Financials Bizim Toptan Satis Magazalari

Equities

Market Closed - Borsa Istanbul Other stock markets 11:09:05 2024-04-26 am EDT			5-day change	1st Jan Change
39.26 ^TRY	+0.20%		+2.13%	+5.71%

2023	Bizim Toptan Satis Magazalari A.S. Revises Earnings Guidance for the Year 2023	CI
2023	Transcript : Bizim Toptan Satis Magazalari A.S., Q3 2023 Earnings Call, Nov 08, 2023

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024
Capitalization ¹	408	670.2	921.6	743.4	2,134	3,159	3,159
Enterprise Value (EV) ¹	149.8	439.9	629	379.9	1,500	3,159	3,159
P/E ratio	18.9 x	19.9 x	-	8.86 x	7.66 x	-	-
Yield	2.53%	1.54%	-	-	-	-	-
Capitalization / Revenue	0.11 x	0.15 x	0.17 x	0.1 x	0.15 x	0.14 x	0.09 x
EV / Revenue	0.11 x	0.15 x	0.17 x	0.1 x	0.15 x	0.14 x	0.09 x
EV / EBITDA	2.75 x	2.59 x	3.66 x	1.85 x	2.7 x	2.9 x	1.87 x
EV / FCF	3,810,011 x	4,378,437 x	-	-	8,736,530 x	-	-
FCF Yield	0%	0%	-	-	0%	-	-
Price to Book	3.29 x	4.65 x	-	-	-	-	-
Nbr of stocks (in thousands)	60,000	60,000	60,000	60,000	60,000	80,476	80,476
Reference price ²	6.800	11.17	15.36	12.39	35.56	39.26	39.26
Announcement Date	2/28/19	2/27/20	3/9/21	3/11/22	3/14/23	-	-

¹TRY in Million²TRY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024
Net sales ¹	3,725	4,521	5,362	7,173	14,039	22,011	33,824
EBITDA ¹	148.1	259.2	252.1	401	788.8	1,090	1,692
EBIT	121.5	192.3	176.1	305.9	656.9	-	-
Operating Margin	3.26%	4.25%	3.28%	4.26%	4.68%	-	-
Earnings before Tax (EBT)	27.88	41.56	-	-	165.9	-	-
Net income ¹	21.6	33.08	38.19	82.27	278.4	126	311
Net margin	0.58%	0.73%	0.71%	1.15%	1.98%	0.57%	0.92%
EPS	0.3600	0.5620	-	1.398	4.640	-	-
Free Cash Flow	107.1	153.1	-	-	244.2	-	-
FCF margin	2.87%	3.39%	-	-	1.74%	-	-
FCF Conversion (EBITDA)	72.31%	59.06%	-	-	30.96%	-	-
FCF Conversion (Net income)	495.77%	462.78%	-	-	87.72%	-	-
Dividend per Share	0.1720	0.1720	-	-	-	-	-
Announcement Date	2/28/19	2/27/20	3/9/21	3/11/22	3/14/23	-	-

¹TRY in Million

Estimates

Fiscal Period: December	2019 S1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	2,148	1,629	1,861	2,236	2,348	3,148	3,848	4,695	4,496	4,985	6,234	6,196
EBITDA ¹	128.1	74.97	102	151.6	146.2	214.6	179.4	256.3	197.4	173.6	350.5	2,319
EBIT	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-
Net income	10.6	5.83	15.14	60.85	25.05	36.43	30.6	186.3	-30.56	-30.48	127.7	-
Net margin	0.49%	0.36%	0.81%	2.72%	1.07%	1.16%	0.8%	3.97%	-0.68%	-0.61%	2.05%	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/6/19	8/16/21	11/9/21	3/11/22	5/9/22	8/16/22	11/10/22	3/14/23	5/10/23	8/10/23	11/7/23	-

¹TRY in Million

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024
Net Debt	-	-	-	-	-	-	-
Net Cash position	258	230	293	364	634	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	107	153	-	-	244	-	-
ROE (net income / shareholders' equity)	18.8%	25%	26%	44.6%	78.8%	26%	52%
ROA (Net income/ Total Assets)	2.78%	3.34%	2.87%	4.5%	9.05%	2%	4%
Assets ¹	775.8	991.4	1,330	1,829	3,076	6,300	7,775
Book Value Per Share	2.060	2.400	-	-	-	-	-
Cash Flow per Share	2.300	3.840	-	-	-	-	-
Capex	30.8	72.6	-	-	294	-	-
Capex / Sales	0.83%	1.61%	-	-	2.09%	-	-
Announcement Date	2/28/19	2/27/20	3/9/21	3/11/22	3/14/23	-	-

¹TRY in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

39.26 TRY

Average target price

56.17 TRY

Spread / Average Target

+43.06%

	1st Jan change	Capi.
BIZIM TOPTAN SATIS MAGAZALARI	+5.71%	97.32M
WALMART INC.	+14.48%	485B
KROGER CO. (THE)	+21.40%	40.05B
SYSCO CORPORATION	+5.39%	38.37B
LOBLAW COMPANIES LIMITED	+18.78%	34.13B
AHOLD DELHAIZE N.V.	+7.63%	28.47B
WOOLWORTHS GROUP LIMITED	-15.08%	25.16B
TESCO PLC	-0.55%	25.08B
GEORGE WESTON LIMITED	+11.96%	17.99B
AEON CO., LTD.	+4.35%	17.88B