&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclin8I7 ESndljSf -'' 8jUXo NM-'' 8jUXo
April 2013
A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
efo h!pbnf!g albo ilp Tliopfprpb fisbophbip !asfTb !ia oelrga ilp .b sfbtba !o ! Trnnbip ln m!op nbTlhhbia!pfli ln ! olgfTfp!pfli lc !i lccbn pl .ru ln obgg !iu obTrnfpfbo ln pl !almp !iu fisbophbip opn!pbdu.
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80
Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53
NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12
FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54
SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83
S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27
S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29
HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12
MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03
AFYON CIMENTO TRY 114 8 3 0 0 0 0 0.11 23 23 #VALUE! #VALUE! -2 -2 - - - -1.32 #VALUE! #VALUE! - - #VALUE! #VALUE! -5.35 2.71 -16.52 - -5.88 - - - -
AKBANK T.A.S. TRY 20568 16453 4000 26 0 0 11 #VALUE! 8007 8007 4631 5129 - - - - - 0.41 0.44 0.50 6.84 - 6.36 5.68 11.92 4.83 - - - NR 15.07.2008 Baa2 03.07.2012
AKENERJI ELEKTRIK URETIM AS TRY 693 5198 729 1 0 0 0 1.40 441 441 415 616 79 79 93 93 - 0.03 0.04 0.03 16.93 - 13.58 17.28 23.74 8.73 19.49 - 9.85 - - - -
AKFEN HOLDING AS TRY 871 1194 146 2 0 0 0 2.09 744 678 598 601 148 175 37 37 - 2.54 2.53 0.48 1.30 - 1.30 6.82 19.86 - 51.85 - 12.36 - - - -
AKSA AKRILIK KIMYA SANAYII TRY 543 831 185 0 0 0 0 0.67 893 893 852 888 106 104 - - - 0.49 0.34 0.36 3.27 - 4.79 4.49 -1.64 8.37 - 4.99 6.14 - - - -
ALARKO GAYRIMENKUL YATIRIM TRY 132 272 11 0 0 0 0 0.06 8 8 #VALUE! #VALUE! 4 5 - - - 0.74 #VALUE! #VALUE! 9.23 - #VALUE! #VALUE! -12.25 37.05 - 5.00 32.75 - - - -
ALARKO HOLDING TRY 707 501 223 0 0 0 0 0.60 727 863 883 1109 78 67 23 23 - 0.21 0.25 0.34 8.46 - 6.85 5.07 5.83 12.67 469.44 32.56 4.56 - - - -
ALBARAKA TURK KATILIM BANKAS TRY 944 480 900 0 0 0 1 #VALUE! 680 680 417 484 - - - - - 0.10 0.13 0.15 5.70 - 4.39 3.90 16.12 5.03 - - - BB 22.02.2010 - -
ALKIM ALKALI KIMYA A.S TRY 183 350 25 0 0 0 0 0.22 115 115 130 137 19 11 28 28 - 0.33 #VALUE! #VALUE! 12.40 - #VALUE! #VALUE! 3.18 116.23 - 3.51 4.99 - - - -
ANADOLU ANONIM TUERK SIGORTA TRY 332 1143 500 0 0 0 1 #VALUE! 1066 1321 1049 1190 - - - - - - 0.05 0.05 - - 7.30 7.07 16.83 - - - - - - - -
ANADOLU EFES BIRACILIK VE TRY 9270 349 592 2 0 0 1 9.89 3525 3525 4088 4570 673 673 122 122 - 0.56 0.72 0.86 15.28 - 12.02 10.02 19.10 10.13 16.68 6.16 10.49 BBB- 14.06.2012 (P)Baa3 10.10.2012
ANADOLU HAYAT EMEKLILIK TRY 1005 87 300 0 0 0 0 0.93 322 322 282 308 - - - - - - 0.14 0.17 - - 13.51 10.81 -2.83 -7.34 - - - - - - -
ANADOLU ISUZU OTOMOTIV SAN-C TRY 387 73 25 0 0 0 0 0.45 0 K 0 K 0 K #VALUE! 8 8 15 15 - 0.03 #VALUE! #VALUE! 304.94 - #VALUE! #VALUE! 7.34 5.80 -27.79 -10.05 1.40 - - - -
ARCELIK AS TRY 4585 1066 676 2 0 0 1 5.87 5800 5800 6445 6968 566 566 672 672 - 0.43 0.56 0.62 8.74 - 6.70 6.04 13.80 7.11 9.68 5.09 5.36 BB+ 14.03.2013 - -
ASELSAN ELEKTRONIK SANAYI TRY 2925 1383 500 0 0 0 0 2.90 897 897 1065 1222 139 136 213 213 - 0.16 0.37 0.41 20.60 - 8.73 7.82 4.79 10.84 -7.15 5.04 7.84 - - - -
ASYA KATILIM BANKASI AS TRY 1147 11295 900 1 0 0 2 #VALUE! 1207 1207 799 896 - - - - - 0.12 0.16 0.20 6.02 - 4.41 3.58 9.55 4.90 - - - - - - -
AYGAZ AS TRY 1796 665 300 0 0 0 0 1.73 3069 3069 3217 3298 134 134 156 156 - 0.56 0.52 0.56 5.92 - 6.30 5.90 1.31 5.48 2.62 -0.64 2.41 - - - -
BAGFAS BANDIRMA GUBRE FABRIK TRY 277 107 9 0 0 0 0 0.28 200 200 220 236 20 20 35 35 - -1.15 3.31 3.59 - - 5.10 4.70 6.54 4.76 -32.87 -3.69 5.48 - - - -
BANVIT BANDIRMA VITAMINLI YE TRY 201 791 100 0 0 0 0 0.43 613 677 702 813 23 39 - - - 0.06 0.19 0.25 19.18 - 5.76 4.40 6.24 9.69 -36.42 2.78 3.23 - - - -
BESIKTAS FUTBOL YATIRIMLAR TRY 204 5847 110 0 0 0 0 0.27 84 #VALUE! #VALUE! #VALUE! -21 - - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 2.95 18.69 - - - - - - -
BIM BIRLESIK MAGAZALAR AS TRY 7318 278 152 0 0 0 0 7.11 5442 5442 6517 7711 270 270 70 70 - 1.20 1.48 1.77 22.09 - 17.95 14.94 11.52 14.17 8.64 13.76 2.72 - - - -
BIZIM TOPTAN SATIS MAGAZALAR TRY 659 96 40 0 0 0 0 0.65 1084 1084 1262 1447 38 38 47 47 - 0.36 0.54 0.64 25.26 - 16.80 14.16 7.64 - 5.51 12.98 1.92 - - - -
BORUSAN MANNESMANN BORU SANA TRY 551 265 28 0 0 0 0 0.67 783 783 #VALUE! #VALUE! 60 56 - - - 0.77 #VALUE! #VALUE! 13.96 - #VALUE! #VALUE! 3.91 7.05 - 5.75 3.84 - - - -
BOYNER BUYUK MAGAZACILIK TRY 303 135 92 0 0 0 0 0.38 514 514 802 901 28 28 57 57 - 0.04 0.15 0.22 44.19 - 11.99 8.39 22.88 14.13 6.73 5.61 2.97 - - - -
BRISA BRIDGESTONE SABANCI TRY 915 613 305 0 0 0 0 1.22 782 782 917 999 113 113 124 124 - -1.91 0.15 0.16 - - 10.71 10.00 3.11 8.94 16.43 6.71 7.92 - - - -
CELEBI HAVA SERVISI TRY 279 64 24 0 #VALUE! 0 0 0.43 260 295 293 320 43 43 5 5 - 0.42 0.85 1.17 15.02 - 7.44 5.39 19.91 6.87 -5.52 1.40 8.14 - - - -
CEMAS DOKUM SANAYI AS TRY 143 1339 75 0 0 0 0 0.13 42 39 #VALUE! #VALUE! 4 - - - - 0.12 #VALUE! #VALUE! 2.82 - #VALUE! #VALUE! 64.92 - - - - - - - -
COCA-COLA ICECEK AS TRY 7162 221 254 1 0 0 0 7.76 2270 2270 2680 3113 369 369 50 50 - 0.82 0.96 1.16 18.84 - 16.25 13.35 11.67 10.45 22.28 8.28 8.92 - - - -
DOGAN SIRKETLER GRUBU HLDGS TRY 1427 4727 2450 1 0 0 2 1.99 1575 1611 1730 1910 142 160 61 61 - -0.01 0.03 0.03 - - 10.59 12.13 0.33 -5.88 31.03 -8.57 5.51 - - - -
DOGAN YAYIN HOLDING AS TRY 890 10824 2000 1 0 0 1 1.90 1436 1334 1389 1507 166 192 49 49 - 0.06 0.05 0.03 4.03 - 4.94 9.47 -0.13 -1.36 17.31 2.66 7.89 - - - -
DOGUS OTOMOTIV SERVIS VE TIC TRY 1342 821 220 0 0 0 0 1.65 2820 2820 2909 3093 179 179 172 172 - 0.64 0.59 0.59 5.24 - 5.71 5.66 3.70 13.70 10.51 13.86 3.48 - - - -
ECZACIBASI YATIRIM HOLDING TRY 285 718 70 0 0 0 0 0.21 1303 1045 #VALUE! #VALUE! -6 -8 - - - -0.03 #VALUE! #VALUE! - - #VALUE! #VALUE! 9.15 -0.14 -1062.16 - -0.34 - - - -
EGE ENDUSTRI VE TICARET AS TRY 112 26 3 0 0 0 0 0.12 82 82 #VALUE! #VALUE! 18 16 - - - 3.28 #VALUE! #VALUE! 5.93 - #VALUE! #VALUE! -6.47 519.74 - 15.79 9.44 - - - -
EGE GUBRE SANAYII AS TRY 116 70 10 0 0 0 0 0.14 109 109 126 #VALUE! 11 11 20 20 - 0.66 1.34 #VALUE! 9.57 - 4.74 #VALUE! 3.55 - -18.40 4.10 5.43 - - - -
EIS ECZACIBASI ILAC VE SINAI TRY 771 7400 548 0 0 0 0 0.45 535 561 601 608 24 17 7 7 - 0.02 #VALUE! 0.05 36.34 - #VALUE! 14.06 3.63 1.16 -15.80 -8.39 1.69 - - - -
EMLAK KONUT GAYRIMENKUL YATI TRY 3942 10005 2500 1 0 0 1 3.73 552 552 935 1075 218 218 92 92 - 0.12 0.16 0.20 7.53 - 5.46 4.30 22.08 - 68.41 - 21.68 - - - -
ENKA INSAAT VE SANAYI AS TRY 8583 3245 2822 0 0 0 2 7.51 5657 5657 5693 5857 731 731 237 237 - 0.20 0.22 0.25 8.37 - 7.55 6.75 12.29 7.14 -0.99 2.91 7.10 - - - -
EREGLI DEMIR VE CELIK FABRIK TRY 3904 14040 3090 2 0 0 1 5.44 5258 5258 5390 5777 567 567 756 756 - 0.07 0.12 0.15 10.55 - 5.69 4.75 4.00 9.30 -27.76 -1.11 5.93 B 17.10.2011 - -
FENERBAHCE FUTBOL ANONIM SIR TRY 552 53 25 0 0 0 0 0.64 135 153 #VALUE! #VALUE! 22 34 - - - -0.06 #VALUE! #VALUE! - - #VALUE! #VALUE! 75.83 30.90 -31.72 -1.65 13.69 - - - -
FORD OTOMOTIV SANAYI AS TRY 4839 222 351 1 0 0 0 5.36 5366 5366 5828 6748 413 413 - - - 1.06 1.07 1.26 7.17 - 7.06 6.02 -3.56 7.32 -7.59 -0.75 4.23 - - - -
GALATASARAY SPORTIF SINAI TRY 308 141 9 0 0 0 0 0.37 123 159 #VALUE! #VALUE! -3 12 - - - 0.99 #VALUE! #VALUE! 12.25 - #VALUE! #VALUE! 39.36 24.90 44.93 - 4.05 - - - -
GOLTAS GOLLER BOLGESI CIMENT TRY 260 502 7 0 0 0 0 0.30 129 152 158 #VALUE! 24 35 31 31 - 1.48 #VALUE! #VALUE! 13.42 - #VALUE! #VALUE! 14.61 10.24 19.09 -5.47 12.63 - - - -
GOODYEAR LASTIKLERI TURK AS TRY 427 171 12 0 0 0 0 0.43 623 623 #VALUE! #VALUE! 52 52 - - - 2.29 #VALUE! #VALUE! 8.61 - #VALUE! #VALUE! -4.49 5.77 -2.15 7.69 4.58 - - - -
GOZDE GIRISIM SERMAYESI YATI TRY 290 5471 134 0 0 0 0 0.63 77 148 #VALUE! #VALUE! -3 - - - - 0.06 #VALUE! #VALUE! 19.61 - #VALUE! #VALUE! 12774.69 - - - - - - - -
GSD HOLDING TRY 121 2979 250 0 0 0 0 1.40 265 413 #VALUE! #VALUE! 37 55 - - - 0.11 #VALUE! #VALUE! 2.51 - #VALUE! #VALUE! 20.69 - 31.87 - 7.32 - - - -
GUBRE FABRIKALARI TAS TRY 741 402 84 0 0 0 0 1.12 1251 1349 1252 1360 332 254 100 100 - 1.37 1.05 0.99 3.57 - 4.65 4.95 35.32 39.56 27.62 50.07 10.34 - - - -
HACI OMER SABANCI HOLDING TRY 12759 2087 2040 14 0 8 7 27.89 6367 6367 15292 17065 2526 2526 2990 2990 - 0.50 0.56 0.65 6.46 - 5.71 4.94 -26.53 6.73 5.17 4.88 21.80 - - - -
HURRIYET GAZETECILIK VE MATB TRY 273 1644 552 0 0 0 0 0.54 477 475 479 507 50 50 9 9 - 0.01 0.15 0.03 24.47 - 1.77 8.83 5.15 -2.46 -16.25 -4.23 5.76 - - - -
IHLAS EV ALETLERI IMALAT TRY 65 7952 191 0 0 0 0 0.03 56 56 #VALUE! #VALUE! 0 - - - - 0.06 #VALUE! #VALUE! 3.21 - #VALUE! #VALUE! 1.12 2.27 53.17 - - - - - -
IHLAS HOLDING TRY 356 64920 790 0 0 0 0 0.43 358 358 #VALUE! #VALUE! 1 1 - - - -0.04 #VALUE! #VALUE! - - #VALUE! #VALUE! -0.42 13.37 - -22.64 0.21 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80
Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53
NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12
FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54
SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83
S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27
S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29
HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12
MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03
IPEK DOGAL ENERJI KAYNAKLARI TRY 748 8440 204 0 0 0 0 0.84 499 666 644 748 324 452 413 413 - 0.29 0.23 0.31 5.43 - 6.96 5.13 36.99 22.89 47.37 22.19 37.52 - - - -
IS FINANSAL KIRALAMA AS TRY 212 1184 339 1 0 0 0 0.88 87 84 #VALUE! #VALUE! - - - - - 0.06 #VALUE! #VALUE! 5.20 - #VALUE! #VALUE! 9.17 5.13 - - - - - - -
IS GAYRIMENKUL YATIRIM ORTAK TRY 485 1745 600 0 0 0 0 0.51 72 72 108 116 49 49 58 58 - 0.06 0.07 0.07 7.41 - 6.12 6.07 3.75 8.06 -2.72 4.36 37.15 - - - -
ITTIFAK HOLDING A.S TRY 83 226 30 0 0 0 0 0.22 490 537 #VALUE! #VALUE! 18 7 - - - 0.08 #VALUE! #VALUE! 18.18 - #VALUE! #VALUE! 8.27 - 79.42 4.35 0.71 - - - -
IZMIR DEMIR CELIK SANAYI AS TRY 632 2559 375 0 0 0 0 0.70 782 888 828 967 51 29 11 11 - 0.04 0.03 0.07 25.67 - 28.11 12.97 30.11 32.35 131.45 -0.23 1.73 - - - -
KARDEMIR KARABUK DEMIR-CL D TRY 827 7472 879 0 0 0 0 1.06 927 927 933 1111 170 170 178 178 - 0.12 0.14 0.15 4.00 - 3.43 3.19 3.50 11.76 0.90 4.63 10.07 - - - -
KARSAN OTOMOTIV TRY 129 628 260 0 0 0 0 0.28 320 320 531 445 22 8 26 26 - -0.13 0.04 #VALUE! - - 9.42 #VALUE! -14.83 43.15 - - 1.24 - - - -
KARTONSAN KARTON SANAYI TRY 438 27 3 0 0 0 0 0.39 117 117 #VALUE! #VALUE! 21 21 - - - 5.24 #VALUE! #VALUE! 16.18 - #VALUE! #VALUE! 0.44 6.52 -11.14 8.07 10.02 - - - -
KILER GAYRIMENKUL YATIRIM OR TRY 122 155 124 0 0 0 0 0.21 54 54 53 137 28 - - - - 0.16 0.15 0.21 3.38 - 3.51 2.52 -35.15 - - - - - - - -
KOC HOLDING AS TRY 14140 2292 2536 15 0 6 6 28.36 46604 46604 49370 51840 3386 3386 - - - 0.50 0.55 0.60 6.18 - 5.62 5.10 11.86 9.91 -1.80 3.77 3.99 - - - -
KONYA CIMENTO SANAYII AS TRY 910 13 5 0 0 0 0 0.85 130 130 #VALUE! #VALUE! 27 29 - - - 4.18 #VALUE! #VALUE! 24.57 - #VALUE! #VALUE! -0.33 3.63 - -3.80 12.31 - - - -
KOZA ALTIN ISLETMELERI AS TRY 3477 224 153 0 0 0 1 2.97 573 573 617 681 444 444 482 482 - 2.31 2.47 2.61 5.41 - 5.08 4.80 16.18 - 16.82 26.15 42.52 - - - -
KOZA ANADOLU METAL MADENCILI TRY 1087 5747 311 0 0 0 0 0.90 0 K 1 K 1 K 1 K 323 451 112 112 - 0.37 0.31 0.35 4.15 - 4.89 4.38 35.40 23.70 46.93 22.07 38.05 - - - -
MENDERES TEKSTIL SANAYI VE T TRY 74 653 250 0 0 0 0 0.11 225 225 #VALUE! #VALUE! 18 18 - - - -0.01 #VALUE! #VALUE! - - #VALUE! #VALUE! 4.27 3.73 -34.60 0.40 4.43 - - - -
METRO TICARI VE MALI YATIRIM TRY 81 11018 300 0 0 0 0 0.13 506 549 #VALUE! #VALUE! 26 28 - - - -0.01 #VALUE! #VALUE! - - #VALUE! #VALUE! 49.20 184.75 54.77 52.26 2.83 - - - -
MIGROS TICARET A.S TRY 2161 1333 178 1 0 0 1 2.91 3161 3312 3589 4090 207 229 57 57 - 0.64 0.37 0.39 10.35 - 17.91 16.93 -5.28 4.90 3.25 2.13 3.79 - - - -
MONDI TIRE KUTSAN KAGIT VE TRY 125 869 200 0 0 0 0 0.17 221 231 #VALUE! #VALUE! 13 17 - - - 0.03 #VALUE! #VALUE! 10.11 - #VALUE! #VALUE! 13.42 2.96 124.12 -1.32 4.01 - - - -
NET HOLDING AS TRY 488 1153 366 0 0 0 0 0.62 63 72 70 #VALUE! -5 -2 8 8 - 0.12 0.08 #VALUE! 5.89 - 9.54 #VALUE! 8.84 10.15 - - -1.65 - - - -
NETAS TELEKOMUNIKASYON AS TRY 387 801 65 0 0 0 0 0.34 302 302 #VALUE! #VALUE! 14 14 - - - 0.34 #VALUE! #VALUE! 9.68 - #VALUE! #VALUE! 34.80 34.88 -0.40 - 2.54 - - - -
OTOKAR OTOMOTIV VE SAVUNMA TRY 738 245 24 0 0 0 0 0.87 552 552 612 626 67 67 20 20 - 1.75 1.91 2.02 9.67 - 8.87 8.36 7.03 10.57 14.46 11.20 6.67 - - - -
PARK ELEKTRIK URETIM MADENCI TRY 554 2848 149 0 0 0 0 0.44 146 146 172 218 87 87 101 101 - 0.40 0.49 0.53 5.17 - 4.21 3.89 29.41 16.67 32.09 16.60 33.00 - - - -
PETKIM PETROKIMYA HOLDING AS TRY 1698 10345 1000 0 0 0 0 1.70 2389 2389 2625 2837 7 7 - - - 0.01 0.07 0.10 97.40 - 13.91 9.59 6.46 7.48 -48.69 -23.49 0.16 - - - -
POLYESTER SANAYI AS TRY 140 761 216 0 0 0 0 0.29 549 549 626 670 6 6 36 36 - -0.08 #VALUE! #VALUE! - - #VALUE! #VALUE! 5.79 15.03 -47.91 32.41 0.65 - - - -
RHEA GIRISIM AS TRY 29 1116 42 0 0 0 0 0.03 14 10 #VALUE! #VALUE! -12 -3 - - - 0.11 #VALUE! #VALUE! 3.46 - #VALUE! #VALUE! 215.60 - -175.52 - -18.70 - - - -
SAF GAYRIMENKUL YATIRIM ORTA TRY 482 273 887 0 0 0 0 0.52 8 8 #VALUE! #VALUE! 162 163 - - - -0.02 #VALUE! #VALUE! - - #VALUE! #VALUE! -53.50 25.68 - - 27.42 - - - -
SEKERBANK TRY 1132 2500 1000 1 0 0 1 #VALUE! 1260 1226 732 795 - - - - - 0.14 0.15 0.16 4.52 - 4.24 3.94 15.16 - - - - - - - -
SINPAS GAYRIMENKUL YATIRIM O TRY 458 4359 600 0 0 0 0 0.64 360 306 324 327 78 31 23 23 - 0.03 0.09 0.11 13.60 - 4.55 3.98 46.96 - 84.84 - 5.57 - - - -
TAV HAVALIMANLARI HOLDING AS TRY 2255 436 363 2 0 0 0 3.96 1410 1410 1565 1730 265 265 53 53 - 0.43 0.53 0.62 7.89 - 6.41 5.50 14.25 16.04 20.61 2.49 10.35 - - - -
TEKFEN HOLDING AS TRY 1565 2797 370 0 0 0 0 1.44 1764 2215 2204 2256 210 196 46 46 - 0.36 0.45 0.40 6.46 - 5.20 5.82 23.06 11.08 15.32 7.73 4.85 - - - -
TOFAS TURK OTOMOBIL FABRIKA TRY 3392 1262 500 1 0 0 1 3.75 3684 3684 4061 4525 458 458 - - - 0.49 0.53 0.58 7.57 - 7.06 6.44 -4.73 7.05 3.14 14.73 6.84 - - - -
TORUNLAR GAYRIMENKUL YATIRIM TRY 1071 2135 500 1 0 0 0 1.31 89 86 121 332 42 - 68 68 - 0.39 0.27 0.35 3.06 - 4.37 3.37 -16.51 - 26.60 - - - - - -
TRABZONSPOR SPORTIF YATIRIM TRY 85 2944 25 0 0 0 0 0.13 75 #VALUE! #VALUE! #VALUE! 10 - - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! - 28.66 - - - - - - -
TRAKYA CAM SANAYII AS TRY 1059 5671 694 0 0 0 0 1.15 686 686 804 980 111 111 - - - 0.05 0.11 0.14 16.11 - 7.86 6.11 -0.27 4.39 -23.72 -3.19 8.89 - - - -
TUPRAS-TURKIYE PETROL RAFINE TRY 7498 483 250 3 0 0 2 8.27 25838 25838 26011 26669 770 770 118 118 - 3.20 2.55 2.48 5.13 - 6.46 6.63 7.41 8.22 -19.25 0.09 1.64 - - (P)Ba1 18.10.2012
TURCAS PETROL A.S. TRY 456 1005 225 0 0 0 0 0.54 6 10 10 11 -5 -6 -2 -2 - 0.36 0.16 0.20 3.09 - 6.85 5.48 -43.41 290.76 -1.32 - -44.28 - - - -
TURK EKONOMI BANKASI TRY 2592 308 2204 6 0 0 4 #VALUE! 2767 2767 1483 1652 - - - - - 0.12 0.15 0.16 5.44 - 4.20 3.92 19.00 15.80 - - - - - - -
TURK HAVA YOLLARI AO TRY 4852 5118 1200 5 0 0 1 8.57 8190 8190 9821 11097 1141 1141 1464 1464 - 0.52 0.51 0.55 4.28 - 4.32 4.07 14.38 15.64 44.28 9.85 7.66 - - - -
TURK TELEKOMUNIKASYON AS TRY 15536 2047 3500 3 0 0 1 18.33 6980 6980 7286 7593 2713 2713 - - - 0.41 0.41 0.42 5.89 - 5.89 5.86 3.52 - 2.35 2.66 21.35 - - - -
TURK TRAKTOR VE ZIRAAT MAKIN TRY 1744 115 53 0 0 0 0 1.73 1084 1084 1121 1227 172 172 - - - 2.76 2.77 3.06 6.50 - 6.49 5.86 5.29 15.61 -1.66 13.66 8.71 - - - -
TURKCELL ILETISIM HIZMET AS TRY 14624 5882 2200 2 0 0 4 12.35 5772 5772 6172 6630 1781 1781 - - - 0.52 0.55 0.60 7.02 - 6.59 6.06 6.67 3.20 6.20 -0.51 16.95 BB+ 19.11.2008 - -
TURKIYE GARANTI BANKASI TRY 21781 31206 4197 25 0 0 14 #VALUE! 9710 9710 5229 5764 - - - - - 0.44 0.47 0.50 6.53 - 6.12 5.71 7.90 7.00 - - - BB 22.02.2010 Baa2 03.07.2012
TURKIYE HALK BANKASI TRY 13116 10579 1250 9 0 0 8 #VALUE! 6273 6273 3572 3928 - - - - - 1.16 1.17 1.25 4.96 - 4.92 4.61 13.23 8.83 - - - - - Baa2 20.07.2012
TURKIYE IS BANKASI-C TRY 16651 51494 4500 23 0 2 11 #VALUE! 12302 12302 5495 5875 - - - - - 0.42 0.40 0.43 4.87 - 5.03 4.75 11.39 3.35 - - - BB 22.02.2010 Baa2 03.07.2012
TURKIYE SINAI KALKINMA BANK TRY 1499 1219 1100 5 0 0 0 #VALUE! 389 419 285 307 - - - - - 0.14 0.16 0.17 5.34 - 4.70 4.39 5.32 2.36 - - - - - - -
TURK SISE VE CAM FABRIKALARI TRY 2489 11897 1500 1 0 1 1 3.55 2935 2935 3291 3745 516 516 - - - 0.10 0.17 0.20 9.07 - 5.32 4.52 4.01 6.24 -13.50 3.19 9.66 - - - -
TURKIYE VAKIFLAR BANKASI T-D TRY 7938 11907 2500 9 0 0 8 #VALUE! 6223 6223 3279 3569 - - - - - 0.31 0.36 0.39 5.58 - 4.83 4.47 14.41 10.11 - - - BB 22.02.2010 Baa2 04.07.2012
ULKER BISKUVI SANAYI AS TRY 2565 183 342 1 0 0 1 2.76 1286 1286 1398 1509 120 120 - - - 0.29 0.30 0.37 14.07 - 13.54 11.18 16.55 13.54 100.00 9.30 5.12 - - - -
VESTEL ELEKTRONIK SANAYI TRY 365 1274 335 0 0 0 0 0.86 3833 4235 4426 4974 340 104 21 21 - -0.13 0.08 0.24 - - 7.77 2.53 17.52 5.71 46.44 6.73 1.35 B- 22.12.2008 WR 22.03.2001
YAPI VE KREDI BANKASI TRY 13182 26279 4347 15 0 0 11 #VALUE! 7198 7198 4273 4719 - - - - - 0.26 0.30 0.35 6.31 - 5.56 4.82 9.75 3.49 - - - BB 22.02.2010 Baa2 04.07.2012
ZORLU ENERJI ELEKTRIK URETIM TRY 429 13247 333 1 0 0 0 1.48 289 289 452 510 10 66 92 92 - 0.62 -0.06 -0.01 0.76 - #VALUE! #VALUE! 9.91 187.01 - -5.48 11.76 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%
Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%
NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%
FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%
SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%
S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%
S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%
HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%
AFYON CIMENTO
AKBANK T.A.S. 1.81 1.58 1.42 1.22 5.57 4.44 4.01 3.56 3.04 8.10 7.23 6.28 13.47 11.58 10.33 9.15 1.40 1.97 2.64 2.43 9.81 4.8%
AKENERJI ELEKTRIK URETIM AS 1.31 1.11 1.12 0.92 0.72 1.61 1.67 1.12 0.64 0.60 7.86 8.12 7.12 9.11 3.26 16.93 15.07 12.25 5.95 5.35 12.91 24.71 31.45 5.77 4.22 0.00 0.00 0.00 2.08 20.3%
AKFEN HOLDING AS 1.82 1.05 0.99 0.81 1.18 1.46 1.45 1.33 1.39 5.86 7.36 6.12 5.99 13.03 12.04 11.19 9.85 10.49 2.37 12.41 7.82 2.88 0.00 0.00 0.00 14.73 35.2%
AKSA AKRILIK KIMYA SANAYII 0.62 0.64 0.61 5.77 6.39 5.81 5.58 8.71 8.18 6.18 5.24 6.18 6.04 13.2%
ALARKO GAYRIMENKUL YATIRIM
ALARKO HOLDING 1.23 1.18 1.10 0.92 1.04 0.80 0.64 0.54 0.43 7.48 6.13 5.82 7.80 8.02 6.17 5.11 4.91 11.47 12.47 9.23 7.60 8.23 0.87 0.82 0.82 1.32 0.31 6.73 16.8%
ALBARAKA TURK KATILIM BANKAS 1.52 1.22 1.10 0.86 2.57 2.27 1.95 1.71 9.14 7.99 7.10 5.97 0.47 0.00 0.00 2.17 13.5%
ALKIM ALKALI KIMYA A.S 1.55 1.41 1.34 1.25 1.20 12.01 7.96 7.53 6.78 6.42 13.55 0.4%
ANADOLU ANONIM TUERK SIGORTA 0.82 0.80 0.75 0.36 0.32 0.28 13.30 12.87 3.88 5.54 1.27 5.0%
ANADOLU EFES BIRACILIK VE 3.03 2.62 2.46 2.02 1.80 2.65 2.27 2.03 1.72 1.71 14.52 12.56 11.21 10.90 10.36 13.89 11.57 10.10 10.34 8.85 25.18 21.87 18.23 16.43 13.64 1.54 1.87 2.21 2.39 29.69 4.2%
ANADOLU HAYAT EMEKLILIK 3.61 3.37 2.99 3.91 3.56 3.27 22.26 24.60 19.68 18.48 13.86 2.18 2.41 3.39 5.41 3.77 6.10 -0.1%
ANADOLU ISUZU OTOMOTIV SAN-C 1.79 1.55 35.87 29.46
ARCELIK AS 2.18 1.99 1.79 1.67 0.78 0.71 0.66 0.61 0.57 18.77 11.51 9.86 9.29 9.90 8.75 7.85 7.45 6.87 14.43 12.19 11.00 10.95 3.61 3.81 4.57 5.13 12.31 -0.3%
ASELSAN ELEKTRONIK SANAYI 2.87 2.39 3.41 3.15 2.75 2.39 2.08 1.96 13.48 17.46 15.85 13.60 11.97 15.21 15.90 14.24 1.92 2.21 1.81 9.46 -11.2%
ASYA KATILIM BANKASI AS 0.86 0.80 0.73 0.64 1.61 1.44 1.28 1.12 9.96 8.03 6.52 6.11 0.04 0.13 0.26 0.00 2.46 6.0%
AYGAZ AS 1.35 1.30 1.17 1.11 0.59 0.56 0.54 0.49 0.47 15.50 11.47 11.89 11.66 11.07 10.60 10.12 9.99 11.12 11.46 10.74 10.48 4.32 4.94 4.50 4.40 8.99 11.64 6.8%
BAGFAS BANDIRMA GUBRE FABRIK 2.22 2.04 1.60 1.29 1.26 1.17 0.74 6.31 8.64 6.61 9.09 7.91 6.92 3.75 10.28 9.29 8.56 7.51 7.01 5.09 65.00 16.1%
BANVIT BANDIRMA VITAMINLI YE 1.83 1.86 1.51 0.33 0.29 0.25 0.22 0.19 1.07 11.40 8.13 6.21 4.88 4.72 10.49 8.00 6.16 0.82 2.47 1.37 1.78 4.89 34.0%
BESIKTAS FUTBOL YATIRIMLAR
BIM BIRLESIK MAGAZALAR AS 17.68 14.44 11.99 9.78 7.04 1.34 1.12 0.95 0.82 0.71 26.53 23.18 19.46 16.87 13.26 26.15 21.68 18.13 16.01 13.55 39.12 32.68 27.28 24.48 18.70 1.72 2.03 2.47 2.70 89.29 1.8%
BIZIM TOPTAN SATIS MAGAZALAR 10.52 9.00 7.41 6.77 5.19 0.61 0.52 0.46 0.41 0.36 28.04 28.36 20.31 17.75 16.89 13.73 11.76 9.98 8.81 41.10 30.58 25.77 21.79 18.87 1.16 1.37 1.82 2.26 2.67 32.49 8.3%
BORUSAN MANNESMANN BORU SANA
BOYNER BUYUK MAGAZACILIK 0.58 0.38 0.34 0.30 0.27 11.16 6.71 5.51 4.69 4.17 31.58 21.82 15.27 0.00 6.41 6.9%
BRISA BRIDGESTONE SABANCI 1.12 1.00 0.92 12.02 9.81 8.66 21.84 19.50 18.20 4.58 5.13 5.49
CELEBI HAVA SERVISI 4.63 8.33 5.29 3.65 1.13 0.95 0.87 0.79 6.96 7.89 6.20 5.44 7.51 8.44 6.93 6.23 14.56 13.55 9.81 10.57 5.92 6.46 9.14 9.86 26.92 28.8%
CEMAS DOKUM SANAYI AS
COCA-COLA ICECEK AS 6.93 5.93 5.16 4.27 3.50 3.18 2.69 2.31 1.99 1.78 25.27 21.59 17.91 15.35 15.24 20.93 17.20 14.46 12.11 10.57 33.70 29.58 24.29 19.64 18.26 0.94 1.16 1.52 0.79 46.81 -8.7%
DOGAN SIRKETLER GRUBU HLDGS 0.60 0.74 0.79 0.77 0.89 0.82 0.75 0.69 0.73 6.63 9.64 11.28 15.01 11.22 8.19 6.97 19.27 22.08 18.28 0.00 0.00 0.00 1.30 22.3%
DOGAN YAYIN HOLDING AS 0.70 1.11 1.06 1.14 0.59 0.64 0.59 0.56 0.54 3.77 81.00 4.76 5.40 13.33 9.93 8.77 8.22 6.12 9.00 17.23 15.00 0.00 0.00 0.93 15.2%
DOGUS OTOMOTIV SERVIS VE TIC 2.40 2.13 1.93 1.70 0.49 0.46 0.43 0.41 0.38 12.36 11.10 12.50 10.78 9.13 9.58 9.09 8.92 8.93 9.84 10.40 10.30 10.99 4.40 4.90 4.33 4.32 10.54 -5.1%
ECZACIBASI YATIRIM HOLDING
EGE ENDUSTRI VE TICARET AS
EGE GUBRE SANAYII AS 1.61 1.34 0.99 0.92 0.67 7.09 9.52 8.63 1.69 2.59
EIS ECZACIBASI ILAC VE SINAI 0.64 0.51 0.51 1.44 1.28 1.27 17.16 20.38 23.29 12.80 25.60 2.35 -8.2%
EMLAK KONUT GAYRIMENKUL YATI 1.68 1.59 1.40 7.05 4.22 3.67 3.52 14.95 9.47 6.87 18.19 10.66 8.21 16.88 9.93 7.82 6.52 2.40 4.53 5.54 3.43 19.5%
ENKA INSAAT VE SANAYI AS 1.66 1.51 1.44 1.36 1.62 1.51 1.47 1.34 12.26 11.67 10.57 9.96 9.94 9.30 8.66 7.75 14.31 13.74 12.29 11.16 1.92 1.90 2.17 3.32 6.15 10.3%
EREGLI DEMIR VE CELIK FABRIK 1.01 0.89 0.86 0.83 0.76 0.73 0.68 0.63 0.57 6.32 6.94 5.95 4.71 9.11 7.22 6.31 5.67 5.10 13.86 10.41 8.68 7.70 3.96 2.34 3.42 6.41 2.76 20.0%
FENERBAHCE FUTBOL ANONIM SIR
FORD OTOMOTIV SANAYI AS 4.34 4.09 3.67 3.41 0.90 0.83 0.72 0.65 0.64 14.07 11.30 9.58 8.78 12.63 10.76 8.54 7.56 8.13 13.56 12.85 10.96 9.78 5.93 6.20 7.69 9.61 22.51 -10.3%
GALATASARAY SPORTIF SINAI
GOLTAS GOLLER BOLGESI CIMENT 1.64 9.60
GOODYEAR LASTIKLERI TURK AS
GOZDE GIRISIM SERMAYESI YATI
GSD HOLDING
GUBRE FABRIKALARI TAS 2.48 2.03 1.79 1.22 0.69 0.59 0.54 0.50 0.56 4.74 8.68 17.94 5.24 4.12 4.72 4.05 3.76 3.77 12.42 8.46 9.01 7.67 1.49 4.27 4.74 5.20 19.61 21.4%
HACI OMER SABANCI HOLDING 1.36 1.23 0.95 0.92 0.83 0.75 7.67 4.80 4.79 10.68 9.33 8.11 12.12 10.39 8.99 1.06 1.46 1.76 11.24 5.5%
HURRIYET GAZETECILIK VE MATB 0.76 0.71 0.69 0.66 0.58 0.57 0.54 0.51 0.56 2.85 300.00 4.50 3.91 7.87 8.52 7.72 7.15 7.08 3.23 16.07 11.69 1.33 0.00 1.11 1.10 22.4%
IHLAS EV ALETLERI IMALAT
IHLAS HOLDING
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%
Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%
NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%
FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%
SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%
S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%
S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%
HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%
IPEK DOGAL ENERJI KAYNAKLARI 0.60 0.92 0.85 0.79 0.74 1.56 1.17 1.00 0.95 0.86 8.99 2.11 1.87 1.81 1.75 2.65 2.04 1.77 1.72 1.60 8.48 12.67 9.34 10.12 9.92 5.45 4.0%
IS FINANSAL KIRALAMA AS
IS GAYRIMENKUL YATIRIM ORTAK 0.79 0.61 0.51 0.50 6.72 4.47 4.17 5.92 14.55 6.53 10.50 7.74 10.29 8.75 7.54 8.88 13.13 11.14 11.05 13.36 3.40 3.40 3.40 2.86 1.95 32.8%
ITTIFAK HOLDING A.S
IZMIR DEMIR CELIK SANAYI AS 0.82 0.76 0.65 0.50 13.18 36.15 9.66 3.63 51.17 23.62 6.02 3.95 28.7%
KARDEMIR KARABUK DEMIR-CL D 1.28 1.15 0.88 0.77 0.88 0.89 0.74 0.58 0.53 4.95 5.11 3.83 2.93 6.64 5.97 5.04 4.05 3.84 6.26 6.24 5.81 4.35 3.29 3.48 4.29 8.70 1.81 12.4%
KARSAN OTOMOTIV 0.38 0.24 0.29 31.24 11.08 13.22 17.14 1.45 20.8%
KARTONSAN KARTON SANAYI
KILER GAYRIMENKUL YATIRIM OR 2.68 2.29 0.89 7.99 6.28 6.39 6.39 4.59 2.60 45.3%
KOC HOLDING AS 1.55 1.45 1.27 1.13 0.31 0.29 0.27 0.26 10.80 9.46 7.41 8.40 7.65 6.98 5.73 11.87 10.22 9.28 7.36 1.82 2.05 2.52 9.82 -3.3%
KONYA CIMENTO SANAYII AS 6.71 28.24
KOZA ALTIN ISLETMELERI AS 4.45 3.21 2.53 2.09 1.90 6.11 5.64 5.11 5.16 4.87 9.04 8.02 7.35 7.93 8.13 6.66 6.16 5.70 5.58 5.76 10.03 9.24 8.73 8.07 9.73 1.84 2.31 2.75 4.25 7.04 50.85 22.5%
KOZA ANADOLU METAL MADENCILI 0.83 1.28 1.19 0.97 0.88 2.20 1.71 1.49 1.39 1.29 7.18 3.05 2.68 2.56 2.46 2.76 2.10 1.85 1.73 1.65 6.89 8.90 7.97 7.67 7.73 7.59 48.9%
MENDERES TEKSTIL SANAYI VE T
METRO TICARI VE MALI YATIRIM
MIGROS TICARET A.S 3.25 2.97 2.70 2.42 2.05 0.68 0.60 0.53 0.47 0.43 92.86 15.30 10.58 9.05 7.85 14.54 12.89 11.26 10.09 9.15 32.60 30.82 22.39 16.25 0.00 0.00 0.24 0.67 1.74 26.51 19.9%
MONDI TIRE KUTSAN KAGIT VE
NET HOLDING AS 8.23 7.00 87.47 75.81 34.71 17.36 0.82
NETAS TELEKOMUNIKASYON AS
OTOKAR OTOMOTIV VE SAVUNMA 1.41 1.21 1.18 1.13 0.93 13.64 12.17 12.02 11.47 9.12 19.22 16.14 15.22 24.56 3.75 4.38 4.55 52.55 -6.2%
PARK ELEKTRIK URETIM MADENCI 2.21 1.63 4.05 3.22 2.54 2.20 2.01 5.25 4.39 3.76 9.19 7.66 7.08 9.88 3.69 6.19 8.25 21.7%
PETKIM PETROKIMYA HOLDING AS 1.77 1.68 1.65 0.68 0.65 0.60 0.55 0.54 28.61 16.26 12.88 73.80 12.41 9.24 6.32 5.99 1545.00 25.33 17.46 0.87 1.81 3.11 3.18 3.0%
POLYESTER SANAYI AS 0.26 0.22 0.21 11.34 8.16 6.89 1.31 10.6%
RHEA GIRISIM AS
SAF GAYRIMENKUL YATIRIM ORTA
SEKERBANK 1.14 1.00 0.89 0.77 1.69 1.55 1.42 1.28 8.58 7.72 7.18 6.65 0.24 0.15 0.00 2.11 2.5%
SINPAS GAYRIMENKUL YATIRIM O 0.72 0.67 0.62 0.52 1.28 1.41 1.40 1.29 12.41 5.82 4.38 7.20 12.95 10.25 8.89 4.84 8.27 7.24 5.91 3.45 2.88 3.45 4.53 1.85 33.1%
TAV HAVALIMANLARI HOLDING AS 2.92 2.61 2.18 2.12 1.66 1.44 1.30 1.18 1.14 9.76 5.55 6.38 9.99 8.40 7.18 6.32 15.46 11.67 10.02 7.92 2.80 3.39 3.96 5.90 12.80 13.2%
TEKFEN HOLDING AS 1.54 1.37 1.25 1.14 0.94 0.71 0.69 0.67 0.66 9.01 8.90 10.10 8.80 7.13 7.54 6.75 6.24 5.21 11.85 9.46 10.59 10.03 8.02 2.18 2.92 3.74 3.19 9.10 18.2%
TOFAS TURK OTOMOBIL FABRIKA 3.05 2.88 2.65 2.57 0.90 0.84 0.75 0.68 0.63 8.80 7.64 7.33 7.60 8.31 7.90 7.33 7.46 7.91 13.75 12.85 11.73 11.25 5.14 5.66 6.15 6.99 12.26 -0.7%
TORUNLAR GAYRIMENKUL YATIRIM 0.82 0.70 0.62 0.49 12.64 8.82 3.23 2.78 3.26 26.71 10.63 6.76 4.41 33.47 19.39 8.80 6.67 8.78 7.96 6.14 5.27 0.69 3.21 5.33 4.79 4.15 6.4%
TRABZONSPOR SPORTIF YATIRIM
TRAKYA CAM SANAYII AS 1.05 0.98 0.93 1.56 1.32 1.08 0.88 0.81 9.46 6.86 5.85 8.95 6.60 5.02 3.75 3.45 24.26 14.26 11.08 10.33 0.57 0.83 1.73 3.23 3.27 17.6%
TUPRAS-TURKIYE PETROL RAFINE 2.96 2.72 2.56 1.86 0.29 0.29 0.28 0.28 0.27 7.24 10.98 10.36 10.36 9.68 9.13 8.75 6.16 5.62 11.28 11.75 12.07 9.65 7.23 6.72 6.57 8.10 16.53 51.08 -6.3%
TURCAS PETROL A.S. 1.35 1.23 1.12 1.01 73.19 47.24 42.31 39.16 21.96 11.18 778.37 41.00 12.47 9.97 8.42 1.30 1.11 1.90 2.44 4.59 24.5%
TURK EKONOMI BANKASI 0.96 0.85 0.76 2.03 1.75 1.57 9.30 7.64 7.13 2.35 9.8%
TURK HAVA YOLLARI AO 1.71 1.42 1.17 1.01 0.59 0.49 0.44 0.38 0.35 4.42 3.78 3.74 2.94 6.97 5.84 4.96 4.26 8.68 7.85 7.41 6.26 0.46 1.14 1.74 3.04 8.10 10.0%
TURK TELEKOMUNIKASYON AS 4.17 3.98 3.92 4.08 3.66 2.24 2.13 2.05 1.98 1.87 6.91 6.55 6.30 6.14 6.41 6.53 6.29 6.08 5.88 5.52 10.58 10.73 10.67 9.99 9.45 8.07 8.50 8.43 9.22 8.18 1.3%
TURK TRAKTOR VE ZIRAAT MAKIN 4.99 4.52 4.19 4.15 1.62 1.56 1.42 1.28 1.24 18.25 13.25 11.55 10.59 10.06 9.31 8.59 7.81 7.63 12.18 11.81 10.67 9.52 6.21 6.02 6.36 9.23 56.69 -4.7%
TURKCELL ILETISIM HIZMET AS 2.09 2.03 2.10 2.19 2.14 2.58 2.37 2.21 2.10 1.97 9.87 8.90 8.61 7.38 7.82 7.15 6.44 5.85 5.45 4.29 13.17 12.00 11.08 10.52 12.17 9.49 6.69 6.65 7.55 13.58 12.2%
TURKIYE GARANTI BANKASI 1.90 1.69 1.49 1.33 4.60 4.17 3.78 3.34 3.05 7.38 6.82 5.83 12.21 11.13 10.40 9.41 1.66 1.99 2.52 2.40 9.96 5.5%
TURKIYE HALK BANKASI 2.07 1.72 1.48 1.28 4.18 3.67 3.34 2.97 7.37 6.96 8.38 9.49 8.96 8.40 7.77 1.86 2.49 2.91 2.45 22.08 15.6%
TURKIYE IS BANKASI-C 1.41 1.26 1.12 0.99 3.46 3.03 2.83 2.51 5.19 4.85 4.00 9.66 9.16 8.64 8.00 1.90 2.25 2.47 2.29 7.38 9.9%
TURKIYE SINAI KALKINMA BANK 1.63 1.37 1.24 1.11 5.60 5.25 4.88 4.38 3.77 8.70 8.55 8.00 7.52 1.45 2.26 2.74 2.82 2.84 14.4%
TURK SISE VE CAM FABRIKALARI 0.94 0.88 0.84 0.84 0.76 0.66 0.58 5.30 4.89 4.19 6.13 5.28 4.49 13.19 9.68 8.23 0.73 1.09 1.29 3.29 8.9%
TURKIYE VAKIFLAR BANKASI T-D 1.28 1.12 0.98 0.86 2.78 2.42 2.22 1.95 3.36 3.30 7.32 10.38 8.80 8.14 7.04 0.45 0.48 1.51 0.85 6.00 3.8%
ULKER BISKUVI SANAYI AS 4.95 4.57 4.16 4.03 2.02 1.83 1.70 1.59 1.47 10.48 21.67 18.03 15.34 22.64 18.68 15.85 14.04 12.40 25.75 24.64 20.34 18.27 2.19 2.03 2.64 3.68 11.19 -18.1%
VESTEL ELEKTRONIK SANAYI 0.11 0.08 0.07 0.07 0.06 3.28 5.17 3.01 2.60 9.90 14.14 4.60 6.49 0.00 0.00 2.26 14.1%
YAPI VE KREDI BANKASI 1.66 1.37 1.17 1.03 3.61 3.09 2.79 2.48 2.23 6.49 5.49 4.52 12.32 10.13 8.78 7.48 0.00 0.16 0.56 0.00 6.04 9.4%
