Preference shares (Nos.) - -

Revenue BreakdownRevenue by Division/Product



@COMIT057 Revenue

@COMIT058 Revenue

@COMIT059 Revenue

@COMIT060 Revenue

@COMIT061 Revenue

@COMIT062 Revenue

@COMIT063 Revenue

@COMIT064 Revenue

@COMIT065 Total Revenue - -

Matches P&L FALSE FALSE

Revenue By Region

@COMIT066 Local Revenue

@COMIT067 Revenue

@COMIT068 Revenue

@COMIT069 Revenue

@COMIT070 Revenue

@COMIT071 Revenue

@COMIT072 Revenue

@COMIT073 Total Revenue - -Matches P&L FALSE FALSE

Section V - Ratios and Valuations

Per Share Data

@COMIT076 Recurring EPS (0.14) (0.13)

@COMIT077 Reported EPS (0.14) (0.13)

@COMIT078 DPS - -

@INDRV001 Recurring cash flow per share - 0.19

@INDRV002 FCF to equity per share - 0.49

@COMIT079 Book value per share 2.80 2.97

@COMIT080 Tangible book value per share 2.80 2.97

@COMIT091 NAV (Total Value)

@COMIT092 NAV Per Share - -

Operating performance

@INDRV003 Gross margin (%) 40.3% 36.4%

@INDRV004 Operating EBITDA margin (%) 21.2% 8.4%

@INDRV005 Operating EBIT margin (%) 12.8% (2.7%)

@INDRV006 Net margin (%) (3.8%) (4.5%)

@COMIT081 Effective tax rate (%) neg neg

@INDRV021 Operating ROIC % (RW Sheet) na (3.2%)

@INDRV022 ROIC % (RW Sheet) na (2.3%)@COMIT082 Dividend payout (%) neg neg

@INDRV007 Cash available for interest 128 (21)

@INDRV008 Interest cover (x) 0.8x (3.6x)

Financial strength

@INDRV009 Net debt/equity (%) 60.2% 38.5%

@INDRV010 Net debt/total assets (%) 59.3% 19.1%

@INDRV011 Current ratio (x) 1.7x 1.2x

@INDRV012 CF interest cover (x) 1.0x 23.4x



Items to be used in calculating current WACC

Financial year lookup 0 0

<!A Latest share price (in reporting currency) N/A

Year end market capitalisation (in reporting currency) - -

EV (year end) - -

Debt/EV (%) - -

@INDRV015 Debt weight (%) - -

Section VI - Aggregated Items

@INDAI001 Recurring non operating income (others) - -

@INDAI002 Non recurring items & goodwill (net) - -

@INDAI003 Other intangible assets & brands - -

@INDAI005 Other liabilities 1,442 1,296

Industry Specific (Non-KPI)

@END

@BEGINKPI JAN FEB

@ENDKPI



r company with classified

You can insert andremove columns from E tothe keyword '@END.

You can also add blankcolumns to match withunderlying data



Y2010A Y2011A FY2012F Y2013F Y2014F

2010 2011 2012 2013 2014

A A F F F

FY FY FY FY FY

Dec Dec Dec Dec Dec

794 869 862 872 881

(382) (455) (448) (449) (451)

413 413 414 423 430 - - - - - -

(78) (168) 137 (23) (23)

335 246 551 400 407 - - - - - -

(283) (322) (316) (319) (321)

- - - - -

- - - - -

(283) (322) (316) (319) (321) - - - - - -

52 (76) 235 81 86 - - - - - -

(84) (85) (79) (79) (78)

- - - - -

(33) (162) 156 2 8 - - - - - -

(17) (105) (25) (16) (14)

- - - - -

- - - - -

- - - - -

- - - - -

(17) (105) (25) (16) (14) - - - - - -

(50) (267) 130 (14) (5) - - - - - -

- - - - -- - - - -

- - - - -

- - - - -

- - - - - - - - - - -

(50) (267) 130 (14) (5) - - - - - -

- - - - -

- - - - -

- - - - -



- - - - -

- - - - -

- - - - -

- - - - - - - - - - -

(50) (267) 130 (14) (5) - - - - - -

(6) 9 (7) 3 1

- - - - -

- - - - -(6) 9 (7) 3 1 - - - - - -

(56) (258) 124 (11) (4) - - - - - -

15 22 3 3 3

- - - - -

- - - - -

(40) (236) 127 (9) (2) - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

(40) (236) 127 (9) (2) - - - - - -- - (4) 2 (2)

- - 0.01 (0.01) 0.01 - - - - - -

- - - - -

(40) (236) 127 (9) (2) - - - - - -

- - - - -

- - - - -

- - - - -

(40) (236) 127 (9) (2) - - - - - -

187 142 141 142 144

- - - - -

18 19 18 19 19

35 111 161 111 111

239 272 320 272 274 - - - - - -

(37) (53) (53) (53) (54)

- - - - -

- - - - -

- - - - -

(123) (232) (232) (232) (232)

(160) (285) (284) (285) (285) - - - - - -79 (13) 36 (13) (11) - - - - - -

1,791 1,762 1,907 1,943 1,980

(830) (876) (955) (1,034) (1,113)

