ÜLKER BISKÜVI SANAYI |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 116.5 TRY | +5.72% |
|
+4.02% | +42.33% |
| Mar. 12 | Transcript : Ülker Bisküvi Sanayi A.S., Q4 2023 Earnings Call, Mar 12, 2024 | |
| Mar. 11 | Ülker Bisküvi Sanayi A.S. 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 | 7,647 | 7,914 | 5,961 | 14,952 | 30,225 | 43,021 | - |
| Enterprise Value (EV) 1 | 8,502 | 9,838 | 14,718 | 29,238 | 30,225 | 70,252 | 69,544 |
| P/E ratio | 8.44 x | 7.79 x | -12.8 x | -42.4 x | 8.95 x | 8.74 x | 6.02 x |
| Yield | - | - | - | - | - | 1.02% | 4.23% |
| Capitalization / Revenue | 0.98 x | 0.84 x | 0.48 x | 0.53 x | 0.54 x | 0.65 x | 0.51 x |
| EV / Revenue | 1.09 x | 1.05 x | 1.17 x | 1.04 x | 0.54 x | 1.06 x | 0.83 x |
| EV / EBITDA | 6.52 x | 6.07 x | 6.32 x | 5.35 x | 2.85 x | 5.39 x | 4.13 x |
| EV / FCF | 12.9 x | 28.7 x | -27.7 x | 15 x | - | 32.8 x | 10.6 x |
| FCF Yield | 7.76% | 3.49% | -3.61% | 6.68% | - | 3.05% | 9.4% |
| Price to Book | 1.73 x | 1.39 x | 2 x | 2.63 x | - | 4.86 x | 2.1 x |
| Nbr of stocks (in thousands) | 342,000 | 342,000 | 342,000 | 342,000 | 369,276 | 369,276 | - |
| Reference price 2 | 22.36 | 23.14 | 17.43 | 43.72 | 81.85 | 116.5 | 116.5 |
| Announcement Date | 3/5/20 | 3/10/21 | 3/10/22 | 3/10/23 | 3/11/24 | - | - |
1TRY in Million2TRY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 7,803 | 9,401 | 12,537 | 28,197 | 55,836 | 66,392 | 83,878 |
| EBITDA 1 | 1,304 | 1,621 | 2,328 | 5,467 | 10,601 | 13,034 | 16,824 |
| EBIT 1 | 1,154 | 1,435 | 2,098 | 5,118 | 9,416 | 12,349 | 15,369 |
| Operating Margin | 14.79% | 15.26% | 16.74% | 18.15% | 16.86% | 18.6% | 18.32% |
| Earnings before Tax (EBT) 1 | 1,249 | 1,495 | -70.53 | 1,035 | 4,777 | 8,302 | 11,408 |
| Net income 1 | 905 | 1,016 | -464.3 | -353.1 | 3,379 | 4,921 | 7,108 |
| Net margin | 11.6% | 10.81% | -3.7% | -1.25% | 6.05% | 7.41% | 8.47% |
| EPS 2 | 2.650 | 2.970 | -1.360 | -1.030 | 9.150 | 13.33 | 19.37 |
| Free Cash Flow 1 | 660 | 343.1 | -531 | 1,952 | - | 2,142 | 6,537 |
| FCF margin | 8.46% | 3.65% | -4.24% | 6.92% | - | 3.23% | 7.79% |
| FCF Conversion (EBITDA) | 50.63% | 21.16% | - | 35.71% | - | 16.43% | 38.86% |
| FCF Conversion (Net income) | 72.93% | 33.75% | - | - | - | 43.53% | 91.97% |
| Dividend per Share 2 | - | - | - | - | - | 1.182 | 4.929 |
| Announcement Date | 3/5/20 | 3/10/21 | 3/10/22 | 3/10/23 | 3/11/24 | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,976 | 4,118 | 5,886 | 5,991 | 7,302 | 9,018 | 10,112 | 9,512 | 12,409 | 23,804 |
| EBITDA 1 | 507.8 | 832.6 | 1,245 | 1,134 | 1,254 | 1,834 | 2,343 | 1,915 | 2,669 | 3,673 |
| EBIT | 449.3 | 771.1 | 1,167 | 1,051 | 1,165 | - | - | - | - | - |
| Operating Margin | 15.1% | 18.72% | 19.82% | 17.54% | 15.95% | - | - | - | - | - |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - |
| Net income 1 | 2.457 | -1,119 | -470.7 | -648.6 | -217.1 | 983.3 | 895.6 | -1,692 | 1,456 | 2,720 |
| Net margin | 0.08% | -27.17% | -8% | -10.83% | -2.97% | 10.9% | 8.86% | -17.79% | 11.73% | 11.42% |
| EPS | - | -3.270 | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/4/21 | 3/10/22 | 5/10/22 | 8/17/22 | 11/8/22 | 3/10/23 | 5/9/23 | 8/17/23 | 11/9/23 | 3/11/24 |
1TRY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Debt 1 | 855 | 1,924 | 8,757 | 14,285 | - | 27,231 | 26,523 |
| Net Cash position 1 | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.6562 x | 1.187 x | 3.761 x | 2.613 x | - | 2.089 x | 1.577 x |
| Free Cash Flow 1 | 660 | 343 | -531 | 1,952 | - | 2,142 | 6,537 |
| ROE (net income / shareholders' equity) | 23.5% | 20.1% | -10.3% | -8.14% | - | 54.4% | 45.5% |
| ROA (Net income/ Total Assets) | 7.72% | 6.62% | -2.03% | -1.1% | - | 31.3% | 25.8% |
| Assets 1 | 11,727 | 15,342 | 22,868 | 32,051 | - | 15,722 | 27,551 |
| Book Value Per Share 2 | 12.90 | 16.60 | 8.730 | 16.60 | - | 23.90 | 55.50 |
| Cash Flow per Share 2 | 3.320 | 4.230 | -7.780 | 7.870 | - | 4.780 | 17.20 |
| Capex 1 | 136 | 193 | 558 | 747 | - | 1,428 | 1,869 |
| Capex / Sales | 1.74% | 2.05% | 4.45% | 2.65% | - | 2.15% | 2.23% |
| Announcement Date | 3/5/20 | 3/10/21 | 3/10/22 | 3/10/23 | 3/11/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
116.5
TRY
Average target price
126.5
TRY
Spread / Average Target
+8.62%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +42.33% | 1.25B | |
| -10.09% | 13.86B | |
| +3.74% | 2.63B | |
| +39.12% | 1.56B | |
| +13.33% | 870M | |
| 0.00% | 620M | |
| +1.46% | 554M | |
| -25.73% | 344M | |
| +4.07% | 172M | |
| +6.37% | 139M |
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- Financials Ülker Bisküvi Sanayi