ZORLU ENERJI ELEKTRIK URETIM 5.44 3.56 16.08 1.14 0.95 0.84 16.08 14.18 9.75 52.20 16.11 13.61 20.26 0.00 0.00 0.00 1.67 6.8%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Afyon Cimento Sanayi T.A.S. manufactures, distributes, and sells cement and
clinker. The Company markets its products throughout Turkey.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (24.04.2012) 102.75
52-Week Low (04.10.2012) 67.25
Daily Volume
69
52-Week High % Change -32.60% Dividend Yield -
52-Week Low % Change 2.60% Beta 0.94
% 52 Week Price Range High/Low 5.63% Equity Float -
Shares Out 31.12.2012 3.0 Short Int -
207.00 1 Yr Total Return -23.33%
Total Debt 0.08 YTD Return -3.83%
Preferred Stock 0.0 Adjusted BETA 0.943
Minority Interest 0.0 Analyst Recs 0
Cash and Equivalents 4.04 Consensus Rating -
Enterprise Value 203.04
Average Volume 5 Day 9'063
AFYON TI EQUITY YTD Change - Average Volume 30 Day 21'986
AFYON TI EQUITY YTD % CHANGE - Average Volume 3 Month 40'947
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
40.3 32.7 45.1 45.6 41.1 46 41 - - - -
1.48x 5.64x 12.46x 5.81x 5.14x 32.58x 15.96x - - - -
0.3 (1.3) 2.3 (3.4) (4.4) (3.4) (4.4) - - - -
212.34x - 246.33x - - 0.00x 0.00x - - - -
3.7 (0.7) 0.6 (5.3) (7.2) (5.3) (7.2) - - - -
20.50x - 1020.40x - - 0.00x 0.00x - - - -
EBITDA -4.40 Long-Term Rating Date -
EBIT -7.93 Long-Term Rating -
Operating Margin -19.28% Long-Term Outlook -
Pretax Margin -21.22% Short-Term Rating Date -
Return on Assets -14.07% Short-Term Rating -
Return on Common Equity -16.84%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin -6.3% Total Debt/EBITDA -0.02
EBITDA Margin -10.7%
EBIT Margin -19.3% Total Debt/Equity 0.2%
Net Income Margin -17.5% Total Debt/Capital 0.2%
Asset Turnover 0.80
Current Ratio 2.98 Net Fixed Asset Turnover 1.54
Quick Ratio 2.17 Accounts receivable turnover-days 84.94
Debt to Assets 0.16% Inventory Days 50.65
Tot Debt to Common Equity 0.20% Accounts Payable Turnover Day 46.62
Accounts Receivable Turnover 4.31 Cash Conversion Cycle 88.96
Inventory Turnover 7.23
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Afyon Cimento Sanayi TASPrice/Volume
Valuation Analysis
8'487.00
Current Price (3/dd/yy) Market Data
'
.'
1'
3'
5'
-''
-.'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
!4 9
!5 9
0.0
10.0
20.0
30.0
40.0
50.0
60.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-''!''
.''!''
0''!''
1''!''
2''!''
3''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CIMENTS FRANCAIS n/a Research 1'578'300 52.61 - 03.05.2011 Corporation
BLACKROCK n/a ULT-AGG 13'612 0.45 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'427 0.21 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'848 0.13 - 31.07.2012 Investment Advisor
BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 102 0 - 20.07.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FinansInvest UGUR OZKER not rated #N/A N/A M #N/A N/A Not Provided 20.02.2012
Global Menkul Degerler TEAM COVERAGE sell 1 M 193 Not Provided 03.02.2011
Holdings By:
Afyon Cimento Sanayi TAS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Akbank T.A.S. attracts deposits and offers retail and corporate banking
services. The Group offers consumer credits, credit cards, wealth management,
health and life insurance, pension plans, risk management, project financing,
foreign trade and cash management services through its branches in Turkey and
overseas.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 10.30
52-Week Low (28.05.2012) 5.28
Daily Volume
9.36
52-Week High % Change -9.13% Dividend Yield -
52-Week Low % Change 77.27% Beta 1.18
% 52 Week Price Range High/Low 80.88% Equity Float -
Shares Out 31.12.2012 4'000.0 Short Int -
37'440.00 1 Yr Total Return 36.47%
Total Debt 46'469.95 YTD Return 6.36%
Preferred Stock 0.0 Adjusted BETA 1.184
Minority Interest 0.1 Analyst Recs 30
Cash and Equivalents 19'853.52 Consensus Rating 3.100
Enterprise Value -
Average Volume 5 Day 17'803'350
AKBNK TI EQUITY YTD Change - Average Volume 30 Day 16'326'720
AKBNK TI EQUITY YTD % CHANGE - Average Volume 3 Month 15'584'070
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
12'338.3 11'707.1 11'550.1 11'975.0 14'574.3 11'975.0 14'574.3 8'429.3 9'336.1 2'197.0 2'156.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'782.2 2'722.7 3'008.8 2'536.4 3'004.9 2'536.4 3'004.9 3'216.9 3'534.4 - -
8.05x 10.41x 11.41x 9.49x 11.71x 9.49x 11.71x 11.58x 10.33x 11.56x -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating NR
Operating Margin 46.80% Long-Term Outlook -
Pretax Margin 46.80% Short-Term Rating Date -
Return on Assets 1.98% Short-Term Rating -
Return on Common Equity 14.80%
Return on Capital 4.68% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 206.8%
Net Income Margin 36.3% Total Debt/Capital 67.4%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 5.81
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 28.43% Inventory Days -
Tot Debt to Common Equity 206.76% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Akbank TASPrice/Volume
Valuation Analysis
16'452'786.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
.
1
3
5
-'
-.
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.'!' 9
1'!' 9
3'!' 9
5'!' 9
-''!' 9
-.'!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
.'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HACI OMER SABANCI HO n/a Research 1'960'000'000 49 - 30.09.2012 Holding Company
CITIGROUP INCORPORAT n/a Research 396'000'000 9.9 - 30.09.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 228'622'977 5.72 12'756'597 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 49'587'072 1.24 (200'989) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 48'046'969 1.2 (244) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 43'884'796 1.1 76'584 28.02.2013 Unclassified
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 29'835'961 0.75 (183'566) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 29'792'792 0.74 (9'896'955) 31.01.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 15'295'856 0.38 - 21.03.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 12'951'732 0.32 (228'000) 28.02.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 11'826'552 0.3 (3'920'166) 30.11.2012 Bank
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 6'479'761 0.16 (583'000) 31.12.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 5'293'133 0.13 954'000 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'182'196 0.13 (451'000) 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'930'371 0.12 320'855 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'672'622 0.12 - 31.07.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 4'595'000 0.11 2'027'000 03.09.2012 Mutual Fund Manager
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 4'388'000 0.11 2'238'001 28.09.2012 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 4'370'047 0.11 37'262 31.01.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 4'217'235 0.11 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays CRISTINA MARZEA overweight 5 M 11 Not Provided 25.03.2013
FinansInvest MUGE DAGISTAN outperform 5 M 12 12 month 22.03.2013
Seker Securities NESLIHAN KARAGOZ market perform 3 M 12 Not Provided 22.03.2013
Burgan Securities NERGIS KASABALI hold 3 M 9 12 month 22.03.2013
BGC Partners CAGDAS DOGAN hold 3 M 9 12 month 19.03.2013
HSBC TAMER SENGUN overweight 5 M 11 Not Provided 12.03.2013
Renaissance Capital YAVUZ UZAY hold 3 M 9 Not Provided 08.03.2013
Societe Generale ALAN WEBBORN hold 3 M 9 12 month 06.03.2013
Goldman Sachs DMITRY TREMBOVOLSKY neutral/neutral 3 M 9 12 month 26.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 13.02.2013
Deutsche Bank KAZIM ANDAC hold 3 M 9 12 month 08.02.2013
Oyak Securities ALPAY DINCKOC market perform 3 M 10 Not Provided 08.02.2013
BNP Paribas Equity Research SADRETTIN BAGCI hold 3 M 10 12 month 08.02.2013
Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS accumulate 4 M 9 12 month 08.02.2013
Morgan Stanley MAGDALENA STOKLOSA Equalwt/In-Line 3 M 8 12 month 07.02.2013
Credit Suisse ATES BULDUR neutral 3 M 10 Not Provided 07.02.2013
Keefe, Bruyette & Woods EKATERINA ISAEVA market perform 3 M 10 12 month 07.02.2013
Erste Bank SEVDA SARP hold 3 M 9 12 month 06.02.2013
VTB Capital AKIN TUZUN sell 1 D 8 12 month 05.02.2013
ATA Invest DERYA GUZEL outperform 5 M 12 12 month 29.01.2013
Ekspres Invest CIHAN SARAOGLU hold 3 M 11 Not Provided 29.01.2013
Eczacibasi Securities SERCAN SOYLU market perform 3 M 11 Not Provided 22.01.2013
Global Menkul Degerler SEVGI ONUR market perform 3 M 10 Not Provided 21.01.2013
IS Investment & Securities BULENT SENGONUL market perform 3 M 11 Not Provided 18.12.2012
Garanti Yatirim Menkul Kiymetler RECEP DEMIR outperform 5 M 11 Not Provided 06.11.2012
Tera Stock Brokers HASAN DEMIR neutral 3 M 8 Not Provided 19.10.2012
JPMorgan PAUL FORMANKO underweight 1 M 9 9 month 16.10.2012
Sardis Securities HAYDAR ACUN hold 3 U 8 12 month 12.01.2010
Holdings By:
Akbank TAS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Akenerji Elektrik Uretim AS produces and distributes electricity and steam.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.01.2013) 1.94
52-Week Low (25.05.2012) 1.34
Daily Volume
1.73
52-Week High % Change -10.82% Dividend Yield -
52-Week Low % Change 29.38% Beta 1.01
% 52 Week Price Range High/Low 65.17% Equity Float -
Shares Out 31.12.2012 729.2 Short Int -
1'261.45 1 Yr Total Return 8.02%
Total Debt 1'458.92 YTD Return 5.49%
Preferred Stock 0.0 Adjusted BETA 1.010
Minority Interest 3.0 Analyst Recs 19
Cash and Equivalents 173.55 Consensus Rating 3.421
Enterprise Value 2'549.82
Average Volume 5 Day 4'089'212
AKENR TI EQUITY YTD Change - Average Volume 30 Day 7'363'373
AKENR TI EQUITY YTD % CHANGE - Average Volume 3 Month 11'444'690
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
607.1 463.7 428.4 560.0 802.0 560.0 802.0 755.0 1'122.2 - -
0.98x 3.09x 5.23x 3.62x 3.10x 15.98x 11.25x 3.73x 3.00x - -
95.7 61.5 28.3 106.1 143.8 106.1 143.8 169.3 208.1 - -
6.20x 23.32x 79.09x 19.09x 17.27x 19.09x 17.27x 15.07x 12.25x - -
89.0 24.2 (26.4) (211.0) 79.0 (211.0) 79.0 46.4 33.2 - -
4.48x 37.72x - - 12.85x 0.00x 29.22x 24.71x 31.45x - -
EBITDA 143.81 Long-Term Rating Date -
EBIT 89.64 Long-Term Rating -
Operating Margin 11.18% Long-Term Outlook -
Pretax Margin 6.22% Short-Term Rating Date -
Return on Assets 3.13% Short-Term Rating -
Return on Common Equity 10.79%
Return on Capital - EBITDA/Interest Exp. 2.48
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. -1.75
Net Debt/EBITDA 8.94
Gross Margin 17.3% Total Debt/EBITDA 10.14
EBITDA Margin 17.9%
EBIT Margin 11.2% Total Debt/Equity 155.0%
Net Income Margin 9.9% Total Debt/Capital 60.7%
Asset Turnover 0.32
Current Ratio 1.08 Net Fixed Asset Turnover 0.53
Quick Ratio 0.53 Accounts receivable turnover-days 38.71
Debt to Assets 51.67% Inventory Days 6.13
Tot Debt to Common Equity 154.97% Accounts Payable Turnover Day 50.59
Accounts Receivable Turnover 9.45 Cash Conversion Cycle -5.75
Inventory Turnover 59.69
Fiscal Year Ended
Akenerji Elektrik Uretim ASPrice/Volume
Valuation Analysis
5'198'029.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'''-----...
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2'!''
-''!''
-2'!''
.''!''
.2'!''
0''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AKKOK SANAYI YATIRIM n/a Research 364'582'001 50 - 19.12.2012 Corporation
CEZ n/a Research 364'582'001 50 - 19.12.2012 Corporation
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'833'940 0.39 - 31.05.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'899'789 0.26 - 25.03.2013 Investment Advisor
IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 1'455'169 0.2 705'169 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'224'897 0.17 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'203'503 0.17 752'252 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'122'567 0.15 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 603'694 0.08 292'547 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 449'115 0.06 - 21.03.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 180'071 0.02 - 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 172'562 0.02 (67'400) 30.11.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 130'000 0.02 - 03.09.2012 Mutual Fund Manager
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 100'000 0.01 - 30.11.2012 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 90'022 0.01 (104'000) 31.01.2013 Investment Advisor
POWERSHARES GLOBAL F Multiple Portfolios MF-AGG 76'747 0.01 - 21.03.2013 Investment Advisor
WORLD INVEST OPPORTU Multiple Portfolios MF-AGG 60'000 0.01 - 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 50'414 0.01 - 31.12.2012 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 46'194 0.01 - 28.02.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 38'378 0.01 - 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FinansInvest KORAY PAMIR neutral 3 M 2 12 month 21.03.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 21.03.2013
Seker Securities BURAK DEMIRBILEK outperform 5 M 2 12 month 05.03.2013
Oyak Securities UYGAR GEZER market perform 3 M 2 12 month 01.03.2013
BNP Paribas Equity Research KENAN COSGUNER hold 3 M 2 12 month 29.01.2013
Ekspres Invest SELIM KUNTER buy 5 M 2 Not Provided 22.01.2013
Deutsche Bank VEDAT MIZRAHI hold 3 U 2 12 month 16.01.2013
VTB Capital MIKHAIL RASSTRIGIN hold 3 U 2 12 month 10.01.2013
Global Menkul Degerler SERCAN UZUN buy 5 M 2 Not Provided 28.12.2012
IS Investment & Securities ASLI OZATA KUMBARACI outperform 5 M 2 Not Provided 18.12.2012
Garanti Yatirim Menkul Kiymetler KERIM GOKOZ market perform 3 M 2 Not Provided 17.12.2012
Goldman Sachs MATIJA GERGOLET neutral/neutral 3 M 1 12 month 13.12.2012
HSBC LEVENT BAYAR overweight 5 U 2 Not Provided 07.12.2012
BGC Partners ZEYNEP KARAMAN hold 3 D 2 12 month 02.10.2012
Eczacibasi Securities TEAM COVERAGE underperform 1 M 2 Not Provided 12.09.2012
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 03.08.2012
Tera Stock Brokers AYSE COLAK neutral 3 M 2 Not Provided 13.07.2012
Burgan Securities MURAT IGNEBEKCILI hold 3 M 2 12 month 25.05.2012
Ak Investment AYYUCE TURKES market outperform 4 N 4 12 month 11.07.2011
Holdings By:
Akenerji Elektrik Uretim AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Akfen Holding AS is a holding company. The Company's main areas of activity
include airport construction and operation, port construction and operation,
development of real estate investment projects and hotel projects, hydroelectric
power plants and other energy investments, water and wastewater concession
investments and management.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.01.2013) 11.85
52-Week Low (01.10.2012) 8.56
Daily Volume
10.9
52-Week High % Change -7.59% Dividend Yield 0.00
52-Week Low % Change 27.34% Beta 0.95
% 52 Week Price Range High/Low 74.16% Equity Float -
Shares Out 30.06.2012 145.5 Short Int -
1'585.95 1 Yr Total Return 4.81%
Total Debt 3'474.15 YTD Return 17.20%
Preferred Stock 0.0 Adjusted BETA 0.954
Minority Interest 393.0 Analyst Recs 12
Cash and Equivalents 518.59 Consensus Rating 4.750
Enterprise Value 3'807.88
Average Volume 5 Day 993'645
AKFEN TI EQUITY YTD Change - Average Volume 30 Day 752'923
AKFEN TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'284'306
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
698.2 849.5 1'029.3 994.2 1'353.6 1'241.2 1'234.3 1'087.7 1'094.4 296.0 327.0
- - - 3.82x 3.24x 13.64x 10.03x 3.30x 3.11x - -
45.6 132.4 98.2 138.9 270.0 199.7 212.5 316.3 340.4 67.0 -
- - - 27.34x 16.23x 0.00x 0.00x 12.04x 11.19x - -
199.2 (120.3) 149.9 71.8 (64.7) (30.1) 672.2 673.6 132.4 20.5 -
- - - 33.31x - 0.00x 1.88x 2.37x 12.41x 13.13x -
EBITDA 269.98 Long-Term Rating Date -
EBIT 186.68 Long-Term Rating -
Operating Margin 13.79% Long-Term Outlook -
Pretax Margin 6.27% Short-Term Rating Date -
Return on Assets 13.48% Short-Term Rating -
Return on Common Equity 62.05%
Return on Capital 22.14% EBITDA/Interest Exp. 1.35
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 5.83
Gross Margin 25.5% Total Debt/EBITDA 7.94
EBITDA Margin 22.5%
EBIT Margin 15.5% Total Debt/Equity 457.8%
Net Income Margin -4.8% Total Debt/Capital 75.1%
Asset Turnover 0.30
Current Ratio 0.99 Net Fixed Asset Turnover 1.60
Quick Ratio 0.64 Accounts receivable turnover-days 51.02
Debt to Assets 63.88% Inventory Days 6.06
Tot Debt to Common Equity 457.78% Accounts Payable Turnover Day 38.97
Accounts Receivable Turnover 7.17 Cash Conversion Cycle 18.12
Inventory Turnover 60.39
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Akfen Holding ASPrice/Volume
Valuation Analysis
1'193'690.00
Current Price (3/dd/yy) Market Data
'
.
1
3
5
-'
-.
-1
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'928'010 1.33 100'000 31.12.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 753'868 0.52 663'566 03.09.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 406'645 0.28 2'079 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 334'664 0.23 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 215'143 0.15 - 31.12.2012 Investment Advisor
AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 200'000 0.14 - 31.10.2012 Mutual Fund Manager
GUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 150'000 0.1 - 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 88'801 0.06 - 26.03.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 84'610 0.06 - 31.05.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 76'027 0.05 34'983 31.12.2012 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 75'000 0.05 10'000 30.11.2012 Mutual Fund Manager
EUROBANK EFG MUTUAL Multiple Portfolios MF-AGG 57'000 0.04 17'000 31.05.2012 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 55'224 0.04 55'224 31.01.2013 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 41'344 0.03 1'344 30.11.2012 Investment Advisor
QUERCUS TFI Multiple Portfolios MF-AGG 29'000 0.02 - 30.06.2012 Mutual Fund Manager
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 25'421 0.02 - 30.06.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 20'050 0.01 - 31.01.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 18'000 0.01 - 31.01.2013 Investment Advisor
OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 17'853 0.01 - 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'750 0.01 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities MURAT IGNEBEKCILI buy 5 M 14 12 month 25.03.2013
Unlu Securities SELIN ONER outperform 5 N 15 12 month 15.03.2013
FinansInvest GAYE ABIDIN outperform 5 M 15 12 month 14.03.2013
IS Investment & Securities BASAK ENGIN DINCKOC outperform 5 M 15 Not Provided 09.02.2013
Ak Investment HAKAN DEPREM market outperform 4 M 17 12 month 29.01.2013
BGC Partners KEREM TEZCAN Under Review #N/A N/A M #N/A N/A Not Provided 25.01.2013
Ekspres Invest ALPER AKALIN buy 5 M 13 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Oyak Securities HASAN SENER outperform 5 M 14 12 month 21.12.2012
Goldman Sachs MATIJA GERGOLET neutral/neutral 3 D 12 12 month 10.12.2012
Renaissance Capital ALEXANDER KAZBEGI buy 5 M 15 12 month 30.10.2012
Erste Bank SEZAI SAKLAROGLU buy 5 N 13 12 month 18.10.2012
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 13.09.2011
Holdings By:
Akfen Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Aksa Akrilik Kimya Sanayii AS produces acrylic fiber for the textile industry.
The Company manufactures fiber and tops that are woven into synthetic fiber
cloth, blankets, carpet and knitted wear. Aksa Akrilik sells its products
domestically and abroad including China.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 5.66
52-Week Low (31.05.2012) 3.85
Daily Volume
5.34
52-Week High % Change -5.30% Dividend Yield -
52-Week Low % Change 38.70% Beta 0.85
% 52 Week Price Range High/Low 84.53% Equity Float -
Shares Out 30.06.2012 185.0 Short Int -
987.90 1 Yr Total Return 19.34%
Total Debt 493.23 YTD Return 3.89%
Preferred Stock 0.0 Adjusted BETA 0.851
Minority Interest 9.5 Analyst Recs 7
Cash and Equivalents 85.11 Consensus Rating 4.571
Enterprise Value 1'219.47
Average Volume 5 Day 819'090
AKSA TI EQUITY YTD Change - Average Volume 30 Day 897'362
AKSA TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'120'542
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
908.5 950.2 1'304.3 1'675.5 1'625.5 1'675.5 1'625.5 1'551.8 1'617.2 465.0 482.0
0.41x 0.70x 0.73x 0.74x - 2.67x 1.33x 0.78x 0.73x - -
68.7 135.4 139.4 192.8 - 192.8 102.2 190.8 210.0 - -
5.36x 4.90x 6.82x 6.41x - 6.41x 0.00x 6.39x 5.81x - -
72.9 50.7 56.7 97.0 165.7 97.0 165.7 105.0 111.4 - -
2.43x 9.49x 12.10x 8.43x 5.74x 8.43x 5.74x 8.71x 8.18x - -
EBITDA 192.82 Long-Term Rating Date -
EBIT 146.22 Long-Term Rating -
Operating Margin 8.73% Long-Term Outlook -
Pretax Margin 7.27% Short-Term Rating Date -
Return on Assets 8.93% Short-Term Rating -
Return on Common Equity 16.27%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 1.17
Gross Margin 13.9% Total Debt/EBITDA 1.61
EBITDA Margin 11.2%
EBIT Margin 8.2% Total Debt/Equity 58.6%
Net Income Margin 10.2% Total Debt/Capital 36.7%
Asset Turnover 1.08
Current Ratio 1.77 Net Fixed Asset Turnover 2.56
Quick Ratio 1.12 Accounts receivable turnover-days 74.13
Debt to Assets 29.85% Inventory Days 55.99
Tot Debt to Common Equity 58.62% Accounts Payable Turnover Day 85.69
Accounts Receivable Turnover 4.94 Cash Conversion Cycle 65.84
Inventory Turnover 6.54
Fiscal Year Ended
Aksa Akrilik Kimya SanayiiPrice/Volume
Valuation Analysis
830'511.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
.
0
1
2
3
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AKKOK SANAYI YATIRIM n/a Research 73'223'000 39.58 - 31.12.2009 Corporation
SECURITY PTE LTD n/a Research 34'632'000 18.72 - 28.08.2009 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'753'763 1.49 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'546'295 0.84 4'137 25.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'443'233 0.78 - 31.05.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 662'405 0.36 - 26.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 413'263 0.22 - 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 411'502 0.22 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 306'822 0.17 13'850 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 304'798 0.16 - 30.06.2011 Investment Advisor
FMR LLC n/a ULT-AGG 96'089 0.05 - 31.01.2013 Investment Advisor
AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 95'206 0.05 - 31.10.2012 Mutual Fund Manager
JYSKE INVEST Multiple Portfolios MF-AGG 67'748 0.04 - 31.01.2013 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 67'184 0.04 2'184 30.11.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 61'656 0.03 - 31.10.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 60'397 0.03 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 20'121 0.01 - 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 19'994 0.01 6'157 30.06.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 13'078 0.01 - 31.01.2013 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 7'428 0 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FinansInvest KORAY PAMIR outperform 5 M 6 12 month 04.03.2013
Seker Securities BURAK DEMIRBILEK outperform 5 M 6 12 month 04.03.2013
Ak Investment BORA TEZGULER market underperform 2 D 5 12 month 28.02.2013
Ekspres Invest SELIM KUNTER buy 5 M 7 Not Provided 22.01.2013
Global Menkul Degerler HASAN BAYHAN buy 5 M 7 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 M 9 12 month 10.12.2012
IS Investment & Securities ASLI OZATA KUMBARACI Under Review #N/A N/A M #N/A N/A Not Provided 19.07.2012
Holdings By:
Aksa Akrilik Kimya Sanayii ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Alarko Gayrimenkul Yatirim Ortakligi A.S. is a real estate investment trust.
The Company acquires real estate, including land and buildings, real estate
projects, and real estate used as rental income property.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 26.40
52-Week Low (15.08.2012) 15.20
Daily Volume
22.5
52-Week High % Change -14.39% Dividend Yield -
52-Week Low % Change 48.03% Beta 0.92
% 52 Week Price Range High/Low 65.18% Equity Float -
Shares Out 30.09.2012 10.7 Short Int -
239.64 1 Yr Total Return 25.46%
Total Debt 0.00 YTD Return -1.32%
Preferred Stock 0.0 Adjusted BETA 0.922
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 127.42 Consensus Rating 5.000
Enterprise Value 111.23
Average Volume 5 Day 995'381
ALGYO TI EQUITY YTD Change - Average Volume 30 Day 196'288
ALGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 125'121
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
24.3 27.2 8.2 19.7 15.3 19.7 15.3 - - - -
- 1.31x 16.81x 2.26x - 12.70x 12.50x - - - -
(0.4) 6.5 5.0 7.6 - 7.6 7.8 - - - -
- 5.43x 27.46x 5.84x - 5.84x 0.00x - - - -
25.8 8.4 5.8 31.2 14.3 31.2 14.3 - - - -
1.73x 17.65x 29.61x 5.51x 17.01x 5.51x 17.02x - - - -
EBITDA 7.64 Long-Term Rating Date -
EBIT 5.59 Long-Term Rating -
Operating Margin 28.35% Long-Term Outlook -
Pretax Margin - Short-Term Rating Date -
Return on Assets 2.82% Short-Term Rating -
Return on Common Equity 2.87%
Return on Capital - EBITDA/Interest Exp. 6406.38
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 6373.60
Net Debt/EBITDA -12.91
Gross Margin 44.4% Total Debt/EBITDA 0.00
EBITDA Margin 59.6%
EBIT Margin 45.6% Total Debt/Equity 0.0%
Net Income Margin 93.2% Total Debt/Capital 0.0%
Asset Turnover 0.07
Current Ratio 29.08 Net Fixed Asset Turnover 4020.16
Quick Ratio 22.97 Accounts receivable turnover-days 45.15
Debt to Assets 0.00% Inventory Days 2028.16
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 4.71
Accounts Receivable Turnover 8.11 Cash Conversion Cycle 1363.52
Inventory Turnover 0.18
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Alarko Gayrimenkul Yatirim Ortakligi ASPrice/Volume
Valuation Analysis
272'420.00
Current Price (3/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
0.0
10.0
20.0
30.0
40.0
50.0
60.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALSIM ALARKO SANAYI n/a Research 3'704'348 34.78 3'704'313 31.12.2009 n/a
ALARKO HOLDING AS n/a Research 1'655'103 15.54 (42'796) 31.12.2009 Holding Company
MACQUARIE GROUP n/a ULT-AGG 148'230 1.39 - 31.01.2013 Investment Advisor
CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 78'603 0.74 - 31.10.2012 Mutual Fund Manager
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 4'257 0.04 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sardis Securities HAYDAR ACUN buy 5 M #N/A N/A Not Provided 15.03.2013
Ekspres Invest KURTHAN ATMACA sell 1 M 17 Not Provided 15.02.2012
Burgan Securities MURAT IGNEBEKCILI hold 3 M 23 12 month 13.01.2012
FinansInvest GAYE ABIDIN Under Review #N/A N/A M #N/A N/A Not Provided 26.09.2011
Holdings By:
Alarko Gayrimenkul Yatirim Ortakligi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Alarko Holding A.S. offers electricity generation, electricity distribution, and
international infrastructure construction services. The Company also operates in
the HVAC, Tourism and Real Estate sectors. Alarko Holding's main growth sector
is electricity generation.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (26.03.2013) 5.80
52-Week Low (15.08.2012) 3.59
Daily Volume
5.76
52-Week High % Change -0.69% Dividend Yield -
52-Week Low % Change 60.45% Beta 0.90
% 52 Week Price Range High/Low 96.38% Equity Float -
Shares Out 30.06.2012 223.5 Short Int -
1'287.17 1 Yr Total Return 36.43%
Total Debt 263.28 YTD Return 12.50%
Preferred Stock 0.0 Adjusted BETA 0.900
Minority Interest 106.3 Analyst Recs 11
Cash and Equivalents 611.65 Consensus Rating 4.455
Enterprise Value 1'099.50
Average Volume 5 Day 679'458
ALARK TI EQUITY YTD Change - Average Volume 30 Day 277'721
ALARK TI EQUITY YTD % CHANGE - Average Volume 3 Month 408'843
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
747.9 831.9 894.5 1'195.7 1'322.7 1'219.3 1'570.2 1'606.8 2'017.9 424.3 -
0.79x 0.01x 0.87x 0.65x 0.33x 2.10x 1.20x 0.73x 0.60x - -
50.1 (41.0) 69.1 14.8 141.3 101.6 74.8 137.1 178.2 41.0 -
11.86x - 11.31x 52.66x 3.11x 5.24x 0.00x 8.02x 6.17x - -
37.6 54.8 49.9 39.6 113.7 99.7 83.7 104.6 138.6 28.3 -
21.05x 6.54x 17.84x 20.93x 6.00x 7.13x 10.23x 12.47x 9.23x - -
EBITDA 141.33 Long-Term Rating Date -
EBIT 102.90 Long-Term Rating -
Operating Margin 7.78% Long-Term Outlook -
Pretax Margin 12.37% Short-Term Rating Date -
Return on Assets 5.31% Short-Term Rating -
Return on Common Equity 10.86%
Return on Capital - EBITDA/Interest Exp. 48.38
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 44.86
Net Debt/EBITDA -2.37
Gross Margin 21.7% Total Debt/EBITDA 1.94
EBITDA Margin 8.3%
EBIT Margin 5.7% Total Debt/Equity 28.1%
Net Income Margin 8.6% Total Debt/Capital 20.1%
Asset Turnover 0.78
Current Ratio 2.15 Net Fixed Asset Turnover 4.12
Quick Ratio 1.71 Accounts receivable turnover-days 80.72
Debt to Assets 12.72% Inventory Days 28.39
Tot Debt to Common Equity 28.06% Accounts Payable Turnover Day 73.00
Accounts Receivable Turnover 4.53 Cash Conversion Cycle 41.80
Inventory Turnover 12.89
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Alarko Holding ASPrice/Volume
Valuation Analysis
501'144.00
Current Price (3/dd/yy) Market Data
'
-
.
