Stock GARAN TURKIYE GARANTI BANKASI
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Financials Turkiye Garanti Bankasi

Equities

GARAN

TRAGARAN91N1

Banks

Market Closed - Borsa Istanbul
Other stock markets
 11:09:41 2024-04-26 am EDT 		5-day change 1st Jan Change
80.85 TRY +2.21% Intraday chart for Turkiye Garanti Bankasi +2.73% +38.56%
Mar. 18 Gelecek Varlik Yönetimi Anonim Sirketi acquired Non Performing loans Portfolio of TRY 531.8 million from Turkiye Garanti Bankasi A.S. for TRY 220 million. CI
Jan. 29 Transcript : Turkiye Garanti Bankasi A.S., 2023 Earnings Call, Jan 29, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 46,788 43,554 47,334 126,168 245,070 339,570 - -
Enterprise Value (EV) 1 46,788 43,554 47,334 126,168 245,070 339,570 339,570 339,570
P/E ratio 7.59 x 6.91 x 3.66 x 216 x 2.84 x 3.89 x 2.68 x 2.38 x
Yield - - - 6.96% - 3.87% 6.38% 6.3%
Capitalization / Revenue 1.52 x 1.11 x 0.77 x 0.95 x 1.23 x 1.66 x 1.24 x 0.93 x
EV / Revenue 1.52 x 1.11 x 0.77 x 0.95 x 1.23 x 1.66 x 1.24 x 0.93 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.87 x 0.7 x 0.6 x 0.83 x 1 x 1.16 x 0.87 x 0.66 x
Nbr of stocks (in thousands) 4,200,000 4,200,000 4,200,000 4,200,000 4,200,000 4,200,000 - -
Reference price 2 11.14 10.37 11.27 30.04 58.35 80.85 80.85 80.85
Announcement Date 1/30/20 1/28/21 2/2/22 2/1/23 1/29/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 30,829 39,255 61,660 133,311 199,324 204,162 272,876 365,589
EBITDA - - - - - - - -
EBIT 1 19,337 23,540 38,838 102,009 142,939 117,946 171,106 225,419
Operating Margin 62.72% 59.97% 62.99% 76.52% 71.71% 57.77% 62.7% 61.66%
Earnings before Tax (EBT) 1 8,172 9,209 17,883 76,988 107,061 111,108 154,755 204,417
Net income 1 6,165 6,305 12,939 58,285 86,375 93,163 134,121 142,523
Net margin 20% 16.06% 20.98% 43.72% 43.33% 45.63% 49.15% 38.98%
EPS 2 1.468 1.501 3.081 0.1388 20.56 20.79 30.21 33.93
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 - - - 2.090 - 3.127 5.162 5.090
Announcement Date 1/30/20 1/28/21 2/2/22 2/1/23 1/29/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 11,972 12,007 25,874 24,625 - - - 39,935 - - 58,778 - - - -
EBITDA - - - - - - - - - - - - - - -
EBIT - - 16,597 - - - - 27,922 - - 41,429 - - - -
Operating Margin - - 64.14% - - - - 69.92% - - 70.48% - - - -
Earnings before Tax (EBT) 4,598 5,301 5,788 11,330 - - - 18,064 - - 34,021 - - - -
Net income 1 3,295 3,606 3,955 8,216 12,869 17,485 19,716 15,366 18,218 23,372 29,158 17,418 21,028 24,347 30,408
Net margin 27.52% 30.03% 15.29% 33.36% - - - 38.48% - - 49.61% - - - -
EPS 2 - 0.8590 0.9420 - 3.064 4.163 0.0469 3.700 4.388 5.600 6.877 4.138 5.007 5.797 7.240
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 7/29/20 10/27/21 2/2/22 4/25/22 7/28/22 10/27/22 2/1/23 4/27/23 7/27/23 10/30/23 1/29/24 - - - -
1TRY in Million2TRY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 12.3% 10.9% 18.3% 50.1% 43.5% 34% 33.3% 31.5%
ROA (Net income/ Total Assets) 1.49% 1.3% 1.86% 5.41% 4.93% 3.97% 3.85% 3.9%
Assets 1 413,864 484,735 695,154 1,077,025 1,752,647 2,348,653 3,483,651 3,654,436
Book Value Per Share 2 12.80 14.80 18.80 36.30 58.30 70.00 93.00 123.0
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 1/30/20 1/28/21 2/2/22 2/1/23 1/29/24 - - -
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 Turkiye Garanti Bankasi

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
80.85 TRY
Average target price
77.19 TRY
Spread / Average Target
-4.53%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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