962 886 952 909 867 - - - - - -

1,041 873 988 896 856 - - - - - -

- - - - -

- - - - -

- - - - -



- - - - - - - - - - -

- - - - -

5 5 5 5 5

265 191 251 191 191

1,310 1,069 1,244 1,092 1,052 - - - - - -

(108) (282) (313) (456) (495)- - - - -

(108) (282) (313) (456) (495) - - - - - -

230 265 265 265 265

276 338 438 438 438

398 322 390 247 208 - - - - - -

- - - - -

- - - - -

- - - - -

- - - - -

139 152 152 152 152

537 474 542 399 360 - - - - - -

269 269 342 342 342

- - - - -

- - - - -

- - - - -

- - - - -

269 269 342 342 342 - - - - - -

- - - - -

- - - - -

416 245 302 296 297

- - - - -

- - - - -- - - - -

416 245 302 296 297 - - - - - -

685 514 644 638 639 - - - - - -

88 81 58 55 53

1,310 1,069 1,244 1,092 1,052 - - - - - -

1,579 1,635 1,841 1,833 1,832 - - - - - -

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

TRUE TRUE TRUE TRUE TRUE FALSE FALSE FALSE FALSE FALSE FALSE

(40) (236) 127 (9) (2) - - - - - -

84 85 79 79 78 - - - - - -

- - - - -

- - - - -

44 (150) 206 70 77 - - - - - -



1 (1) 0 (0) (0)

(3) 15 (0) 1 1

5 45 1 (2) (2)

19 33 (50) 50 -

21 92 (49) 49 (1) - - - - - -

- - - - -

(32) (25) (45) (36) (37)33 (83) 112 83 39 - - - - - -

(0) (0) - - -

- 2 (3.813) 2 (2)

33 (82) 108 85 36 - - - - - -

(2) (76) (50) 50 -

- - - - -

- - - - -

(13) 87 (60) 60 -

(16) 10 (110) 110 - - - - - - -

18 (72) (2) 195 36 - - - - - -

- - - - -(32) (7) (23) (3) (3)

(32) (7) (23) (3) (3) - - - - - -

(144) 97 100 - -

- - - - -

- - - - -

(144) 97 100 - - - - - - - -

(158) 18 75 192 34 - - - - - -

(158) 18 75 192 34 - - - - - -

- - - - -

- - - - -

(238) (812) - - -

(396.2) (793.6) 74.9 192.4 33.8 - - - - - -

(188.4) 173.2 31.6 143.3 38.7 (495) - - - - -

FALSE FALSE FALSE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE

268.6 268.6 342.0 342.0 342.0

268.6 268.6 342.0 342.0 342.0

268.6 268.6 342.0 342.0 342.0

- - - - -



- - - - - - - - - - -

FALSE FALSE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE TRUE

- - - - - - - - - - -FALSE FALSE FALSE FALSE FALSE TRUE TRUE TRUE TRUE TRUE TRUE

(0.15) (0.88) 0.37 (0.03) (0.00) - - - - - -

(0.15) (0.88) 0.37 (0.03) (0.00) - - - - - -

- - 0.01 (0.01) 0.01 - - - - - -

0.16 (0.56) 0.60 0.21 0.22 - - - - - -

0.12 (0.31) 0.33 0.24 0.11 - - - - - -

2.55 1.91 1.88 1.86 1.87 - - - - - -

2.55 1.91 1.88 1.86 1.87 - - - - - -

- - - - - - - - - - -

41.3% 37.7% 38.9% 39.4% 39.9% na na na na na na

6.5% (8.8%) 27.2% 9.3% 9.8% - - - - - -

(4.1%) (18.6%) 18.0% 0.2% 0.9% - - - - - -

(5.0%) (27.1%) 14.7% (1.0%) (0.2%) - - - - - -

neg neg 5.0% neg neg neg neg neg neg neg neg

(3.0%) (16.9%) 16.7% 0.2% 0.9% - neg neg neg neg neg

(2.4%) (13.6%) 13.4% 0.1% 0.8% - neg neg neg neg negneg neg 3.0% neg neg - - - - - -

(33) (162) 156 2 8 - - - - - -

(1.9x) (1.5x) 6.1x 0.1x 0.6x na na na na na na

51.5% 54.0% 55.6% 35.6% 30.1% neg neg neg neg neg neg

25.2% 19.7% 21.2% 13.5% 11.4% - - - - - -

0.9x 1.0x 1.2x 1.3x 1.4x - - - - - -

4.9x 0.4x 7.2x 8.4x 6.6x na na na na na na



0 1 0 0 0 0 0 0 0 0 0

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

1,222 988 1,186 1,037 999 - - - - - -

MAR APR MAY JUN JUL AUG SEP OCT NOV DEC @ENDKPI



- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -



- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -



- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -



- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

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- - - - - - - - - -


- - - - - - - - - -TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

na na na na na na na na na na

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

neg neg neg neg neg neg neg neg neg neg


neg neg neg neg neg neg neg neg neg neg- - - - - - - - - -

- - - - - - - - - -



- - - - - - - - - -

- - - - - - - - - -




0 0 0 0 0 0 0 0 0 0

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

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hurriyet valuation updated new last2

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