0
1
2
3
4
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALATON FAMILY n/a Research 81'266'212 36.37 - 30.09.2010 n/a
GARIH FAMILY n/a Research 80'148'877 35.87 (1'117'335) 30.09.2010 n/a
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'107'892 0.94 - 31.07.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 984'347 0.44 (24'000) 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 644'448 0.29 - 28.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 596'239 0.27 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 349'166 0.16 44'146 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 231'467 0.1 - 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 207'704 0.09 - 31.01.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 200'287 0.09 - 31.01.2013 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 194'357 0.09 - 31.01.2013 Investment Advisor
FIM FUND MANAGEMENT Multiple Portfolios MF-AGG 170'000 0.08 (40'000) 28.02.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 134'200 0.06 - 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 133'000 0.06 (16'461) 31.12.2012 Investment Advisor
JYSKE INVEST Multiple Portfolios MF-AGG 120'388 0.05 - 31.01.2013 Investment Advisor
QUERCUS TFI Multiple Portfolios MF-AGG 90'000 0.04 90'000 30.06.2012 Mutual Fund Manager
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 81'000 0.04 - 31.01.2013 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 51'680 0.02 1'680 30.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 34'732 0.02 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 19'023 0.01 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities MURAT IGNEBEKCILI buy 5 M 6 12 month 25.03.2013
FinansInvest GAYE ABIDIN outperform 5 M 7 12 month 21.03.2013
Unlu Securities CELAL PEKESEN not rated #N/A N/A M #N/A N/A Not Provided 15.03.2013
Ak Investment HAKAN DEPREM market outperform 4 M 7 12 month 29.01.2013
Seker Securities SELAHATTIN AYDIN not rated #N/A N/A M #N/A N/A Not Provided 23.01.2013
Ekspres Invest ALPER AKALIN buy 5 M 7 Not Provided 22.01.2013
Global Menkul Degerler SERCAN UZUN buy 5 M 6 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Erste Bank SEZAI SAKLAROGLU buy 5 N 7 12 month 16.01.2013
Oyak Securities HASAN SENER outperform 5 M 6 12 month 21.12.2012
IS Investment & Securities BASAK ENGIN DINCKOC outperform 5 M 6 Not Provided 20.12.2012
Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 M 7 12 month 10.12.2012
ATA Invest ONDER ZORBA market outperform 4 M 5 Not Provided 01.06.2012
Sardis Securities HAYDAR ACUN buy 5 M 6 12 month 07.09.2011
Holdings By:
Alarko Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Albaraka Turk is a full service bank. The Bank's services include retail,
corporate, international, and online banking services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (17.01.2013) 2.19
52-Week Low (01.06.2012) 0.95
Daily Volume
1.91
52-Week High % Change -12.79% Dividend Yield -
52-Week Low % Change 101.86% Beta 1.06
% 52 Week Price Range High/Low 76.68% Equity Float -
Shares Out 31.12.2012 900.0 Short Int -
1'719.04 1 Yr Total Return 56.34%
Total Debt 0.00 YTD Return 12.35%
Preferred Stock 0.0 Adjusted BETA 1.064
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 2'337.76 Consensus Rating 3.929
Enterprise Value -
Average Volume 5 Day 538'829
ALBRK TI EQUITY YTD Change - Average Volume 30 Day 815'226
ALBRK TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'161'510
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2
674.1 798.2 832.6 957.0 1'237.9 957.0 1'237.9 758.8 881.2 160.0 149.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
136.2 105.3 134.0 160.2 191.8 160.2 191.8 219.4 246.0 51.2 40.5
4.15x 11.31x 10.86x 5.28x 7.98x 5.28x 9.24x 7.99x 7.10x - -
EBITDA - Long-Term Rating Date 22.02.2010
EBIT - Long-Term Rating BB
Operating Margin 33.07% Long-Term Outlook NEG
Pretax Margin 33.18% Short-Term Rating Date 19.06.2009
Return on Assets 1.68% Short-Term Rating B
Return on Common Equity 17.26%
Return on Capital 17.26% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin 26.4% Total Debt/Capital 0.0%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 4.20
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Albaraka Turk Katilim Bankasi ASPrice/Volume
Valuation Analysis
479'943.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
-
.
.
0
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
6'!''
-''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALBARAKA BANKING GRO n/a Research 486'523'266 54.06 - 23.11.2012 Bank
ISLAMIC DEVELOPMENT n/a Research 70'573'779 7.84 - 23.11.2012 Bank
SKAGEN GLOBAL n/a Research 44'641'102 4.96 - 13.03.2013 Other
SKAGEN AS Multiple Portfolios MF-AGG 32'234'600 3.58 - 28.02.2013 Mutual Fund Manager
FMR LLC n/a ULT-AGG 18'735'624 2.08 103'000 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 8'431'829 0.94 2'271'406 31.12.2012 Investment Advisor
ALHARTHY MOHSIN HUSS n/a Research 5'599'145 0.62 - 23.11.2012 n/a
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'391'990 0.6 - 31.07.2012 Investment Advisor
NAZER LAYLA n/a Research 5'101'444 0.57 - 23.11.2012 n/a
ALHARTHY SHARAF n/a Research 5'101'444 0.57 - 23.11.2012 n/a
ALHARTHY RAKAN n/a Research 5'101'444 0.57 - 23.11.2012 n/a
ALHARTHY SANAD n/a Research 5'101'444 0.57 - 23.11.2012 n/a
ALHARTHY WID n/a Research 5'101'444 0.57 - 23.11.2012 n/a
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 3'510'675 0.39 1'089'000 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'052'188 0.34 - 26.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'917'455 0.32 11'808 25.03.2013 Investment Advisor
KAMEL EYAD n/a Research 2'350'242 0.26 - 23.11.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'518'842 0.17 100'516 31.12.2012 Investment Advisor
TAPIOLA ASSET MANAGE Multiple Portfolios MF-AGG 1'383'763 0.15 - 31.07.2011 Mutual Fund Manager
KAMEL ASHRAF HASSAN n/a Research 1'105'995 0.12 - 23.11.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FinansInvest MUGE DAGISTAN neutral 3 M 2 12 month 14.03.2013
BNP Paribas Equity Research SADRETTIN BAGCI buy 5 M 3 12 month 12.03.2013
Burgan Securities DUYGUN KUTUCU buy 5 M 2 12 month 08.03.2013
Deutsche Bank HILAL VAROL hold 3 M 2 12 month 01.03.2013
Global Menkul Degerler SEVGI ONUR market perform 3 M 2 Not Provided 01.03.2013
Oyak Securities ALPAY DINCKOC market perform 3 M 2 12 month 23.01.2013
Eczacibasi Securities SERCAN SOYLU market perform 3 D 2 Not Provided 22.01.2013
Ekspres Invest CIHAN SARAOGLU Under Review #N/A N/A M 2 Not Provided 22.01.2013
Renaissance Capital YAVUZ UZAY buy 5 M 2 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC TAMER SENGUN overweight 5 U 2 Not Provided 15.01.2013
IS Investment & Securities BULENT SENGONUL outperform 5 M 2 Not Provided 18.12.2012
Erste Bank SEVDA SARP hold 3 M 2 12 month 10.12.2012
ATA Invest FATIH TUGRUL TOPAC market outperform 4 M 2 Not Provided 20.07.2012
Holdings By:
Albaraka Turk Katilim Bankasi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Alkim Alkali Kimya A.S. produces sodium sulfate, a raw material used in
detergent, glass, and paper production. The Company also operates paper and
fertilizer production units.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.01.2013) 14.05
52-Week Low (30.05.2012) 6.06
Daily Volume
13.5
52-Week High % Change -3.91% Dividend Yield -
52-Week Low % Change 122.77% Beta 0.71
% 52 Week Price Range High/Low 89.99% Equity Float -
Shares Out 30.09.2012 24.7 Short Int -
333.79 1 Yr Total Return 85.33%
Total Debt 65.01 YTD Return 10.66%
Preferred Stock 0.0 Adjusted BETA 0.712
Minority Interest 20.5 Analyst Recs 1
Cash and Equivalents 28.98 Consensus Rating 3.000
Enterprise Value 403.50
Average Volume 5 Day 320'634
ALKIM TI EQUITY YTD Change - Average Volume 30 Day 283'605
ALKIM TI EQUITY YTD % CHANGE - Average Volume 3 Month 370'115
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
147.9 147.9 163.0 198.7 210.2 198.7 210.2 237.0 249.0 - -
0.81x 1.10x 1.18x 1.26x - 4.58x 3.43x - - - -
35.0 33.0 25.4 34.1 - 34.1 24.8 50.7 53.6 - -
3.40x 4.95x 7.58x 7.35x - 7.35x 0.00x 7.96x 7.53x - -
22.4 20.4 12.9 20.2 14.8 20.2 14.8 25.8 28.4 - -
4.22x 8.07x 14.31x 9.58x 20.37x 9.58x 20.39x - - - -
EBITDA 34.06 Long-Term Rating Date -
EBIT 23.86 Long-Term Rating -
Operating Margin 12.01% Long-Term Outlook -
Pretax Margin 14.32% Short-Term Rating Date -
Return on Assets 3.38% Short-Term Rating -
Return on Common Equity 5.43%
Return on Capital - EBITDA/Interest Exp. 8.04
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. -1.28
Net Debt/EBITDA 2.57
Gross Margin 25.1% Total Debt/EBITDA 2.91
EBITDA Margin 9.1%
EBIT Margin 5.1% Total Debt/Equity 42.8%
Net Income Margin 7.0% Total Debt/Capital 27.4%
Asset Turnover 0.85
Current Ratio 2.47 Net Fixed Asset Turnover 1.62
Quick Ratio 1.45 Accounts receivable turnover-days 106.79
Debt to Assets 24.62% Inventory Days 70.04
Tot Debt to Common Equity 42.79% Accounts Payable Turnover Day 26.80
Accounts Receivable Turnover 3.43 Cash Conversion Cycle 102.11
Inventory Turnover 5.23
Fiscal Year Ended
Alkim Alkali Kimya ASPrice/Volume
Valuation Analysis
350'284.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
.
1
3
5
-'
-.
-1
-3
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
0.0
50.0
100.0
150.0
200.0
250.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KORA ARKIN n/a Co File 4'945'000 20 - 30.09.2012 n/a
KORA CIHAT n/a Co File 3'677'844 14.88 - 30.09.2012 n/a
KORA REHA n/a Co File 2'657'938 10.75 - 30.09.2012 n/a
CLARIDEN SICAV Multiple Portfolios MF-AGG 78'032 0.32 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BGC Partners ERDEM HAFIZOGLU hold 3 D 14 12 month 07.01.2013
Holdings By:
Alkim Alkali Kimya AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Anadolu Anonim Tuerk Sigorta Sirketi offers non-life insurance services.
The Company offers fire, transportation, accident, office, engineering and
agriculture insurance coverage. The Company started to provide health insurance
coverage in 2004.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.01.2013) 1.29
52-Week Low (31.05.2012) 0.78
Daily Volume
1.21
52-Week High % Change -6.20% Dividend Yield -
52-Week Low % Change 55.13% Beta 0.88
% 52 Week Price Range High/Low 84.31% Equity Float -
Shares Out 31.12.2012 500.0 Short Int -
605.00 1 Yr Total Return 28.72%
Total Debt 0.00 YTD Return 5.22%
Preferred Stock 0.0 Adjusted BETA 0.884
Minority Interest 0.0 Analyst Recs 7
Cash and Equivalents 968.52 Consensus Rating 3.143
Enterprise Value -
Average Volume 5 Day 934'490
ANSGR TI EQUITY YTD Change - Average Volume 30 Day 1'460'840
ANSGR TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'122'704
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'127.4 1'279.2 1'460.9 1'485.7 1'940.8 1'485.7 2'404.7 1'909.0 2'166.0 - -
- - 0.05x - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
117.7 55.4 41.9 (1.3) (55.8) (1.3) (81.3) 43.2 40.4 - -
- 10.36x 16.23x - - 0.00x 0.00x 13.30x 12.87x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin -3.30% Long-Term Outlook -
Pretax Margin - Short-Term Rating Date -
Return on Assets -3.63% Short-Term Rating -
Return on Common Equity -13.13%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin -2.9% Total Debt/Capital 0.0%
Asset Turnover 1.07
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Anadolu Anonim Tuerk Sigorta SirketiPrice/Volume
Valuation Analysis
1'142'673.00
Current Price (3/dd/yy) Market Data
'
'
'
-
-
-
-
-
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
1'!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TURKIYE IS BANKASI A n/a Research 209'010'450 41.8 - 31.03.2010 Bank
NATIONAL REINSURANCE n/a Research 128'124'054 25.62 - 17.08.2009 Other
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 6'581'263 1.32 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'801'888 0.36 - 25.03.2013 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'301'172 0.26 - 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'024'508 0.2 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 792'965 0.16 - 31.12.2012 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 399'798 0.08 (378) 31.01.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 368'571 0.07 - 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 361'244 0.07 - 26.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 300'000 0.06 - 31.01.2013 Mutual Fund Manager
NOMURA n/a ULT-AGG 246'378 0.05 - 11.07.2012 Unclassified
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 227'392 0.05 7'392 30.11.2012 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 100'000 0.02 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 81'210 0.02 - 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 72'371 0.01 - 31.01.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 28'087 0.01 - 31.10.2012 Investment Advisor
EUROBANK EFG MUTUAL Multiple Portfolios MF-AGG 1 0 - 31.05.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1 0 - 30.06.2012 Investment Advisor
AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 1 0 - 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC TAMER SENGUN neutral 3 M 1 Not Provided 26.02.2013
IS Investment & Securities KUTLUG DOGANAY market perform 3 M 1 Not Provided 25.01.2013
Ekspres Invest CIHAN SARAOGLU Under Review #N/A N/A M 1 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank HILAL VAROL hold 3 M 1 12 month 16.01.2013
Erste Bank SEVDA SARP buy 5 M 1 12 month 04.11.2012
ATA Invest FATIH TUGRUL TOPAC market outperform 4 M 1 Not Provided 20.07.2012
Burgan Securities DUYGUN KUTUCU not rated #N/A N/A M #N/A N/A Not Provided 02.04.2012
Sardis Securities HAYDAR ACUN buy 5 M #N/A N/A Not Provided 07.09.2011
UniCredit Research RADENA GEORGIEVA buy 5 M 2 Not Provided 22.02.2010
Holdings By:
Anadolu Anonim Tuerk Sigorta Sirketi ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Anadolu Efes Biracilik ve Malt Sanayii AS is the holding company of the Efes
Beverage Group. The group produces and markets beer, malt and Coca-Cola
products across a geography that consists of Turkey, Russia, the CIS, countries
Southeast Europe and the Middle East. Anadolu Efes is also an operating entity
under which the Turkish brewing business is managed.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 28.80
52-Week Low (31.05.2012) 21.50
Daily Volume
28.5
52-Week High % Change -1.04% Dividend Yield -
52-Week Low % Change 32.56% Beta 0.64
% 52 Week Price Range High/Low 95.45% Equity Float -
Shares Out 31.12.2012 592.1 Short Int -
16'875.00 1 Yr Total Return 16.32%
Total Debt 2'923.08 YTD Return 10.89%
Preferred Stock 0.0 Adjusted BETA 0.635
Minority Interest 82.0 Analyst Recs 24
Cash and Equivalents 1'871.32 Consensus Rating 3.042
Enterprise Value 18'008.80
Average Volume 5 Day 161'735
AEFES TI EQUITY YTD Change - Average Volume 30 Day 344'437
AEFES TI EQUITY YTD % CHANGE - Average Volume 3 Month 280'187
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'668.9 3'811.1 4'168.8 4'761.3 6'416.8 4'761.3 6'416.8 7'440.6 8'318.2 1'362.0 2'305.0
1.67x 2.27x 2.72x 2.41x 2.55x 9.31x 10.02x 2.38x 2.09x 12.95x 7.94x
831.8 918.5 1'004.0 939.7 1'225.0 939.7 1'225.0 1'556.1 1'783.2 222.0 634.0
7.38x 9.42x 11.30x 12.22x 13.35x 12.22x 13.35x 11.57x 10.10x 10.87x 10.04x
309.7 422.6 503.6 341.2 606.9 341.2 606.9 760.1 932.8 79.7 357.0
14.97x 17.89x 20.91x 30.07x 25.07x 30.07x 25.07x 21.87x 18.23x 19.93x 18.15x
EBITDA 1'225.05 Long-Term Rating Date 14.06.2012
EBIT 774.47 Long-Term Rating BBB-
Operating Margin 12.07% Long-Term Outlook STABLE
Pretax Margin 12.53% Short-Term Rating Date -
Return on Assets 6.72% Short-Term Rating -
Return on Common Equity 12.32%
Return on Capital 9.19% EBITDA/Interest Exp. 16.11
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 9.18
Net Debt/EBITDA 0.86
Gross Margin 48.9% Total Debt/EBITDA 2.39
EBITDA Margin 19.1%
EBIT Margin 12.1% Total Debt/Equity 43.6%
Net Income Margin 9.5% Total Debt/Capital 30.1%
Asset Turnover 0.71
Current Ratio 1.79 Net Fixed Asset Turnover 2.11
Quick Ratio 1.27 Accounts receivable turnover-days 39.97
Debt to Assets 25.10% Inventory Days 71.65
Tot Debt to Common Equity 43.60% Accounts Payable Turnover Day 37.32
Accounts Receivable Turnover 9.16 Cash Conversion Cycle 74.30
Inventory Turnover 5.11
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Anadolu Efes Biracilik Ve Malt Sanayii ASPrice/Volume
Valuation Analysis
349'192.00
Current Price (3/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
.'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SABMILLER ANADOLU EF n/a Co File 142'105'263 24 - 23.10.2012 n/a
YAZICILAR HOLDING AS n/a Co File 139'786'634 23.61 - 29.10.2012 Holding Company
OZILHAN SINAI YATIRI n/a Co File 79'934'214 13.5 - 23.10.2012 Unclassified
ANADOLU ENDUSTRI HOL n/a Co File 35'526'317 6 - 23.10.2012 Holding Company
DODGE & COX Multiple Portfolios MF-AGG 26'091'040 4.41 - 29.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 14'175'241 2.39 - 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'866'547 0.99 (5'668) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'074'713 0.86 (444'536) 31.12.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4'215'195 0.71 421'484 30.11.2012 Bank
MORGAN STANLEY n/a ULT-AGG 2'824'784 0.48 (66'927) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'831'304 0.31 10'000 31.01.2013 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 1'755'725 0.3 - 31.01.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'658'295 0.28 - 21.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'312'603 0.22 (622'260) 31.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 543'605 0.09 (385'000) 28.02.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 539'882 0.09 - 31.12.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 521'000 0.09 189'000 03.09.2012 Mutual Fund Manager
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 493'500 0.08 51'000 28.09.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 487'044 0.08 - 31.07.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 481'121 0.08 48'661 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank EROL DANIS hold 3 M 30 12 month 22.03.2013
FinansInvest CAN OZTOPRAK outperform 5 M 32 12 month 22.03.2013
Oyak Securities ALPER OZDEMIR market perform 3 M 32 12 month 22.03.2013
BNP Paribas Equity Research KENAN COSGUNER hold 3 M 29 12 month 22.03.2013
Burgan Securities BURAK ISYAR hold 3 M 31 12 month 22.03.2013
JPMorgan KOMAL DHILLON neutral 3 M 27 9 month 30.01.2013
Eczacibasi Securities GOKAY BOBEK market perform 3 M 31 Not Provided 29.01.2013
Ak Investment OMER OMERBAS market underperform 2 M 27 12 month 29.01.2013
HSBC BULENT YURDAGUL neutral 3 U 30 Not Provided 24.01.2013
Barclays SAMAR CHAND equalweight 3 M 27 Not Provided 23.01.2013
Ekspres Invest MELDA AGIRDAS hold 3 M 29 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
BGC Partners EZGI YILMAZ hold 3 M 32 12 month 16.01.2013
Nomura EDWARD MUNDY neutral 3 M 26 Not Provided 16.01.2013
IS Investment & Securities ESRA SUNER outperform 5 M 33 Not Provided 19.12.2012
Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 28 Not Provided 17.12.2012
Goldman Sachs ANTON FARLENKOV neutral/neutral 3 M 28 12 month 10.12.2012
VTB Capital IVAN KUSHCH hold 3 M 28 12 month 03.12.2012
Credit Suisse ONUR MUMINOGLU underperform 1 M 27 Not Provided 21.11.2012
Renaissance Capital METE OZBEK hold 3 M 30 12 month 23.10.2012
ATA Invest EMRAH OZKOC market perform 3 M 25 Not Provided 01.06.2012
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 30.03.2012
Holdings By:
Anadolu Efes Biracilik Ve Malt Sanayii AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Anadolu Hayat Emeklilik AS offers group and individual life insurance policies
and IRA plans. The Company markets its services through its agents, Is Bank
and HSBC Bank branches in Turkey. Anadolu Hayat discontinued health insurance
services in 2004.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 6.72
52-Week Low (24.05.2012) 3.63
Daily Volume
6.1
52-Week High % Change -9.23% Dividend Yield -
52-Week Low % Change 68.04% Beta 1.00
% 52 Week Price Range High/Low 80.58% Equity Float -
Shares Out 31.12.2012 300.0 Short Int -
1'830.00 1 Yr Total Return 53.19%
Total Debt 0.00 YTD Return 44.89%
Preferred Stock 0.0 Adjusted BETA 1.004
Minority Interest 0.0 Analyst Recs 8
Cash and Equivalents 142.34 Consensus Rating 3.375
Enterprise Value 1'687.66
Average Volume 5 Day 292'084
ANHYT TI EQUITY YTD Change - Average Volume 30 Day 523'681
ANHYT TI EQUITY YTD % CHANGE - Average Volume 3 Month 856'687
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
695.9 823.8 632.1 618.6 586.8 618.6 586.8 513.5 560.0 - -
2.37x 3.79x 6.16x 6.17x 1.91x 25.45x 13.78x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
52.9 79.3 71.4 62.9 81.0 62.9 81.0 76.0 95.4 - -
- 15.64x 18.77x 13.11x - 0.00x 0.00x 24.60x 19.68x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 19.06% Long-Term Outlook -
Pretax Margin 18.24% Short-Term Rating Date -
Return on Assets 1.26% Short-Term Rating -
Return on Common Equity 16.82%
Return on Capital 4.02% EBITDA/Interest Exp. -
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin 13.8% Total Debt/Capital 0.0%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Anadolu Hayat Emeklilik ASPrice/Volume
Valuation Analysis
87'013.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
.
0
1
2
3
4
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TURKIYE IS BANKASI A n/a Research 186'000'000 62 - 17.12.2008 Bank
ANADOLU SIGORTA n/a Research 60'000'000 20 - 31.03.2010 Insurance Company
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'718'487 0.91 (7'636) 31.12.2012 Investment Advisor
SOMERSET CAPITAL MAN Multiple Portfolios MF-AGG 2'150'026 0.72 65'458 28.02.2013 Mutual Fund Manager
FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 1'017'142 0.34 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 850'000 0.28 (400'000) 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 743'836 0.25 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 688'059 0.23 - 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 612'843 0.2 - 31.07.2012 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 580'280 0.19 (562'656) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 540'170 0.18 - 25.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 500'000 0.17 (250'000) 31.01.2013 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 453'081 0.15 - 30.06.2012 Investment Advisor
REDWOOD ASSET MANAGE Multiple Portfolios MF-AGG 390'996 0.13 195'498 28.02.2013 Investment Advisor
VALIC CO I Multiple Portfolios MF-AGG 385'648 0.13 - 31.01.2013 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 309'600 0.1 - 03.09.2012 Mutual Fund Manager
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 303'946 0.1 38'820 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 263'952 0.09 - 31.12.2012 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 140'000 0.05 - 30.11.2012 Mutual Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 125'000 0.04 25'000 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Eczacibasi Securities GOKAY BOBEK market perform 3 M 6 Not Provided 06.03.2013
Ak Investment HAKAN DEPREM market underperform 2 D 6 12 month 04.03.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 01.03.2013
HSBC TAMER SENGUN overweight 5 M 7 Not Provided 12.02.2013
Ekspres Invest CIHAN SARAOGLU Under Review #N/A N/A M 6 Not Provided 22.01.2013
Deutsche Bank HILAL VAROL hold 3 M 5 12 month 16.01.2013
IS Investment & Securities KUTLUG DOGANAY market perform 3 M 6 Not Provided 18.12.2012
Erste Bank SEVDA SARP buy 5 M 4 12 month 04.11.2012
ATA Invest FATIH TUGRUL TOPAC Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2012
Yatirim Finansman Securities ZUMRUT CAN dropped coverage #N/A N/A M 6 12 month 15.08.2011
Sardis Securities HAYDAR ACUN hold 3 U #N/A N/A Not Provided 12.10.2010
Holdings By:
Anadolu Hayat Emeklilik AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Anadolu Isuzu Otomotiv Sanayi ve Ticaret AS manufactures commercial vehicles.
The Company produces light, medium and heavy-duty trucks, pickup trucks, mini,
midi and large buses, and tractors. Anadolu also produces, markets, and installs
spare parts and accessories. Anadolu Isuzu sells its vehicles in Turkey and
exports to Eastern Europe, the former Soviet Union, and the Middle East.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.02.2013) 30.90
52-Week Low (04.04.2012) 9.24
Daily Volume
27.7
52-Week High % Change -10.03% Dividend Yield -
52-Week Low % Change 199.78% Beta 0.78
% 52 Week Price Range High/Low 86.15% Equity Float -
Shares Out 31.12.2012 25.4 Short Int -
704.13 1 Yr Total Return 206.29%
Total Debt 135.70 YTD Return 35.78%
Preferred Stock 0.0 Adjusted BETA 0.781
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 17.38 Consensus Rating 3.000
Enterprise Value 822.47
Average Volume 5 Day 131'393
ASUZU TI EQUITY YTD Change - Average Volume 30 Day 532'087
ASUZU TI EQUITY YTD % CHANGE - Average Volume 3 Month 460'889
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
496.8 259.4 339.9 474.0 537.3 474.0 537.3 457.0 - - -
0.14x 0.73x 0.81x 0.58x 1.19x 2.36x 3.34x 1.59x - - -
22.6 0.1 7.2 27.8 13.7 27.8 13.7 28.0 - - -
3.08x 1752.82x 38.32x 9.87x 46.42x 9.87x 46.42x 29.46x - - -
(0.5) (19.1) (4.6) 13.4 1.3 13.4 1.3 - - - -
- - - 14.81x 408.80x 14.81x 408.80x - - - -
EBITDA 13.72 Long-Term Rating Date -
EBIT 3.18 Long-Term Rating -
Operating Margin 0.59% Long-Term Outlook -
Pretax Margin -0.08% Short-Term Rating Date -
Return on Assets 0.33% Short-Term Rating -
Return on Common Equity 0.74%
Return on Capital - EBITDA/Interest Exp. 1.10
Asset Turnover 1.38% (EBITDA-Capex)/Interest Exp. 0.64
Net Debt/EBITDA 8.62
Gross Margin 12.7% Total Debt/EBITDA 9.89
EBITDA Margin 2.6%
EBIT Margin 0.6% Total Debt/Equity 81.7%
Net Income Margin 0.2% Total Debt/Capital 45.0%
Asset Turnover 1.38
Current Ratio 1.82 Net Fixed Asset Turnover 9.12
Quick Ratio 0.90 Accounts receivable turnover-days 90.12
Debt to Assets 31.87% Inventory Days 112.16
Tot Debt to Common Equity 81.72% Accounts Payable Turnover Day 60.68
Accounts Receivable Turnover 4.06 Cash Conversion Cycle 141.60
Inventory Turnover 3.26
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Anadolu Isuzu Otomotiv Sanayi Ve Ticaret ASPrice/Volume
Valuation Analysis
72'936.00
Current Price (3/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
02
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
6'!''
-''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
YAZICILAR HOLDING AS n/a Research 9'077'665 35.71 4'478 31.12.2009 Holding Company
ISUZU MOTORS LTD n/a Research 4'319'991 16.99 - 31.12.2009 Corporation
OZILHAN SINAI YATIRI n/a Research 4'271'842 16.81 2'108 31.12.2009 Unclassified
ITOCHU CORP n/a Research 3'239'964 12.75 834'678 31.12.2009 Corporation
ANADOLU ENDUSTRI HOL n/a Research 262'583 1.03 38'835 31.12.2009 Holding Company
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1 0 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1 0 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Global Menkul Degerler ILKNUR UNSAL market perform 3 M 13 Not Provided 06.09.2012
FinansInvest BARAN YILDIRIM Under Review #N/A N/A M #N/A N/A Not Provided 15.08.2011
Holdings By:
Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Arcelik A.S. manufactures and sells refrigerators, washing machines, cooking
appliances, vacuum cleaners, refrigeration compressors, electric motors and
consumer electronics products. The Company markets its products under the
brand names Arcelik and Beko. Arcelik sells its products in Turkey and exports
throughout continental Europe, the United Kingdom, and Tunisia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (17.01.2013) 12.80
52-Week Low (24.04.2012) 6.90
Daily Volume
12.35
52-Week High % Change -3.52% Dividend Yield -
52-Week Low % Change 78.99% Beta 1.02
% 52 Week Price Range High/Low 94.07% Equity Float -
Shares Out 31.12.2012 675.7 Short Int -
8'345.24 1 Yr Total Return 60.42%
Total Debt 4'003.51 YTD Return 5.56%
Preferred Stock 0.0 Adjusted BETA 1.018
Minority Interest 85.6 Analyst Recs 27
Cash and Equivalents 1'740.79 Consensus Rating 3.111
Enterprise Value 10'693.55
Average Volume 5 Day 1'321'732
ARCLK TI EQUITY YTD Change - Average Volume 30 Day 1'685'879
ARCLK TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'411'561
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'775.5 6'591.9 6'936.4 8'437.2 10'556.9 8'437.2 10'556.9 11'731.4 12'684.1 - -
0.58x 0.79x 0.88x 0.74x 0.97x 3.03x 3.38x 0.90x 0.82x - -
605.7 875.7 758.1 876.4 1'030.8 876.4 1'030.8 1'222.7 1'362.7 - -
6.50x 5.94x 8.01x 7.10x 9.95x 7.10x 9.95x 8.75x 7.85x - -
39.8 485.4 517.1 506.5 524.8 506.5 524.8 678.0 747.7 - -
20.70x 8.14x 10.19x 8.16x 15.07x 8.16x 15.07x 12.19x 11.00x - -
EBITDA 1'030.80 Long-Term Rating Date 14.03.2013
EBIT 770.01 Long-Term Rating BB+
Operating Margin 7.29% Long-Term Outlook STABLE
Pretax Margin 5.96% Short-Term Rating Date -
Return on Assets 5.40% Short-Term Rating -
Return on Common Equity 14.21%
Return on Capital 9.72% EBITDA/Interest Exp. 5.49
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 2.96
Net Debt/EBITDA 2.20
Gross Margin 28.9% Total Debt/EBITDA 3.88
EBITDA Margin 9.8%
EBIT Margin 7.3% Total Debt/Equity 104.2%
Net Income Margin 5.0% Total Debt/Capital 50.5%
Asset Turnover 1.09
Current Ratio 1.71 Net Fixed Asset Turnover 6.92
Quick Ratio 1.27 Accounts receivable turnover-days 111.68
Debt to Assets 39.14% Inventory Days 76.34
Tot Debt to Common Equity 104.21% Accounts Payable Turnover Day 58.44
Accounts Receivable Turnover 3.28 Cash Conversion Cycle 129.57
Inventory Turnover 4.79
Fiscal Year Ended
Arcelik ASPrice/Volume
Valuation Analysis
1'066'018.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
.
1
3
5
-'
-.
-1
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
6'!''
-''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KOC HOLDING AS n/a Research 273'737'498 40.51 - 31.12.2009 Holding Company
TEKNOSAN AS n/a Research 81'428'337 12.05 - 17.07.2009 Other
KOC FAMILY n/a Research 58'585'636 8.67 58'585'627 31.12.2009 Other
BURLA TICARET VE YAT n/a Research 50'572'000 7.48 337 31.12.2009 Corporation
KOC HOLDING EMEKLI V n/a Research 34'722'000 5.14 80 31.12.2009 Other
HARDING LOEVNER LP Multiple Portfolios MF-AGG 8'369'372 1.24 130'600 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'503'116 0.96 (38'457) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'920'088 0.88 (7'634) 25.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'239'701 0.63 1'381'518 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 2'540'495 0.38 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'295'018 0.34 - 31.07.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'791'550 0.27 - 26.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'716'358 0.25 (76'282) 31.01.2013 Unclassified
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'315'355 0.19 - 31.05.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'232'830 0.18 423'022 31.01.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'109'800 0.16 - 31.05.2012 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 799'829 0.12 (128'246) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 777'526 0.12 (6'206) 26.03.2013 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 777'080 0.11 - 31.01.2013 Mutual Fund Manager
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 753'522 0.11 (6'997) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities BURAK ISYAR hold 3 M 13 12 month 26.03.2013
FinansInvest CAN OZTOPRAK underperform 1 M 11 12 month 22.03.2013
Sardis Securities HAYDAR ACUN sell 1 M #N/A N/A Not Provided 15.03.2013
Seker Securities KADIR TEZELLER market perform 3 M 13 12 month 06.03.2013
Ak Investment BERTUG TUZUN market outperform 4 U 13 12 month 22.02.2013
Eczacibasi Securities AKIF DASIRAN market perform 3 M 13 Not Provided 18.02.2013
HSBC CENK ORCAN neutral 3 M 12 Not Provided 13.02.2013
Oyak Securities SERHAT KAYA market perform 3 M 11 12 month 12.02.2013
IS Investment & Securities BASAK ENGIN DINCKOC market perform 3 M 11 Not Provided 12.02.2013
BNP Paribas Equity Research SABRIYE GOZDE CULLAS hold 3 M 12 12 month 12.02.2013
Yatirim Finansman Securities OZGUR UCUR underperform 1 M 11 12 month 12.02.2013
Barclays HANZADE KILICKIRAN overweight 5 M 14 Not Provided 12.02.2013
Deutsche Bank VEDAT MIZRAHI buy 5 M 13 12 month 11.02.2013
Ekspres Invest KURTHAN ATMACA hold 3 M 13 Not Provided 22.01.2013
Global Menkul Degerler ILKNUR UNSAL buy 5 U 15 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 12 Not Provided 17.12.2012
Credit Suisse ONUR MUMINOGLU outperform 5 M 13 Not Provided 23.11.2012
BGC Partners BERNA KURBAY hold 3 M 12 12 month 06.11.2012
Erste Bank MEHMET EMIN ZUMRUT hold 3 M 12 12 month 04.11.2012
Goldman Sachs ANTON FARLENKOV neutral/neutral 3 M 11 12 month 04.11.2012
Renaissance Capital METE OZBEK hold 3 M 9 12 month 01.08.2012
ATA Invest ERMAN TUTUNCUOGLU market perform 3 D 9 Not Provided 15.06.2012
Holdings By:
Arcelik AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Aselsan Elektronik Sanayi Ve Ticaret A.S. designs and manufactures military and
civil telecommunications equipment. The Company produces communications,
microelectronics/guidance and microwave systems, power electronics, electronic
security systems, air traffic control towers, air-to-ground radios, night
vision goggles, laser range finders, and highway toll collection systems.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (04.03.2013) 10.95
52-Week Low (25.05.2012) 4.40
Daily Volume
10.65
52-Week High % Change -2.74% Dividend Yield -
52-Week Low % Change 141.86% Beta 0.70
% 52 Week Price Range High/Low 93.89% Equity Float -
Shares Out 31.12.2012 500.0 Short Int -
5'324.92 1 Yr Total Return 118.98%
Total Debt 325.12 YTD Return 26.18%
Preferred Stock 0.0 Adjusted BETA 0.696
Minority Interest 0.5 Analyst Recs 10
Cash and Equivalents 371.90 Consensus Rating 2.500
Enterprise Value 5'278.68
Average Volume 5 Day 902'816
ASELS TI EQUITY YTD Change - Average Volume 30 Day 2'192'720
ASELS TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'815'631
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
705.9 1'037.7 1'189.8 1'501.9 1'632.9 1'501.9 1'632.9 1'937.8 2'224.4 - -
0.35x 1.10x 1.24x 1.26x 2.56x 5.40x 6.77x 2.57x 2.40x - -
137.5 232.4 286.2 289.8 252.1 289.8 207.4 388.2 441.0 - -
1.82x 4.89x 5.16x 6.51x 16.55x 6.51x 0.00x 13.60x 11.97x - -
12.2 185.4 240.7 160.8 293.2 160.8 293.2 315.1 360.6 - -
28.56x 7.42x 8.05x 12.00x 14.39x 14.21x 29.72x 15.90x 14.24x - -
EBITDA 252.12 Long-Term Rating Date -
EBIT 183.83 Long-Term Rating -
Operating Margin 11.26% Long-Term Outlook -
Pretax Margin 15.54% Short-Term Rating Date -
Return on Assets 9.03% Short-Term Rating -
Return on Common Equity 23.56%
Return on Capital - EBITDA/Interest Exp. 78.27
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 45.00
Net Debt/EBITDA 0.09
Gross Margin 24.0% Total Debt/EBITDA 0.76
EBITDA Margin 14.3%
EBIT Margin 10.3% Total Debt/Equity 25.7%
Net Income Margin 18.0% Total Debt/Capital 20.4%
Asset Turnover 0.61
Current Ratio 2.50 Net Fixed Asset Turnover 4.96
Quick Ratio 1.15 Accounts receivable turnover-days 84.98
Debt to Assets 9.78% Inventory Days 169.84
Tot Debt to Common Equity 25.69% Accounts Payable Turnover Day 38.31
Accounts Receivable Turnover 4.31 Cash Conversion Cycle 191.62
Inventory Turnover 2.15
Fiscal Year Ended
Aselsan Elektronik Sanayi Ve Ticaret ASPrice/Volume
Valuation Analysis
1'382'725.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
.
1
3
5
-'
-.
