Stock TBORG TÜRK TUBORG BIRA VE MALT SANAYII
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Financials Türk Tuborg Bira ve Malt Sanayii

Equities

TBORG

TRATBORG91A4

Brewers

Market Closed - Borsa Istanbul
Other stock markets
 11:05:12 2024-06-03 am EDT 		5-day change 1st Jan Change
90 TRY -0.55% Intraday chart for Türk Tuborg Bira ve Malt Sanayii -2.81% +22.87%
May. 06 Türk Tuborg Bira ve Malt Sanayii A.S. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Türk Tuborg Bira ve Malt Sanayii A.S. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 3,041 3,838 5,828 6,195 12,417 23,624
Enterprise Value (EV) 1 2,599 3,706 5,079 4,771 11,232 20,950
P/E ratio 7.11 x 8.77 x 11.1 x 5.14 x 6.12 x 22.9 x
Yield - - 1.77% 12.9% - -
Capitalization / Revenue 1.79 x 1.77 x 2.25 x 1.69 x 1.56 x 1.38 x
EV / Revenue 1.53 x 1.71 x 1.96 x 1.3 x 1.41 x 1.22 x
EV / EBITDA 4.69 x 4.89 x 5.76 x 3.83 x 5.11 x 5.62 x
EV / FCF -9.95 x 22.1 x 9.5 x 15.4 x 731 x 27.3 x
FCF Yield -10.1% 4.53% 10.5% 6.51% 0.14% 3.66%
Price to Book 2.16 x 2.94 x 3.18 x 2.12 x 3 x 2.3 x
Nbr of stocks (in thousands) 322,508 322,508 322,508 322,508 322,508 322,508
Reference price 2 9.430 11.90 18.07 19.21 38.50 73.25
Announcement Date 2/20/19 3/10/20 3/12/21 3/12/22 3/14/23 5/7/24
1TRY in Million2TRY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,700 2,171 2,589 3,675 7,956 17,143
EBITDA 1 553.7 758.2 882.2 1,247 2,199 3,728
EBIT 1 416.3 563.5 636 923.5 1,686 1,568
Operating Margin 24.49% 25.95% 24.56% 25.13% 21.19% 9.15%
Earnings before Tax (EBT) 1 548.7 552 676.5 1,455 1,854 1,993
Net income 1 427.7 437.5 525.3 1,204 2,029 1,031
Net margin 25.16% 20.15% 20.29% 32.77% 25.5% 6.02%
EPS 2 1.326 1.356 1.629 3.734 6.290 3.198
Free Cash Flow 1 -261.2 167.9 534.9 310.7 15.36 767.4
FCF margin -15.37% 7.73% 20.66% 8.45% 0.19% 4.48%
FCF Conversion (EBITDA) - 22.15% 60.63% 24.92% 0.7% 20.59%
FCF Conversion (Net income) - 38.39% 101.83% 25.8% 0.76% 74.4%
Dividend per Share - - 0.3201 2.481 - -
Announcement Date 2/20/19 3/10/20 3/12/21 3/12/22 3/14/23 5/7/24
1TRY in Million2TRY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 443 132 749 1,424 1,185 2,673
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -261 168 535 311 15.4 767
ROE (net income / shareholders' equity) 35% 32.3% 33.5% 50.6% 57.4% 10.6%
ROA (Net income/ Total Assets) 13% 14.5% 13.3% 14% 15.6% 5.42%
Assets 1 3,288 3,027 3,962 8,585 13,022 19,033
Book Value Per Share 2 4.360 4.050 5.680 9.070 12.80 31.80
Cash Flow per Share 2 0.4500 1.080 3.200 4.550 6.730 15.60
Capex 1 379 347 371 540 1,358 2,948
Capex / Sales 22.3% 15.99% 14.35% 14.71% 17.07% 17.2%
Announcement Date 2/20/19 3/10/20 3/12/21 3/12/22 3/14/23 5/7/24
1TRY in Million2TRY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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