Stock TTRAK TÜRK TRAKTÖR VE ZIRAAT MAKINELERI
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Financials Türk Traktör ve Ziraat Makineleri

Equities

TTRAK

TRETTRK00010

Heavy Machinery & Vehicles

Delayed Borsa Istanbul
Other stock markets
 04:15:06 2024-05-03 am EDT 		5-day change 1st Jan Change
947 TRY +2.05% Intraday chart for Türk Traktör ve Ziraat Makineleri +4.12% +33.01%
Feb. 22 Türk Traktör ve Ziraat Makineleri A.S. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Agrovisio announced that it has received funding from Türk Traktör ve Ziraat Makineleri A.S. CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,957 9,751 11,955 35,224 71,248 92,862 - -
Enterprise Value (EV) 1 3,578 9,751 11,523 35,224 64,705 86,400 89,708 93,729
P/E ratio 26.4 x 12.6 x 9.04 x 11.9 x - 8.13 x 7.29 x 5.9 x
Yield 0.03% 8.72% 10% - - 9.59% 11.5% 14.1%
Capitalization / Revenue 0.78 x 1.56 x 1.03 x 1.61 x 1.22 x 1.48 x 1.13 x 0.88 x
EV / Revenue 0.94 x 1.56 x 0.99 x 1.61 x 1.11 x 1.38 x 1.09 x 0.89 x
EV / EBITDA 9.59 x 9.22 x 6.65 x 10.3 x 4.9 x 6.27 x 5.49 x 4.51 x
EV / FCF 3.85 x 6.62 x 22 x - 5.57 x 11.3 x 9.05 x 9.14 x
FCF Yield 26% 15.1% 4.54% - 18% 8.85% 11.1% 10.9%
Price to Book 3.87 x 6.77 x 5.83 x - - 8.83 x 7.54 x 5.3 x
Nbr of stocks (in thousands) 100,067 100,067 100,067 100,067 100,067 100,067 - -
Reference price 2 29.55 97.44 119.5 352.0 712.0 928.0 928.0 928.0
Announcement Date 2/10/20 2/10/21 2/14/22 2/6/23 2/22/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,806 6,243 11,644 21,835 58,436 62,661 82,256 105,776
EBITDA 1 372.9 1,057 1,733 3,406 13,193 13,782 16,340 20,794
EBIT 1 247.8 - 1,573 3,193 12,013 12,488 13,288 16,276
Operating Margin 6.51% - 13.5% 14.62% 20.56% 19.93% 16.15% 15.39%
Earnings before Tax (EBT) 1 109.3 - 1,510 2,863 12,137 12,882 12,558 14,719
Net income 1 111.9 776.4 1,322 2,971 9,342 10,281 12,334 12,624
Net margin 2.94% 12.44% 11.35% 13.61% 15.99% 16.41% 14.99% 11.93%
EPS 2 1.120 7.760 13.21 29.69 - 114.1 127.2 157.4
Free Cash Flow 1 928.6 1,474 523.2 - 11,622 7,648 9,914 10,253
FCF margin 24.4% 23.6% 4.49% - 19.89% 12.21% 12.05% 9.69%
FCF Conversion (EBITDA) 249.02% 139.4% 30.19% - 88.09% 55.49% 60.67% 49.31%
FCF Conversion (Net income) 829.91% 189.79% 39.57% - 124.4% 74.39% 80.38% 81.22%
Dividend per Share 2 0.009970 8.496 11.99 - - 88.99 106.7 130.7
Announcement Date 2/10/20 2/10/21 2/14/22 2/6/23 2/22/24 - - -
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 2,467 3,601 3,988 4,893 5,736 7,218 9,524 10,805 12,087 26,020
EBITDA 1 330.2 540.5 571.6 686.1 920.1 1,229 1,815 2,692 3,513 5,247
EBIT - - - - - - - - - -
Operating Margin - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - -
Net income 1 221.8 491.9 476.6 482.7 652.7 1,359 1,398 2,181 2,717 3,046
Net margin 8.99% 13.66% 11.95% 9.87% 11.38% 18.83% 14.68% 20.18% 22.48% 11.71%
EPS - - - - - - - - - -
Dividend per Share - - - - - - - - - -
Announcement Date 10/26/21 2/14/22 4/21/22 8/1/22 10/26/22 2/6/23 4/26/23 7/27/23 10/24/23 2/22/24
1TRY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 621 - - - - - - 867
Net Cash position 1 - - 432 - 6,542 6,462 3,154 -
Leverage (Debt/EBITDA) 1.665 x - - - - - - 0.0417 x
Free Cash Flow 1 929 1,474 523 - 11,622 7,648 9,914 10,253
ROE (net income / shareholders' equity) 15.8% 70.4% 75.7% - 75.8% 61.5% 56% 54.7%
ROA (Net income/ Total Assets) 3.72% 20.7% 24.7% - 32% 44.8% 32.3% 36%
Assets 1 3,004 3,754 5,351 - 29,231 22,948 38,185 35,065
Book Value Per Share 2 7.630 14.40 20.50 - - 105.0 123.0 175.0
Cash Flow per Share 2 2.370 9.050 8.430 - - 136.0 153.0 204.0
Capex 1 130 126 320 - 1,736 3,284 2,312 2,758
Capex / Sales 3.43% 2.01% 2.75% - 2.97% 5.24% 2.81% 2.61%
Announcement Date 2/10/20 2/10/21 2/14/22 2/6/23 2/22/24 - - -
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 Türk Traktör ve Ziraat Makineleri

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
928 TRY
Average target price
989.7 TRY
Spread / Average Target
+6.65%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Agricultural Machinery

1st Jan change Capi.
TÜRK TRAKTÖR VE ZIRAAT MAKINELERI Stock Türk Traktör ve Ziraat Makineleri
+33.01% 2.87B
DEERE & COMPANY Stock Deere & Company
-0.98% 110B
ESCORTS KUBOTA LIMITED Stock Escorts Kubota Limited
+15.79% 4.6B
BUCHER INDUSTRIES AG Stock Bucher Industries AG
+2.35% 4.01B
FIRST TRACTOR COMPANY LIMITED Stock First Tractor Company Limited
+67.94% 2.24B
LINDSAY CORPORATION Stock Lindsay Corporation
-7.18% 1.32B
AG GROWTH INTERNATIONAL INC. Stock Ag Growth International Inc.
-1.33% 691M
TÜMOSAN MOTOR VE TRAKTÖR SANAYI Stock Tümosan Motor ve Traktör Sanayi
+100.24% 591M
YAMABIKO CORPORATION Stock Yamabiko Corporation
+39.64% 558M
JAIN IRRIGATION SYSTEMS LIMITED Stock Jain Irrigation Systems Limited
+3.61% 550M
Agricultural Machinery
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