Financials Kordsa Teknik Tekstil

Equities

KORDS

TRAKORDS91B2

Textiles & Leather Goods

Market Closed - Borsa Istanbul Other stock markets 11:09:21 2024-04-26 am EDT			5-day change	1st Jan Change
100.7 ^TRY	+6.45%		+4.90%	+29.94%

Mar. 21	Kordsa Teknik Tekstil A.S. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Kordsa Teknik Tekstil 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
Capitalization ¹	2,544	3,025	6,128	18,811	15,076	19,589	-
Enterprise Value (EV) ¹	4,844	5,554	10,367	26,398	25,888	30,410	19,589
P/E ratio	-	-	-	-	-	-	-
Yield	-	-	2.61%	-	-	-	-
Capitalization / Revenue	0.5 x	0.67 x	0.78 x	1.02 x	0.64 x	0.5 x	0.35 x
EV / Revenue	0.94 x	1.22 x	1.31 x	1.43 x	1.1 x	0.77 x	0.35 x
EV / EBITDA	6.48 x	9.68 x	8.51 x	12.3 x	13.3 x	8.49 x	2.61 x
EV / FCF	9.35 x	8.4 x	44.6 x	502 x	-	12.4 x	-
FCF Yield	10.7%	11.9%	2.24%	0.2%	-	8.09%	-
Price to Book	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	194,529	194,529	194,529	194,529	194,529	194,529	-
Reference price ²	13.08	15.55	31.50	96.70	77.50	100.7	100.7
Announcement Date	2/20/20	2/22/21	2/22/22	2/23/23	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	5,137	4,536	7,891	18,440	23,503	39,358	55,436
EBITDA ¹	747.4	573.9	1,218	2,152	1,952	3,583	7,498
EBIT ¹	541.2	289.2	867.6	1,541	998.4	2,161	-
Operating Margin	10.53%	6.38%	10.99%	8.36%	4.25%	5.49%	-
Earnings before Tax (EBT) ¹	464.3	179.9	944.1	1,599	356.9	1,928	-
Net income ¹	339.8	153	768.6	1,289	183.3	975.3	-
Net margin	6.61%	3.37%	9.74%	6.99%	0.78%	2.48%	-
EPS	-	-	-	-	-	-	-
Free Cash Flow ¹	518.1	661.1	232.4	52.6	-	2,462	-
FCF margin	10.09%	14.57%	2.94%	0.29%	-	6.25%	-
FCF Conversion (EBITDA)	69.33%	115.18%	19.08%	2.44%	-	68.71%	-
FCF Conversion (Net income)	152.5%	432.15%	30.23%	4.08%	-	252.39%	-
Dividend per Share	-	-	0.8225	-	-	-	-
Announcement Date	2/20/20	2/22/21	2/22/22	2/23/23	3/21/24	-	-

¹TRY in Million

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	1,987	2,702	4,160	4,639	4,962	4,679	5,194	5,012	8,564	4,733
EBITDA ¹	308.6	364	787.8	562.5	487	314.7	431.3	378.5	753.6	388.4
EBIT	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income ¹	141.2	397.4	417.3	363.3	323.9	184.7	33.74	-83.13	53.21	179.5
Net margin	7.11%	14.71%	10.03%	7.83%	6.53%	3.95%	0.65%	-1.66%	0.62%	3.79%
EPS	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/3/21	2/22/22	5/9/22	8/9/22	11/1/22	2/23/23	5/5/23	8/7/23	11/3/23	3/21/24

¹TRY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	2,299	2,529	4,239	7,587	10,812	10,821	-
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.077 x	4.407 x	3.482 x	3.526 x	5.54 x	3.021 x	-
Free Cash Flow ¹	518	661	232	52.6	-	2,462	-
ROE (net income / shareholders' equity)	16.6%	5.02%	19.6%	19.4%	1.76%	9.3%	-
ROA (Net income/ Total Assets)	5.66%	2.1%	7.11%	6.86%	0.63%	3.4%	-
Assets ¹	6,000	7,284	10,808	18,790	29,271	28,686	-
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	187	241	253	889	-	535	-
Capex / Sales	3.65%	5.31%	3.21%	4.82%	-	1.36%	-
Announcement Date	2/20/20	2/22/21	2/22/22	2/23/23	3/21/24	-	-

¹TRY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Kordsa Teknik Tekstil

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

100.7 TRY

Average target price

112.2 TRY

Spread / Average Target

+11.41%

Consensus

Quarterly revenue - Rate of surprise

Company calendar

Sector Synthetic Fabrics

	1st Jan change	Capi.
KORDSA TEKNIK TEKSTIL	+29.94%	603M
XINFENGMING GROUP CO., LTD.	-2.61%	2.87B
TAYHO ADVANCED MATERIALS GROUP CO., LTD.	-25.40%	1.33B
BILLION INDUSTRIAL HOLDINGS LIMITED	-1.79%	1.19B
XINXIANG CHEMICAL FIBER CO., LTD.	+25.39%	795M
JIANGSU HUAXICUN CO.,LTD.	-10.86%	883M
SHINKONG SYNTHETIC FIBERS CORPORATION	+8.68%	836M
GARWARE TECHNICAL FIBRES LIMITED	-3.08%	796M
HANGZHOU JUHESHUN NEW MATERIAL CO.,LTD	+11.29%	481M
THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED	+8.99%	416M

Synthetic Fabrics