Financials Zorlu Enerji Elektrik Üretim

Equities

ZOREN

TRAZOREN91L8

Electric Utilities

Market Closed - Borsa Istanbul Other stock markets 11:09:59 2024-04-26 am EDT			5-day change	1st Jan Change
6.71 ^TRY	+0.90%		+12.40%	+58.63%

Apr. 03	Zorlu Enerji Elektrik Üretim A.S. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Feb. 22	Zorlu Enerji Decides to Apply the Capital Markets Board for an Initial Public Offering of Unit Zorlu Yenilenebilir Enerji	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	3,260	5,540	4,150	17,775	21,150	33,550	-
Enterprise Value (EV) ¹	3,260	5,540	4,150	17,775	21,150	33,550	33,550
P/E ratio	-23.6 x	74.9 x	-41.5 x	178 x	-	112 x	-
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	0.39 x	0.65 x	0.36 x	0.59 x	0.78 x	0.8 x	0.68 x
EV / Revenue	0.39 x	0.65 x	0.36 x	0.59 x	0.78 x	0.8 x	0.68 x
EV / EBITDA	1.79 x	3.05 x	1.93 x	3.85 x	3.26 x	4.47 x	3.77 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	2,000,000	2,000,000	2,500,000	2,500,000	5,000,000	5,000,000	-
Reference price ²	1.630	2.770	1.660	7.110	4.230	6.710	6.710
Announcement Date	3/9/20	2/18/21	3/7/22	3/8/23	4/3/24	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	8,361	8,579	11,635	30,067	27,282	41,854	49,388
EBITDA ¹	1,820	1,817	2,154	4,612	6,478	7,512	8,890
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income ¹	-138.7	73.85	-86.45	111.4	10,921	162	265
Net margin	-1.66%	0.86%	-0.74%	0.37%	40.03%	0.39%	0.54%
EPS ²	-0.0690	0.0370	-0.0400	0.0400	-	0.0600	-
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	3/9/20	2/18/21	3/7/22	3/8/23	4/3/24	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q3	2022 Q4
Net sales ¹	2,766	4,207	7,791	10,224
EBITDA ¹	670.9	444.3	-	808.9
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-
Net income ¹	-31.57	-31.16	-	22.05
Net margin	-1.14%	-0.74%	-	0.22%
EPS	-	-	0.0200	-
Dividend per Share	-	-	-	-
Announcement Date	11/4/21	3/7/22	11/4/22	3/8/23

¹TRY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-6.58%	3.5%	-1.98%	0.93%	-	0.7%	1.2%
ROA (Net income/ Total Assets)	-0.77%	0.37%	-0.3%	0.22%	-	0.3%	0.5%
Assets ¹	17,920	20,068	28,418	51,426	-	54,000	53,000
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	3/9/20	2/18/21	3/7/22	3/8/23	4/3/24	-	-

¹TRY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Zorlu Enerji Elektrik Üretim

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

6.71 TRY

Average target price

4.8 TRY

Spread / Average Target

-28.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
ZORLU ENERJI ELEKTRIK ÜRETIM	+58.63%	1.03B
NEXTERA ENERGY	+8.64%	136B
SOUTHERN COMPANY	+4.41%	80.06B
IBERDROLA, S.A.	-2.19%	77.98B
DUKE ENERGY CORPORATION	+0.69%	75.38B
ENEL S.P.A.	-8.92%	66.47B
CONSTELLATION ENERGY CORPORATION	+61.15%	59.36B
AMERICAN ELECTRIC POWER COMPANY, INC.	+4.97%	44.9B
DOMINION ENERGY, INC.	+7.34%	42.26B
GE VERNOVA INC.	0.00%	41.65B

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