Stock MGROS MIGROS TICARET
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Financials Migros Ticaret

Equities

MGROS

TREMGTI00012

Food Retail & Distribution

Market Closed - Borsa Istanbul
Other stock markets
 11:09:34 2024-04-26 am EDT 		5-day change 1st Jan Change
442.8 TRY +0.28% Intraday chart for Migros Ticaret +4.42% +32.16%
Mar. 18 Migros Ticaret A.S. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Migros Ticaret 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 2026
Capitalization 1 4,385 7,749 6,869 26,524 60,653 80,162 - -
Enterprise Value (EV) 1 9,558 11,285 9,317 25,913 60,653 68,256 59,181 54,938
P/E ratio -8.9 x -19.3 x 19.2 x 10.3 x 6.87 x 11.1 x 8.67 x 8.14 x
Yield - - - - - 2.89% 4.11% 6.14%
Capitalization / Revenue 0.19 x 0.27 x 0.19 x 0.36 x 0.33 x 0.33 x 0.25 x 0.21 x
EV / Revenue 0.41 x 0.39 x 0.26 x 0.35 x 0.33 x 0.28 x 0.18 x 0.14 x
EV / EBITDA 4.49 x 5.07 x 2.82 x 4.34 x 18.8 x 4 x 2.62 x 2.29 x
EV / FCF 5.24 x 4.54 x 3.83 x 4.49 x - 6.28 x 5.69 x 4.23 x
FCF Yield 19.1% 22% 26.1% 22.3% - 15.9% 17.6% 23.7%
Price to Book 13.7 x 249 x 12.8 x 6.56 x - 5.6 x 3.83 x -
Nbr of stocks (in thousands) 181,054 181,054 181,054 181,054 181,054 181,054 - -
Reference price 2 24.22 42.80 37.94 146.5 335.0 442.8 442.8 442.8
Announcement Date 3/2/20 3/1/21 3/1/22 2/28/23 3/18/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 23,191 28,790 36,272 74,502 181,674 242,096 323,325 382,250
EBITDA 1 2,127 2,224 3,300 5,968 3,221 17,075 22,593 23,966
EBIT 1 1,321 1,381 2,393 4,790 -2,980 12,809 17,414 17,046
Operating Margin 5.7% 4.8% 6.6% 6.43% -1.64% 5.29% 5.39% 4.46%
Earnings before Tax (EBT) 1 -467.5 -220.7 225.5 1,908 10,792 9,272 12,506 -
Net income 1 -492.1 -403 358.9 2,570 8,829 6,962 10,086 9,843
Net margin -2.12% -1.4% 0.99% 3.45% 4.86% 2.88% 3.12% 2.58%
EPS 2 -2.720 -2.220 1.980 14.20 48.76 40.01 51.07 54.36
Free Cash Flow 1 1,824 2,483 2,435 5,778 - 10,873 10,400 13,000
FCF margin 7.87% 8.63% 6.71% 7.75% - 4.49% 3.22% 3.4%
FCF Conversion (EBITDA) 85.75% 111.66% 73.78% 96.81% - 63.67% 46.03% 54.24%
FCF Conversion (Net income) - - 678.44% 224.78% - 156.16% 103.12% 132.07%
Dividend per Share 2 - - - - - 12.78 18.22 27.18
Announcement Date 3/2/20 3/1/21 3/1/22 2/28/23 3/18/24 - - -
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 9,817 10,351 12,271 15,963 25,921 24,448 27,183 32,951 41,722 79,818
EBITDA 1 907.8 1,151 868.4 1,123 1,735 1,551 1,776 2,183 3,036 -3,774
EBIT 473.6 911.6 341.5 843.9 - - - - - -
Operating Margin 4.82% 8.81% 2.78% 5.29% - - - - - -
Earnings before Tax (EBT) - - - - - - - - - -
Net income 1 156 -8.35 82.21 444.2 367.2 1,164 560 1,500 2,174 4,595
Net margin 1.59% -0.08% 0.67% 2.78% 1.42% 4.76% 2.06% 4.55% 5.21% 5.76%
EPS 0.8600 -0.0400 0.4500 2.430 2.020 - - - - -
Dividend per Share - - - - - - - - - -
Announcement Date 11/5/21 3/1/22 5/9/22 8/9/22 11/3/22 2/28/23 5/3/23 8/2/23 11/2/23 3/18/24
1TRY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 5,173 3,536 2,447 - - - - -
Net Cash position 1 - - - 611 - 11,905 20,981 25,224
Leverage (Debt/EBITDA) 2.432 x 1.59 x 0.7416 x - - - - -
Free Cash Flow 1 1,824 2,483 2,435 5,778 - 10,873 10,400 13,000
ROE (net income / shareholders' equity) -103% -210% 127% 110% - 64.5% 55.3% 45.8%
ROA (Net income/ Total Assets) -3.88% -2.76% 2.14% 9.43% - 8.21% 8.48% -
Assets 1 12,673 14,598 16,739 27,262 - 84,825 118,987 -
Book Value Per Share 2 1.770 0.1700 2.960 22.30 - 79.00 116.0 -
Cash Flow per Share 2 12.00 16.70 18.80 44.40 - 130.0 154.0 -
Capex 1 341 539 969 2,262 - 7,213 8,602 10,248
Capex / Sales 1.47% 1.87% 2.67% 3.04% - 2.98% 2.66% 2.68%
Announcement Date 3/2/20 3/1/21 3/1/22 2/28/23 3/18/24 - - -
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

Ratings for Migros Ticaret

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
14
Last Close Price
442.8 TRY
Average target price
537.4 TRY
Spread / Average Target
+21.38%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

1st Jan change Capi.
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Supermarkets & Convenience Stores
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