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TURK SILAHLI KUV GUC n/a EXCH 422'906'162 84.58 - 31.12.2009 Unclassified
LAZARD ASSET MANAGEM n/a ULT-AGG 2'650'956 0.53 440'191 28.02.2013 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'996'729 0.4 (29'970) 26.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'714'263 0.34 2'446 25.03.2013 Investment Advisor
DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 1'415'132 0.28 373'392 31.01.2013 Hedge Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'362'361 0.27 1'362'361 30.06.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'291'148 0.26 - 21.03.2013 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 840'668 0.17 92'761 28.02.2013 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 774'950 0.15 45'671 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 626'018 0.13 - 31.07.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 570'726 0.11 - 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 483'958 0.1 29'284 31.12.2012 Investment Advisor
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 447'685 0.09 9'248 28.02.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 303'649 0.06 - 31.01.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 303'000 0.06 108'000 28.02.2013 Investment Advisor
NATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 295'860 0.06 - 28.02.2013 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 222'702 0.04 222'702 31.12.2012 Investment Advisor
CASA 4 FUNDS LUX EUR Multiple Portfolios MF-AGG 214'727 0.04 13'492 31.08.2012 Mutual Fund Manager
SEAFARER CAPITAL PAR Multiple Portfolios MF-AGG 209'774 0.04 156'634 31.12.2012 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 194'708 0.04 4 30.11.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Seker Securities BURAK DEMIRBILEK market perform 3 M 9 Not Provided 19.03.2013
Credit Suisse ATINC OZKAN outperform 5 M 10 Not Provided 06.03.2013
FinansInvest CAN OZTOPRAK neutral 3 M 9 12 month 06.03.2013
Oyak Securities MUSTAFA ONER underperform 1 D 9 Not Provided 06.03.2013
Ak Investment BORA TEZGULER market underperform 2 D 9 12 month 06.03.2013
Yatirim Finansman Securities HUSEYIN MERDAN GEYIK market perform 3 M 9 12 month 14.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
IS Investment & Securities BASAK ENGIN DINCKOC underperform 1 D 9 Not Provided 20.12.2012
BGC Partners ERDEM HAFIZOGLU hold 3 D 6 12 month 25.07.2012
Holdings By:
Aselsan Elektronik Sanayi Ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Asya Katilim Bankasi AS attracts deposits and offers commercial banking
services. The Bank offers consumer loans, insurance services, credit cards,
business loans, cash management, and lease financing.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.01.2013) 2.58
52-Week Low (25.05.2012) 1.58
Daily Volume
2.32
52-Week High % Change -10.08% Dividend Yield -
52-Week Low % Change 46.84% Beta 1.14
% 52 Week Price Range High/Low 73.00% Equity Float -
Shares Out 31.12.2012 900.0 Short Int -
2'088.00 1 Yr Total Return 17.17%
Total Debt 1'815.40 YTD Return 4.98%
Preferred Stock 0.0 Adjusted BETA 1.139
Minority Interest 0.0 Analyst Recs 20
Cash and Equivalents 3'887.38 Consensus Rating 3.150
Enterprise Value -
Average Volume 5 Day 9'880'688
ASYAB TI EQUITY YTD Change - Average Volume 30 Day 12'016'960
ASYAB TI EQUITY YTD % CHANGE - Average Volume 3 Month 18'005'410
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'562.8 1'926.4 1'783.0 1'872.0 2'197.3 1'872.0 2'197.3 1'454.5 1'630.9 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
238.8 305.8 262.1 221.8 190.4 221.8 190.4 254.5 320.8 - -
4.37x 10.18x 9.75x 6.45x 10.45x 6.45x 10.45x 8.03x 6.52x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 17.46% Long-Term Outlook -
Pretax Margin 17.46% Short-Term Rating Date -
Return on Assets 0.98% Short-Term Rating -
Return on Common Equity 8.49%
Return on Capital 4.66% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 77.3%
Net Income Margin 13.5% Total Debt/Capital 43.6%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 3.78
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 8.49% Inventory Days -
Tot Debt to Common Equity 77.28% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Asya Katilim Bankasi ASPrice/Volume
Valuation Analysis
11'294'610.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
-
.
.
0
0
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.'!' 9
1'!' 9
3'!' 9
5'!' 9
-''!' 9
-.'!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 26'094'882 2.9 (213'807) 25.03.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 21'065'168 2.34 - 28.02.2013 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 14'508'696 1.61 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'954'115 1.33 138'514 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 6'825'656 0.76 - 31.05.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'684'650 0.63 (1'503'960) 31.01.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 3'824'916 0.42 3'698'480 31.01.2013 Investment Advisor
VALIC CO I Multiple Portfolios MF-AGG 1'913'631 0.21 1'878'764 31.01.2013 Investment Advisor
OPERA TFI SA Multiple Portfolios MF-AGG 1'879'000 0.21 - 30.06.2012 Mutual Fund Manager
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'819'100 0.2 - 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'765'167 0.2 (18'478) 28.02.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'736'585 0.19 (953'253) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'644'833 0.18 - 26.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'555'733 0.17 72'760 31.12.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'348'457 0.15 - 30.06.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'068'238 0.12 827'785 30.06.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'060'000 0.12 (187'000) 28.09.2012 Mutual Fund Manager
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 692'000 0.08 - 03.09.2012 Mutual Fund Manager
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 554'300 0.06 - 31.01.2013 Investment Advisor
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 526'000 0.06 - 31.05.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FinansInvest MUGE DAGISTAN underperform 1 M 2 12 month 26.03.2013
Burgan Securities DUYGUN KUTUCU hold 3 M 2 12 month 26.03.2013
Deutsche Bank HILAL VAROL buy 5 U 3 12 month 25.03.2013
Global Menkul Degerler SEVGI ONUR market perform 3 M 2 Not Provided 27.02.2013
BNP Paribas Equity Research SADRETTIN BAGCI hold 3 M 2 12 month 25.02.2013
Ak Investment HAKAN AYGUN market perform 3 M 3 12 month 25.02.2013
Seker Securities TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 19.02.2013
Erste Bank SEVDA SARP hold 3 M 2 12 month 06.02.2013
Credit Suisse ATES BULDUR neutral 3 M 3 Not Provided 25.01.2013
IS Investment & Securities BULENT SENGONUL market perform 3 M 3 Not Provided 25.01.2013
Oyak Securities ALPAY DINCKOC market perform 3 M 3 12 month 23.01.2013
Eczacibasi Securities SERCAN SOYLU market perform 3 M 3 Not Provided 22.01.2013
Ekspres Invest CIHAN SARAOGLU sell 1 D 2 Not Provided 22.01.2013
Renaissance Capital YAVUZ UZAY hold 3 M 2 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC TAMER SENGUN overweight 5 U 3 Not Provided 15.01.2013
JPMorgan PAUL FORMANKO overweight 5 U 3 9 month 16.10.2012
ATA Invest FATIH TUGRUL TOPAC market underperform 2 M 2 Not Provided 20.07.2012
Holdings By:
Asya Katilim Bankasi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Aygaz A.S. purchases from local refineries and distributes liquified propane
gas. The Company also markets plastifiers, alcohols, solvents, aromatic hydro-
carbons and general purpose plastics. Aygaz operates a fleet of ships and LPG
filling plants.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 11.00
52-Week Low (25.05.2012) 6.88
Daily Volume
10.9
52-Week High % Change -0.91% Dividend Yield -
52-Week Low % Change 58.43% Beta 0.85
% 52 Week Price Range High/Low 100.00% Equity Float -
Shares Out 31.12.2012 300.0 Short Int -
3'270.00 1 Yr Total Return 24.55%
Total Debt 5.81 YTD Return 15.47%
Preferred Stock 0.0 Adjusted BETA 0.846
Minority Interest 0.5 Analyst Recs 17
Cash and Equivalents 125.37 Consensus Rating 4.235
Enterprise Value 3'150.97
Average Volume 5 Day 453'376
AYGAZ TI EQUITY YTD Change - Average Volume 30 Day 542'588
AYGAZ TI EQUITY YTD % CHANGE - Average Volume 3 Month 563'294
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'579.3 3'786.8 4'657.7 5'455.7 5'586.1 5'455.7 5'586.1 5'855.2 6'003.6 - -
0.20x 0.47x 0.51x 0.44x 0.49x 1.95x 1.68x 0.51x 0.48x - -
337.8 390.3 305.9 233.6 244.8 233.6 244.8 284.7 297.2 - -
2.13x 4.52x 7.76x 10.27x 11.08x 10.27x 11.08x 11.07x 10.60x - -
25.8 314.6 239.5 379.7 303.5 379.7 303.5 284.4 297.7 - -
36.30x 5.39x 10.40x 6.98x 9.33x 6.98x 9.33x 11.46x 10.74x - -
EBITDA 244.80 Long-Term Rating Date -
EBIT 165.87 Long-Term Rating -
Operating Margin 2.97% Long-Term Outlook -
Pretax Margin 6.14% Short-Term Rating Date -
Return on Assets 10.71% Short-Term Rating -
Return on Common Equity 13.39%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.97% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.49
Gross Margin 9.3% Total Debt/EBITDA 0.02
EBITDA Margin 4.4%
EBIT Margin 3.0% Total Debt/Equity 0.2%
Net Income Margin 5.4% Total Debt/Capital 0.2%
Asset Turnover 1.97
Current Ratio 1.56 Net Fixed Asset Turnover 9.60
Quick Ratio 0.96 Accounts receivable turnover-days 19.74
Debt to Assets 0.20% Inventory Days 14.55
Tot Debt to Common Equity 0.24% Accounts Payable Turnover Day 18.64
Accounts Receivable Turnover 18.54 Cash Conversion Cycle 15.66
Inventory Turnover 25.15
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Aygaz ASPrice/Volume
Valuation Analysis
665'145.00
Current Price (3/dd/yy) Market Data
'
.
1
3
5
-'
-.
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KOC HOLDING AS n/a Co File 122'053'514 40.68 - 31.12.2010 Holding Company
LIQUID PETROLEUM GAS n/a Co File 73'546'000 24.52 - 31.12.2010 Other
TEMEL TICARET VE YAT n/a Co File 15'883'936 5.29 - 31.12.2010 Corporation
KOC FAMILY n/a Co File 15'705'118 5.24 - 31.12.2010 Other
FMR LLC n/a ULT-AGG 5'760'669 1.92 788'710 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 3'733'478 1.24 16'443 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3'179'330 1.06 800'000 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'720'470 0.91 - 31.05.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 1'763'439 0.59 1'763'439 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'518'678 0.51 - 31.07.2012 Investment Advisor
BRANDES INVESTMENT P Multiple Portfolios MF-AGG 1'143'077 0.38 111'212 28.02.2013 Investment Advisor
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 661'200 0.22 661'200 30.11.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 650'456 0.22 650'456 31.01.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 488'827 0.16 - 31.01.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 367'154 0.12 42'802 30.11.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 343'000 0.11 (14'605) 28.02.2013 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 302'916 0.1 302'916 30.11.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 299'419 0.1 - 31.01.2013 Investment Advisor
AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 268'491 0.09 (88'321) 31.10.2012 Mutual Fund Manager
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 258'000 0.09 100'000 03.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 26.03.2013
BNP Paribas Equity Research ALPER PAKSOY buy 5 M 11 12 month 12.03.2013
FinansInvest KORAY PAMIR outperform 5 M 12 12 month 08.03.2013
Oyak Securities HASAN SENER outperform 5 M 12 Not Provided 08.03.2013
Renaissance Capital ILGIN ERDOGAN buy 5 M 13 12 month 08.03.2013
Burgan Securities UMUT OZTURK hold 3 M 11 12 month 08.03.2013
Seker Securities KADIR TEZELLER outperform 5 M 13 Not Provided 18.02.2013
Ekspres Invest SELIM KUNTER buy 5 M 12 Not Provided 22.01.2013
Deutsche Bank VEDAT MIZRAHI buy 5 U 12 12 month 16.01.2013
BGC Partners EZGI YILMAZ hold 3 M 10 12 month 04.01.2013
IS Investment & Securities ASLI OZATA KUMBARACI outperform 5 M 15 Not Provided 18.12.2012
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 11 Not Provided 17.12.2012
Goldman Sachs MATIJA GERGOLET neutral/neutral 3 D 11 12 month 10.12.2012
HSBC BULENT YURDAGUL overweight 5 U 10 Not Provided 20.11.2012
Erste Bank THOMAS UNGER accumulate 4 M 10 12 month 04.11.2012
ATA Invest MERT BOSTANOGLU market perform 3 M 10 Not Provided 18.05.2012
Holdings By:
Aygaz AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Bagfas Bandirma Gubre Fabrikalari A.S. manufactures chemical fertilizers and
acids including composite fertilizer, ammonium sulphate, diammoniumphosphate,
and triple fertilizer. Bagfas sells its products throughout Turkey.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (24.04.2012) 82.60
52-Week Low (20.11.2012) 48.90
Daily Volume
56
52-Week High % Change -32.21% Dividend Yield -
52-Week Low % Change 14.52% Beta 0.80
% 52 Week Price Range High/Low 20.32% Equity Float -
Shares Out 31.12.2012 9.0 Short Int -
504.00 1 Yr Total Return -0.76%
Total Debt 29.31 YTD Return 3.70%
Preferred Stock 0.0 Adjusted BETA 0.799
Minority Interest 0.0 Analyst Recs 7
Cash and Equivalents 22.99 Consensus Rating 3.714
Enterprise Value 510.33
Average Volume 5 Day 65'214
BAGFS TI EQUITY YTD Change - Average Volume 30 Day 98'524
BAGFS TI EQUITY YTD % CHANGE - Average Volume 3 Month 143'826
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
390.3 268.0 279.8 325.1 363.9 325.1 363.9 401.0 429.0 - -
0.40x 0.88x 1.42x 1.10x 1.35x 4.59x 5.13x 1.29x 1.56x - -
111.0 (8.4) 63.1 90.3 36.3 90.3 36.3 64.5 73.8 - -
1.40x - 6.31x 3.96x 13.57x 3.96x 13.57x 7.91x 6.92x - -
82.8 (5.1) 47.0 73.8 23.9 73.8 23.9 46.8 54.6 - -
2.21x - 10.57x 6.20x 20.33x 6.20x 0.00x 9.29x 8.56x - -
EBITDA 36.27 Long-Term Rating Date -
EBIT 25.80 Long-Term Rating -
Operating Margin 7.09% Long-Term Outlook -
Pretax Margin 7.14% Short-Term Rating Date -
Return on Assets 7.06% Short-Term Rating -
Return on Common Equity 10.20%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 0.17
Gross Margin 15.7% Total Debt/EBITDA 0.81
EBITDA Margin 10.0%
EBIT Margin 7.1% Total Debt/Equity 12.7%
Net Income Margin 6.6% Total Debt/Capital 11.2%
Asset Turnover 1.07
Current Ratio 2.72 Net Fixed Asset Turnover 4.05
Quick Ratio 0.88 Accounts receivable turnover-days 33.77
Debt to Assets 8.94% Inventory Days 103.37
Tot Debt to Common Equity 12.67% Accounts Payable Turnover Day 78.19
Accounts Receivable Turnover 10.84 Cash Conversion Cycle 58.95
Inventory Turnover 3.54
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bagfas Bandirma Gubre FabrikPrice/Volume
Valuation Analysis
106'975.00
Current Price (3/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
4'
5'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RECEP GENCER n/a Co File 1'213'163 13.48 - 30.09.2012 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 71'878 0.8 - 26.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 48'876 0.54 - 25.03.2013 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 40'671 0.45 - 26.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 26'684 0.3 (5'468) 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 23'900 0.27 - 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'747 0.24 14'498 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 19'453 0.22 - 31.07.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 7'054 0.08 - 31.12.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 3'500 0.04 - 03.09.2012 Mutual Fund Manager
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 1'654 0.02 54 30.11.2012 Investment Advisor
MIGDAL ASSET MANAGEM Multiple Portfolios MF-AGG 1'260 0.01 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 864 0.01 - 31.12.2012 Investment Advisor
US GLOBAL INVESTORS Multiple Portfolios MF-AGG 800 0.01 800 28.09.2012 Investment Advisor
STATE STREET n/a ULT-AGG 718 0.01 - 25.03.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 679 0.01 452 31.10.2012 Investment Advisor
BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 136 0 - 20.07.2011 Investment Advisor
ILIRIKA FUND MANAGEM Multiple Portfolios MF-AGG 100 0 - 28.02.2011 Mutual Fund Manager
JYSKE INVEST Multiple Portfolios MF-AGG - 0 (2'235) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Global Menkul Degerler HASAN BAYHAN market perform 3 M 65 Not Provided 21.01.2013
IS Investment & Securities NUR ATASOY outperform 5 M 82 Not Provided 17.12.2012
Erste Bank EVRIM DAIRECIOGLU accumulate 4 M 60 12 month 04.11.2012
HSBC CENK ORCAN neutral 3 U 66 Not Provided 06.09.2012
BGC Partners CAN OZCELIK buy 5 M 90 12 month 31.08.2012
Burgan Securities MURAT IGNEBEKCILI hold 3 M 62 12 month 23.05.2012
Tera Stock Brokers AYSE COLAK neutral 3 M 64 Not Provided 09.05.2012
Yatirim Finansman Securities OZGUR UCUR not rated #N/A N/A M #N/A N/A Not Provided 11.04.2012
Ekspres Invest KURTHAN ATMACA sell 1 M 63 Not Provided 15.02.2012
Garanti Yatirim Menkul Kiymetler SEZAI SAKLAROGLU market perform 3 M 60 Not Provided 29.12.2011
Holdings By:
Bagfas Bandirma Gubre Fabrik ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Banvit Bandirma Vitaminli Yem Sanayii Ticaret A.S. breeds, raises and,
slaughters chickens and markets eggs. The Group also produces and sells mixed
feeds.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (18.01.2013) 4.55
52-Week Low (11.04.2012) 3.22
Daily Volume
3.65
52-Week High % Change -19.78% Dividend Yield -
52-Week Low % Change 13.35% Beta 0.76
% 52 Week Price Range High/Low 27.82% Equity Float -
Shares Out 30.06.2012 100.0 Short Int -
365.09 1 Yr Total Return 1.96%
Total Debt 425.88 YTD Return -5.44%
Preferred Stock 0.0 Adjusted BETA 0.765
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 17.82 Consensus Rating 4.333
Enterprise Value 788.56
Average Volume 5 Day 154'059
BANVT TI EQUITY YTD Change - Average Volume 30 Day 426'948
BANVT TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'232'405
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
543.6 649.9 791.6 1'002.4 1'116.3 1'079.6 1'231.7 1'277.8 1'479.0 302.0 337.0
0.69x 0.53x 0.74x 0.75x 0.61x 2.73x 1.81x - - - -
88.1 28.7 98.3 124.2 41.9 53.2 40.3 97.0 127.0 - -
4.24x 12.08x 6.00x 6.07x 16.36x 13.99x 0.00x 8.13x 6.21x - -
56.8 (42.5) 44.1 58.9 (59.7) (48.4) 10.5 34.3 44.8 - -
5.21x - 8.16x 8.70x - 0.00x 33.87x 10.49x 8.00x 8.11x -
EBITDA 41.88 Long-Term Rating Date -
EBIT -1.06 Long-Term Rating -
Operating Margin -0.10% Long-Term Outlook -
Pretax Margin -6.41% Short-Term Rating Date -
Return on Assets -2.87% Short-Term Rating -
Return on Common Equity -11.13%
Return on Capital - EBITDA/Interest Exp. 2.20
Asset Turnover 1.75% (EBITDA-Capex)/Interest Exp. -0.87
Net Debt/EBITDA 6.04
Gross Margin 12.0% Total Debt/EBITDA 6.19
EBITDA Margin 5.9%
EBIT Margin 1.9% Total Debt/Equity 281.3%
Net Income Margin -5.3% Total Debt/Capital 73.8%
Asset Turnover 1.75
Current Ratio 1.23 Net Fixed Asset Turnover 5.87
Quick Ratio 0.43 Accounts receivable turnover-days 49.78
Debt to Assets 61.08% Inventory Days 39.01
Tot Debt to Common Equity 281.33% Accounts Payable Turnover Day 34.72
Accounts Receivable Turnover 7.35 Cash Conversion Cycle 54.65
Inventory Turnover 9.38
Fiscal Year Ended
Banvit Bandirma Vitaminli Yem Sanayii ASAPrice/Volume
Valuation Analysis
791'139.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'--..001122
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
-3!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
12!''
2'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GORENER VURAL n/a Research 24'760'641 24.75 - 31.12.2009 n/a
KOCMAN EMINE OKSAN n/a Research 19'293'198 19.29 - 31.12.2009 n/a
EBUBEKIR VALID FARUK n/a Research 18'873'991 18.87 - 31.12.2009 n/a
GORENER CHRISTOFFEL n/a Research 14'507'208 14.5 - 31.12.2009 n/a
GOERENER MAKBULE n/a Research 4'831'253 4.83 - 31.12.2009 n/a
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 442'498 0.44 - 31.01.2013 Investment Advisor
GUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 370'000 0.37 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 283'919 0.28 - 31.07.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 23'773 0.02 773 30.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'000 0 - 31.01.2013 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1 0 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ak Investment BERTUG TUZUN market perform 3 M 5 12 month 29.01.2013
Ekspres Invest MELDA AGIRDAS buy 5 M 5 Not Provided 22.01.2013
Oyak Securities ANIL CAN YILDIRIM outperform 5 M 5 Not Provided 20.12.2012
IS Investment & Securities ESRA SUNER outperform 5 M 6 Not Provided 18.12.2012
Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 U 8 12 month 10.12.2012
Garanti Yatirim Menkul Kiymetler IREM OKUTGEN outperform 5 M 5 Not Provided 15.11.2012
Tera Stock Brokers FEYRUZE ASLI KONDU neutral 3 D 5 12 month 17.09.2012
ATA Invest OGUZHAN AKBULUT Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2012
BGC Partners ERDEM HAFIZOGLU buy 5 M 6 12 month 09.07.2012
Burgan Securities ECE MANDACI hold 3 M 4 12 month 25.05.2012
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 28.12.2011
Holdings By:
Banvit Bandirma Vitaminli Yem Sanayii ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Besiktas Futbol Yatirimlar Sanayi ve Ticaret A.S. is a professional soccer club
which belongs to the Turkish super league.
Latest Fiscal Year: 05/2012
LTM as of: 11/yy
52-Week High (27.03.2012) 2.60
52-Week Low (04.10.2012) 1.38
Daily Volume
1.55
52-Week High % Change -40.77% Dividend Yield -
52-Week Low % Change 12.02% Beta 0.83
% 52 Week Price Range High/Low 12.85% Equity Float -
Shares Out 21.03.2013 240.0 Short Int -
372.00 1 Yr Total Return -39.19%
Total Debt 133.29 YTD Return -20.59%
Preferred Stock 0.0 Adjusted BETA 0.827
Minority Interest (0.1) Analyst Recs 0
Cash and Equivalents 3.70 Consensus Rating -
Enterprise Value 490.58
Average Volume 5 Day 13'938'860
BJKAS TI EQUITY YTD Change - Average Volume 30 Day 3'823'915
BJKAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 4'070'610
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 08/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4
94.7 85.2 131.5 145.7 153.5 116.2 176.5 - - - -
1.38x 4.32x 1.58x 3.34x - 16.56x 6.19x - - - -
21.8 9.0 1.3 (38.1) - (69.6) 24.7 - - - -
5.99x 40.67x 155.11x - - 0.00x 0.00x - - - -
(1.3) (29.4) (48.4) (120.1) (150.8) (170.5) (52.9) - - - -
- - - - - 0.00x 0.00x - - - -
EBITDA -38.08 Long-Term Rating Date -
EBIT -66.58 Long-Term Rating -
Operating Margin -45.71% Long-Term Outlook -
Pretax Margin -82.39% Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. -211.11
Asset Turnover - (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin -32.2% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity -
Net Income Margin -98.3% Total Debt/Capital -
Asset Turnover -
Current Ratio 0.29 Net Fixed Asset Turnover -
Quick Ratio 0.09 Accounts receivable turnover-days -
Debt to Assets 86.80% Inventory Days -
Tot Debt to Common Equity - Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -45.06
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Besiktas Futbol Yatirimlari Sanayi ve Ticaret ASPrice/Volume
Valuation Analysis
5'847'057.00
Current Price (3/dd/yy) Market Data
'
-
-
.
.
0
0
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
'2!'3!.''6 '2!-.!.''6 '2!'3!.'-' '2!-.!.'-' '2!'3!.'-- '2!-.!.'-- '2!'3!.'-. '2!-.!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BESIKTAS JIMNASTIK K n/a Research 27'999'575 11.67 - 13.11.2008 n/a
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 75'244 0.03 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
BIM Birlesik Magazalar A.S. operates food and basic consumer goods discount
stores in Turkey. The Company provides an assortment of private label products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.01.2013) 93.50
52-Week Low (10.04.2012) 64.75
Daily Volume
87.75
52-Week High % Change -6.15% Dividend Yield -
52-Week Low % Change 35.52% Beta 0.54
% 52 Week Price Range High/Low 82.61% Equity Float -
Shares Out 31.12.2012 151.8 Short Int -
13'320.45 1 Yr Total Return 31.29%
Total Debt 10.45 YTD Return 0.57%
Preferred Stock 0.0 Adjusted BETA 0.540
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 388.22 Consensus Rating 2.767
Enterprise Value 12'942.68
Average Volume 5 Day 276'580
BIMAS TI EQUITY YTD Change - Average Volume 30 Day 303'860
BIMAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 260'948
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'242.4 5'323.4 6'574.0 8'189.1 9'906.4 8'189.1 9'906.4 11'862.2 14'037.0 3'166.0 2'814.0
0.57x 0.96x 1.17x 0.93x 1.30x 3.73x 4.54x 1.08x 0.90x - -
189.2 314.2 356.4 424.4 491.2 424.4 491.2 597.1 714.0 128.0 114.0
12.75x 16.26x 21.66x 17.92x 26.19x 17.92x 26.19x 21.68x 18.13x 27.31x -
114.2 212.9 245.6 298.9 331.3 298.9 331.3 402.8 486.6 107.0 95.0
21.44x 24.77x 32.44x 26.66x 39.98x 26.66x 39.98x 32.68x 27.28x 33.62x -
EBITDA 491.20 Long-Term Rating Date -
EBIT 397.65 Long-Term Rating -
Operating Margin 4.01% Long-Term Outlook -
Pretax Margin 4.23% Short-Term Rating Date -
Return on Assets 17.14% Short-Term Rating -
Return on Common Equity 46.37%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 5.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.77
Gross Margin 15.7% Total Debt/EBITDA 0.02
EBITDA Margin 5.0%
EBIT Margin 4.0% Total Debt/Equity 1.3%
Net Income Margin 3.3% Total Debt/Capital 1.3%
Asset Turnover 5.12
Current Ratio 0.98 Net Fixed Asset Turnover 13.21
Quick Ratio 0.54 Accounts receivable turnover-days 10.81
Debt to Assets 0.49% Inventory Days 19.47
Tot Debt to Common Equity 1.29% Accounts Payable Turnover Day 48.17
Accounts Receivable Turnover 33.86 Cash Conversion Cycle -17.89
Inventory Turnover 18.80
Fiscal Year Ended
BIM Birlesik Magazalar ASPrice/Volume
Valuation Analysis
278'221.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'-'.'0'1'2'3'4'5'6'
-''
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOPBAS MUSTAFA LATIF n/a Research 23'948'496 15.78 - 11.02.2013 n/a
TOPBAS AHMET AFIF n/a Research 14'571'000 9.6 - 11.02.2013 n/a
ABERDEEN n/a ULT-AGG 11'877'827 7.82 (103'422) 28.02.2013 Unclassified
EL KHEREJI ABDULRAHM n/a Research 6'831'000 4.5 - 11.02.2013 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'323'584 2.85 231'023 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'090'152 2.69 (17'580) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'464'800 2.28 (217'106) 25.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'132'155 2.06 - 31.01.2013 Investment Advisor
CIZMECI FIRDEVS n/a Research 1'749'990 1.15 - 11.02.2013 n/a
TOPBAS FATMA FITNAT n/a Research 1'518'000 1 - 11.02.2013 n/a
CARMIGNAC GESTION Multiple Portfolios MF-AGG 994'686 0.66 30'749 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 708'427 0.47 - 28.02.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 640'145 0.42 - 31.08.2012 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 417'690 0.28 28'000 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 393'614 0.26 18'911 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 377'578 0.25 (498) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 375'440 0.25 1'556 31.01.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 352'800 0.23 - 31.12.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 301'700 0.2 40'999 28.09.2012 Mutual Fund Manager
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 276'614 0.18 (139'513) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Seker Securities BURAK DEMIRBILEK market perform 3 M 98 12 month 27.03.2013
Burgan Securities BURAK ISYAR hold 3 M 90 12 month 27.03.2013
Goldman Sachs ANTON FARLENKOV Sell/Neutral 1 M 70 12 month 20.03.2013
Marfin Analysis (ESN) NATALIA SVYROU-SVYRIADI hold 3 M 89 12 month 12.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 12.03.2013
FinansInvest CAN OZTOPRAK neutral 3 D 91 12 month 07.03.2013
Renaissance Capital METE OZBEK hold 3 M 86 12 month 07.03.2013
Oyak Securities SERHAT KAYA market perform 3 M 88 12 month 06.03.2013
IS Investment & Securities ESRA SUNER market perform 3 M 92 Not Provided 06.03.2013
Wood & Company PATRICK SHIELDS sell 1 M 75 12 month 05.03.2013
JPMorgan BORJA OLCESE neutral 3 M 84 Not Provided 01.03.2013
HSBC BULENT YURDAGUL neutral 3 M 96 Not Provided 18.02.2013
BNP Paribas Equity Research SABRIYE GOZDE CULLAS buy 5 M 93 12 month 18.02.2013
Erste Bank GORKEM GOKER hold 3 M 90 12 month 15.02.2013
Eczacibasi Securities AKIF DASIRAN outperform 5 M 111 Not Provided 22.01.2013
Ekspres Invest MELDA AGIRDAS hold 3 M 93 Not Provided 22.01.2013
Global Menkul Degerler BERTAN ILBAK sell 1 M 84 Not Provided 21.01.2013
Deutsche Bank VEDAT MIZRAHI buy 5 M 103 12 month 16.01.2013
Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 87 Not Provided 17.12.2012
VTB Capital MARIA KOLBINA sell 1 M 77 12 month 03.12.2012
Credit Suisse ONUR MUMINOGLU neutral 3 M 77 Not Provided 21.11.2012
BGC Partners BERNA KURBAY hold 3 M 94 12 month 14.11.2012
Natixis ANTOINE PARISON reduce 2 M 69 Not Provided 14.11.2012
Yatirim Finansman Securities DUYGU KALFAOGLU Under Review #N/A N/A M #N/A N/A Not Provided 13.11.2012
Barclays HANZADE KILICKIRAN overweight 5 N 95 Not Provided 30.10.2012
ATA Invest EMRAH OZKOC market perform 3 M #N/A N/A Not Provided 11.05.2012
Tera Stock Brokers KENAN TURAN sell 1 M 56 Not Provided 08.05.2012
Holdings By:
BIM Birlesik Magazalar AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Bizim Toptan Satis Magazalari AS operates a chain of wholesales stores
throughout Turkey. The Stores offer a wide range of products including food and
beverage products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.01.2013) 30.40
52-Week Low (04.10.2012) 22.45
Daily Volume
30
52-Week High % Change -1.32% Dividend Yield -
52-Week Low % Change 33.63% Beta 0.95
% 52 Week Price Range High/Low 89.94% Equity Float -
Shares Out 31.12.2012 40.0 Short Int -
1'200.00 1 Yr Total Return 28.98%
Total Debt 0.00 YTD Return 7.91%
Preferred Stock 0.0 Adjusted BETA 0.954
Minority Interest 0.0 Analyst Recs 20
Cash and Equivalents 19.25 Consensus Rating 4.000
Enterprise Value 1'180.75
Average Volume 5 Day 97'900
BIZIM TI EQUITY YTD Change - Average Volume 30 Day 94'776
BIZIM TI EQUITY YTD % CHANGE - Average Volume 3 Month 144'276
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'264.3 1'237.1 1'451.8 1'733.0 1'973.9 1'733.0 1'973.9 2'297.8 2'633.1 - -
- - - 0.42x 0.55x 2.21x 2.00x 0.51x 0.44x - -
33.5 42.5 54.6 62.6 68.9 62.6 68.9 86.0 100.4 - -
- - - 11.68x 15.85x 11.68x 15.85x 13.73x 11.76x - -
3.8 18.9 28.3 29.9 26.1 29.9 26.1 39.6 46.7 - -
- - - 25.18x 42.61x 25.18x 42.61x 30.58x 25.77x - -
EBITDA 68.93 Long-Term Rating Date -
EBIT 58.53 Long-Term Rating -
Operating Margin 2.97% Long-Term Outlook -
Pretax Margin 1.65% Short-Term Rating Date -
Return on Assets 7.59% Short-Term Rating -
Return on Common Equity 23.70%
Return on Capital - EBITDA/Interest Exp. 6.79
Asset Turnover 5.74% (EBITDA-Capex)/Interest Exp. 3.91
Net Debt/EBITDA -0.28
Gross Margin 8.7% Total Debt/EBITDA 0.00
EBITDA Margin 3.5%
EBIT Margin 3.0% Total Debt/Equity 0.0%
Net Income Margin 1.3% Total Debt/Capital 0.0%
Asset Turnover 5.74
Current Ratio 1.04 Net Fixed Asset Turnover 31.65
Quick Ratio 0.25 Accounts receivable turnover-days 10.67
Debt to Assets 0.00% Inventory Days 32.36
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 41.54
Accounts Receivable Turnover 34.29 Cash Conversion Cycle 1.49
Inventory Turnover 11.31
Fiscal Year Ended
Bizim Toptan Satis Magazalari ASPrice/Volume
Valuation Analysis
96'420.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
2
-'
-2
.'
.2
0'
02
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
YILDIZ HOLDING A.S. n/a EXCH 19'977'410 49.94 - 06.01.2012 Holding Company
CAPITAL GROUP COMPAN n/a ULT-AGG 2'913'474 7.28 1'193'000 31.12.2012 Investment Advisor
NORGES BANK n/a Research 2'004'000 5.01 - 10.01.2012 Government
STANDARD BANK PLC n/a EXCH 2'000'000 5 - 06.01.2012 Bank
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 1'058'937 2.65 455'015 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 654'189 1.64 (26'000) 31.01.2013 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 571'804 1.43 571'804 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 411'835 1.03 - 31.12.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 400'000 1 50'000 31.01.2013 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 339'161 0.85 - 31.05.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 175'000 0.44 - 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 167'317 0.42 763 25.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 165'578 0.41 8'348 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 133'447 0.33 - 31.07.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 124'735 0.31 83'069 31.12.2012 Investment Advisor
PIONEER INVESTMENT M Multiple Portfolios MF-AGG 110'380 0.28 110'380 31.01.2013 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 109'634 0.27 3'224 31.01.2013 Investment Advisor
HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 88'664 0.22 - 31.12.2012 Mutual Fund Manager
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 85'827 0.21 85'827 31.10.2012 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 85'385 0.21 36'601 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 13.03.2013
BGC Partners BERNA KURBAY buy 5 M 35 12 month 12.03.2013
Renaissance Capital METE OZBEK buy 5 M 35 12 month 08.03.2013
FinansInvest CAN OZTOPRAK outperform 5 M 34 12 month 07.03.2013
Oyak Securities SERHAT KAYA outperform 5 M 33 12 month 07.03.2013
Burgan Securities BURAK ISYAR buy 5 M 32 12 month 07.03.2013
Wood & Company ERIK HEGEDUS hold 3 D 29 12 month 27.02.2013
JPMorgan JAIME VAZQUEZ neutral 3 N 27 12 month 18.02.2013
BNP Paribas Equity Research SABRIYE GOZDE CULLAS hold 3 M 28 12 month 18.02.2013
Erste Bank GORKEM GOKER hold 3 D 30 12 month 15.02.2013
Eczacibasi Securities AKIF DASIRAN outperform 5 M 37 Not Provided 22.01.2013
Ekspres Invest MELDA AGIRDAS hold 3 M 34 Not Provided 22.01.2013
Deutsche Bank VEDAT MIZRAHI buy 5 M 34 12 month 16.01.2013
HSBC BULENT YURDAGUL overweight 5 M 34 Not Provided 16.01.2013
IS Investment & Securities ESRA SUNER outperform 5 M 38 Not Provided 17.12.2012
Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 29 Not Provided 17.12.2012
Tera Stock Brokers KENAN TURAN neutral 3 M 29 Not Provided 01.10.2012
Global Menkul Degerler TEAM COVERAGE market perform 3 N 24 Not Provided 21.03.2012
Yatirim Finansman Securities DUYGU KALFAOGLU outperform 5 M 30 12 month 27.02.2012
ATA Invest EMRAH OZKOC market outperform 4 M 32 Not Provided 13.01.2012
Holdings By:
Bizim Toptan Satis Magazalari AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Borusan Mannesmann Boru Sanayi ve Ticaret A.S. manufactures grooved and
galvanized steel and plastic and steel pipes. The Company produces
longitudinally welded steel pipe under the brand name Kartal and polypropylene
plastic pipe. Borusan's products are used in construction and for industrial
applications.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.02.2013) 37.40
52-Week Low (27.11.2012) 23.40
Daily Volume
35.4
52-Week High % Change -5.61% Dividend Yield -
52-Week Low % Change 51.28% Beta 0.95
% 52 Week Price Range High/Low 90.00% Equity Float -
Shares Out 30.06.2012 28.4 Short Int -
1'003.59 1 Yr Total Return 44.12%
Total Debt 155.44 YTD Return 28.73%
Preferred Stock 0.0 Adjusted BETA 0.945
Minority Interest 0.5 Analyst Recs 1
Cash and Equivalents 38.12 Consensus Rating 1.000
Enterprise Value 1'214.80
Average Volume 5 Day 144'902
BRSAN TI EQUITY YTD Change - Average Volume 30 Day 228'232
BRSAN TI EQUITY YTD % CHANGE - Average Volume 3 Month 172'921
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'159.7 776.3 981.1 1'331.3 1'426.1 1'331.3 1'426.1 - - - -
0.20x 0.51x 0.61x 0.54x - 2.23x 1.37x - - - -
(1.9) 44.6 9.3 108.4 - 108.4 56.0 - - - -
- 8.95x 64.64x 6.66x - 6.66x 0.00x - - - -
(37.7) 22.5 (13.4) 52.6 39.5 52.6 39.5 - - - -
- 15.23x - 11.30x 19.74x 11.30x 19.74x - - - -
EBITDA 108.39 Long-Term Rating Date -
EBIT 80.06 Long-Term Rating -
Operating Margin 6.01% Long-Term Outlook -
Pretax Margin 5.77% Short-Term Rating Date -
Return on Assets 3.64% Short-Term Rating -
Return on Common Equity 8.15%
Return on Capital 7.73% EBITDA/Interest Exp. 9.33
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. -5.58
Net Debt/EBITDA 2.07
Gross Margin 11.8% Total Debt/EBITDA 2.36
EBITDA Margin 7.0%
EBIT Margin 4.8% Total Debt/Equity 23.7%
Net Income Margin 2.8% Total Debt/Capital 19.1%
Asset Turnover 1.10
Current Ratio 0.87 Net Fixed Asset Turnover 2.02
Quick Ratio 0.36 Accounts receivable turnover-days 36.02
Debt to Assets 10.60% Inventory Days 65.89
Tot Debt to Common Equity 23.66% Accounts Payable Turnover Day 105.54
Accounts Receivable Turnover 10.16 Cash Conversion Cycle -9.75
Inventory Turnover 5.56
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Borusan Mannesmann Boru Sanayi ve Ticaret ASPrice/Volume
Valuation Analysis
264'751.00
Current Price (3/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
02
1'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BORUSAN MANNESMANN B n/a Research 20'831'453 73.48 - 31.12.2009 Unclassified
LUMBRO NOMINEES JERS n/a Research 1'890'000 6.67 - 31.12.2009 Other
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 229'428 0.81 - 31.07.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 176'173 0.62 - 26.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 79'354 0.28 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 37'645 0.13 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 30'659 0.11 - 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2'472 0.01 - 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'008 0.01 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Global Menkul Degerler TEAM COVERAGE market perform 3 M 15 Not Provided 22.06.2010
Holdings By:
Borusan Mannesmann Boru Sanayi ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Boyner Buyuk Magazacilik (BBM) A.S. operates department stores in Turkey.
