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    KCHOL   TRAKCHOL91Q8

KOÇ HOLDING A.S.

(KCHOL)
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Ko? Holding A.S. agreed to acquire an additional 18% stake in Yapi ve Kredi Bankasi A.S. from UniCredit S.p.A. for TRY 3.5 billion.

11/08/2021 EST

Ko? Holding A.S. (IBSE:KCHOL) agreed to acquire an additional 18% stake in Yapi ve Kredi Bankasi A.S. (IBSE:YKBNK) from UniCredit S.p.A. (BIT:UCG) for TRY 3.5 billion on November 8, 2021. Pursuant to the terms of the transaction, Ko? Holding A.S., shall acquire the shares of Yapi ve Kredi Bankasi A.S., for TRY 2.2980 per share. The consideration will be paid in cash. As a result of the transaction, stake of Ko? Holding A.S., shall increase to around 27.02%. UniCredit S.p.A., shall also sell the remaining 2% stake in the market, resulting in its stake ceasing to exist. Ko? Holding A.S., will conduct a mandatory tender offer after?closing of the transaction. The completion of the transaction is subject to obtaining necessary approvals from regulatory authorities in Turkey and abroad, including Banking Regulation and Supervision Agency and?Capital Markets Board of Turkey. The transaction has been approved by the Board of Yapi ve Kredi Bankasi A.S., on November 8, 2021. Completion of the transaction is expected to occur in the first quarter of 2022. Based on the 3Q21 capital position, the transaction will have an overall low-mid single digit positive impact on the consolidated CET1 ratio of UniCredit S.p.A. For the financial year 2021, also considering other conditions, there will be a resulting negative consolidated P&L impact of approximately ?1.6 billion (TRY 0.018 million) (based on 3Q data), mostly deriving from the FX revaluation reserve related to the YKB stake, which will have no impact on the CET 1 capital, being currently already recognized.


© S&P Capital IQ 2021
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Financials
Sales 2021 257 B 19 155 M 19 155 M
Net income 2021 11 592 M 863 M 863 M
Net Debt 2021 99 773 M 7 432 M 7 432 M
P/E ratio 2021 8,05x
Yield 2021 2,26%
Capitalization 84 192 M 6 265 M 6 271 M
EV / Sales 2021 0,72x
EV / Sales 2022 0,54x
Nbr of Employees 108 464
Free-Float -
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 12
Last Close Price 33,20 TRY
Average target price 34,07 TRY
Spread / Average Target 2,61%
EPS Revisions
Managers and Directors
Levent Çakiroglu Chief Executive Officer & Director
Ibrahim Tamer Hasimoglu President-Tourism, Food & Retailing Group
Ahmet Fadil Ashaboglu Chief Financial Officer
Ömer Mehmet Koç Chairman
Jacques Albert Nasser Independent Director
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