Stock MGROS MIGROS TICARET
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Financials Migros Ticaret

Equities

MGROS

TREMGTI00012

Food Retail & Distribution

Market Closed - Borsa Istanbul
Other stock markets
 11:09:25 2024-05-15 am EDT 		5-day change 1st Jan Change
475.2 TRY +1.93% Intraday chart for Migros Ticaret +5.14% +41.87%
Mar. 18 Migros Ticaret A.S. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Migros Ticaret A.S. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,385 7,749 6,869 26,524 60,653 84,417 - -
Enterprise Value (EV) 1 9,558 11,285 9,317 25,913 60,653 69,963 63,436 59,193
P/E ratio -8.9 x -19.3 x 19.2 x 10.3 x 6.87 x 7.18 x 8.86 x 5.84 x
Yield - - - - - 5.57% 3.81% 7.43%
Capitalization / Revenue 0.19 x 0.27 x 0.19 x 0.36 x 0.33 x 0.32 x 0.25 x 0.2 x
EV / Revenue 0.41 x 0.39 x 0.26 x 0.35 x 0.33 x 0.26 x 0.19 x 0.14 x
EV / EBITDA 4.49 x 5.07 x 2.82 x 4.34 x 18.8 x 8.59 x 2.86 x 2.52 x
EV / FCF 5.24 x 4.54 x 3.83 x 4.49 x - 3.91 x 4.88 x 2.83 x
FCF Yield 19.1% 22% 26.1% 22.3% - 25.6% 20.5% 35.4%
Price to Book 13.7 x 249 x 12.8 x 6.56 x - 6.75 x 4.4 x -
Nbr of stocks (in thousands) 181,054 181,054 181,054 181,054 181,054 181,054 - -
Reference price 2 24.22 42.80 37.94 146.5 335.0 466.2 466.2 466.2
Announcement Date 3/2/20 3/1/21 3/1/22 2/28/23 3/18/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 23,191 28,790 36,272 74,502 181,674 267,678 337,320 432,673
EBITDA 1 2,127 2,224 3,300 5,968 3,221 8,141 22,152 23,492
EBIT 1 1,321 1,381 2,393 4,790 -2,980 -1,251 14,985 11,286
Operating Margin 5.7% 4.8% 6.6% 6.43% -1.64% -0.47% 4.44% 2.61%
Earnings before Tax (EBT) 1 -467.5 -220.7 225.5 1,908 10,792 15,902 13,134 25,440
Net income 1 -492.1 -403 358.9 2,570 8,829 11,761 10,406 14,450
Net margin -2.12% -1.4% 0.99% 3.45% 4.86% 4.39% 3.08% 3.34%
EPS 2 -2.720 -2.220 1.980 14.20 48.76 64.96 52.64 79.80
Free Cash Flow 1 1,824 2,483 2,435 5,778 - 17,898 12,999 20,935
FCF margin 7.87% 8.63% 6.71% 7.75% - 6.69% 3.85% 4.84%
FCF Conversion (EBITDA) 85.75% 111.66% 73.78% 96.81% - 219.85% 58.68% 89.12%
FCF Conversion (Net income) - - 678.44% 224.78% - 152.18% 124.92% 144.89%
Dividend per Share 2 - - - - - 25.98 17.78 34.64
Announcement Date 3/2/20 3/1/21 3/1/22 2/28/23 3/18/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4
Net sales 1 9,817 10,351 12,271 15,963 25,921 24,448 27,183 32,951 41,722 79,818
EBITDA 1 907.8 1,151 868.4 1,123 1,735 1,551 1,776 2,183 3,036 -3,774
EBIT 473.6 911.6 341.5 843.9 - - - - - -
Operating Margin 4.82% 8.81% 2.78% 5.29% - - - - - -
Earnings before Tax (EBT) - - - - - - - - - -
Net income 1 156 -8.35 82.21 444.2 367.2 1,164 560 1,500 2,174 4,595
Net margin 1.59% -0.08% 0.67% 2.78% 1.42% 4.76% 2.06% 4.55% 5.21% 5.76%
EPS 0.8600 -0.0400 0.4500 2.430 2.020 - - - - -
Dividend per Share - - - - - - - - - -
Announcement Date 11/5/21 3/1/22 5/9/22 8/9/22 11/3/22 2/28/23 5/3/23 8/2/23 11/2/23 3/18/24
1TRY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 5,173 3,536 2,447 - - - - -
Net Cash position 1 - - - 611 - 14,453 20,981 25,224
Leverage (Debt/EBITDA) 2.432 x 1.59 x 0.7416 x - - - - -
Free Cash Flow 1 1,824 2,483 2,435 5,778 - 17,898 12,999 20,935
ROE (net income / shareholders' equity) -103% -210% 127% 110% - 24.3% 50.3% 32.4%
ROA (Net income/ Total Assets) -3.88% -2.76% 2.14% 9.43% - 8.41% 8.2% -
Assets 1 12,673 14,598 16,739 27,262 - 139,816 126,874 -
Book Value Per Share 2 1.770 0.1700 2.960 22.30 - 69.10 106.0 -
Cash Flow per Share 2 12.00 16.70 18.80 44.40 - 130.0 154.0 -
Capex 1 341 539 969 2,262 - 9,883 9,823 13,506
Capex / Sales 1.47% 1.87% 2.67% 3.04% - 3.69% 2.91% 3.12%
Announcement Date 3/2/20 3/1/21 3/1/22 2/28/23 3/18/24 - - -
1TRY in Million2TRY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Migros Ticaret

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
466.2 TRY
Average target price
540.2 TRY
Spread / Average Target
+15.87%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

1st Jan change Capi.
MIGROS TICARET Stock Migros Ticaret
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Supermarkets & Convenience Stores
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