| YUKSELEN CELIK (TFG ISTANBUL MENKUL DEGERLER ) | |
YUKSELEN CELIK (TFG ISTANBUL MENKUL DEGERLER )
WORTH THE WAIT
YUKSELEN CELIK ANONIM SIRKETI WAS ESTABLISHED IN ISTANBUL, TURKEY IN 1989. THE COMPANY PRODUCES TOOL, ALLOY AND NON-ALLOY, CARBON, MANUFACTURING, AND STRUCTURAL STEEL PRODUCTS WHICH ARE USED IN MACHINERY, MOLD, AUTOMOTIVE, IRON AND STEEL, SHIP, CONSTRUCTION, AND RAILWAY INDUSTRIES. YUKSELEN ALSO PROVIDES STEEL SERVICE CENTER SERVICES. THE COMPANY`S PRIMARY MARKET IS TURKEY HOWEVER THEY STARTED EXPORTING POST 2019 MAINLY TO EUROPE, USA AND SOUTH AMERICA. THE COMPANY WENT PUBLIC ON 14TH NOVEMBER 2019 ON BORSA ISTANBUL STOCK EXCHANGE.
WE LIKE THE COMPANY FOR REVENUE GROWTH PROSPECTS WITH DOUBLING CAPACITY, AS THE DILOVASI SERVICE CENTER BECOMES FULLY OPERATIONAL IN 2023, EXPANDING MARGINS THROUGH LAUNCH OF NEW VALUE-ADDED PRODUCTS AND GROWTH IN EXPORT MARKETS.
REVENUES GREW AT A CAGR OF 27% IN US$ TERMS AND AT A CAGR OF 72% IN TRY TERMS BETWEEN 2017-2022. EBITDA MARGIN IMPROVED FROM 8.7% OF FY16 TO 18.1% IN FY22 DUE TO HIGH MARGIN VALUE ADDED PRODUCTS, DIVERSIFIED CUSTOMER PORTFOLIO AND EFFICIENCY GAINS. WE EXPECT EBITDA AND NET MARGINS TO IMPROVE Q-Q IN 1Q23. WE ISSUE A BUY RECOMMENDATION FOR YUKSELEN WITH A TARGET PRICE OF TRY18.28/SHARE REPRESENTING 69% UPSIDE POTENTIAL DERIVED THROUGH OUR DCF MODEL. CURRENTLY YUKSELEN IS TRADING WITH FY22 EV/EBITDA OF 6.72X, WHICH IS AT A DISCOUNT OF 43% RELATIVE TO ITS DOMESTIC PEERS. IT IS ALSO TRADING AT 48% AND 18% DISCOUNTS TO INTERNATIONAL PEERS` P/E AND EV/EBITDA MULTIPLES, RESPECTIVELY
TFG ISTANBUL MENKUL DEGERLER A.S.
WWW.TFGISTANBUL.COM/ARASTIRMA-RAPORLAR
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YASAL UYARI
BURADA YER ALAN YATIRIM BILGI, YORUM VE TAVSIYELER YATIRIM DANISMANLIGI KAPSAMINDA DEGILDIR.YATIRIM DANISMANLIGI HIZMETI ; ARACI KURUMLAR, PORTFOY YONETIM SIRKETLERI, MEVDUAT KABUL ETMEYEN BANKALAR ILE MUSTERI ARASINDA IMZALANACAK YATIRIM DANISMANLIGI SOZLESMESI CERCEVESINDE SUNULMAKTADIR.BURADA YER ALAN YORUM VE TAVSIYELER, YORUM VE TAVSIYEDE BULUNANLARIN KISISEL GORUSLERINE DAYANMAKTADIR.BU GORUSLER MALI DURUMUNUZ ILE RISK VE GETIRI TERCIHLERINIZE UYGUN OLMAYABILIR.BU NEDENLE, SADECE BURADA YER ALAN BILGILERE DAYANILARAK YATIRIM KARARI VERILMESI BEKLENTILERINIZE UYGUN SONUCLAR DOGURMAYABILIR. | | 17.03.2023 18:10 |
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Alış |
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Satış |
|
| Eski Çeyrek |
1.982 |
▲ |
2.008 |
▲ |
| Eski Yarım |
3.939 |
▲ |
3.991 |
▲ |
| Eski Tam |
7.914 |
▲ |
8.007 |
▲ |
| Eski Gremse |
19.693 |
▲ |
19.955 |
▲ |
| Eski Ata |
8.172 |
▲ |
8.250 |
▲ |
| Eski Ata 5`li |
40.551 |
▲ |
41.022 |
▲ |
| * fiyatlar bilgi amaçlıdır. |
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