The stores sell clothing, cosmetics, personal items and leisure products
produced by other manufacturers and under BBM's own Altimod label. The Company
also offers shopping credit card under the name of Carsi.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 6.48
52-Week Low (25.05.2012) 2.90
Daily Volume
6
52-Week High % Change -7.10% Dividend Yield -
52-Week Low % Change 106.90% Beta 1.05
% 52 Week Price Range High/Low 88.83% Equity Float -
Shares Out 31.12.2012 92.1 Short Int -
552.42 1 Yr Total Return 89.27%
Total Debt 262.90 YTD Return 39.21%
Preferred Stock 0.0 Adjusted BETA 1.052
Minority Interest 20.8 Analyst Recs 7
Cash and Equivalents 141.04 Consensus Rating 4.429
Enterprise Value 695.10
Average Volume 5 Day 350'937
BOYNR TI EQUITY YTD Change - Average Volume 30 Day 431'587
BOYNR TI EQUITY YTD % CHANGE - Average Volume 3 Month 299'359
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
456.5 482.7 552.8 660.1 935.1 660.1 935.1 1'460.2 1'639.2 - -
0.21x 0.36x 0.81x 0.38x 0.58x 2.12x 2.06x 0.54x 0.47x - -
22.9 30.7 39.5 45.0 50.6 45.0 50.6 103.6 126.2 - -
4.26x 5.63x 11.33x 5.63x 10.67x 5.63x 10.67x 6.71x 5.51x - -
0.4 7.3 17.3 23.9 6.9 23.9 6.9 29.4 40.7 - -
125.70x 17.84x 22.11x 8.99x 57.78x 8.99x 57.78x 21.82x 15.27x - -
EBITDA 50.57 Long-Term Rating Date -
EBIT 27.31 Long-Term Rating -
Operating Margin 2.92% Long-Term Outlook -
Pretax Margin 1.36% Short-Term Rating Date -
Return on Assets 1.12% Short-Term Rating -
Return on Common Equity 6.64%
Return on Capital 7.60% EBITDA/Interest Exp. 1.93
Asset Turnover 1.52% (EBITDA-Capex)/Interest Exp. 0.58
Net Debt/EBITDA 2.41
Gross Margin 37.3% Total Debt/EBITDA 5.20
EBITDA Margin 5.4%
EBIT Margin 2.9% Total Debt/Equity 245.9%
Net Income Margin 0.7% Total Debt/Capital 67.3%
Asset Turnover 1.52
Current Ratio 0.97 Net Fixed Asset Turnover 10.52
Quick Ratio 0.41 Accounts receivable turnover-days 35.39
Debt to Assets 30.63% Inventory Days 126.60
Tot Debt to Common Equity 245.89% Accounts Payable Turnover Day 156.77
Accounts Receivable Turnover 10.34 Cash Conversion Cycle 5.22
Inventory Turnover 2.89
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Boyner Buyuk MagazacilikPrice/Volume
Valuation Analysis
134'830.00
Current Price (3/dd/yy) Market Data
'
-
.
0
1
2
3
4
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FENNELLA SARI n/a Research 27'667'035 30.05 - 30.03.2012 Other
ALTINYILDIZ KONF MEN n/a Research 27'600'184 29.98 20'096'711 30.03.2012 Other
FMR LLC n/a ULT-AGG 11'969'100 13 - 31.01.2013 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'524'364 1.66 - 30.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 600'000 0.65 168'500 31.01.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 525'000 0.57 105'000 31.01.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 326'327 0.35 - 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 314'308 0.34 - 31.07.2012 Investment Advisor
CASA 4 FUNDS LUX EUR Multiple Portfolios MF-AGG 310'233 0.34 101'537 31.08.2012 Mutual Fund Manager
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 279'000 0.3 (82'000) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 188'104 0.2 86'294 31.12.2012 Investment Advisor
HOLBERG FONDSFORVALT Multiple Portfolios MF-AGG 168'748 0.18 168'748 28.02.2013 Mutual Fund Manager
QUERCUS TFI Multiple Portfolios MF-AGG 90'000 0.1 - 30.06.2012 Mutual Fund Manager
DANSKE INVEST A/S Multiple Portfolios MF-AGG 74'500 0.08 (40'000) 28.02.2013 Investment Advisor
DIGER n/a Research 66'848 0.07 - 30.03.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FinansInvest ALPER USTUNISIK neutral 3 M 5 12 month 14.03.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 13.03.2013
Oyak Securities SERHAT KAYA market perform 3 M 6 12 month 06.03.2013
IS Investment & Securities ESRA SUNER outperform 5 M 7 Not Provided 19.02.2013
BGC Partners ERDEM HAFIZOGLU buy 5 M 8 12 month 15.02.2013
Ekspres Invest MELDA AGIRDAS buy 5 M 6 Not Provided 22.01.2013
Tera Stock Brokers KENAN TURAN buy 5 M 4 Not Provided 24.04.2012
Global Menkul Degerler TEAM COVERAGE market perform 3 N 4 Not Provided 21.03.2012
ATA Invest EMRAH OZKOC market underperform 2 M 4 Not Provided 21.10.2011
Ak Investment ERKAN SAVRAN market perform 3 N 3 12 month 15.10.2010
Holdings By:
Boyner Buyuk Magazacilik ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Brisa Bridgestone Sabanci Lastik San Ve Tic AS manufactures tires. The Company
produces radial bus, truck, and fast-speed tires through joint operations with
Bridgestone Technical Center and Brisa Research and Development Center.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.06.2012) 11.39
52-Week Low (11.04.2012) 3.54
Daily Volume
5.46
52-Week High % Change -52.24% Dividend Yield -
52-Week Low % Change 54.39% Beta 0.90
% 52 Week Price Range High/Low 25.00% Equity Float -
Shares Out 31.12.2012 305.1 Short Int -
1'665.97 1 Yr Total Return 44.02%
Total Debt 557.64 YTD Return 2.63%
Preferred Stock 0.0 Adjusted BETA 0.901
Minority Interest 0.0 Analyst Recs 3
Cash and Equivalents 11.57 Consensus Rating 1.000
Enterprise Value 2'212.03
Average Volume 5 Day 787'276
BRISA TI EQUITY YTD Change - Average Volume 30 Day 1'199'770
BRISA TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'205'753
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
772.2 775.9 979.9 1'347.8 1'424.0 1'347.8 1'424.0 1'669.5 1'819.0 - -
0.59x 0.72x 1.20x 1.05x 1.52x 4.36x 6.25x - - - -
100.3 104.7 121.5 158.0 205.3 158.0 205.3 225.5 255.5 - -
4.57x 5.33x 9.71x 8.94x 10.57x 8.94x 10.57x 9.81x 8.66x - -
31.8 39.1 56.7 71.9 92.9 71.9 92.9 101.4 117.2 - -
7.96x 12.19x 18.05x 14.44x 17.48x 14.44x 0.00x 19.50x 18.20x - -
EBITDA 205.29 Long-Term Rating Date -
EBIT 138.60 Long-Term Rating -
Operating Margin 9.73% Long-Term Outlook -
Pretax Margin 8.05% Short-Term Rating Date -
Return on Assets 8.05% Short-Term Rating -
Return on Common Equity 19.31%
Return on Capital - EBITDA/Interest Exp. 3.99
Asset Turnover 1.23% (EBITDA-Capex)/Interest Exp. 0.31
Net Debt/EBITDA 2.66
Gross Margin 22.8% Total Debt/EBITDA 2.72
EBITDA Margin 14.4%
EBIT Margin 9.7% Total Debt/Equity 113.7%
Net Income Margin 6.5% Total Debt/Capital 53.2%
Asset Turnover 1.23
Current Ratio 1.01 Net Fixed Asset Turnover 3.36
Quick Ratio 0.64 Accounts receivable turnover-days 100.26
Debt to Assets 44.82% Inventory Days 91.57
Tot Debt to Common Equity 113.73% Accounts Payable Turnover Day 53.55
Accounts Receivable Turnover 3.65 Cash Conversion Cycle 138.29
Inventory Turnover 4.00
Fiscal Year Ended
Brisa Bridgestone Sabanci Sanayi ve Ticaret ASPrice/Volume
Valuation Analysis
613'245.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
.
1
3
5
-'
-.
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2'!''
-''!''
-2'!''
.''!''
.2'!''
0''!''
02'!''
1''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HACI OMER SABANCI HO n/a Research 133'111'379 43.63 - 31.12.2007 Holding Company
NIPPON LIFE INSURANC n/a ULT-AGG 1'057'390 0.35 - 23.04.2012 Insurance Company
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 725'586 0.24 - 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 142'106 0.05 - 31.07.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 21'074 0.01 - 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'330 0 - 31.12.2012 Investment Advisor
BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 68 0 - 20.07.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
IS Investment & Securities ESRA SUNER underperform 1 M 4 Not Provided 18.12.2012
Goldman Sachs ASLI TUNCER Sell/Neutral 1 M 4 12 month 10.12.2012
Holdings By:
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Celebi Hava Servisi A.S. offers ground services to domestic, foreign and
charter airlines in Turkey. The Company loads and unloads baggage and cargo and
offers traffic control, flight catering, and maintenance services.
The Company also sells jet fuel.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (07.02.2013) 22.90
52-Week Low (01.06.2012) 13.00
Daily Volume
20.9
52-Week High % Change -8.52% Dividend Yield -
52-Week Low % Change 60.77% Beta 0.84
% 52 Week Price Range High/Low 82.32% Equity Float -
Shares Out 30.06.2012 24.3 Short Int -
507.87 1 Yr Total Return 7.18%
Total Debt 336.21 YTD Return 3.47%
Preferred Stock - Adjusted BETA 0.838
Minority Interest 11.1 Analyst Recs 8
Cash and Equivalents 99.41 Consensus Rating 3.875
Enterprise Value 777.43
Average Volume 5 Day 53'170
CLEBI TI EQUITY YTD Change - Average Volume 30 Day 90'223
CLEBI TI EQUITY YTD % CHANGE - Average Volume 3 Month 175'996
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
276.3 302.0 311.1 347.0 472.8 427.5 537.7 533.5 582.6 132.5 133.0
1.11x 0.58x 1.48x 1.93x 1.50x 6.76x 3.88x 1.49x 1.28x - -
75.4 82.6 98.3 87.6 78.8 98.2 27.1 92.1 112.1 10.0 -
4.08x 2.12x 4.68x 7.66x 9.01x 6.53x 0.00x 8.44x 6.93x - -
26.1 35.0 27.8 26.6 7.6 23.3 18.6 36.1 43.6 (1.0) -
10.28x 4.51x 14.96x 21.45x 60.56x 19.79x 26.02x 13.55x 9.81x - -
EBITDA 78.78 Long-Term Rating Date -
EBIT 45.81 Long-Term Rating -
Operating Margin 9.69% Long-Term Outlook -
Pretax Margin 2.00% Short-Term Rating Date -
Return on Assets 3.67% Short-Term Rating -
Return on Common Equity 26.49%
Return on Capital 7.11% EBITDA/Interest Exp. 4.33
Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 2.68
Net Debt/EBITDA 3.36
Gross Margin 27.1% Total Debt/EBITDA 4.05
EBITDA Margin 14.8%
EBIT Margin 8.3% Total Debt/Equity 853.2%
Net Income Margin 1.6% Total Debt/Capital 86.9%
Asset Turnover 1.14
Current Ratio 1.18 Net Fixed Asset Turnover 3.32
Quick Ratio 0.77 Accounts receivable turnover-days 41.40
Debt to Assets 62.59% Inventory Days 6.03
Tot Debt to Common Equity 853.23% Accounts Payable Turnover Day 16.88
Accounts Receivable Turnover 8.84 Cash Conversion Cycle 11.67
Inventory Turnover 60.71
Fiscal Year Ended
Celebi Hava Servisi ASPrice/Volume
Valuation Analysis
64'202.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
2
-'
-2
.'
.2
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CELEBI HOLDING AS n/a Co File 13'299'390 54.73 - 30.06.2012 Holding Company
CELEBIOGLU ENGIN n/a Co File 2'432'430 10.01 - 30.06.2012 n/a
CELEBIOGLU CAN n/a Co File 1'822'500 7.5 - 30.06.2012 n/a
CELEBIOGLU TOKGOZ CA n/a Co File 1'241'730 5.11 - 30.06.2012 n/a
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 180'000 0.74 (14'500) 31.12.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 151'289 0.62 - 30.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 91'539 0.38 - 25.01.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 90'362 0.37 - 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 58'051 0.24 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 54'278 0.22 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'800 0.07 - 31.12.2012 Investment Advisor
INVESTORS TFI SA Multiple Portfolios MF-AGG - 0 (19'181) 30.06.2012 Mutual Fund Manager
ABANCNA DZU Multiple Portfolios MF-AGG - 0 (750) 30.06.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.03.2013
Erste Bank GORKEM GOKER accumulate 4 M 24 12 month 05.03.2013
BGC Partners KEREM TEZCAN buy 5 M 32 12 month 08.02.2013
Goldman Sachs ASLI TUNCER not rated #N/A N/A M #N/A N/A Not Provided 07.02.2013
Ekspres Invest SELIM KUNTER buy 5 M 28 Not Provided 22.01.2013
Global Menkul Degerler HASAN BAYHAN market perform 3 M 24 Not Provided 07.01.2013
Oyak Securities ALPER OZDEMIR outperform 5 M 26 12 month 21.12.2012
IS Investment & Securities BASAK ENGIN DINCKOC outperform 5 M 30 Not Provided 18.12.2012
FinansInvest TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 27.11.2012
Tera Stock Brokers KENAN TURAN neutral 3 M 20 Not Provided 14.08.2012
Yatirim Finansman Securities ZUMRUT CAN Under Review #N/A N/A M #N/A N/A Not Provided 06.06.2012
Garanti Yatirim Menkul Kiymetler BAHAR DENIZ EGEMEN market perform 3 M 20 Not Provided 17.02.2012
ATA Invest ISMAIL OZER Under Review #N/A N/A M #N/A N/A Not Provided 06.01.2012
Holdings By:
Celebi Hava Servisi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Cemas Dokum Sanayi AS operates a foundry and machine shop. The Company
produces castings and machined parts for automobiles, appliances, mining
machinery, the cement industry, kilns, and coolers.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.04.2012) 1.84
52-Week Low (01.03.2013) 1.07
Daily Volume
1.1
52-Week High % Change -40.22% Dividend Yield -
52-Week Low % Change 2.80% Beta 1.10
% 52 Week Price Range High/Low 3.90% Equity Float -
Shares Out 30.09.2012 237.0 Short Int -
260.70 1 Yr Total Return -36.42%
Total Debt 6.80 YTD Return -5.98%
Preferred Stock 0.0 Adjusted BETA 1.105
Minority Interest 0.6 Analyst Recs 0
Cash and Equivalents 46.93 Consensus Rating -
Enterprise Value 228.63
Average Volume 5 Day 738'287
CEMAS TI EQUITY YTD Change - Average Volume 30 Day 1'466'893
CEMAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'031'781
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
24.9 31.3 25.8 35.0 76.4 71.3 71.3 - - - -
- - - - 0.67x 4.79x 2.66x - - - -
0.1 1.5 0.5 - 6.5 5.2 0.0 - - - -
- - - - 7.83x 0.00x 0.00x - - - -
0.5 0.6 0.3 (1.1) 1.9 4.9 16.1 - - - -
- - - - 48.44x 0.00x 5.52x - - - -
EBITDA 6.55 Long-Term Rating Date -
EBIT 4.83 Long-Term Rating -
Operating Margin 6.32% Long-Term Outlook -
Pretax Margin 2.91% Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 10.91
Asset Turnover - (EBITDA-Capex)/Interest Exp. -21.88
Net Debt/EBITDA -
Gross Margin 15.0% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 7.9%
Net Income Margin 2.5% Total Debt/Capital 7.2%
Asset Turnover -
Current Ratio 1.14 Net Fixed Asset Turnover -
Quick Ratio 0.77 Accounts receivable turnover-days -
Debt to Assets 3.90% Inventory Days -
Tot Debt to Common Equity 7.87% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cemas Dokum Sanayi ASPrice/Volume
Valuation Analysis
1'338'668.00
Current Price (3/dd/yy) Market Data
'''-----...
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
#N/A N/A
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Cemas Dokum Sanayi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Coca-Cola Icecek AS bottles and distributes carbonated soft drinks and
noncarbonated beverages.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 52.75
52-Week Low (29.03.2012) 21.95
Daily Volume
51.25
52-Week High % Change -2.37% Dividend Yield -
52-Week Low % Change 133.49% Beta 0.76
% 52 Week Price Range High/Low 100.00% Equity Float -
Shares Out 31.12.2012 254.4 Short Int -
13'036.50 1 Yr Total Return 128.41%
Total Debt 1'676.93 YTD Return 38.51%
Preferred Stock 0.0 Adjusted BETA 0.758
Minority Interest 24.7 Analyst Recs 27
Cash and Equivalents 607.66 Consensus Rating 3.630
Enterprise Value 14'130.46
Average Volume 5 Day 157'334
CCOLA TI EQUITY YTD Change - Average Volume 30 Day 164'960
CCOLA TI EQUITY YTD % CHANGE - Average Volume 3 Month 143'750
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'258.1 2'407.5 2'753.2 3'408.6 4'132.4 3'408.6 4'132.4 4'877.8 5'666.7 820.5 1'481.5
1.06x 1.88x 2.13x 2.02x 2.54x 8.06x 8.58x 2.90x 2.48x 17.57x 9.85x
360.3 339.5 428.7 477.6 671.3 477.6 671.3 825.2 981.6 91.7 292.0
6.66x 13.36x 13.65x 14.40x 15.65x 14.40x 15.65x 17.20x 14.46x 17.61x 17.20x
81.4 169.6 197.7 140.3 380.1 140.3 380.1 440.1 543.8 20.6 178.0
19.85x 22.50x 26.25x 40.98x 24.76x 40.98x 24.76x 29.58x 24.29x 31.08x 32.89x
EBITDA 671.29 Long-Term Rating Date -
EBIT 475.35 Long-Term Rating -
Operating Margin 11.50% Long-Term Outlook -
Pretax Margin 11.68% Short-Term Rating Date -
Return on Assets 9.44% Short-Term Rating -
Return on Common Equity 21.48%
Return on Capital 12.41% EBITDA/Interest Exp. 12.50
Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 5.67
Net Debt/EBITDA 1.59
Gross Margin 38.4% Total Debt/EBITDA 2.50
EBITDA Margin 16.2%
EBIT Margin 11.5% Total Debt/Equity 88.8%
Net Income Margin 9.2% Total Debt/Capital 46.7%
Asset Turnover 1.03
Current Ratio 2.25 Net Fixed Asset Turnover 2.29
Quick Ratio 1.31 Accounts receivable turnover-days 24.89
Debt to Assets 39.31% Inventory Days 44.43
Tot Debt to Common Equity 88.75% Accounts Payable Turnover Day 26.42
Accounts Receivable Turnover 14.70 Cash Conversion Cycle 42.91
Inventory Turnover 8.24
Fiscal Year Ended
Coca-Cola Icecek ASPrice/Volume
Valuation Analysis
220'665.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-'
.'
0'
1'
2'
3'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
4'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ANADOLU EFES BIRACIL n/a Co File 102'053'566 40.12 - 30.06.2012 Holding Company
COCA COLA EXPORT COR n/a Co File 51'103'094 20.09 - 30.06.2012 Corporation
EFES PAZARLAMA VE DA n/a Co File 25'793'200 10.14 - 30.06.2012 Corporation
OZGORKEY HOLDING AS n/a Co File 10'225'706 4.02 - 30.06.2012 Holding Company
FMR LLC n/a ULT-AGG 10'029'030 3.94 2'456'037 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'522'847 2.96 (76'259) 31.12.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 4'530'000 1.78 - 30.06.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'623'149 0.64 5'877 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'413'530 0.56 63'870 25.03.2013 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 574'664 0.23 194'965 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 338'636 0.13 - 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 250'502 0.1 (54'832) 31.12.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 226'000 0.09 (2'000) 28.09.2012 Mutual Fund Manager
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 218'630 0.09 (55'457) 31.01.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 185'395 0.07 - 31.01.2013 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 177'821 0.07 (45'141) 30.11.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 171'926 0.07 68'900 28.09.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 141'192 0.06 (1'680) 31.01.2013 Mutual Fund Manager
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 131'100 0.05 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 130'892 0.05 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Seker Securities BURAK DEMIRBILEK outperform 5 M 52 12 month 27.03.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 22.03.2013
Barclays GABRIELA MALCZYNSKA overweight 5 M 52 Not Provided 20.03.2013
Nomura EDWARD MUNDY buy 5 M 50 Not Provided 19.03.2013
FinansInvest SABRIYE GOZDE CULLAS neutral 3 M 45 12 month 18.03.2013
Oyak Securities ALPER OZDEMIR outperform 5 M 48 12 month 18.03.2013
BNP Paribas Equity Research KENAN COSGUNER buy 5 M 48 12 month 18.03.2013
Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 45 Not Provided 18.03.2013
Burgan Securities BURAK ISYAR hold 3 M 43 12 month 18.03.2013
Ak Investment OMER OMERBAS market perform 3 M 43 12 month 29.01.2013
IS Investment & Securities ESRA SUNER underperform 1 D 42 Not Provided 25.01.2013
HSBC BULENT YURDAGUL neutral 3 M 47 Not Provided 24.01.2013
Eczacibasi Securities GOKAY BOBEK outperform 5 M 48 Not Provided 22.01.2013
Ekspres Invest MELDA AGIRDAS buy 5 M 51 Not Provided 22.01.2013
Deutsche Bank VEDAT MIZRAHI hold 3 M 42 12 month 16.01.2013
JPMorgan KOMAL DHILLON overweight 5 M 45 9 month 16.01.2013
BGC Partners EZGI YILMAZ buy 5 M 47 12 month 16.01.2013
Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 U 50 12 month 10.12.2012
VTB Capital IVAN KUSHCH hold 3 M 38 12 month 03.12.2012
Credit Suisse ONUR MUMINOGLU neutral 3 M 37 Not Provided 22.11.2012
Yatirim Finansman Securities ZUMRUT CAN market perform 3 M 27 12 month 28.08.2012
ATA Invest EMRAH OZKOC market outperform 4 M 29 Not Provided 20.07.2012
Renaissance Capital METE OZBEK hold 3 M 25 12 month 13.07.2012
Global Menkul Degerler TEAM COVERAGE market perform 3 N 26 Not Provided 21.03.2012
Holdings By:
Coca-Cola Icecek AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Dogan Sirketler Grubu Holding A.S. is a diversified holding company. The
Company operates insurance, publishing, tourism, finance, marketing,
broadcasting, energy, and industry. Dogan Sirketler Grubu markets automobiles,
consumer goods and mobile telephones, manufactures automotive spare parts, and
operates the Kanal D television station.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (28.01.2013) 1.17
52-Week Low (24.05.2012) 0.64
Daily Volume
1.06
52-Week High % Change -8.55% Dividend Yield -
52-Week Low % Change 65.62% Beta 1.03
% 52 Week Price Range High/Low 81.13% Equity Float -
Shares Out 30.06.2012 2'450.0 Short Int -
2'597.00 1 Yr Total Return 37.66%
Total Debt 2'558.08 YTD Return 15.22%
Preferred Stock 0.0 Adjusted BETA 1.035
Minority Interest 812.0 Analyst Recs 10
Cash and Equivalents 3'659.96 Consensus Rating 4.600
Enterprise Value 3'614.78
Average Volume 5 Day 13'651'590
DOHOL TI EQUITY YTD Change - Average Volume 30 Day 18'488'090
DOHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 35'362'180
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
10'309.6 12'504.5 10'316.5 2'850.5 2'867.3 2'232.8 2'931.7 3'148.8 3'477.4 808.0 -
0.38x 0.17x 0.37x 0.68x 0.35x 3.21x 2.18x 1.12x 0.97x - -
554.0 681.9 456.3 165.4 258.8 (31.3) 380.0 322.3 441.6 111.0 -
7.01x 3.03x 8.43x 11.78x 3.90x 0.00x 0.00x 11.22x 8.19x - -
395.2 70.6 (114.1) 656.2 (757.1) (34.2) 64.1 143.3 109.9 51.0 -
8.43x 21.88x - - - 0.00x 0.00x 19.27x 22.08x - -
EBITDA 258.79 Long-Term Rating Date -
EBIT 25.18 Long-Term Rating -
Operating Margin 0.88% Long-Term Outlook -
Pretax Margin -29.81% Short-Term Rating Date -
Return on Assets 0.08% Short-Term Rating -
Return on Common Equity 0.22%
Return on Capital -0.29% EBITDA/Interest Exp. 2.15
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. -2.89
Net Debt/EBITDA 0.51
Gross Margin 28.1% Total Debt/EBITDA 9.15
EBITDA Margin 10.0%
EBIT Margin 1.5% Total Debt/Equity 84.2%
Net Income Margin -26.4% Total Debt/Capital 39.9%
Asset Turnover 0.34
Current Ratio 2.46 Net Fixed Asset Turnover 2.20
Quick Ratio 2.14 Accounts receivable turnover-days 108.46
Debt to Assets 29.58% Inventory Days 42.16
Tot Debt to Common Equity 84.17% Accounts Payable Turnover Day 74.83
Accounts Receivable Turnover 3.37 Cash Conversion Cycle 54.36
Inventory Turnover 8.68
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Dogan Sirketler Grubu Holding ASPrice/Volume
Valuation Analysis
4'726'876.00
Current Price (3/dd/yy) Market Data
'
'
'
-
-
-
-
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9.'!' 91'!' 93'!' 95'!' 9-''!' 9-.'!' 9-1'!' 9-3'!' 9-5'!' 9.''!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ADILBEY HOLDING AS n/a Research 1'274'000'000 52 - 26.12.2008 Private Equity
DOGAN AYDIN n/a Research 188'907'064 7.71 - 26.12.2008 n/a
DOGAN ISIL n/a Research 40'291'777 1.64 - 26.12.2008 n/a
DOGAN BOYNER HANZADE n/a Research 25'503'045 1.04 - 26.12.2008 n/a
SABANCI VUSLAT DOGAN n/a Research 25'503'045 1.04 - 26.12.2008 n/a
YALCINDAG ARZUHAN DO n/a Research 25'503'045 1.04 - 26.12.2008 n/a
FARALYALI YASAR BEGU n/a Research 25'503'045 1.04 - 26.12.2008 n/a
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 25'357'752 1.04 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'162'469 0.33 419'597 25.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 7'500'000 0.31 1'000'000 31.01.2013 Mutual Fund Manager
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 6'358'100 0.26 (2'754'500) 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 4'890'061 0.2 - 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'322'657 0.18 72'356 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3'500'000 0.14 (1'000'000) 30.06.2012 Investment Advisor
OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'268'000 0.13 - 30.11.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'721'694 0.11 - 31.12.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 2'460'000 0.1 (800'000) 03.09.2012 Mutual Fund Manager
STATE STREET n/a ULT-AGG 2'328'452 0.1 - 26.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 1'757'804 0.07 - 30.06.2011 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 1'275'525 0.05 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Global Menkul Degerler BERTAN ILBAK buy 5 M 1 Not Provided 19.03.2013
Sardis Securities HAYDAR ACUN strong buy 5 M #N/A N/A Not Provided 15.03.2013
BNP Paribas Equity Research KENAN COSGUNER buy 5 M 1 12 month 12.03.2013
HSBC BULENT YURDAGUL overweight 5 U 1 Not Provided 28.02.2013
Seker Securities BURAK DEMIRBILEK not rated #N/A N/A M #N/A N/A Not Provided 28.02.2013
Ekspres Invest SINAN GOKSEN buy 5 M 1 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
BGC Partners BARIS INCE buy 5 M 1 12 month 02.01.2013
Oyak Securities HASAN SENER outperform 5 M 1 12 month 21.12.2012
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 1 Not Provided 17.12.2012
Goldman Sachs MATIJA GERGOLET neutral/neutral 3 M 1 12 month 10.12.2012
FinansInvest TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 05.07.2012
Burgan Securities BURAK ISYAR not rated #N/A N/A M #N/A N/A Not Provided 02.04.2012
ATA Invest ONDER ZORBA market perform 3 M 1 Not Provided 09.03.2012
IS Investment & Securities NUR ATASOY not rated #N/A N/A M #N/A N/A Not Provided 09.09.2009
Holdings By:
Dogan Sirketler Grubu Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Dogan Yayin Holding A.S., through subsidiaries, operates media businesses. The
Company publishes newspapers, magazines, and books, broadcasts television
programming, sells advertising, offers offset printing services, and operates
distribution and marketing businesses.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (24.01.2013) 0.99
52-Week Low (24.05.2012) 0.59
Daily Volume
0.81
52-Week High % Change -19.19% Dividend Yield -
52-Week Low % Change 37.29% Beta 1.16
% 52 Week Price Range High/Low 55.00% Equity Float -
Shares Out 30.09.2012 2'000.0 Short Int -
1'620.00 1 Yr Total Return 6.58%
Total Debt 1'915.09 YTD Return 3.85%
Preferred Stock 0.0 Adjusted BETA 1.157
Minority Interest 421.3 Analyst Recs 10
Cash and Equivalents 1'164.56 Consensus Rating 3.400
Enterprise Value 3'449.51
Average Volume 5 Day 6'890'197
DYHOL TI EQUITY YTD Change - Average Volume 30 Day 14'344'980
DYHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 25'227'870
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'641.7 2'879.9 2'435.2 2'620.2 2'613.8 2'738.6 2'428.9 2'528.8 2'743.4 630.5 669.0
1.55x 0.79x 1.21x 1.46x 0.83x 5.03x 4.48x 1.25x 1.06x - -
270.0 174.2 59.9 229.2 301.4 232.8 348.7 347.3 393.2 89.0 -
15.12x 13.08x 49.27x 16.70x 7.21x 11.63x 8.75x 9.93x 8.77x - -
616.8 (323.9) (343.0) (236.6) (1'195.7) (1'416.3) 220.8 165.4 93.4 36.0 -
4.77x - - - - 0.00x 5.53x 9.00x 17.23x - -
EBITDA 301.36 Long-Term Rating Date -
EBIT 94.51 Long-Term Rating -
Operating Margin 3.62% Long-Term Outlook -
Pretax Margin -49.69% Short-Term Rating Date -
Return on Assets 5.16% Short-Term Rating -
Return on Common Equity 29.77%
Return on Capital 10.52% EBITDA/Interest Exp. 1.97
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 0.42
Net Debt/EBITDA 3.90
Gross Margin 30.7% Total Debt/EBITDA 5.46
EBITDA Margin 14.4%
EBIT Margin 6.7% Total Debt/Equity 299.0%
Net Income Margin -45.7% Total Debt/Capital 64.3%
Asset Turnover 0.57
Current Ratio 1.23 Net Fixed Asset Turnover 4.19
Quick Ratio 0.98 Accounts receivable turnover-days 100.04
Debt to Assets 40.95% Inventory Days 30.43
Tot Debt to Common Equity 299.02% Accounts Payable Turnover Day 72.83
Accounts Receivable Turnover 3.66 Cash Conversion Cycle 45.24
Inventory Turnover 12.03
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Dogan Yayin Holding ASPrice/Volume
Valuation Analysis
10'823'531.00
Current Price (3/dd/yy) Market Data
'
'
'
-
-
-
-
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.'!' 9
1'!' 9
3'!' 9
5'!' 9
-''!' 9
-.'!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
-1'!''
-3'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DOGAN SIRKETLER GRUB n/a Research 1'511'828'812 75.59 - 13.12.2011 Holding Company
DOGAN AILESI n/a Research 46'182'947 2.31 - 13.12.2011 n/a
BLACKROCK n/a ULT-AGG 5'814'345 0.29 783'264 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'278'904 0.26 - 31.07.2012 Investment Advisor
STATE STREET n/a ULT-AGG 2'675'986 0.13 - 26.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'550'874 0.13 - 31.12.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'250'000 0.11 1'250'000 31.01.2013 Mutual Fund Manager
IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 2'250'000 0.11 - 31.12.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 1'838'010 0.09 1'838'010 30.11.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'086'804 0.05 - 31.01.2013 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 760'000 0.04 - 03.09.2012 Mutual Fund Manager
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 422'311 0.02 - 31.01.2013 Investment Advisor
NOMURA INTERNATIONAL Multiple Portfolios MF-AGG 298'982 0.01 - 31.03.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 165'376 0.01 5'376 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 96'417 0 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 79'095 0 - 31.12.2012 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 8'662 0 - 28.02.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 5'064 0 - 31.10.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'656 0 - 31.01.2013 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1 0 - 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Global Menkul Degerler BERTAN ILBAK market perform 3 M 1 Not Provided 19.03.2013
BNP Paribas Equity Research KENAN COSGUNER hold 3 M 1 12 month 12.03.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 12.03.2013
HSBC BULENT YURDAGUL neutral 3 M 1 Not Provided 27.02.2013
Ekspres Invest SINAN GOKSEN hold 3 M 1 Not Provided 22.01.2013
BGC Partners BARIS INCE hold 3 M 1 12 month 24.12.2012
Oyak Securities HASAN SENER market perform 3 M 1 Not Provided 20.12.2012
Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE market perform 3 M 1 Not Provided 17.12.2012
Goldman Sachs ASLI TUNCER neutral/neutral 3 M 1 12 month 10.12.2012
ATA Invest ONDER ZORBA Under Review #N/A N/A M #N/A N/A Not Provided 20.07.2012
FinansInvest TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 04.06.2012
Burgan Securities BURAK ISYAR not rated #N/A N/A M #N/A N/A Not Provided 13.01.2012
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 17.10.2011
Sardis Securities HAYDAR ACUN hold 3 D #N/A N/A Not Provided 12.10.2010
Holdings By:
Dogan Yayin Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Dogus Otomotiv Servis ve Ticaret AS (Dogus Otomotiv) imports and distributes
passenger cars, and light and heavy utility vehicles and provides retail sales
and after-sales services. The Group is the exclusive distributor of Volkswagen,
Skoda, Audi, Porsche and Seat passenger cars and light trucks, and Scania heavy
commercial vehicles. Dogus Otomotiv also provides insurance and financing.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 11.20
52-Week Low (24.04.2012) 4.04
Daily Volume
11.1
52-Week High % Change -0.89% Dividend Yield -
52-Week Low % Change 174.75% Beta 1.15
% 52 Week Price Range High/Low 94.41% Equity Float -
Shares Out 31.12.2012 220.0 Short Int -
2'442.00 1 Yr Total Return 140.45%
Total Debt 591.76 YTD Return 29.37%
Preferred Stock 0.0 Adjusted BETA 1.151
Minority Interest 2.6 Analyst Recs 18
Cash and Equivalents 37.23 Consensus Rating 4.111
Enterprise Value 2'999.16
Average Volume 5 Day 357'776
DOAS TI EQUITY YTD Change - Average Volume 30 Day 491'575
DOAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 423'519
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'144.1 2'129.5 3'428.3 4'808.3 5'132.3 4'808.3 5'132.3 5'294.8 5'630.7 - -
0.20x 0.44x 0.52x 0.25x 0.48x 1.19x 1.51x 0.56x 0.52x - -
37.2 89.7 226.4 272.8 325.0 272.8 325.0 313.1 329.8 - -
11.58x 10.42x 7.86x 4.38x 7.52x 4.38x 7.52x 9.58x 9.09x - -
(109.7) 30.5 149.3 141.8 255.9 141.8 255.9 237.7 241.1 - -
- 17.44x 9.76x 4.58x 7.38x 4.58x 7.38x 10.40x 10.30x - -
EBITDA 325.01 Long-Term Rating Date -
EBIT 300.82 Long-Term Rating -
Operating Margin 5.86% Long-Term Outlook -
Pretax Margin 5.99% Short-Term Rating Date -
Return on Assets 12.40% Short-Term Rating -
Return on Common Equity 24.91%
Return on Capital 18.43% EBITDA/Interest Exp. 6.41
Asset Turnover 2.49% (EBITDA-Capex)/Interest Exp. 4.48
Net Debt/EBITDA 1.71
Gross Margin 13.9% Total Debt/EBITDA 1.82
EBITDA Margin 6.3%
EBIT Margin 5.9% Total Debt/Equity 50.0%
Net Income Margin 5.0% Total Debt/Capital 33.3%
Asset Turnover 2.49
Current Ratio 1.11 Net Fixed Asset Turnover 12.69
Quick Ratio 0.51 Accounts receivable turnover-days 27.89
Debt to Assets 26.62% Inventory Days 42.78
Tot Debt to Common Equity 49.97% Accounts Payable Turnover Day 28.36
Accounts Receivable Turnover 13.12 Cash Conversion Cycle 42.32
Inventory Turnover 8.55
Fiscal Year Ended
Dogus Otomotiv Servis ve Ticaret ASPrice/Volume
Valuation Analysis
820'977.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
.
1
3
5
-'
-.
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
12!''
