Stock AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII ANONIM SIRKETI
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Financials Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi

Equities

AEFES

TRAAEFES91A9

Brewers

Market Closed - Borsa Istanbul
Other stock markets
 11:09:30 2024-04-26 am EDT 		5-day change 1st Jan Change
180.2 TRY -0.55% Intraday chart for Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi +5.01% +31.05%
Mar. 22 Transcript : Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi, 2023 Earnings Call, Mar 22, 2024
Mar. 21 Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 13,666 13,725 17,538 40,115 81,414 106,697 -
Enterprise Value (EV) 1 18,021 17,341 28,450 53,130 98,835 128,263 121,604
P/E ratio 13.4 x 16.8 x 16.4 x 11.7 x 3.68 x 8.28 x 6.44 x
Yield 2.19% 8.35% 6.26% - 1.71% 3.62% 4.16%
Capitalization / Revenue 0.59 x 0.51 x 0.45 x 0.44 x 0.51 x 0.47 x 0.36 x
EV / Revenue 0.77 x 0.65 x 0.72 x 0.59 x 0.62 x 0.56 x 0.41 x
EV / EBITDA 4.46 x 3.4 x 4.05 x 3.05 x 3.65 x 2.82 x 2.13 x
EV / FCF 7.72 x 5.4 x 5.74 x - 8.43 x 9.44 x 6.77 x
FCF Yield 13% 18.5% 17.4% - 11.9% 10.6% 14.8%
Price to Book 1.05 x 1.07 x 0.94 x - 1.26 x 1.65 x 1.66 x
Nbr of stocks (in thousands) 592,105 592,105 592,105 592,105 592,105 592,105 -
Reference price 2 23.08 23.18 29.62 67.75 137.5 180.2 180.2
Announcement Date 2/27/20 2/25/21 2/23/22 2/28/23 3/21/24 - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 23,314 26,743 39,296 90,504 159,877 229,189 296,939
EBITDA 1 4,038 5,094 7,024 17,419 27,045 45,436 57,079
EBIT 1 2,234 2,717 4,393 12,175 19,892 37,907 47,491
Operating Margin 9.58% 10.16% 11.18% 13.45% 12.44% 16.54% 15.99%
Earnings before Tax (EBT) 1 1,945 2,067 3,803 9,340 41,453 28,775 38,626
Net income 1 1,022 814.8 1,068 3,429 22,129 12,598 15,225
Net margin 4.38% 3.05% 2.72% 3.79% 13.84% 5.5% 5.13%
EPS 2 1.725 1.376 1.804 5.791 37.37 21.77 28.00
Free Cash Flow 1 2,334 3,211 4,957 - 11,731 13,582 17,967
FCF margin 10.01% 12.01% 12.61% - 7.34% 5.93% 6.05%
FCF Conversion (EBITDA) 57.8% 63.04% 70.57% - 43.37% 29.89% 31.48%
FCF Conversion (Net income) 228.49% 394.11% 463.98% - 53.01% 107.81% 118.01%
Dividend per Share 2 0.5060 1.935 1.854 - 2.350 6.532 7.497
Announcement Date 2/27/20 2/25/21 2/23/22 2/28/23 3/21/24 - -
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 2024 Q1 2024 Q2 2024 Q3
Net sales 1 11,787 10,962 13,769 24,536 29,767 22,432 24,566 38,002 49,790 47,519 43,885 67,207 77,723
EBITDA 1 2,355 1,883 2,251 5,690 6,662 3,493 3,886 8,303 12,388 2,469 7,338 14,466 18,877
EBIT 1 - 1,017 - - - 1,396 2,757 - - - 5,592 12,591 16,858
Operating Margin - 9.28% - - - 6.22% 11.22% - - - 12.74% 18.73% 21.69%
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income 1 - -198.4 -132 1,426 2,082 53.43 408.5 2,872 4,732 14,117 1,428 3,862 5,563
Net margin - -1.81% -0.96% 5.81% 6.99% 0.24% 1.66% 7.56% 9.5% 29.71% 3.25% 5.75% 7.16%
EPS 2 0.9398 -0.3352 -0.2229 2.408 3.516 0.0903 0.6899 4.851 7.991 23.84 2.411 6.523 9.395
Dividend per Share - - - - - - - - - - - - -
Announcement Date 11/4/21 2/23/22 5/9/22 8/10/22 11/2/22 2/28/23 5/3/23 8/8/23 11/1/23 3/21/24 - - -
1TRY in Million2TRY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 4,355 3,617 10,912 13,015 17,420 21,566 14,907
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 1.078 x 0.71 x 1.554 x 0.7472 x 0.6441 x 0.4746 x 0.2612 x
Free Cash Flow 1 2,334 3,211 4,957 - 11,731 13,582 17,967
ROE (net income / shareholders' equity) 8.46% 6.27% 6.78% - 34.3% 24.7% 35%
ROA (Net income/ Total Assets) 2.39% 1.69% 1.58% 3.13% 8.3% 5.84% 5.85%
Assets 1 42,741 48,231 67,798 109,433 266,736 215,756 260,255
Book Value Per Share 2 21.90 21.60 31.60 - 109.0 109.0 109.0
Cash Flow per Share 2 7.020 8.370 13.60 - 37.70 65.50 85.80
Capex 1 1,823 1,746 3,116 - 10,601 16,798 21,258
Capex / Sales 7.82% 6.53% 7.93% - 6.63% 7.33% 7.16%
Announcement Date 2/27/20 2/25/21 2/23/22 2/28/23 3/21/24 - -
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 Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
8
Last Close Price
180.2 TRY
Average target price
187.9 TRY
Spread / Average Target
+4.26%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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