Q$5.$ Use "Comparables Valuation" excel example shown in class and replicate that example using a real public firm of your choice fro Borsa Istanbul to estimate the value of operations for your firm as of Jan $2,2025.$ You can use internet to obtain data but all estimations should be your own work.

Then follow the $4$ steps below to estimate the total market value of equity for the firm. Compare this estimated value to the market capitalization of the firm as of Jan $2,2025.$ And state if the firm is undervalued, overvalued or fairly valued in the market. Give links to the $2024$ annual report of your company used for obtaining data and show all details of your estimation and reasoning to get any points.

$1.$Value the company's operations. That is$,$ discount the future free cash flows from operations using the weighted average cost of capital as the discount rate

$2.$Value non$-$operating assets such as excess cash, short$-$term investments, marketable securities$,$ and Other Non$-$operating Assests such as Other Assets, Nonconsolidated Subsidiaries, all from Balance Sheet $($Assets$).$ Sum of operating assets and nonoperating assets equals to the firm's enterprise value.

$3.$Find the values of all non$-$equity claims against the firm's assets such as any kind of longterm debt such as fixed$-$rate debt, floating$-$rate debt, etc., pension shortfalls, which are unfunded retirement liabilities, contingent liabilities such as lawsuits, and preferred stock from the balance sheet and from the footnotes$/$notes to financial statements in the company's annual report. Also add if there are any liability items that are not normally shown on balance sheet but reported in the footnotes$/$notes as capitalized value $($i$.$e$.,$ total present value of future payments of any possible non$-$balance sheet liability$-$like items$)$

$4.$The enterprise value minus the value of nonequity financial claims is equal to the value of equity $($total market value of equity$).$