2'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DOGUS HOLDING AS n/a Research 77'461'218 35.21 - 31.12.2011 Holding Company
DOGUS ARASTIRMA GELI n/a Research 66'638'086 30.29 - 31.12.2011 Other
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8'581'749 3.9 - 31.05.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'430'768 1.1 (432'318) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'037'952 0.93 - 31.07.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'746'096 0.79 - 26.03.2013 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'630'396 0.74 - 30.06.2012 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 1'214'156 0.55 - 30.11.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 781'321 0.36 781'321 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 699'516 0.32 2'356 25.03.2013 Investment Advisor
AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 457'329 0.21 (32'671) 31.10.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 404'209 0.18 7'776 31.12.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 400'000 0.18 400'000 31.12.2012 Investment Advisor
US GLOBAL INVESTORS Multiple Portfolios MF-AGG 300'000 0.14 300'000 28.09.2012 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 260'000 0.12 - 30.09.2012 Investment Advisor
WOORI ASSET MANAGEME Multiple Portfolios MF-AGG 235'000 0.11 - 28.09.2012 Mutual Fund Manager
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 233'823 0.11 105'014 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 222'520 0.1 - 31.12.2012 Investment Advisor
ARTEMIS FUND MANAGER Multiple Portfolios MF-AGG 202'000 0.09 202'000 31.12.2012 Investment Advisor
GUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 200'000 0.09 200'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BGC Partners BERNA KURBAY buy 5 M 12 12 month 21.03.2013
BNP Paribas Equity Research SABRIYE GOZDE CULLAS buy 5 M 11 12 month 12.03.2013
Global Menkul Degerler ILKNUR UNSAL market perform 3 M 11 Not Provided 11.03.2013
IS Investment & Securities ESRA SUNER market perform 3 M 11 Not Provided 11.03.2013
FinansInvest CAN OZTOPRAK Under Review #N/A N/A M #N/A N/A Not Provided 08.03.2013
Oyak Securities SERHAT KAYA outperform 5 M 11 12 month 08.03.2013
Yatirim Finansman Securities OZGUR UCUR outperform 5 M 10 12 month 08.03.2013
Seker Securities KADIR TEZELLER market perform 3 M 9 Not Provided 22.01.2013
Eczacibasi Securities AKIF DASIRAN market perform 3 M 10 Not Provided 22.01.2013
Ekspres Invest KURTHAN ATMACA buy 5 M 11 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank VEDAT MIZRAHI buy 5 U 11 12 month 09.01.2013
Renaissance Capital METE OZBEK hold 3 D 8 Not Provided 08.01.2013
Goldman Sachs ASLI TUNCER Buy/Neutral 5 U 11 12 month 10.12.2012
Erste Bank MEHMET EMIN ZUMRUT accumulate 4 D 8 12 month 23.11.2012
HSBC CENK ORCAN underweight 1 D 6 Not Provided 01.10.2012
ATA Invest ERMAN TUTUNCUOGLU market outperform 4 M 7 Not Provided 20.07.2012
Holdings By:
Dogus Otomotiv Servis ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Eczacibasi Yatirim Holding Ortakligi A.S. is an investment holding company. The
Company acquires interests in companies in the Eczacibasi group and is a major
shareholder of Eczacibasi Menkul Degerler A.S., a brokerage house. Other
companies in the Eczacibasi group produce and market pharmaceuticals, health
care products, ceramics, tiles, and bathroom fixtures.
Latest Fiscal Year: 11/2011
LTM as of: 09/yy
52-Week High (26.03.2013) 7.50
52-Week Low (29.03.2012) 5.52
Daily Volume
7.42
52-Week High % Change -1.07% Dividend Yield -
52-Week Low % Change 34.42% Beta 0.86
% 52 Week Price Range High/Low 97.98% Equity Float -
Shares Out 30.06.2012 70.0 Short Int -
519.40 1 Yr Total Return 33.09%
Total Debt 0.02 YTD Return 17.41%
Preferred Stock 0.0 Adjusted BETA 0.865
Minority Interest 26.5 Analyst Recs 2
Cash and Equivalents 160.62 Consensus Rating 4.000
Enterprise Value 383.93
Average Volume 5 Day 1'190'870
ECZYT TI EQUITY YTD Change - Average Volume 30 Day 1'310'032
ECZYT TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'110'176
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.11.2007 30.11.2008 30.11.2009 30.11.2010 30.11.2011 09/yy 09/yy 11/12 Y 11/13 Y 11/12 Q4 02/13 Q1
1'827.7 1'959.0 1'774.4 2'032.6 2'371.3 2'475.8 1'902.6 - - - -
0.08x 0.03x 0.12x 0.11x 0.07x 0.39x 0.41x - - - -
(1.8) (10.4) (24.7) (0.6) (11.8) (5.4) (11.8) - - - -
- - - - - 0.00x 0.00x - - - -
92.4 9.4 72.9 19.7 19.7 32.4 (3.8) - - - -
2.63x 16.18x 4.65x 18.15x 15.62x 10.23x 0.00x - - - -
EBITDA -11.81 Long-Term Rating Date -
EBIT -12.58 Long-Term Rating -
Operating Margin -0.53% Long-Term Outlook -
Pretax Margin 0.73% Short-Term Rating Date -
Return on Assets 1.02% Short-Term Rating -
Return on Common Equity 1.08%
Return on Capital - EBITDA/Interest Exp. -70.37
Asset Turnover 2.25% (EBITDA-Capex)/Interest Exp. -72.40
Net Debt/EBITDA -
Gross Margin 0.7% Total Debt/EBITDA -0.16
EBITDA Margin -0.6%
EBIT Margin -0.7% Total Debt/Equity 0.0%
Net Income Margin 0.8% Total Debt/Capital 0.0%
Asset Turnover 2.25
Current Ratio 19.85 Net Fixed Asset Turnover 3492.71
Quick Ratio 19.62 Accounts receivable turnover-days 2.39
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 153.01 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Eczacibasi Yatirim Holding Ortakligi ASPrice/Volume
Valuation Analysis
718'280.00
Current Price (3/dd/yy) Market Data
'
-
.
0
1
2
3
4
5
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
199119921993199419951996199719981999200020012002200320042005200620072008200920102011
'!''
2'!''
-''!''
-2'!''
.''!''
.2'!''
0''!''
02'!''
1''!''
12'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ECZACIBASI HOLDING A n/a Research 39'593'943 56.56 848 31.12.2009 Holding Company
SKAGEN AS Multiple Portfolios MF-AGG 3'586'363 5.12 - 28.02.2013 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'034'944 1.48 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 289'251 0.41 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 149'717 0.21 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 92'715 0.13 - 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 13'370 0.02 - 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 11'467 0.02 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 270 0 (67) 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
FinansInvest ALPER USTUNISIK neutral 3 M 6 12 month 30.04.2012
Holdings By:
Eczacibasi Yatirim Holding Ortakligi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Ege Endustri Ve Ticaret A.S. manufactures axles, axle parts and suspension
components in Turkey. The company sells its products in Turkey and exports to
the Eastern Europe, the United Kingdom, Finland, Egypt and Iran.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (24.04.2012) 89.00
52-Week Low (31.05.2012) 54.00
Daily Volume
64.5
52-Week High % Change -27.53% Dividend Yield -
52-Week Low % Change 19.44% Beta 0.82
% 52 Week Price Range High/Low 31.43% Equity Float -
Shares Out 30.06.2012 3.2 Short Int -
203.18 1 Yr Total Return 4.05%
Total Debt 54.35 YTD Return 4.88%
Preferred Stock 0.0 Adjusted BETA 0.824
Minority Interest 0.0 Analyst Recs 0
Cash and Equivalents 0.70 Consensus Rating -
Enterprise Value 226.71
Average Volume 5 Day 21'421
EGEEN TI EQUITY YTD Change - Average Volume 30 Day 35'479
EGEEN TI EQUITY YTD % CHANGE - Average Volume 3 Month 42'103
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
111.4 46.5 77.8 168.5 148.7 168.5 148.7 - - - -
0.36x 0.88x 1.40x 1.17x - 4.42x 4.60x - - - -
7.7 2.7 9.4 33.5 - 33.5 20.9 - - - -
5.28x 15.19x 11.57x 5.89x - 5.89x 0.00x - - - -
3.5 (0.4) 3.9 27.9 18.8 27.9 18.8 - - - -
4.85x - 21.11x 5.14x 10.29x 5.14x 10.29x - - - -
EBITDA 33.48 Long-Term Rating Date -
EBIT 30.21 Long-Term Rating -
Operating Margin 17.93% Long-Term Outlook -
Pretax Margin 17.57% Short-Term Rating Date -
Return on Assets 16.39% Short-Term Rating -
Return on Common Equity 36.41%
Return on Capital - EBITDA/Interest Exp. 13.82
Asset Turnover 1.15% (EBITDA-Capex)/Interest Exp. 8.99
Net Debt/EBITDA 0.82
Gross Margin 26.1% Total Debt/EBITDA 1.21
EBITDA Margin 17.2%
EBIT Margin 14.8% Total Debt/Equity 82.1%
Net Income Margin 12.7% Total Debt/Capital 45.1%
Asset Turnover 1.15
Current Ratio 2.05 Net Fixed Asset Turnover 6.87
Quick Ratio 1.00 Accounts receivable turnover-days 113.76
Debt to Assets 36.24% Inventory Days 106.30
Tot Debt to Common Equity 82.06% Accounts Payable Turnover Day 72.30
Accounts Receivable Turnover 3.22 Cash Conversion Cycle 144.96
Inventory Turnover 3.44
Fiscal Year Ended
EGE Endustri VE Ticaret ASPrice/Volume
Valuation Analysis
26'016.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'-'.'0'1'2'3'4'5'6'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EGE ENDUSTRI VE HOLD n/a Research 2'004'140 63.62 - 26.08.2009 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
EGE Endustri VE Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
EGE Gubre Sanayii A.S. produces fertilizers and solvents. The Company
produces and markets DAP, MAP, ammonium sulphate, and calcium ammonium nitrate
fertilizers and solvents for the construction, metals, wood products, leather,
and textiles industries. EGE Gubre sells its products domestically and abroad.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (24.04.2012) 31.03
52-Week Low (15.10.2012) 18.45
Daily Volume
21.05
52-Week High % Change -32.15% Dividend Yield -
52-Week Low % Change 14.10% Beta 0.85
% 52 Week Price Range High/Low 21.48% Equity Float -
Shares Out 31.12.2012 10.0 Short Int -
210.50 1 Yr Total Return 7.97%
Total Debt 51.54 YTD Return -0.94%
Preferred Stock 0.0 Adjusted BETA 0.850
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 1.01 Consensus Rating 3.000
Enterprise Value 261.03
Average Volume 5 Day 65'105
EGGUB TI EQUITY YTD Change - Average Volume 30 Day 51'331
EGGUB TI EQUITY YTD % CHANGE - Average Volume 3 Month 100'361
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
205.0 182.4 174.1 185.5 197.5 139.2 197.5 229.0 - - -
0.54x 1.17x 1.76x 1.15x 1.33x 6.03x 5.07x 0.98x - - -
22.9 (14.9) 28.2 29.4 19.5 16.4 19.5 36.8 - - -
4.86x - 10.86x 7.24x 13.46x 0.00x 13.46x 7.09x - - -
3.9 (22.4) 16.7 (0.2) 11.8 (9.7) 11.8 21.4 - - -
12.82x - 14.89x - 18.08x 0.00x 17.58x 8.63x - - -
EBITDA 19.54 Long-Term Rating Date -
EBIT 15.10 Long-Term Rating -
Operating Margin 7.65% Long-Term Outlook -
Pretax Margin 7.54% Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 5.30
Asset Turnover - (EBITDA-Capex)/Interest Exp. 4.71
Net Debt/EBITDA 2.59
Gross Margin 15.7% Total Debt/EBITDA 2.64
EBITDA Margin 9.9%
EBIT Margin 7.6% Total Debt/Equity 42.5%
Net Income Margin 6.0% Total Debt/Capital 29.8%
Asset Turnover -
Current Ratio 0.39 Net Fixed Asset Turnover -
Quick Ratio 0.04 Accounts receivable turnover-days -
Debt to Assets 23.71% Inventory Days -
Tot Debt to Common Equity 42.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -22.06
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
EGE Gubre SanayiiPrice/Volume
Valuation Analysis
69'910.00
Current Price (3/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
02
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!. 9
!1 9
!3 9
!5 9
-!' 9
-!. 9
-!1 9
0.0
50.0
100.0
150.0
200.0
250.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GENCER HOLDING n/a Research 769'716 7.7 - 24.12.2008 Corporation
GENCER RECEP n/a Research 401'760 4.02 - 24.12.2008 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BGC Partners CAN OZCELIK hold 3 M 22 12 month 31.08.2012
FinansInvest GAYE ABIDIN not rated #N/A N/A M #N/A N/A Not Provided 28.02.2012
Ekspres Invest KURTHAN ATMACA buy 5 M 23 Not Provided 15.02.2012
Oyak Securities ALPER OZDEMIR Under Review #N/A N/A M #N/A N/A Not Provided 26.01.2012
Erste Bank EVRIM DAIRECIOGLU Under Review #N/A N/A M #N/A N/A Not Provided 22.12.2011
Yatirim Finansman Securities ZUMRUT CAN market perform 3 N 25 12 month 22.12.2011
BGC Partners ERDEM HAFIZOGLU buy 5 N 25 12 month 22.02.2010
Holdings By:
EGE Gubre Sanayii ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Eczacibasi Ilac Sanayi ve Ticaret A.S. produces and markets pharmaceuticals,
veterinary products, hospital equipment, and cosmetics. Among the Company's
products are cephalosporin and penicillin. The Company exports its products to
the Middle East, Russian Federation, Central Asia, Eastern Europe and EU
countries.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (27.03.2013) 2.61
52-Week Low (23.07.2012) 1.77
Daily Volume
2.56
52-Week High % Change -2.30% Dividend Yield -
52-Week Low % Change 44.63% Beta 0.83
% 52 Week Price Range High/Low 98.80% Equity Float -
Shares Out 30.06.2012 548.2 Short Int -
1'403.41 1 Yr Total Return 24.21%
Total Debt 64.32 YTD Return 28.00%
Preferred Stock 0.0 Adjusted BETA 0.830
Minority Interest 16.1 Analyst Recs 4
Cash and Equivalents 763.40 Consensus Rating 4.000
Enterprise Value 815.05
Average Volume 5 Day 7'386'957
ECILC TI EQUITY YTD Change - Average Volume 30 Day 5'477'130
ECILC TI EQUITY YTD % CHANGE - Average Volume 3 Month 5'577'865
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
889.0 805.3 874.7 913.2 973.6 939.0 1'021.4 1'094.0 1'106.0 268.0 280.0
0.92x 0.25x 0.85x 0.85x 0.31x 3.09x 1.74x - - - -
39.3 22.7 47.2 62.2 44.3 50.4 31.4 40.0 35.0 12.0 15.0
20.81x 8.78x 15.77x 12.45x 6.85x 11.49x 14.26x 20.38x 23.29x - -
451.4 71.9 290.2 60.4 88.5 73.2 21.2 8.0 44.0 9.0 13.0
2.10x 6.78x 4.72x 22.70x 11.15x 16.48x 48.84x - 25.60x - -
EBITDA 44.35 Long-Term Rating Date -
EBIT 23.69 Long-Term Rating -
Operating Margin 2.43% Long-Term Outlook -
Pretax Margin 12.45% Short-Term Rating Date -
Return on Assets 0.73% Short-Term Rating -
Return on Common Equity 0.86%
Return on Capital 1.06% EBITDA/Interest Exp. 29.70
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 10.58
Net Debt/EBITDA -19.17
Gross Margin 26.9% Total Debt/EBITDA 2.00
EBITDA Margin 3.1%
EBIT Margin 1.1% Total Debt/Equity 2.5%
Net Income Margin 9.1% Total Debt/Capital 2.4%
Asset Turnover 0.35
Current Ratio 3.65 Net Fixed Asset Turnover 12.58
Quick Ratio 3.17 Accounts receivable turnover-days 94.51
Debt to Assets 2.12% Inventory Days 61.93
Tot Debt to Common Equity 2.47% Accounts Payable Turnover Day 94.83
Accounts Receivable Turnover 3.87 Cash Conversion Cycle 52.01
Inventory Turnover 5.91
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret ASPrice/Volume
Valuation Analysis
7'399'701.00
Current Price (3/dd/yy) Market Data
'
-
-
.
.
0
0
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-''!''
.''!''
0''!''
1''!''
2''!''
3''!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ECZACIBASI HOLDING A n/a Research 277'476'368 50.62 - 01.09.2009 Holding Company
ECZACIBASI YATIRIM H n/a Research 108'204'847 19.74 - 01.09.2009 Holding Company
SKAGEN AS Multiple Portfolios MF-AGG 21'418'365 3.91 - 28.02.2013 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 10'175'924 1.86 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'889'692 1.07 - 31.07.2012 Investment Advisor
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 1'994'245 0.36 - 25.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'662'189 0.3 - 25.03.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'608'930 0.29 - 31.05.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 1'500'000 0.27 380'000 03.09.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 1'455'431 0.27 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 861'678 0.16 50'000 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 688'000 0.13 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 555'796 0.1 - 31.12.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 206'720 0.04 6'720 30.11.2012 Investment Advisor
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 158'566 0.03 - 28.02.2013 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 150'700 0.03 - 31.01.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 144'670 0.03 - 31.10.2012 Investment Advisor
PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 131'796 0.02 - 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 127'901 0.02 - 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 124'357 0.02 6 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities MURAT IGNEBEKCILI hold 3 M 2 12 month 26.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013
FinansInvest ALPER USTUNISIK neutral 3 M 2 12 month 29.08.2012
ATA Invest OZGUR KALYONCU market perform 3 M 3 Not Provided 04.09.2011
IS Investment & Securities NUR ATASOY not rated #N/A N/A M #N/A N/A Not Provided 29.07.2010
Ekspres Invest SELIM KUNTER Under Review #N/A N/A M 2 Not Provided 19.02.2010
Sardis Securities HAYDAR ACUN sell 1 D 2 12 month 29.01.2010
Holdings By:
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Emlak Konut Gayrimenkul Yatirim is a property developer. The Company develops
residential properties throughout Turkey.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 3.47
52-Week Low (25.05.2012) 2.02
Daily Volume
2.87
52-Week High % Change -17.29% Dividend Yield -
52-Week Low % Change 42.08% Beta 1.01
% 52 Week Price Range High/Low 58.62% Equity Float -
Shares Out 31.12.2012 2'500.0 Short Int -
7'175.00 1 Yr Total Return 24.63%
Total Debt 926.20 YTD Return -8.01%
Preferred Stock 0.0 Adjusted BETA 1.007
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 1'306.45 Consensus Rating 3.870
Enterprise Value 6'794.75
Average Volume 5 Day 5'860'524
EKGYO TI EQUITY YTD Change - Average Volume 30 Day 13'065'180
EKGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 16'588'800
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'044.6 - 1'497.9 716.6 1'004.6 716.6 1'004.6 1'702.0 1'956.8 413.0 687.5
- - 2.93x 6.46x 7.39x 32.68x 24.32x 3.78x 3.09x 15.53x 8.97x
636.9 - 652.7 176.6 396.5 176.6 396.5 637.2 827.3 167.0 214.0
- - 6.73x 26.21x 18.71x 26.21x 18.71x 10.66x 8.21x 7.97x 7.86x
526.9 - 554.3 228.3 523.4 228.3 523.4 675.5 888.3 167.0 220.0
- - 8.93x 21.35x 14.90x 21.35x 14.90x 9.93x 7.82x 7.97x 7.93x
EBITDA 396.50 Long-Term Rating Date -
EBIT 395.89 Long-Term Rating -
Operating Margin 39.41% Long-Term Outlook -
Pretax Margin - Short-Term Rating Date -
Return on Assets 6.58% Short-Term Rating -
Return on Common Equity 13.07%
Return on Capital - EBITDA/Interest Exp. 4.99
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. 4.97
Net Debt/EBITDA -0.96
Gross Margin 45.1% Total Debt/EBITDA 2.34
EBITDA Margin 39.5%
EBIT Margin 39.4% Total Debt/Equity 22.0%
Net Income Margin 52.1% Total Debt/Capital 18.0%
Asset Turnover 0.13
Current Ratio 1.18 Net Fixed Asset Turnover 191.90
Quick Ratio 0.51 Accounts receivable turnover-days 148.32
Debt to Assets 11.03% Inventory Days 793.45
Tot Debt to Common Equity 22.01% Accounts Payable Turnover Day 114.38
Accounts Receivable Turnover 2.47 Cash Conversion Cycle 827.39
Inventory Turnover 0.46
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Emlak Konut Gayrimenkul Yatirim Ortakligi ASPrice/Volume
Valuation Analysis
10'005'359.00
Current Price (3/dd/yy) Market Data
'
-
-
.
.
0
0
1
1
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.'!' 9
1'!' 9
3'!' 9
5'!' 9
-''!' 9
-.'!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
-1'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOKI n/a Co File 1'874'750'000 74.99 1'874'750'000 29.11.2010 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'333'482 0.73 188'915 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'099'878 0.68 (69'758) 25.03.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 11'263'898 0.45 11'263'898 31.12.2012 Investment Advisor
ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 11'115'674 0.44 520'000 31.01.2013 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 9'322'200 0.37 1'709'307 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 8'592'164 0.34 436'000 31.01.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 6'417'206 0.26 5'150'592 28.02.2013 Unclassified
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 6'011'443 0.24 - 30.06.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4'842'218 0.19 (877'635) 31.12.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 4'769'070 0.19 769'070 31.01.2013 Mutual Fund Manager
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 4'610'889 0.18 89'015 30.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'262'723 0.17 2'260'327 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 4'083'564 0.16 464'909 31.12.2012 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 2'377'465 0.1 272'320 28.02.2013 Investment Advisor
CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 2'275'000 0.09 - 30.09.2012 Mutual Fund Manager
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'079'197 0.08 1'501'961 28.02.2013 Investment Advisor
ARTISAN GLOBAL FUNDS Multiple Portfolios MF-AGG 1'748'562 0.07 255'008 28.09.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'731'186 0.07 (287'814) 31.12.2012 Investment Advisor
VALIC CO I Multiple Portfolios MF-AGG 1'543'944 0.06 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Seker Securities OKAN UZUN outperform 5 M 3 12 month 26.03.2013
Burgan Securities MURAT IGNEBEKCILI hold 3 M 3 12 month 25.03.2013
FinansInvest GAYE ABIDIN outperform 5 M 4 12 month 18.03.2013
Yatirim Finansman Securities HUSEYIN MERDAN GEYIK outperform 5 M 4 12 month 18.03.2013
Oyak Securities OSMAN OZVURAL market perform 3 M 3 Not Provided 15.03.2013
Renaissance Capital DAVID FERGUSON sell 1 M 3 12 month 15.03.2013
Sardis Securities HAYDAR ACUN hold 3 M #N/A N/A Not Provided 15.03.2013
HSBC LEVENT BAYAR neutral 3 M 3 Not Provided 13.03.2013
Goldman Sachs MATIJA GERGOLET neutral/neutral 3 M 3 12 month 05.03.2013
Ak Investment BERTUG TUZUN market outperform 4 M 4 12 month 29.01.2013
BGC Partners KEREM TEZCAN Under Review #N/A N/A M #N/A N/A Not Provided 25.01.2013
Eczacibasi Securities GOKAY BOBEK market perform 3 M 3 Not Provided 22.01.2013
Ekspres Invest KURTHAN ATMACA buy 5 U 4 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
IS Investment & Securities NUR ATASOY outperform 5 M 4 Not Provided 26.12.2012
Garanti Yatirim Menkul Kiymetler KERIM GOKOZ market perform 3 D 3 Not Provided 17.12.2012
Erste Bank MEHMET EMIN ZUMRUT buy 5 M 3 12 month 04.11.2012
JPMorgan MUNEEZA HASAN overweight 5 M 3 9 month 08.10.2012
Tera Stock Brokers HASAN DEMIR buy 5 M 3 Not Provided 01.10.2012
Deutsche Bank ATHMANE BENZERROUG buy 5 M 4 12 month 24.09.2012
ATA Invest ERMAN TUTUNCUOGLU market outperform 4 M 3 Not Provided 20.07.2012
Holdings By:
Emlak Konut Gayrimenkul Yatirim Ortakligi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Enka Insaat ve Sanayi AS provides construction and construction related
services worldwide. The Company builds infrastructure, commercial projects and
factories. The manufacturing subsidiaries produce construction materials, steel
pipes, windows and hand tools. The Group also imports and distributes industrial
machinery in Turkey.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.01.2013) 6.00
52-Week Low (28.05.2012) 3.93
Daily Volume
5.58
52-Week High % Change -6.67% Dividend Yield -
52-Week Low % Change 42.13% Beta 1.03
% 52 Week Price Range High/Low 77.82% Equity Float -
Shares Out 30.09.2012 2'800.0 Short Int -
15'624.00 1 Yr Total Return 14.12%
Total Debt 671.24 YTD Return 5.28%
Preferred Stock 0.0 Adjusted BETA 1.034
Minority Interest 463.6 Analyst Recs 25
Cash and Equivalents 3'096.61 Consensus Rating 3.240
Enterprise Value 13'662.22
Average Volume 5 Day 2'439'375
ENKAI TI EQUITY YTD Change - Average Volume 30 Day 2'391'606
ENKAI TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'385'007
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
9'022.9 7'920.9 7'064.9 8'415.3 10'297.5 8'415.3 10'297.5 10'362.4 10'661.3 2'557.0 2'609.0
0.75x 1.56x 1.69x 1.07x 1.26x 5.29x 4.74x 1.23x 1.13x 5.46x 5.26x
1'100.0 1'372.3 1'134.6 1'354.5 1'330.1 1'354.5 1'330.1 1'469.7 1'577.7 432.0 358.0
6.14x 9.00x 10.51x 6.62x 9.77x 6.62x 9.77x 9.30x 8.66x 8.74x 8.79x
770.8 816.1 818.8 849.6 1'127.9 849.6 1'127.9 1'124.9 1'232.2 313.0 257.0
8.17x 15.40x 15.48x 12.07x 13.94x 12.50x 14.47x 13.74x 12.29x 13.78x 13.78x
EBITDA 1'330.14 Long-Term Rating Date -
EBIT 1'139.85 Long-Term Rating -
Operating Margin 11.07% Long-Term Outlook -
Pretax Margin 13.53% Short-Term Rating Date -
Return on Assets 7.84% Short-Term Rating -
Return on Common Equity 12.78%
Return on Capital - EBITDA/Interest Exp. 67.12
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 54.38
Net Debt/EBITDA -1.82
Gross Margin 13.9% Total Debt/EBITDA 0.50
EBITDA Margin 12.9%
EBIT Margin 11.1% Total Debt/Equity 7.4%
Net Income Margin 11.0% Total Debt/Capital 6.6%
Asset Turnover 0.72
Current Ratio 2.19 Net Fixed Asset Turnover 3.07
Quick Ratio 1.80 Accounts receivable turnover-days 47.46
Debt to Assets 4.57% Inventory Days 22.92
Tot Debt to Common Equity 7.38% Accounts Payable Turnover Day 39.50
Accounts Receivable Turnover 7.71 Cash Conversion Cycle 30.88
Inventory Turnover 15.97
Fiscal Year Ended
Enka Insaat ve Sanayi ASPrice/Volume
Valuation Analysis
3'245'254.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
.
0
1
2
3
4
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
-3!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
.'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TARA HOLDING AS n/a Research 1'374'204'859 49.08 - 08.10.2012 Holding Company
GULCELIK VILDAN n/a Research 223'597'002 7.99 - 08.10.2012 n/a
GULCELIK SEVDA n/a Research 179'944'820 6.43 - 08.10.2012 n/a
ENKA SPOR EGITIM n/a Research 166'529'535 5.95 - 08.10.2012 n/a
GULCELIK ALI n/a Research 132'222'485 4.72 - 08.10.2012 n/a
ALTERNATIF AKSESUAR n/a Research 122'312'951 4.37 - 08.10.2012 n/a
GULCELIK BILGI n/a Research 120'417'654 4.3 - 08.10.2012 n/a
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 53'601'312 1.91 (1'439'279) 31.01.2013 Investment Advisor
GULCELIK NURDAN n/a Research 43'472'515 1.55 - 08.10.2012 n/a
GULCELIK SELIM n/a Research 43'472'358 1.55 - 08.10.2012 n/a
TARA SARIK n/a Research 22'261'042 0.8 - 08.10.2012 n/a
GULCELIK AYSE VERDA n/a Research 18'387'701 0.66 - 08.10.2012 n/a
SKAGEN AS Multiple Portfolios MF-AGG 16'820'663 0.6 - 28.02.2013 Mutual Fund Manager
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 14'660'405 0.52 - 30.11.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'662'884 0.49 3'235'474 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 7'695'738 0.27 (1'791'033) 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 6'630'562 0.24 (74'299) 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 6'164'239 0.22 (654'515) 31.01.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 5'539'199 0.2 (1'385'329) 31.08.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 4'205'786 0.15 709'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Renaissance Capital ILGIN ERDOGAN buy 5 U 6 12 month 27.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 21.03.2013
FinansInvest GAYE ABIDIN neutral 3 M 6 12 month 20.03.2013
Burgan Securities MURAT IGNEBEKCILI hold 3 M 6 12 month 20.03.2013
Morgan Stanley MUNEEBA KAYANI Equalwt/No Rating 3 M 6 12 month 19.03.2013
BNP Paribas Equity Research SABRIYE GOZDE CULLAS buy 5 M 6 12 month 19.03.2013
Yatirim Finansman Securities OZGUR UCUR market perform 3 M 6 12 month 19.03.2013
Ekspres Invest ALPER AKALIN sell 1 M 6 Not Provided 19.03.2013
Unlu Securities OYTUN ALTASLI market perform 3 N 6 12 month 15.03.2013
Sardis Securities HAYDAR ACUN strong buy 5 M 8 Not Provided 15.03.2013
Eczacibasi Securities BEHLUL KATAS market perform 3 M 6 Not Provided 29.01.2013
Credit Suisse ATINC OZKAN neutral 3 D 6 Not Provided 22.01.2013
HSBC CENK ORCAN neutral 3 D 7 Not Provided 22.01.2013
Global Menkul Degerler SERCAN UZUN market perform 3 M 6 Not Provided 21.01.2013
Deutsche Bank ATHMANE BENZERROUG hold 3 M 6 12 month 14.01.2013
Goldman Sachs ARTYOM GOLODNOV neutral/neutral 3 D 6 12 month 11.01.2013
IS Investment & Securities NUR ATASOY underperform 1 D 6 Not Provided 25.12.2012
Oyak Securities HASAN SENER market perform 3 M 6 12 month 21.12.2012
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 6 Not Provided 17.12.2012
BGC Partners EZGI YILMAZ hold 3 M 6 12 month 15.11.2012
ATA Invest ONDER ZORBA market perform 3 M 5 Not Provided 25.05.2012
Holdings By:
Enka Insaat ve Sanayi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Eregli Demir ve Celik Fabrikalari TAS (Erdemir) manufactures cold and hot rolled
steel sheet and tinplate. The Company's products are used in the automotive,
pipe, home appliance, pressurized container, and machinery manufacturing
industries. Erdemir markets most of its products in Europe, the United States,
and Japan.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 2.80
52-Week Low (23.07.2012) 1.89
Daily Volume
2.3
52-Week High % Change -17.98% Dividend Yield -
52-Week Low % Change 21.69% Beta 0.87
% 52 Week Price Range High/Low 41.57% Equity Float -
Shares Out 31.12.2012 3'090.0 Short Int -
7'107.00 1 Yr Total Return -11.76%
Total Debt 4'418.75 YTD Return -6.12%
Preferred Stock 0.0 Adjusted BETA 0.867
Minority Interest 211.1 Analyst Recs 24
Cash and Equivalents 1'830.26 Consensus Rating 3.250
Enterprise Value 9'906.59
Average Volume 5 Day 19'967'900
EREGL TI EQUITY YTD Change - Average Volume 30 Day 20'108'260
EREGL TI EQUITY YTD % CHANGE - Average Volume 3 Month 24'729'960
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'808.7 5'235.7 6'632.8 8'920.5 9'570.4 8'920.5 9'570.4 9'812.1 10'516.3 - -
1.24x 2.00x 1.71x 1.22x 1.08x 5.14x 4.31x 1.02x 0.94x - -
859.3 347.1 1'428.3 2'087.2 1'032.4 2'087.2 1'032.4 1'375.5 1'573.7 - -
9.85x 30.13x 7.92x 5.23x 10.05x 5.23x 10.05x 7.22x 6.31x - -
211.5 (168.7) 766.0 1'005.6 424.2 1'005.6 424.2 678.6 846.9 - -
22.38x - 10.65x 7.01x 17.85x 7.01x 20.46x 10.41x 8.68x - -
EBITDA 1'032.35 Long-Term Rating Date 17.10.2011
EBIT 688.64 Long-Term Rating B
Operating Margin 7.20% Long-Term Outlook STABLE
Pretax Margin 6.74% Short-Term Rating Date -
Return on Assets 3.20% Short-Term Rating -
Return on Common Equity 5.94%
Return on Capital 5.29% EBITDA/Interest Exp. 4.11
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 2.42
Net Debt/EBITDA 2.51
Gross Margin 10.2% Total Debt/EBITDA 4.28
EBITDA Margin 10.8%
EBIT Margin 7.2% Total Debt/Equity 61.3%
Net Income Margin 4.4% Total Debt/Capital 37.3%
Asset Turnover 0.72
Current Ratio 2.03 Net Fixed Asset Turnover 1.38
Quick Ratio 1.00 Accounts receivable turnover-days 41.86
Debt to Assets 33.62% Inventory Days 137.90
Tot Debt to Common Equity 61.33% Accounts Payable Turnover Day 22.52
Accounts Receivable Turnover 8.74 Cash Conversion Cycle 157.24
Inventory Turnover 2.65
Fiscal Year Ended
Eregli Demir ve Celik Fabrikalari TASPrice/Volume
Valuation Analysis
14'039'666.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
-
.
.
0
0
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2'!' 9
-''!' 9
-2'!' 9
.''!' 9
.2'!' 9
0''!' 9
02'!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
.'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ATAER HOLDING n/a Research 1'522'903'338 49.28 - 31.03.2011 Holding Company
ERDEMIR n/a Research 95'203'917 3.08 - 31.03.2011 Corporation
BLACKROCK n/a ULT-AGG 34'627'463 1.12 (344'311) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 26'513'668 0.86 (175'180) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 20'847'202 0.67 - 31.07.2012 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 11'452'234 0.37 (117'763) 26.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'269'264 0.36 - 25.03.2013 Investment Advisor
SEB n/a ULT-AGG 10'761'780 0.35 5'273'213 31.12.2012 Unclassified
BNP PARIBAS INV PART n/a ULT-AGG 5'600'000 0.18 (276'999) 31.01.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 4'986'870 0.16 - 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 3'257'768 0.11 49'631 26.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'818'753 0.09 - 31.05.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'710'668 0.09 27'098 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'637'509 0.09 243'447 31.01.2013 Unclassified
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 2'351'116 0.08 - 28.02.2013 Mutual Fund Manager
VALIC CO I Multiple Portfolios MF-AGG 2'195'281 0.07 (26'822) 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 2'099'423 0.07 119'900 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 1'655'598 0.05 326'825 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 1'612'539 0.05 (73'731) 30.06.2011 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'580'000 0.05 1'580'000 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities UMUT OZTURK hold 3 M 3 12 month 25.03.2013
Sardis Securities HAYDAR ACUN buy 5 M 5 Not Provided 15.03.2013
FinansInvest KORAY PAMIR neutral 3 M 3 12 month 14.03.2013
Seker Securities BURAK DEMIRBILEK market perform 3 M 3 Not Provided 14.03.2013
Garanti Yatirim Menkul Kiymetler BAHAR DENIZ EGEMEN market perform 3 M 3 Not Provided 27.02.2013
BNP Paribas Equity Research ALPER PAKSOY buy 5 U 3 12 month 25.02.2013
HSBC BULENT YURDAGUL overweight 5 M 3 Not Provided 21.02.2013
Oyak Securities OSMAN OZVURAL market perform 3 M 3 Not Provided 21.02.2013
Yatirim Finansman Securities HUSEYIN MERDAN GEYIK market perform 3 M 3 12 month 21.02.2013
Deutsche Bank VEDAT MIZRAHI hold 3 M 3 12 month 20.02.2013
Global Menkul Degerler SERCAN UZUN market perform 3 M 3 Not Provided 20.02.2013
IS Investment & Securities BASAK ENGIN DINCKOC market perform 3 M 2 Not Provided 20.02.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 12.02.2013
Ak Investment BORA TEZGULER market perform 3 M 2 12 month 08.02.2013
Goldman Sachs YULIA CHEKUNAEVA neutral/neutral 3 M 3 12 month 24.01.2013
Credit Suisse SEMYON MIRONOV neutral 3 D 3 Not Provided 23.01.2013
Eczacibasi Securities BEHLUL KATAS market perform 3 M 3 Not Provided 22.01.2013
Ekspres Invest KURTHAN ATMACA hold 3 M 3 Not Provided 22.01.2013
BGC Partners ERDEM HAFIZOGLU hold 3 M 3 12 month 02.01.2013
Renaissance Capital BORIS KRASNOJENOV hold 3 M 2 12 month 28.11.2012
ATA Invest ERMAN TUTUNCUOGLU market perform 3 M 3 Not Provided 04.05.2012
Holdings By:
Eregli Demir ve Celik Fabrikalari TAS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Fenerbahce Sportif Hizmetler Sanayi ve Ticaret AS owns license rights to the
Fenerbahce sports team brand. The Company receives broadcast, stadium,
advertising, sponsorship, licensing and merchandising rights revenues.
Latest Fiscal Year: 05/2012
LTM as of: 11/yy
52-Week High (02.07.2012) 61.00
52-Week Low (12.11.2012) 37.70
Daily Volume
40.2
52-Week High % Change -34.10% Dividend Yield -
52-Week Low % Change 6.63% Beta 0.61
% 52 Week Price Range High/Low 11.16% Equity Float -
Shares Out 31.08.2012 25.0 Short Int -
1'005.00 1 Yr Total Return -22.26%
Total Debt 162.82 YTD Return -0.25%
Preferred Stock 0.0 Adjusted BETA 0.606
Minority Interest 0.0 Analyst Recs 0
Cash and Equivalents 14.46 Consensus Rating -
Enterprise Value 1'159.65
Average Volume 5 Day 98'220
FENER TI EQUITY YTD Change - Average Volume 30 Day 136'128
FENER TI EQUITY YTD % CHANGE - Average Volume 3 Month 173'034
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 11/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4
57.2 56.3 62.5 103.6 246.6 186.5 278.8 - - - -
24.05x 22.41x 18.43x 17.09x 4.96x 33.72x 13.87x - - - -
52.0 49.9 55.8 93.5 39.5 70.8 31.9 - - - -
26.46x 25.30x 20.66x 18.93x 30.96x 15.39x 0.00x - - - -
57.5 63.8 62.3 96.9 6.0 58.1 (2.9) - - - -
23.91x 19.78x 18.46x 18.26x 180.40x 18.56x 0.00x - - - -
EBITDA 39.51 Long-Term Rating Date -
EBIT 5.07 Long-Term Rating -
Operating Margin 2.06% Long-Term Outlook -
Pretax Margin - Short-Term Rating Date -
Return on Assets 9.34% Short-Term Rating -
Return on Common Equity 29.09%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 2.48
Gross Margin 4.4% Total Debt/EBITDA 2.60
EBITDA Margin 24.9%
EBIT Margin 10.3% Total Debt/Equity 139.7%
Net Income Margin 2.4% Total Debt/Capital 58.3%
Asset Turnover 0.89
Current Ratio 0.48 Net Fixed Asset Turnover 57.48
Quick Ratio 0.09 Accounts receivable turnover-days 6.99
Debt to Assets 45.14% Inventory Days -
Tot Debt to Common Equity 139.72% Accounts Payable Turnover Day -
Accounts Receivable Turnover 52.36 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Fenerbahce Futbol ASAPrice/Volume
Valuation Analysis
52'696.00
Current Price (3/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
4'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
12!''
'2!'3!.''6 '2!-.!.''6 '2!'3!.'-' '2!-.!.'-' '2!'3!.'-- '2!-.!.'-- '2!'3!.'-. '2!-.!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FENERBAHCE SPOR KULU n/a Research 21'750'000 87 - 16.10.2008 Other
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 36'690 0.15 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 33'173 0.13 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'524 0.05 - 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 7'000 0.03 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 780 0 - 31.12.2012 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 67 0 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Fenerbahce Futbol ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Ford Otomotiv Sanayi A.S. manufactures, imports and distributes Ford model
trucks, automobiles, mini-buses, vans, trailers, and pickups. Ford Otomotive
primarily sells its passenger vehicles and light trucks domestically, and
exports majority of its commercial van production.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 25.40
52-Week Low (09.04.2012) 15.15
Daily Volume
25.1
52-Week High % Change -1.18% Dividend Yield -
52-Week Low % Change 65.68% Beta 0.80
% 52 Week Price Range High/Low 98.99% Equity Float -
Shares Out 31.12.2012 350.9 Short Int -
8'807.84 1 Yr Total Return 69.36%
Total Debt 1'259.55 YTD Return 17.29%
Preferred Stock 0.0 Adjusted BETA 0.796
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 301.52 Consensus Rating 3.222
Enterprise Value 9'765.88
Average Volume 5 Day 225'303
FROTO TI EQUITY YTD Change - Average Volume 30 Day 359'288
FROTO TI EQUITY YTD % CHANGE - Average Volume 3 Month 341'644
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
7'006.9 5'574.4 7'649.4 10'445.0 9'767.9 10'445.0 9'767.9 10'608.8 12'283.1 2'727.0 2'893.0
0.24x 0.57x 0.60x 0.52x 0.87x 1.88x 2.83x 0.95x 0.82x - -
761.0 518.1 750.8 872.4 751.9 872.4 751.9 907.8 1'143.3 - -
2.17x 6.16x 6.11x 6.23x 11.26x 6.23x 11.26x 10.76x 8.54x - -
436.2 333.4 504.6 662.1 675.0 662.1 675.0 686.3 800.6 - -
3.51x 9.52x 9.08x 8.11x 11.12x 8.11x 11.12x 12.85x 10.96x 11.95x -
EBITDA 751.89 Long-Term Rating Date -
EBIT 610.81 Long-Term Rating -
Operating Margin 6.25% Long-Term Outlook -
Pretax Margin 6.57% Short-Term Rating Date -
Return on Assets 14.89% Short-Term Rating -
Return on Common Equity 34.67%
Return on Capital - EBITDA/Interest Exp. 59.64
Asset Turnover 2.15% (EBITDA-Capex)/Interest Exp. -0.44
Net Debt/EBITDA 1.27
Gross Margin 11.0% Total Debt/EBITDA 1.68
EBITDA Margin 7.7%
EBIT Margin 6.3% Total Debt/Equity 63.1%
Net Income Margin 6.9% Total Debt/Capital 38.7%
Asset Turnover 2.15
Current Ratio 1.48 Net Fixed Asset Turnover 6.86
Quick Ratio 0.93 Accounts receivable turnover-days 49.27
Debt to Assets 27.10% Inventory Days 30.56
Tot Debt to Common Equity 63.11% Accounts Payable Turnover Day 49.28
Accounts Receivable Turnover 7.43 Cash Conversion Cycle 30.56
Inventory Turnover 11.98
Fiscal Year Ended
Ford Otomotiv Sanayi ASPrice/Volume
Valuation Analysis
221'959.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
2
-'
-2
.'
.2
0'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FORD MOTOR CO n/a Co File 143'997'036 41.04 - 30.06.2012 Corporation
KOC GRUBU SIRKETLERI n/a Co File 143'997'036 41.04 - 30.06.2012 Other
BLACKROCK n/a ULT-AGG 2'460'721 0.7 (20'681) 25.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'430'067 0.69 - 26.03.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 1'770'720 0.5 - 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'730'740 0.49 26'885 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'314'653 0.37 - 31.05.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'138'961 0.32 - 31.01.2013 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 1'000'173 0.29 (25'100) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 910'672 0.26 108'665 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 867'553 0.25 - 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 538'213 0.15 88'616 31.12.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 485'125 0.14 1'545 31.01.2013 Investment Advisor
COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 393'881 0.11 - 31.01.2013 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 392'284 0.11 - 26.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 355'098 0.1 - 31.01.2013 Unclassified
INVESCO LTD Multiple Portfolios MF-AGG 324'722 0.09 - 21.03.2013 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 272'168 0.08 - 28.02.2013 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 222'346 0.06 - 31.07.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 222'000 0.06 57'000 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Seker Securities KADIR TEZELLER market perform 3 M 23 Not Provided 22.03.2013
Goldman Sachs ASLI TUNCER neutral/neutral 3 M 21 12 month 20.03.2013
Sardis Securities HAYDAR ACUN hold 3 M #N/A N/A Not Provided 15.03.2013
BNP Paribas Equity Research SABRIYE GOZDE CULLAS hold 3 M 21 12 month 12.03.2013
Burgan Securities BURAK ISYAR hold 3 M 21 12 month 08.03.2013
Credit Suisse ONUR MUMINOGLU neutral 3 M 23 Not Provided 04.03.2013
FinansInvest EZGI GULBAS neutral 3 M 23 12 month 28.02.2013
Oyak Securities SERHAT KAYA outperform 5 M 25 12 month 27.02.2013
Yatirim Finansman Securities OZGUR UCUR market perform 3 M 20 12 month 27.02.2013
IS Investment & Securities ESRA SUNER market perform 3 U 23 Not Provided 26.02.2013
Deutsche Bank VEDAT MIZRAHI buy 5 M 24 12 month 22.02.2013
Ak Investment ERKAN SAVRAN market perform 3 M 23 12 month 29.01.2013
Eczacibasi Securities AKIF DASIRAN outperform 5 M 27 Not Provided 22.01.2013
Ekspres Invest KURTHAN ATMACA hold 3 U 22 Not Provided 22.01.2013
Global Menkul Degerler ILKNUR UNSAL sell 1 D 22 Not Provided 21.01.2013
Barclays HANZADE KILICKIRAN equalweight 3 M 22 Not Provided 18.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Renaissance Capital METE OZBEK hold 3 M 19 Not Provided 08.01.2013
BGC Partners BERNA KURBAY hold 3 M 23 12 month 02.01.2013
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 22 Not Provided 17.12.2012
Erste Bank MEHMET EMIN ZUMRUT hold 3 D 20 12 month 09.11.2012
HSBC CENK ORCAN neutral 3 M 20 Not Provided 01.10.2012
ATA Invest ERMAN TUTUNCUOGLU market perform 3 M 17 Not Provided 20.07.2012
Holdings By:
Ford Otomotiv Sanayi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Galatasaray Sportif Sinai ve Ticari Yatirimlar AS is a marketing company. The
Company holds the rights to market merchandise bearing the name of the
Galatasaray soccer team.
Latest Fiscal Year: 05/2012
LTM as of: 11/yy
52-Week High (29.03.2012) 83.45
52-Week Low (23.11.2012) 37.60
Daily Volume
40.2
52-Week High % Change -51.95% Dividend Yield -
52-Week Low % Change 6.91% Beta 0.77
% 52 Week Price Range High/Low 6.54% Equity Float -
Shares Out 30.11.2012 13.9 Short Int -
560.40 1 Yr Total Return -47.59%
Total Debt 171.92 YTD Return -0.74%
Preferred Stock 0.0 Adjusted BETA 0.770
Minority Interest (0.0) Analyst Recs 1
Cash and Equivalents 7.10 Consensus Rating 5.000
Enterprise Value 681.07
Average Volume 5 Day 97'294
GSRAY TI EQUITY YTD Change - Average Volume 30 Day 310'996
GSRAY TI EQUITY YTD % CHANGE - Average Volume 3 Month 299'397
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 11/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4
55.6 60.3 70.6 131.0 224.8 132.1 289.7 - - - -
3.99x 4.57x 6.52x 9.37x 2.68x 28.45x 9.65x - - - -
45.8 52.3 55.6 (30.3) (5.5) (13.8) 21.3 - - - -
4.84x 5.28x 8.28x - - 0.00x 32.70x - - - -
70.4 88.3 76.4 (159.6) (35.9) (125.9) 3.2 - - - -
3.04x 2.97x 5.19x - - 0.00x 22.96x - - - -
EBITDA -5.52 Long-Term Rating Date -
EBIT -34.51 Long-Term Rating -
Operating Margin -15.35% Long-Term Outlook -
Pretax Margin -16.02% Short-Term Rating Date -
Return on Assets 0.80% Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. -0.38
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. -0.80
Net Debt/EBITDA 5.65
Gross Margin -4.7% Total Debt/EBITDA 6.32
EBITDA Margin 7.4%
EBIT Margin -4.6% Total Debt/Equity -
Net Income Margin -16.0% Total Debt/Capital -
Asset Turnover 0.73
Current Ratio 0.23 Net Fixed Asset Turnover 24.88
Quick Ratio 0.16 Accounts receivable turnover-days 49.52
Debt to Assets 29.54% Inventory Days 17.58
Tot Debt to Common Equity - Accounts Payable Turnover Day 110.13
Accounts Receivable Turnover 7.39 Cash Conversion Cycle -27.24
Inventory Turnover 20.82
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Galatasaray Sportif Sinai ve Ticari Yatirimlar ASPrice/Volume
Valuation Analysis
141'326.00
Current Price (3/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0.0
50.0
100.0
150.0
200.0
250.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
'2!'3!.''6 '2!-.!.''6 '2!'3!.'-' '2!-.!.'-' '2!'3!.'-- '2!-.!.'-- '2!'3!.'-. '2!-.!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GALATASARAY SPOR KLU n/a EXCH 2'324'670 16.68 - 01.02.2011 Unclassified
BLACKROCK n/a ULT-AGG 44'898 0.32 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'654 0.13 - 31.12.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 5'000 0.04 5'000 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'356 0.03 - 31.07.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 672 0 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Holdings By:
Galatasaray Sportif Sinai ve Ticari Yatirimlar AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. produces cement, ready-mix
concrete, and clinker. The Company operates four cement mills and two dry lines
for producing clinker. Goltas sells its products in Antalya, Usak, Afyon,
Denizli, Konya, Kutahya, Fethiye, Burdur, Isparta, and surrounding areas.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (24.04.2012) 83.50
52-Week Low (23.07.2012) 51.00
Daily Volume
65.75
52-Week High % Change -21.56% Dividend Yield -
52-Week Low % Change 28.92% Beta 0.97
% 52 Week Price Range High/Low 55.38% Equity Float -
Shares Out 30.09.2012 7.2 Short Int -
473.40 1 Yr Total Return 14.40%
Total Debt 110.90 YTD Return 4.78%
Preferred Stock 0.0 Adjusted BETA 0.966
Minority Interest 29.2 Analyst Recs 0
Cash and Equivalents 56.79 Consensus Rating -
Enterprise Value 537.76
Average Volume 5 Day 220'244
GOLTS TI EQUITY YTD Change - Average Volume 30 Day 268'225
GOLTS TI EQUITY YTD % CHANGE - Average Volume 3 Month 470'700
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
192.8 170.2 187.5 185.3 234.6 227.3 277.1 288.0 - - -
2.14x 0.87x 1.42x 3.09x 1.87x 10.23x 6.75x - - - -
83.7 43.4 28.2 33.1 44.6 44.7 63.7 56.0 - - -
4.93x 3.43x 9.48x 17.32x 9.86x 10.29x 7.37x 9.60x - - -
(4.5) 12.1 4.8 4.6 4.3 7.1 19.4 15.0 - - -
- 14.86x 60.71x 108.01x 82.57x 53.59x 20.90x - - - -
EBITDA 44.60 Long-Term Rating Date -
EBIT 20.08 Long-Term Rating -
Operating Margin 8.56% Long-Term Outlook -
Pretax Margin 1.37% Short-Term Rating Date -
Return on Assets 4.25% Short-Term Rating -
Return on Common Equity 7.35%
Return on Capital 8.93% EBITDA/Interest Exp. 6.55
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 2.13
Net Debt/EBITDA 0.41
Gross Margin 27.4% Total Debt/EBITDA 1.46
EBITDA Margin 23.0%
EBIT Margin 13.9% Total Debt/Equity 43.3%
Net Income Margin 1.8% Total Debt/Capital 28.0%
Asset Turnover 0.61
Current Ratio 2.32 Net Fixed Asset Turnover 0.97
Quick Ratio 1.34 Accounts receivable turnover-days 47.83
Debt to Assets 24.57% Inventory Days 58.12
Tot Debt to Common Equity 43.34% Accounts Payable Turnover Day 53.81
Accounts Receivable Turnover 7.65 Cash Conversion Cycle 51.59
Inventory Turnover 6.30
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S.Price/Volume
Valuation Analysis
502'006.00
Current Price (3/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0.0
50.0
100.0
150.0
200.0
250.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOL YATIRIM HOLDING n/a Research 1'984'000 27.56 - 30.09.2009 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 35'961 0.5 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 31'939 0.44 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'466 0.19 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'649 0.05 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'292 0.02 - 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 276 0 - 31.10.2012 Investment Advisor
BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 238 0 - 20.07.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FinansInvest UGUR OZKER not rated #N/A N/A M #N/A N/A Not Provided 20.02.2012
Tera Stock Brokers FEYRUZE ASLI KONDU sell 1 N 39 Not Provided 20.02.2012
Global Menkul Degerler TEAM COVERAGE sell 1 M 64 Not Provided 13.10.2010
Holdings By:
Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Goodyear Lastikleri Turk A.S. manufactures tires, tubes, and tube covering
materials for the automotive industry. The holding company of Goodyear
Lastikleri is the Goodyear Tire and Rubber Company in the United States
(see symbol "GT"). Through its licensing agreement with its parent company,
Goodyear produces and sells radial tires throughout Turkey.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.04.2012) 82.00
52-Week Low (11.04.2012) 45.90
Daily Volume
65.25
52-Week High % Change -20.73% Dividend Yield -
52-Week Low % Change 42.16% Beta 0.84
% 52 Week Price Range High/Low 53.60% Equity Float -
Shares Out 31.12.2012 11.9 Short Int -
777.63 1 Yr Total Return 27.35%
Total Debt 29.10 YTD Return -0.76%
Preferred Stock 0.0 Adjusted BETA 0.841
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 17.17 Consensus Rating 3.000
Enterprise Value 789.56
Average Volume 5 Day 136'294
GOODY TI EQUITY YTD Change - Average Volume 30 Day 178'829
GOODY TI EQUITY YTD % CHANGE - Average Volume 3 Month 210'776
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
765.2 613.7 808.3 1'235.7 1'134.7 1'235.7 1'134.7 - - - -
0.12x 0.22x 0.39x 0.50x 0.70x 2.20x 2.64x - - - -
27.1 29.4 56.2 98.4 94.5 98.4 94.5 - - - -
3.42x 4.58x 5.59x 6.24x 8.42x 6.24x 8.42x - - - -
7.7 1.1 13.8 61.6 49.6 61.6 49.6 - - - -
9.58x 126.45x 19.24x 8.05x 15.80x 8.05x 15.80x - - - -
EBITDA 94.50 Long-Term Rating Date -
EBIT 68.44 Long-Term Rating -
Operating Margin 6.03% Long-Term Outlook -
Pretax Margin 5.44% Short-Term Rating Date -
Return on Assets 8.04% Short-Term Rating -
Return on Common Equity 14.13%
Return on Capital - EBITDA/Interest Exp. 8.56
Asset Turnover 1.84% (EBITDA-Capex)/Interest Exp. 5.68
Net Debt/EBITDA 0.13
Gross Margin 14.2% Total Debt/EBITDA 0.31
EBITDA Margin 8.3%
EBIT Margin 6.0% Total Debt/Equity 7.9%
Net Income Margin 4.4% Total Debt/Capital 7.3%
Asset Turnover 1.84
Current Ratio 2.23 Net Fixed Asset Turnover 7.15
Quick Ratio 1.19 Accounts receivable turnover-days 64.71
Debt to Assets 5.01% Inventory Days 53.67
Tot Debt to Common Equity 7.88% Accounts Payable Turnover Day 52.78
Accounts Receivable Turnover 5.66 Cash Conversion Cycle 65.60
Inventory Turnover 6.82
Fiscal Year Ended
Goodyear Lastikleri TASPrice/Volume
Valuation Analysis
170'717.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'-'.'0'1'2'3'4'5'6'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOODYEAR TIRE & RUBB n/a Research 6'048'064 50.75 (2'842'557) 30.09.2009 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 52'918 0.44 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 31'726 0.27 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'312 0.15 - 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2'500 0.02 - 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'249 0.01 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 08.03.2013
Holdings By:
Goodyear Lastikleri TAS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Gozde Girisim Sermayesi Yatirim Ortakligi AS offers a wide range of financial
services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (18.12.2012) 5.15
52-Week Low (24.04.2012) 3.23
Daily Volume
3.93
52-Week High % Change -23.69% Dividend Yield -
52-Week Low % Change 21.67% Beta 0.91
% 52 Week Price Range High/Low 29.69% Equity Float -
Shares Out 30.09.2012 134.5 Short Int -
528.48 1 Yr Total Return 0.77%
Total Debt 174.80 YTD Return -13.63%
Preferred Stock 0.0 Adjusted BETA 0.910
Minority Interest (6.3) Analyst Recs 0
Cash and Equivalents 24.63 Consensus Rating -
Enterprise Value 1'150.83
Average Volume 5 Day 1'035'835
GOZDE TI EQUITY YTD Change - Average Volume 30 Day 1'260'262
GOZDE TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'397'078
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
- - - 0.6 140.1 76.7 269.1 - - - -
- - - 225.02x 4.81x 9.81x 10.36x - - - -
- - - - (6.1) (2.0) 23.1 - - - -
- - - - - 0.00x 0.00x - - - -
- - - (0.2) (20.5) (12.4) 0.2 - - - -
- - - - - 0.00x 35.97x - - - -
EBITDA -6.06 Long-Term Rating Date -
EBIT -6.45 Long-Term Rating -
Operating Margin -4.60% Long-Term Outlook -
Pretax Margin -22.79% Short-Term Rating Date -
Return on Assets 0.02% Short-Term Rating -
Return on Common Equity 0.05%
Return on Capital - EBITDA/Interest Exp. -0.81
Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. -1.33
Net Debt/EBITDA -
Gross Margin 15.6% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 49.0%
Net Income Margin -14.6% Total Debt/Capital 33.3%
Asset Turnover 0.29
Current Ratio 1.33 Net Fixed Asset Turnover 2.41
Quick Ratio 0.76 Accounts receivable turnover-days 114.69
Debt to Assets 30.22% Inventory Days -
Tot Debt to Common Equity 48.98% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.19 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Gozde Girisim Sermayesi Yatirim Ortakligi ASPrice/Volume
Valuation Analysis
5'471'233.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
.
0
1
2
3
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'000 0 (99'000) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Gozde Girisim Sermayesi Yatirim Ortakligi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
GSD Holding A.S. is a financial group providing financial services in banking,
commercial loans, leasing, foreign trade and securities brokerage.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (14.01.2013) 0.96
52-Week Low (04.10.2012) 0.62
Daily Volume
0.88
52-Week High % Change -9.37% Dividend Yield -
52-Week Low % Change 41.94% Beta 1.03
% 52 Week Price Range High/Low 73.53% Equity Float -
Shares Out 30.09.2012 250.0 Short Int -
220.00 1 Yr Total Return 25.71%
Total Debt 0.00 YTD Return 14.29%
Preferred Stock 0.0 Adjusted BETA 1.029
Minority Interest 156.4 Analyst Recs 0
Cash and Equivalents 776.86 Consensus Rating -
Enterprise Value 2'545.87
Average Volume 5 Day 2'332'898
GSDHO TI EQUITY YTD Change - Average Volume 30 Day 4'707'034
GSDHO TI EQUITY YTD % CHANGE - Average Volume 3 Month 12'145'350
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
- - 496.0 350.0 481.8 393.0 752.3 - - - -
- - - - - 16.36x 6.69x - - - -
- 38.6 41.9 42.3 66.8 32.3 100.2 - - - -
- 45.42x - - - 69.53x 24.88x - - - -
45.8 20.0 27.4 21.7 26.3 21.1 48.1 - - - -
6.59x 4.63x 8.67x 12.34x 5.24x 8.43x 3.48x - - - -
EBITDA 66.78 Long-Term Rating Date -
EBIT 38.49 Long-Term Rating -
Operating Margin 7.99% Long-Term Outlook -
Pretax Margin 8.42% Short-Term Rating Date -
Return on Assets 1.31% Short-Term Rating -
Return on Common Equity 8.75%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 21.61
Gross Margin 32.4% Total Debt/EBITDA 28.54
EBITDA Margin 13.3%
EBIT Margin 9.6% Total Debt/Equity 0.0%
Net Income Margin 5.4% Total Debt/Capital 0.0%
Asset Turnover 0.21
Current Ratio 0.98 Net Fixed Asset Turnover 9.66
Quick Ratio 0.25 Accounts receivable turnover-days 0.02
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 15352.63 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
GSD HoldingPrice/Volume
Valuation Analysis
2'979'276.00
Current Price (3/dd/yy) Market Data
'''''------
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
.3!-.!.''5 .3!'3!.''6 .3!-.!.''6 .3!'3!.'-' .3!-.!.'-' .3!'3!.'-- .3!-.!.'-- .3!'3!.'-. .3!-.!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
YILMAZ TURGUT n/a Research 26'843'801 10.74 - 22.12.2008 n/a
DELTA YATIRIM AS n/a Research 11'250'000 4.5 - 22.12.2008 Corporation
GSD YATIRIM BANKASI n/a Research 8'418'659 3.37 - 22.12.2008 Bank
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 6'888'596 2.76 - 31.07.2012 Investment Advisor
GSD DIS TICARET AS n/a Research 2'805'562 1.12 - 22.12.2008 Other
STATE STREET n/a ULT-AGG 890'978 0.36 - 26.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 815'661 0.33 - 31.12.2012 Investment Advisor
GSD EGITIM VAKFI n/a Research 430'000 0.17 - 22.12.2008 Other
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 337'168 0.13 88'090 31.12.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 165'376 0.07 5'376 30.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 135'167 0.05 - 31.01.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 102'720 0.04 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 81'683 0.03 - 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 74'533 0.03 - 31.10.2012 Investment Advisor
60 NAMA YAZILI ORTAK n/a Research 158 0 - 22.12.2008 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sardis Securities HAYDAR ACUN buy 5 M #N/A N/A Not Provided 07.09.2011
Holdings By:
GSD Holding ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Gubre Fabrikalari T.A.S. manufactures and sells fertilizer. The Company
produces composite fertilizer and triple superphosphate which it retails
throughout Turkey.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (23.01.2013) 18.60
52-Week Low (25.05.2012) 10.90
Daily Volume
16.15
52-Week High % Change -12.90% Dividend Yield -
52-Week Low % Change 48.17% Beta 0.95
% 52 Week Price Range High/Low 69.48% Equity Float -
Shares Out 30.09.2012 83.5 Short Int -
1'348.53 1 Yr Total Return 31.84%
Total Debt 569.67 YTD Return 13.73%
Preferred Stock 0.0 Adjusted BETA 0.952
Minority Interest 537.4 Analyst Recs 10
Cash and Equivalents 327.71 Consensus Rating 3.600
Enterprise Value 2'046.56
Average Volume 5 Day 408'066
GUBRF TI EQUITY YTD Change - Average Volume 30 Day 1'230'832
GUBRF TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'373'645
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
610.0 1'411.6 1'044.8 1'385.5 2'276.4 1'940.3 2'456.1 2'279.8 2'476.3 705.3 712.0
0.17x 0.90x 1.26x 1.40x 0.76x 3.75x 2.63x 0.94x 0.85x - -
45.9 449.2 105.8 402.0 604.2 480.5 462.1 433.5 505.6 181.5 -
2.27x 2.82x 12.48x 4.82x 2.86x 3.69x 3.81x 4.72x 4.05x - -
39.2 103.3 (48.2) 119.9 130.0 44.9 207.7 170.3 173.3 53.5 -
5.05x 4.94x - 11.94x 7.29x 22.70x 5.11x 8.46x 9.01x - -
EBITDA 604.16 Long-Term Rating Date -
EBIT 512.45 Long-Term Rating -
Operating Margin 22.51% Long-Term Outlook -
Pretax Margin 17.22% Short-Term Rating Date -
Return on Assets 7.47% Short-Term Rating -
Return on Common Equity 32.88%
Return on Capital - EBITDA/Interest Exp. 118.97
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 110.88
Net Debt/EBITDA 0.53
Gross Margin 30.5% Total Debt/EBITDA 1.41
EBITDA Margin 18.8%
EBIT Margin 15.5% Total Debt/Equity 85.8%
Net Income Margin 5.7% Total Debt/Capital 32.2%
Asset Turnover 0.88
Current Ratio 1.12 Net Fixed Asset Turnover 2.92
Quick Ratio 0.60 Accounts receivable turnover-days 90.30
Debt to Assets 19.20% Inventory Days 87.43
Tot Debt to Common Equity 85.76% Accounts Payable Turnover Day 146.91
Accounts Receivable Turnover 4.05 Cash Conversion Cycle 29.18
Inventory Turnover 4.19
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Gubre Fabrikalari TASPrice/Volume
Valuation Analysis
402'062.00
Current Price (3/dd/yy) Market Data
'.135
-'-.-1-3-5.'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
-1'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TARIM KREDI KOOPERAT n/a Research 63'418'250 75.95 - 06.05.2011 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 345'138 0.41 (19'110) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 195'788 0.23 - 25.01.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 188'926 0.23 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 188'824 0.23 - 25.03.2013 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 165'743 0.2 - 31.01.2013 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 105'853 0.13 - 26.03.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 95'577 0.11 11'154 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 88'019 0.11 - 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 85'000 0.1 - 31.01.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 61'411 0.07 - 31.10.2012 Investment Advisor
BPH TFI SA Multiple Portfolios MF-AGG 32'000 0.04 32'000 30.06.2011 Mutual Fund Manager
LEUTHOLD WEEDEN CAPI Multiple Portfolios MF-AGG 26'347 0.03 (20'992) 31.12.2012 Investment Advisor
JYSKE INVEST Multiple Portfolios MF-AGG 23'531 0.03 - 31.01.2013 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 20'672 0.02 672 30.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 20'121 0.02 - 31.01.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 17'890 0.02 - 31.12.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 16'700 0.02 - 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 14'845 0.02 - 31.01.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 12'922 0.02 - 21.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 21.03.2013
Global Menkul Degerler HASAN BAYHAN market perform 3 D 20 Not Provided 07.03.2013
BNP Paribas Equity Research KENAN COSGUNER buy 5 M 20 12 month 28.01.2013
IS Investment & Securities NUR ATASOY market perform 3 D 19 Not Provided 25.01.2013
Oyak Securities ALPER OZDEMIR outperform 5 M 21 12 month 21.12.2012
Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 M 21 12 month 10.12.2012
Erste Bank EVRIM DAIRECIOGLU buy 5 M 16 12 month 04.11.2012
HSBC CENK ORCAN neutral 3 M 15 Not Provided 06.09.2012
BGC Partners CAN OZCELIK hold 3 M 17 12 month 31.08.2012
ATA Invest MERT BOSTANOGLU Under Review #N/A N/A M 15 Not Provided 20.07.2012
Burgan Securities MURAT IGNEBEKCILI hold 3 M 13 12 month 23.05.2012
Ekspres Invest KURTHAN ATMACA buy 5 M 19 Not Provided 15.02.2012
Garanti Yatirim Menkul Kiymetler SEZAI SAKLAROGLU market perform 3 D 14 Not Provided 29.12.2011
Holdings By:
Gubre Fabrikalari TAS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Haci Omer Sabanci Holding A.S., also known as Sabanci Holding, is a
multibusiness enterprise operating in Turkey. The Company's main operation
areas are financial services, energy (electricity generation and distribution),
cement, retail and industrial sectors.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (17.01.2013) 11.45
52-Week Low (25.05.2012) 6.30
Daily Volume
10.65
52-Week High % Change -6.99% Dividend Yield -
52-Week Low % Change 69.05% Beta 1.13
% 52 Week Price Range High/Low 84.47% Equity Float -
Shares Out 31.12.2012 2'040.4 Short Int -
23'225.60 1 Yr Total Return 43.31%
Total Debt 25'805.25 YTD Return 8.67%
Preferred Stock 0.0 Adjusted BETA 1.130
Minority Interest 14'262.0 Analyst Recs 24
Cash and Equivalents 12'516.24 Consensus Rating 3.458
Enterprise Value 50'776.59
Average Volume 5 Day 2'835'737
SAHOL TI EQUITY YTD Change - Average Volume 30 Day 4'330'768
SAHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 4'313'036
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
19'796.7 18'848.2 19'541.4 22'408.8 11'589.0 10'771.0 11'589.0 27'835.9 31'063.0 - -
0.34x 0.23x 1.05x 1.20x 4.10x 11.46x 15.08x 1.75x 1.68x - -
2'429.8 3'830.7 4'251.8 4'202.7 4'598.4 4'202.7 4'598.4 5'442.9 6'263.7 - -
2.75x 1.14x 4.84x 6.42x 10.34x 6.42x 10.34x 9.33x 8.11x - -
1'188.6 1'258.5 1'662.8 1'878.0 1'855.8 1'878.0 1'855.8 2'076.4 2'391.4 - -
5.46x 8.57x 8.94x 5.88x 10.82x 5.88x 10.82x 10.39x 8.99x - -
EBITDA 4'598.36 Long-Term Rating Date -
EBIT 4'040.80 Long-Term Rating -
Operating Margin 34.87% Long-Term Outlook -
Pretax Margin 40.34% Short-Term Rating Date -
Return on Assets 1.14% Short-Term Rating -
Return on Common Equity 12.31%
Return on Capital 7.27% EBITDA/Interest Exp. 24.80
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 2.89
Gross Margin 16.4% Total Debt/EBITDA 5.61
EBITDA Margin 39.7%
EBIT Margin 34.9% Total Debt/Equity 158.8%
Net Income Margin 16.0% Total Debt/Capital 45.8%
Asset Turnover 0.07
Current Ratio 0.67 Net Fixed Asset Turnover 1.82
Quick Ratio 0.11 Accounts receivable turnover-days 48.38
Debt to Assets 14.71% Inventory Days 64.81
Tot Debt to Common Equity 158.79% Accounts Payable Turnover Day 69.92
Accounts Receivable Turnover 7.56 Cash Conversion Cycle 43.28
Inventory Turnover 5.65
Fiscal Year Ended
Haci Omer Sabanci Holding ASPrice/Volume
Valuation Analysis
2'086'955.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
.
1
3
5
-'
-.
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SABANCI FAMILY n/a Co File 890'636'316 43.65 - 30.06.2012 n/a
SAKIP SABANCI HOLDIN n/a Co File 287'084'833 14.07 - 30.06.2012 Holding Company
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 77'467'360 3.8 - 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 66'946'542 3.28 - 29.01.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 61'075'474 2.99 924'119 28.02.2013 Mutual Fund Manager
SABANCI UNIVERSITY n/a Co File 30'810'099 1.51 - 30.06.2012 n/a
EXSA n/a Co File 26'321'211 1.29 - 30.06.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 22'399'669 1.1 (5'102) 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 21'964'579 1.08 275'075 21.03.2013 Investment Advisor
CIMSA n/a Co File 21'628'282 1.06 - 30.06.2012 n/a
BLACKROCK n/a ULT-AGG 21'060'414 1.03 (71'530) 25.03.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 9'424'480 0.46 1'309'617 31.12.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 4'951'188 0.24 1'184'711 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 4'910'694 0.24 - 31.01.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'800'069 0.24 - 31.05.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 4'790'213 0.23 286'268 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 3'694'000 0.18 (972'000) 28.02.2013 Unclassified
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 3'588'869 0.18 3'588'869 31.12.2012 Unclassified
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'570'509 0.13 30'243 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'414'113 0.12 33'000 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities DUYGUN KUTUCU hold 3 M 11 12 month 25.03.2013
Global Menkul Degerler HASAN BAYHAN market perform 3 D 12 Not Provided 21.03.2013
Seker Securities SELAHATTIN AYDIN market perform 3 M #N/A N/A Not Provided 19.03.2013
FinansInvest OZGUR UCUR neutral 3 M 10 12 month 18.03.2013
Unlu Securities OYTUN ALTASLI outperform 5 N 11 12 month 15.03.2013
Sardis Securities HAYDAR ACUN hold 3 M 10 Not Provided 15.03.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 14.03.2013
Ekspres Invest ALPER AKALIN hold 3 D 12 Not Provided 08.03.2013
BGC Partners EZGI YILMAZ buy 5 M 12 12 month 11.02.2013
Eczacibasi Securities SERCAN SOYLU market perform 3 M 12 Not Provided 22.01.2013
Deutsche Bank HILAL VAROL hold 3 M 11 12 month 16.01.2013
Oyak Securities HASAN SENER market perform 3 M 11 12 month 21.12.2012
IS Investment & Securities BASAK ENGIN DINCKOC market perform 3 M 11 Not Provided 18.12.2012
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 11 Not Provided 17.12.2012
Renaissance Capital ILGIN ERDOGAN hold 3 N 11 12 month 11.12.2012
Goldman Sachs MATIJA GERGOLET neutral/neutral 3 M 9 12 month 10.12.2012
HSBC CENK ORCAN overweight 5 M 12 Not Provided 05.12.2012
Yatirim Finansman Securities ZUMRUT CAN market perform 3 M 10 12 month 16.11.2012
Erste Bank MEHMET EMIN ZUMRUT buy 5 M 8 12 month 04.11.2012
Credit Suisse ATINC OZKAN outperform 5 N 9 Not Provided 31.08.2012
ATA Invest ONDER ZORBA market outperform 4 M 8 Not Provided 25.05.2012
BGC Partners SERAP MUTLU hold 3 R 8 12 month 29.03.2010
Holdings By:
Haci Omer Sabanci Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Hurriyet Gazetecilik ve Matbaacilik A.S. publishes weekly newspapers and the
Hurriyet newspaper, and offers advertising and printing services. The Company
operates printing facilities in Turkey and Germany.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (06.04.2012) 1.19
52-Week Low (04.09.2012) 0.76
Daily Volume
0.9
52-Week High % Change -24.37% Dividend Yield -
52-Week Low % Change 18.42% Beta 1.22
% 52 Week Price Range High/Low 32.56% Equity Float -
Shares Out 30.09.2012 552.0 Short Int -
496.80 1 Yr Total Return -21.05%
Total Debt 603.14 YTD Return -2.17%
Preferred Stock 0.0 Adjusted BETA 1.217
Minority Interest 81.1 Analyst Recs 11
Cash and Equivalents 281.60 Consensus Rating 3.182
Enterprise Value 990.93
Average Volume 5 Day 1'917'802
HURGZ TI EQUITY YTD Change - Average Volume 30 Day 3'858'210
HURGZ TI EQUITY YTD % CHANGE - Average Volume 3 Month 6'386'939
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
913.6 998.4 784.1 794.2 868.7 837.0 864.6 871.1 922.0 229.0 -
2.28x 0.97x 1.92x 1.88x 0.91x 6.40x 4.41x 1.08x 0.90x - -
188.4 163.4 129.5 129.8 91.4 100.5 90.6 116.3 128.3 17.0 -
11.06x 5.91x 11.63x 11.48x 8.63x 10.87x 10.32x 8.52x 7.72x - -
94.2 (38.1) (35.1) (40.1) (235.7) (152.2) 11.5 126.6 31.2 15.0 -
16.18x - - - - 0.00x 39.59x 3.23x 16.07x - -
EBITDA 91.40 Long-Term Rating Date -
EBIT 6.00 Long-Term Rating -
Operating Margin 0.69% Long-Term Outlook -
Pretax Margin -30.73% Short-Term Rating Date -
Return on Assets 0.71% Short-Term Rating -
Return on Common Equity 1.72%
Return on Capital -0.60% EBITDA/Interest Exp. 3.53
Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 2.73
Net Debt/EBITDA 5.01
Gross Margin 37.7% Total Debt/EBITDA 5.99
EBITDA Margin 10.5%
EBIT Margin 1.4% Total Debt/Equity 117.3%
Net Income Margin -27.1% Total Debt/Capital 50.3%
Asset Turnover 0.53
Current Ratio 1.01 Net Fixed Asset Turnover 2.25
Quick Ratio 0.77 Accounts receivable turnover-days 94.25
Debt to Assets 36.80% Inventory Days 12.47
Tot Debt to Common Equity 117.32% Accounts Payable Turnover Day 30.51
Accounts Receivable Turnover 3.88 Cash Conversion Cycle 50.75
Inventory Turnover 29.36
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Hurriyet Gazetecilik ASPrice/Volume
Valuation Analysis
1'643'783.00
Current Price (3/dd/yy) Market Data
'
'
'
-
-
-
-
-
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'926'716 0.89 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'242'660 0.23 - 25.03.2013 Investment Advisor
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 957'000 0.17 - 31.05.2011 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 900'000 0.16 - 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 795'168 0.14 - 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 783'538 0.14 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 563'794 0.1 - 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 301'886 0.05 - 11.07.2012 Unclassified
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 205'040 0.04 5'040 30.11.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 200'900 0.04 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 74'780 0.01 - 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 9'201 0 - 31.10.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 106 0 - 31.01.2013 Investment Advisor
AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG - 0 - 31.10.2012 Mutual Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG - 0 (800'000) 31.01.2013 Mutual Fund Manager
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG - 0 (300'000) 31.08.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Global Menkul Degerler BERTAN ILBAK buy 5 M 1 Not Provided 19.03.2013
HSBC BULENT YURDAGUL overweight 5 M 1 Not Provided 27.02.2013
BNP Paribas Equity Research KENAN COSGUNER hold 3 N 1 12 month 05.02.2013
Ak Investment BORA TEZGULER market perform 3 M 1 12 month 29.01.2013
Ekspres Invest SINAN GOKSEN hold 3 M 1 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
BGC Partners BARIS INCE buy 5 M 1 12 month 24.12.2012
Oyak Securities UYGAR GEZER market perform 3 M 1 12 month 21.12.2012
Goldman Sachs ASLI TUNCER neutral/neutral 3 M 1 12 month 10.12.2012
Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE market perform 3 M 1 Not Provided 06.11.2012
FinansInvest GAYE ABIDIN Under Review #N/A N/A M #N/A N/A Not Provided 23.10.2012
Seker Securities TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 18.10.2012
IS Investment & Securities NUR ATASOY Under Review #N/A N/A M #N/A N/A Not Provided 27.06.2012
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 16.05.2012
ATA Invest ONDER ZORBA market perform 3 M 1 Not Provided 13.01.2012
Burgan Securities BURAK ISYAR not rated #N/A N/A M #N/A N/A Not Provided 13.01.2012
Holdings By:
Hurriyet Gazetecilik AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Ihlas Ev Aletleri Imalat Sanayi ve Ticaret A.S. manufactures, imports and
distributes electrical home appliances through its stores, catalog and media
sales.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (06.04.2012) 0.93
52-Week Low (27.02.2013) 0.54
Daily Volume
0.62
52-Week High % Change -32.26% Dividend Yield -
52-Week Low % Change 14.81% Beta 1.09
% 52 Week Price Range High/Low 20.51% Equity Float -
Shares Out 31.12.2012 191.4 Short Int -
118.65 1 Yr Total Return -28.74%
Total Debt 0.00 YTD Return -16.22%
Preferred Stock 0.0 Adjusted BETA 1.092
Minority Interest 17.1 Analyst Recs 0
Cash and Equivalents 88.79 Consensus Rating -
Enterprise Value 46.94
Average Volume 5 Day 1'861'764
IHEVA TI EQUITY YTD Change - Average Volume 30 Day 6'922'888
IHEVA TI EQUITY YTD % CHANGE - Average Volume 3 Month 6'185'715
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
77.3 90.7 101.9 99.5 101.5 99.5 101.5 - - - -
0.58x 1.94x 2.24x 0.97x 0.69x 6.72x 3.11x - - - -
(3.2) 2.5 0.0 (4.4) (0.1) (3.1) 0.9 - - - -
- 69.14x 31812.46x - - 0.00x 0.00x - - - -
(14.0) 2.1 9.2 (26.2) 20.3 (26.2) 20.3 - - - -
- 103.93x 27.82x - 6.98x 0.00x 6.98x - - - -
EBITDA -0.14 Long-Term Rating Date -
EBIT -1.84 Long-Term Rating -
Operating Margin -1.81% Long-Term Outlook -
Pretax Margin 23.24% Short-Term Rating Date -
Return on Assets 6.88% Short-Term Rating -
Return on Common Equity 10.60%
Return on Capital 11.82% EBITDA/Interest Exp. -0.01
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. -0.26
Net Debt/EBITDA -
Gross Margin 11.1% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin -1.8% Total Debt/Equity 0.0%
Net Income Margin 20.0% Total Debt/Capital 0.0%
Asset Turnover 0.34
Current Ratio 2.67 Net Fixed Asset Turnover 21.29
Quick Ratio 1.94 Accounts receivable turnover-days 229.88
Debt to Assets 0.00% Inventory Days 156.71
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 162.42
Accounts Receivable Turnover 1.59 Cash Conversion Cycle 224.17
Inventory Turnover 2.34
Fiscal Year Ended
Ihlas EV AletleriPrice/Volume
Valuation Analysis
7'952'468.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'''''------
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
0.0
20.0
40.0
60.0
80.0
100.0
120.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
-1'!''
-3'!''
-5'!''
.''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
IHLAS HOLDING n/a Research 33'681'000 17.6 - 20.08.2009 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'536'315 1.85 - 31.07.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 357'684 0.19 - 31.12.2012 Investment Advisor
BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 11'118 0.01 - 20.07.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Ihlas EV Aletleri ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Ihlas Holding A.S. is a holding company. The Company offers construction,
healthcare and educational services. Through subsidiaries, the Company operates
newspaper, radio and TV businesses, imports automobiles, operates banks, offers
insurance services, manufactures home appliances, produces soft drinks, markets
real estate and offers IT services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (12.12.2012) 1.44
52-Week Low (27.02.2013) 0.71
Daily Volume
0.82
52-Week High % Change -42.36% Dividend Yield -
52-Week Low % Change 15.49% Beta 0.66
% 52 Week Price Range High/Low 12.33% Equity Float -
Shares Out 31.12.2012 790.4 Short Int -
648.13 1 Yr Total Return -24.77%
Total Debt 308.69 YTD Return -34.40%
Preferred Stock 0.0 Adjusted BETA 0.662
Minority Interest 271.8 Analyst Recs 1
Cash and Equivalents 450.23 Consensus Rating 1.000
Enterprise Value 778.34
Average Volume 5 Day 12'618'810
IHLAS TI EQUITY YTD Change - Average Volume 30 Day 37'740'810
IHLAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 38'180'630
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
433.9 550.7 675.1 656.9 651.9 656.9 651.9 - - - -
0.56x 0.81x 1.53x 1.27x 1.72x 5.89x 6.72x - - - -
21.7 63.5 38.6 (29.2) 2.6 (29.2) 2.6 - - - -
11.17x 6.99x 26.84x - 438.50x 0.00x 438.50x - - - -
(94.0) 77.7 35.9 (85.4) (54.3) (85.4) (54.3) - - - -
- 2.59x 20.04x - - 0.00x 0.00x - - - -
EBITDA 2.55 Long-Term Rating Date -
EBIT -17.09 Long-Term Rating -
Operating Margin -2.62% Long-Term Outlook -
Pretax Margin -5.29% Short-Term Rating Date -
Return on Assets -2.28% Short-Term Rating -
Return on Common Equity -6.60%
Return on Capital - EBITDA/Interest Exp. 0.02
Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. -0.08
Net Debt/EBITDA -55.51
Gross Margin 16.5% Total Debt/EBITDA 121.05
EBITDA Margin 0.4%
EBIT Margin -2.6% Total Debt/Equity 38.7%
Net Income Margin -8.3% Total Debt/Capital 22.4%
Asset Turnover 0.27
Current Ratio 2.05 Net Fixed Asset Turnover 1.73
Quick Ratio 1.32 Accounts receivable turnover-days 395.10
Debt to Assets 12.38% Inventory Days 274.47
Tot Debt to Common Equity 38.66% Accounts Payable Turnover Day 122.94
Accounts Receivable Turnover 0.93 Cash Conversion Cycle 546.63
Inventory Turnover 1.33
Fiscal Year Ended
Ihlas Holding ASPrice/Volume
Valuation Analysis
64'919'632.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
'
'
-
-
-
-
-
.
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.'!' 9
1'!' 9
3'!' 9
5'!' 9
-''!' 9
-.'!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OREN ENVER n/a Research 80'315'554 10.16 - 30.09.2012 n/a
IHLAS PAZARLAMA AS n/a Research 75'342'599 9.53 - 30.09.2012 n/a
IHLAS EV ALETLERI IM n/a Research 55'328'002 7 - 27.02.2013 n/a
GOLBASI ALI TUBAY n/a Research 22'402'520 2.83 - 30.09.2012 n/a
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 21'329'361 2.7 - 31.07.2012 Investment Advisor
OREN AHMET MUCAHID n/a Research 13'086'005 1.66 - 30.09.2012 n/a
BLACKROCK n/a ULT-AGG 5'989'792 0.76 - 25.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 3'754'000 0.47 - 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'365'779 0.43 145'747 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'106'027 0.27 74'043 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'361'486 0.17 - 26.03.2013 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 1'319'000 0.17 - 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 784'900 0.1 - 30.11.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 372'096 0.05 12'096 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 291'983 0.04 - 31.12.2012 Investment Advisor
SENER ALAETTIN n/a Research 211'680 0.03 - 30.09.2012 n/a
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 177'883 0.02 - 31.01.2013 Mutual Fund Manager
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 170'851 0.02 - 31.10.2012 Investment Advisor
BUYUKCELIK RIDVAN n/a Research 147'184 0.02 - 30.09.2012 n/a
FINANS PORTFOY YONET Multiple Portfolios MF-AGG 129'087 0.02 (96) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 22.03.2013
Holdings By:
Ihlas Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Ipek Dogal Enerji Kaynaklari Ve Uretim AS manufactures envelopes, and greeting
and invitation cards. The Company also explores for and produces petroleum and
natural gas and has mining operations that include coal mining.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (26.12.2012) 6.30
52-Week Low (29.03.2012) 2.72
Daily Volume
5.24
52-Week High % Change -16.51% Dividend Yield -
52-Week Low % Change 92.65% Beta 0.86
% 52 Week Price Range High/Low 73.18% Equity Float -
Shares Out 30.06.2012 259.8 Short Int -
1'361.28 1 Yr Total Return 85.16%
Total Debt 34.21 YTD Return -12.67%
Preferred Stock 0.0 Adjusted BETA 0.861
Minority Interest 886.9 Analyst Recs 6
Cash and Equivalents 712.73 Consensus Rating 2.333
Enterprise Value 1'526.33
Average Volume 5 Day 3'605'080
IPEKE TI EQUITY YTD Change - Average Volume 30 Day 4'926'134
IPEKE TI EQUITY YTD % CHANGE - Average Volume 3 Month 6'767'089
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
196.6 232.2 389.3 543.3 909.1 725.5 1'212.7 1'172.0 1'362.0 - -
1.72x 1.16x 1.66x 1.08x 0.54x 3.75x 1.96x 1.31x 1.09x - -
88.5 77.9 221.0 316.9 590.2 450.1 650.9 751.3 867.3 - -
3.81x 3.45x 2.92x 1.85x 0.84x 1.57x 0.00x 2.04x 1.77x - -
17.1 7.4 33.3 233.0 94.5 81.6 124.2 108.0 145.3 - -
13.74x 10.77x 12.40x 2.06x 3.03x 5.58x 7.73x 12.67x 9.34x - -
EBITDA 590.22 Long-Term Rating Date -
EBIT 507.55 Long-Term Rating -
Operating Margin 55.83% Long-Term Outlook -
Pretax Margin 57.54% Short-Term Rating Date -
Return on Assets 8.07% Short-Term Rating -
Return on Common Equity 24.79%
Return on Capital - EBITDA/Interest Exp. 1073.83
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 607.47
Net Debt/EBITDA -1.21
Gross Margin 70.1% Total Debt/EBITDA 0.09
EBITDA Margin 68.3%
EBIT Margin 60.4% Total Debt/Equity 7.1%
Net Income Margin 10.4% Total Debt/Capital 2.4%
Asset Turnover 0.71
Current Ratio 4.78 Net Fixed Asset Turnover 1.98
Quick Ratio 3.93 Accounts receivable turnover-days 10.15
Debt to Assets 2.12% Inventory Days 100.00
Tot Debt to Common Equity 7.14% Accounts Payable Turnover Day 45.48
Accounts Receivable Turnover 36.06 Cash Conversion Cycle 52.49
Inventory Turnover 3.66
Fiscal Year Ended
Ipek Dogal Enerji Kaynaklari Ve Uretim ASPrice/Volume
Valuation Analysis
8'439'994.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
.
0
1
2
3
4
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
4'!' 9
5'!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
-5!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KOZA IPEK HOLDING AS n/a Research 73'552'194 28.31 - 18.03.2009 Holding Company
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 9'590'386 3.69 - 31.05.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 9'250'000 3.56 - 28.02.2013 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'723'893 1.05 - 31.07.2012 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'148'590 0.44 - 31.05.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'092'097 0.42 416'895 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 942'751 0.36 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 644'707 0.25 27'474 31.12.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 425'000 0.16 75'000 31.01.2013 Mutual Fund Manager
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 329'166 0.13 - 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 316'810 0.12 (264'805) 28.12.2012 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 302'419 0.12 - 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 301'334 0.12 - 31.12.2012 Investment Advisor
FIM FUND MANAGEMENT Multiple Portfolios MF-AGG 140'000 0.05 (20'000) 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 94'732 0.04 - 31.12.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 93'024 0.04 3'024 30.11.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 72'512 0.03 - 31.10.2012 Investment Advisor
FMR LLC n/a ULT-AGG 54'043 0.02 - 31.01.2013 Investment Advisor
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 38'552 0.01 - 31.01.2013 Mutual Fund Manager
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 37'430 0.01 37'430 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ekspres Invest ALPER AKALIN hold 3 M 6 Not Provided 15.03.2013
Burgan Securities ECE MANDACI hold 3 M 7 12 month 26.02.2013
FinansInvest KORAY PAMIR underperform 1 M 4 12 month 19.02.2013
IS Investment & Securities NUR ATASOY market perform 3 U 7 Not Provided 07.02.2013
Deutsche Bank ERIK DANEMAR sell 1 M 4 12 month 11.01.2013
Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE market perform 3 M 7 Not Provided 17.12.2012
ATA Invest ISMAIL OZER Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2012
Holdings By:
Ipek Dogal Enerji Kaynaklari Ve Uretim AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Is Finansal Kiralama A.S. offers lease financing. Company offers medium-term
lease financing to transportation, electronics, textile, tourism and
construction sectors.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 1.16
52-Week Low (08.06.2012) 0.83
Daily Volume
0.99
52-Week High % Change -15.52% Dividend Yield -
52-Week Low % Change 19.28% Beta 0.81
% 52 Week Price Range High/Low 45.45% Equity Float -
Shares Out 30.09.2012 389.0 Short Int -
385.11 1 Yr Total Return -13.16%
Total Debt 1'579.44 YTD Return -2.94%
Preferred Stock 0.0 Adjusted BETA 0.812
Minority Interest 11.5 Analyst Recs 2
Cash and Equivalents 309.56 Consensus Rating 5.000
Enterprise Value 1'595.90
Average Volume 5 Day 470'469
ISFIN TI EQUITY YTD Change - Average Volume 30 Day 1'274'416
ISFIN TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'558'729
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
120.4 112.1 100.2 135.4 158.1 135.4 114.3 - - - -
7.17x 8.14x 13.14x 12.34x - 49.94x 41.72x - - - -
106.0 97.0 82.2 - - 22.9 87.0 - - - -
8.14x 9.41x 16.02x - - 0.00x 0.00x - - - -
76.3 105.4 63.7 52.5 40.8 52.5 40.8 55.0 79.0 - -
1.26x 2.47x 6.44x 7.43x 9.71x 7.77x 9.75x - - - -
EBITDA - Long-Term Rating Date -
EBIT 98.19 Long-Term Rating -
Operating Margin 72.49% Long-Term Outlook -
Pretax Margin 44.87% Short-Term Rating Date -
Return on Assets 1.77% Short-Term Rating -
Return on Common Equity 7.01%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 69.8% Total Debt/Equity 310.6%
Net Income Margin 25.8% Total Debt/Capital 75.2%
Asset Turnover 0.07
Current Ratio 1.22 Net Fixed Asset Turnover 151.01
Quick Ratio 0.98 Accounts receivable turnover-days 3298.38
Debt to Assets 70.45% Inventory Days -
Tot Debt to Common Equity 310.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover 0.11 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Is Finansal Kiralama ASPrice/Volume
Valuation Analysis
1'183'620.00
Current Price (3/dd/yy) Market Data
'
'
'
-
-
-
-
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TURKIYE SINAI KALKIN n/a Research 111'107'712 28.56 - 31.12.2007 Bank
TSKB n/a Co File 111'099'115 28.56 - 30.09.2012 n/a
TURKIYE IS BANKASI A n/a Co File 108'103'795 27.79 - 30.09.2012 Bank
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 9'840'133 2.53 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'143'153 1.07 - 31.07.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 4'004'749 1.03 514'749 03.09.2012 Mutual Fund Manager
CAMIS YATIRIM HOLDIN n/a Co File 3'228'721 0.83 - 30.09.2012 n/a
BLACKROCK n/a ULT-AGG 1'430'227 0.37 - 25.03.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 518'490 0.13 (106'249) 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 514'296 0.13 29'964 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 483'997 0.12 - 31.12.2012 Investment Advisor
QUERCUS TFI Multiple Portfolios MF-AGG 441'998 0.11 56'812 30.06.2012 Mutual Fund Manager
STATE STREET n/a ULT-AGG 361'033 0.09 - 26.03.2013 Investment Advisor
TURKIYE SISE VE CAM n/a Co File 311'202 0.08 - 30.09.2012 n/a
NEMTAS NEMRUT LIMAN n/a Co File 272'302 0.07 - 30.09.2012 n/a
DWS INVESTMENT S A Multiple Portfolios MF-AGG 250'000 0.06 - 31.01.2013 Mutual Fund Manager
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 36'246 0.01 - 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 21'784 0.01 - 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG - 0 - 31.01.2013 Investment Advisor
EUROBANK EFG MUTUAL Multiple Portfolios MF-AGG - 0 (229'500) 31.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
IS Investment & Securities BULENT SENGONUL outperform 5 M 1 Not Provided 18.12.2012
Holdings By:
Is Finansal Kiralama AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Is Gayrimenkul Yatirim Ortakligi AS is a real estate investment company. The
Company usually acquires land by offering the owner a certain amount of space
for the building it intends to develop. Is Gayrimenkul finances its projects by
selling or renting the remaining space during the early stages of construction.
The Company's portfolio includes shopping centers and office buildings.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 1.66
52-Week Low (25.05.2012) 1.02
Daily Volume
1.47
52-Week High % Change -11.45% Dividend Yield -
52-Week Low % Change 44.12% Beta 0.90
% 52 Week Price Range High/Low 68.75% Equity Float -
Shares Out 31.12.2012 600.0 Short Int -
882.00 1 Yr Total Return 23.57%
Total Debt 135.57 YTD Return -2.00%
Preferred Stock 0.0 Adjusted BETA 0.898
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 93.71 Consensus Rating 4.600
Enterprise Value 923.86
Average Volume 5 Day 2'723'413
ISGYO TI EQUITY YTD Change - Average Volume 30 Day 1'630'082
ISGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'636'736
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
80.9 88.9 95.5 123.5 131.9 123.5 131.9 197.4 211.6 - -
2.83x 7.04x 8.04x 4.37x 7.14x 21.71x 23.13x 4.64x 4.51x - -
60.8 75.2 83.9 93.9 89.2 93.9 89.2 105.5 122.6 - -
3.77x 8.33x 9.16x 5.75x 10.56x 5.75x 10.56x 8.75x 7.54x - -
53.1 60.3 60.9 67.0 65.4 67.0 65.4 81.7 98.4 - -
5.93x 12.31x 13.00x 8.96x 13.76x 9.42x 13.76x 11.14x 11.05x - -
EBITDA 89.22 Long-Term Rating Date -
EBIT 64.12 Long-Term Rating -
Operating Margin 48.60% Long-Term Outlook -
Pretax Margin 49.67% Short-Term Rating Date -
Return on Assets 5.12% Short-Term Rating -
Return on Common Equity 6.22%
Return on Capital - EBITDA/Interest Exp. 24.60
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -13.62
Net Debt/EBITDA 0.47
Gross Margin 56.2% Total Debt/EBITDA 1.52
EBITDA Margin 67.6%
EBIT Margin 48.6% Total Debt/Equity 12.7%
Net Income Margin 49.6% Total Debt/Capital 11.2%
Asset Turnover 0.10
Current Ratio 2.24 Net Fixed Asset Turnover 114.63
Quick Ratio 1.04 Accounts receivable turnover-days 28.78
Debt to Assets 9.74% Inventory Days -
Tot Debt to Common Equity 12.67% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.72 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Is Gayrimenkul Yatirim Ortakligi ASPrice/Volume
Valuation Analysis
1'745'389.00
Current Price (3/dd/yy) Market Data
'''-----..
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9
0.0
50.0
100.0
150.0
200.0
250.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TURKIYE IS BANKASI A n/a EXCH 253'403'378 42.23 - 31.12.2006 Bank
AUTONOMY MASTER FUND n/a Research 51'444'023 8.57 - 03.03.2009 n/a
ANADOLU HAYAT EMEKLI n/a EXCH 42'649'293 7.11 - 31.12.2006 Insurance Company
ANADOLU SIGORTA n/a EXCH 28'635'775 4.77 - 31.12.2006 Insurance Company
IS YATIRIM MENKUL DE n/a EXCH 8'199'498 1.37 - 31.12.2006 Investment Advisor
ISNET ELEKT BILGI UR n/a EXCH 7'953'701 1.33 - 31.12.2006 Other
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 6'785'000 1.13 - 31.12.2012 Investment Advisor
IS MERKEZLERI YONETI n/a EXCH 6'569'427 1.09 - 31.12.2006 Corporation
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'298'572 0.72 (433'594) 30.06.2012 Investment Advisor
CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 3'512'333 0.59 - 30.09.2012 Mutual Fund Manager
CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 2'640'666 0.44 - 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'524'542 0.42 18'156 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'454'505 0.41 613'805 31.12.2012 Investment Advisor
CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 2'216'649 0.37 - 31.10.2012 Mutual Fund Manager
IS PORTFOY YONETIMI n/a EXCH 2'190'785 0.37 - 31.12.2006 Investment Advisor
AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 1'953'711 0.33 (396'290) 31.10.2012 Mutual Fund Manager
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 1'308'400 0.22 258'400 30.11.2012 Investment Advisor
TAPIOLA ASSET MANAGE Multiple Portfolios MF-AGG 1'205'199 0.2 - 31.07.2011 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'150'000 0.19 - 28.09.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 936'485 0.16 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FinansInvest GAYE ABIDIN outperform 5 M 2 12 month 27.03.2013
Burgan Securities MURAT IGNEBEKCILI buy 5 M 2 12 month 25.03.2013
Sardis Securities HAYDAR ACUN buy 5 M #N/A N/A Not Provided 15.03.2013
HSBC LEVENT BAYAR neutral 3 D 2 Not Provided 13.03.2013
Ak Investment BERTUG TUZUN market outperform 4 M 2 12 month 29.01.2013
BGC Partners KEREM TEZCAN Under Review #N/A N/A M #N/A N/A Not Provided 25.01.2013
Ekspres Invest KURTHAN ATMACA buy 5 M 2 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
IS Investment & Securities NUR ATASOY outperform 5 M 2 Not Provided 17.12.2012
Garanti Yatirim Menkul Kiymetler KERIM GOKOZ market perform 3 M 2 Not Provided 17.12.2012
Eczacibasi Securities TEAM COVERAGE outperform 5 M 2 Not Provided 23.11.2012
Yatirim Finansman Securities HUSEYIN MERDAN GEYIK outperform 5 M 2 12 month 07.11.2012
Erste Bank MEHMET EMIN ZUMRUT buy 5 M 2 12 month 04.11.2012
ATA Invest ERMAN TUTUNCUOGLU market outperform 4 M 1 Not Provided 20.07.2012
Holdings By:
Is Gayrimenkul Yatirim Ortakligi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Ittifak Holding A.S is a holding company. Through subsidiaries, the Company
operates shopping centers, produces pasta and flour, constructs residential
apartments, manufactures milling machines, retails merchandise at discount,
raises livestock, retails and maintains automobiles, retails gasoline, and
retails gold.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.05.2012) 6.62
52-Week Low (26.02.2013) 4.69
Daily Volume
5.02
52-Week High % Change -24.17% Dividend Yield -
52-Week Low % Change 7.04% Beta 0.86
% 52 Week Price Range High/Low 19.17% Equity Float -
Shares Out 30.09.2012 30.0 Short Int -
150.60 1 Yr Total Return -7.72%
Total Debt 220.29 YTD Return -1.18%
Preferred Stock 0.0 Adjusted BETA 0.863
Minority Interest 52.2 Analyst Recs 0
Cash and Equivalents 45.83 Consensus Rating -
Enterprise Value 403.97
Average Volume 5 Day 578'318
ITTFH TI EQUITY YTD Change - Average Volume 30 Day 656'906
ITTFH TI EQUITY YTD % CHANGE - Average Volume 3 Month 696'319
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
607.9 700.9 787.3 774.8 891.4 835.9 977.6 - - - -
- - 0.74x 0.47x 0.41x 1.96x 1.62x - - - -
43.5 44.9 29.9 13.7 33.5 31.2 12.6 - - - -
- - 19.56x 26.89x 10.94x 0.00x 32.17x - - - -
25.5 6.5 0.6 23.9 2.5 3.9 4.6 - - - -
- - 793.57x 9.55x 56.14x 0.00x 33.22x - - - -
EBITDA 33.46 Long-Term Rating Date -
EBIT 18.30 Long-Term Rating -
Operating Margin 2.05% Long-Term Outlook -
Pretax Margin 0.47% Short-Term Rating Date -
Return on Assets 0.56% Short-Term Rating -
Return on Common Equity 1.23%
Return on Capital - EBITDA/Interest Exp. 2.04
Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 0.85
Net Debt/EBITDA 16.03
Gross Margin 19.3% Total Debt/EBITDA 18.96
EBITDA Margin 1.3%
EBIT Margin -0.6% Total Debt/Equity 60.1%
Net Income Margin 0.3% Total Debt/Capital 34.5%
Asset Turnover 1.21
Current Ratio 1.17 Net Fixed Asset Turnover 4.53
Quick Ratio 0.35 Accounts receivable turnover-days 27.55
Debt to Assets 27.27% Inventory Days 87.35
Tot Debt to Common Equity 60.14% Accounts Payable Turnover Day 56.83
Accounts Receivable Turnover 13.29 Cash Conversion Cycle 48.81
Inventory Turnover 4.19
Fiscal Year Ended
Ittifak Holding A.SPrice/Volume
Valuation Analysis
225'807.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
.
0
1
2
3
4
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ADESE ALISVERIS MERK n/a EXCH 1'747'014 5.82 - 09.04.2012 n/a
STATE STREET n/a ULT-AGG 146'892 0.49 - 26.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 144'867 0.48 - 31.07.2012 Investment Advisor
BPH TFI SA Multiple Portfolios MF-AGG 19'000 0.06 19'000 30.06.2011 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'060 0.03 - 31.12.2012 Investment Advisor
PIONEER INVESTMENTS Multiple Portfolios MF-AGG - 0 (145'000) 31.05.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Ittifak Holding A.S ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Izmir Demir Celik Sanayii A.S. manufactures raw iron and steel. The Company
also manufactures products including rod, profile, wire, pipe, and plate from
steel.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (10.04.2012) 5.09
52-Week Low (15.03.2013) 2.88
Daily Volume
3.07
52-Week High % Change -39.66% Dividend Yield -
52-Week Low % Change 6.60% Beta 0.43
% 52 Week Price Range High/Low 7.70% Equity Float -
Shares Out 11.07.2012 375.0 Short Int -
1'151.25 1 Yr Total Return -13.76%
Total Debt 269.43 YTD Return -21.88%
Preferred Stock 0.0 Adjusted BETA 0.432
Minority Interest 7.4 Analyst Recs 2
Cash and Equivalents 316.93 Consensus Rating 1.000
Enterprise Value 1'265.15
Average Volume 5 Day 1'060'385
IZMDC TI EQUITY YTD Change - Average Volume 30 Day 1'441'709
IZMDC TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'264'444
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
781.1 1'397.7 727.4 919.9 1'424.2 1'275.2 1'616.8 1'508.0 1'760.0 - -
0.43x - 0.47x 0.57x 0.90x 2.85x 2.69x - - - -
16.7 153.0 (4.2) 27.3 92.6 72.3 19.1 35.0 131.0 - -
20.06x - - 19.34x 13.78x 15.12x 0.00x 36.15x 9.66x - -
52.8 131.6 (10.1) 17.4 52.6 41.8 24.5 23.0 48.0 - -
6.17x 1.42x - 29.79x 25.03x 26.89x 64.24x 51.17x 23.62x - -
EBITDA 92.65 Long-Term Rating Date -
EBIT 67.52 Long-Term Rating -
Operating Margin 4.74% Long-Term Outlook -
Pretax Margin 4.42% Short-Term Rating Date -
Return on Assets 3.56% Short-Term Rating -
Return on Common Equity 6.59%
Return on Capital 5.26% EBITDA/Interest Exp. 12.98
Asset Turnover 1.54% (EBITDA-Capex)/Interest Exp. 2.16
Net Debt/EBITDA 1.96
Gross Margin 6.4% Total Debt/EBITDA 5.58
EBITDA Margin 3.2%
EBIT Margin 1.6% Total Debt/Equity 45.2%
Net Income Margin 3.7% Total Debt/Capital 30.9%
Asset Turnover 1.54
Current Ratio 1.25 Net Fixed Asset Turnover 3.00
Quick Ratio 0.72 Accounts receivable turnover-days 15.01
Debt to Assets 21.79% Inventory Days 34.07
Tot Debt to Common Equity 45.25% Accounts Payable Turnover Day 34.04
Accounts Receivable Turnover 24.38 Cash Conversion Cycle 20.18
Inventory Turnover 10.74
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Izmir Demir Celik Sanayi ASPrice/Volume
Valuation Analysis
2'558'562.00
Current Price (3/dd/yy) Market Data
'
-
.
0
1
2
3
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2'!''
-''!''
-2'!''
.''!''
.2'!''
0''!''
02'!''
1''!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAHIN KOC CELIK SANA n/a Research 223'648'160 59.64 - 26.06.2009 Corporation
SAHIN HALIL n/a Research 51'796'355 13.81 - 26.06.2009 n/a
YABANCI ORTAKLAR n/a Research 7'769'528 2.07 - 26.06.2009 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'582'809 0.69 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 693'384 0.18 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 344'237 0.09 85'100 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 261'681 0.07 - 26.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 28'254 0.01 - 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 25'002 0.01 - 31.10.2012 Investment Advisor
BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 5'406 0 - 20.07.2011 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 4'467 0 - 28.02.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 975 0 - 25.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1 0 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ekspres Invest KURTHAN ATMACA sell 1 M 4 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Global Menkul Degerler TEAM COVERAGE market perform 3 M 1 Not Provided 13.10.2010
Holdings By:
Izmir Demir Celik Sanayi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. produces steel.
The Company manufactures steel profiles, bars, angles, rails, billets, and
beams, coke products such as ammonium sulphate, tar paint, naphthalene,
creosote, oils, toluol, benzol, xylol, solvent naphtha and crude tar, and
oxygen, nitrogen, and argon.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 1.71
52-Week Low (01.06.2012) 0.80
Daily Volume
1.61
52-Week High % Change -5.85% Dividend Yield -
52-Week Low % Change 101.25% Beta 0.92
% 52 Week Price Range High/Low 90.11% Equity Float -
Shares Out 31.12.2012 601.4 Short Int -
1'505.95 1 Yr Total Return 78.80%
Total Debt 545.69 YTD Return 27.78%
Preferred Stock 0.0 Adjusted BETA 0.916
Minority Interest 0.1 Analyst Recs 12
Cash and Equivalents 119.92 Consensus Rating 3.750
Enterprise Value 1'931.81
Average Volume 5 Day 10'609'220
KRDMD TI EQUITY YTD Change - Average Volume 30 Day 12'566'000
KRDMD TI EQUITY YTD % CHANGE - Average Volume 3 Month 15'115'200
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'081.4 793.6 1'008.9 1'585.7 1'686.7 1'585.7 1'686.7 1'698.1 2'021.9 - -
0.39x 0.92x 0.93x 0.60x 0.91x 2.43x 3.12x 1.20x 0.99x - -
376.6 (14.0) 75.4 304.2 309.2 304.2 309.2 323.7 383.2 - -
1.11x - 12.50x 3.12x 4.96x 3.12x 4.96x 5.97x 5.04x - -
256.7 (72.3) 21.1 185.2 194.2 185.2 194.2 183.9 209.3 - -
1.07x - 31.68x 3.61x 5.70x 3.61x 5.70x 6.24x 5.81x - -
EBITDA 309.17 Long-Term Rating Date -
EBIT 226.62 Long-Term Rating -
Operating Margin 13.44% Long-Term Outlook -
Pretax Margin 14.15% Short-Term Rating Date -
Return on Assets 10.04% Short-Term Rating -
Return on Common Equity 18.17%
Return on Capital - EBITDA/Interest Exp. 30.86
Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. -7.05
Net Debt/EBITDA 1.38
Gross Margin 15.9% Total Debt/EBITDA 1.77
EBITDA Margin 18.3%
EBIT Margin 13.4% Total Debt/Equity 47.7%
Net Income Margin 11.5% Total Debt/Capital 32.3%
Asset Turnover 0.87
Current Ratio 1.75 Net Fixed Asset Turnover 1.52
Quick Ratio 0.63 Accounts receivable turnover-days 40.15
Debt to Assets 25.13% Inventory Days 101.75
Tot Debt to Common Equity 47.72% Accounts Payable Turnover Day 33.04
Accounts Receivable Turnover 9.12 Cash Conversion Cycle 108.86
Inventory Turnover 3.60
Fiscal Year Ended
Kardemir Karabuk Demir Celik Sanayi ve Ticaret ASPrice/Volume
Valuation Analysis
7'471'776.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'''-----..
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
4'!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SKAGEN AS Multiple Portfolios MF-AGG 33'124'000 5.51 7'674'000 28.02.2013 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 19'850'300 3.3 (186'580) 26.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 17'014'248 2.83 - 31.07.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 15'596'021 2.59 15'596'021 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 14'289'440 2.38 (115'959) 26.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 7'896'674 1.31 - 31.05.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 4'564'092 0.76 - 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'311'755 0.72 (461'399) 25.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 3'189'378 0.53 - 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'528'889 0.42 3'400 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'266'935 0.38 (139'759) 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'900'846 0.32 - 31.12.2012 Investment Advisor
NATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 1'829'880 0.3 - 28.02.2013 Investment Advisor
LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 1'817'500 0.3 480'500 31.12.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 1'543'000 0.26 (760'000) 03.09.2012 Mutual Fund Manager
AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 1'500'001 0.25 - 31.10.2012 Mutual Fund Manager
STATE STREET GLOBAL Multiple Portfolios MF-AGG 1'441'957 0.24 - 31.01.2013 Mutual Fund Manager
SMITH BARNEY FUND MA Multiple Portfolios MF-AGG 1'284'298 0.21 - 28.02.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'001'465 0.17 - 31.05.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 984'624 0.16 774'266 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities UMUT OZTURK buy 5 M 2 12 month 27.03.2013
Seker Securities BURAK DEMIRBILEK market perform 3 M 2 12 month 26.03.2013
BGC Partners CAN OZCELIK hold 3 D 2 12 month 25.03.2013
FinansInvest KORAY PAMIR Under Review #N/A N/A M #N/A N/A Not Provided 20.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 15.03.2013
Ak Investment BORA TEZGULER market outperform 4 U 2 12 month 12.03.2013
Oyak Securities OSMAN OZVURAL outperform 5 M 2 12 month 11.03.2013
BNP Paribas Equity Research ALPER PAKSOY buy 5 M 2 12 month 11.03.2013
Garanti Yatirim Menkul Kiymetler BAHAR DENIZ EGEMEN market perform 3 M 2 Not Provided 11.03.2013
IS Investment & Securities BASAK ENGIN DINCKOC underperform 1 D 1 Not Provided 29.01.2013
Ekspres Invest KURTHAN ATMACA buy 5 M 2 Not Provided 22.01.2013
HSBC BULENT YURDAGUL overweight 5 M 2 Not Provided 18.01.2013
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 23.08.2012
ATA Invest ERMAN TUTUNCUOGLU Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2012
Global Menkul Degerler SERCAN UZUN Under Review #N/A N/A M 1 Not Provided 20.10.2011
Holdings By:
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Karsan Otomotiv Sanayii ve Ticaret A.S. manufactures light commercial trucks
and vans under Peugeot and Fiat licenses.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 1.34
52-Week Low (18.05.2012) 1.04
Daily Volume
1.2
52-Week High % Change -10.45% Dividend Yield -
52-Week Low % Change 15.38% Beta 0.93
% 52 Week Price Range High/Low 46.67% Equity Float -
Shares Out 30.06.2012 195.6 Short Int -
234.66 1 Yr Total Return -8.40%
Total Debt 141.33 YTD Return -0.83%
Preferred Stock 0.0 Adjusted BETA 0.931
Minority Interest (2.2) Analyst Recs 2
Cash and Equivalents 3.73 Consensus Rating 3.000
Enterprise Value 515.39
Average Volume 5 Day 953'503
KARSN TI EQUITY YTD Change - Average Volume 30 Day 1'146'249
KARSN TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'450'687
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
206.5 292.3 553.9 798.3 582.7 798.3 582.7 967.0 810.0 - -
1.43x 1.06x 0.82x 0.52x - 2.28x 2.81x 0.43x 0.47x - -
(7.5) (10.5) (9.1) 40.2 - 40.2 10.4 46.5 39.0 - -
- - - 10.42x - 10.42x 0.00x 11.08x 13.22x - -
(43.4) (51.1) (35.2) (27.8) (59.1) (27.8) (59.1) 12.7 7.7 - -
- - - - - 0.00x 0.00x 17.14x - - -
EBITDA 40.19 Long-Term Rating Date -
EBIT 16.71 Long-Term Rating -
Operating Margin 2.09% Long-Term Outlook -
Pretax Margin -3.61% Short-Term Rating Date -
Return on Assets -6.34% Short-Term Rating -
Return on Common Equity -21.27%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 20.16
Gross Margin 8.2% Total Debt/EBITDA 20.40
EBITDA Margin 2.3%
EBIT Margin -1.5% Total Debt/Equity 90.2%
Net Income Margin -10.1% Total Debt/Capital 47.8%
Asset Turnover 1.13
Current Ratio 0.89 Net Fixed Asset Turnover 2.51
Quick Ratio 0.31 Accounts receivable turnover-days 41.98
Debt to Assets 30.19% Inventory Days 63.04
Tot Debt to Common Equity 90.16% Accounts Payable Turnover Day 88.10
Accounts Receivable Turnover 8.72 Cash Conversion Cycle -18.29
Inventory Turnover 5.81
Fiscal Year Ended
Karsan Otomotiv Sanayii Ve Ticaret ASPrice/Volume
Valuation Analysis
628'132.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
'
'
-
-
-
-
-
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
12!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KIRACA OTOMOTIV AS n/a Research 52'360'000 26.78 - 30.12.2008 Corporation
DINIZ GROUP n/a Research 12'520'000 6.4 - 30.12.2008 Other
KIRAC INAN n/a Research 2'250'000 1.15 - 30.12.2008 n/a
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 671'063 0.34 - 31.07.2012 Investment Advisor
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 533'158 0.27 (500'000) 31.05.2011 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 467'000 0.24 - 03.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Global Menkul Degerler ILKNUR UNSAL market perform 3 M 1 Not Provided 21.01.2013
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 1 Not Provided 17.12.2012
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 04.03.2011
IS Investment & Securities ESRA SUNER not rated #N/A N/A M #N/A N/A Not Provided 03.01.2011
Holdings By:
Karsan Otomotiv Sanayii Ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Kartonsan Karton San ve Tic AS produces paper, cardboard and test-liner,
as well as white-lined and other chipboard. The Group also operates paper
recycling unit.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (06.02.2013) 328.00
52-Week Low (11.04.2012) 183.50
Daily Volume
281
52-Week High % Change -14.02% Dividend Yield -
52-Week Low % Change 53.13% Beta 0.80
% 52 Week Price Range High/Low 68.17% Equity Float -
Shares Out 31.12.2012 2.8 Short Int -
797.20 1 Yr Total Return 36.04%
Total Debt 0.36 YTD Return 19.32%
Preferred Stock 0.0 Adjusted BETA 0.801
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 85.02 Consensus Rating 1.000
Enterprise Value 712.59
Average Volume 5 Day 22'455
KARTN TI EQUITY YTD Change - Average Volume 30 Day 54'936
KARTN TI EQUITY YTD % CHANGE - Average Volume 3 Month 90'393
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
134.6 135.6 177.4 211.3 213.0 211.3 213.0 - - - -
1.02x 1.41x 3.15x 2.26x 2.74x 9.62x 10.63x - - - -
19.4 18.8 29.9 48.7 38.9 48.7 38.9 - - - -
7.10x 10.17x 18.68x 9.81x 15.02x 9.81x 15.02x - - - -
14.6 13.3 17.6 37.0 27.1 37.0 27.1 - - - -
10.66x 16.05x 34.31x 14.66x 24.69x 14.66x 24.69x - - - -
EBITDA 38.86 Long-Term Rating Date -
EBIT 27.32 Long-Term Rating -
Operating Margin 12.83% Long-Term Outlook -
Pretax Margin 15.91% Short-Term Rating Date -
Return on Assets 11.34% Short-Term Rating -
Return on Common Equity 12.75%
Return on Capital 13.75% EBITDA/Interest Exp. 14.43
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 11.75
Net Debt/EBITDA -2.18
Gross Margin 20.2% Total Debt/EBITDA 0.01
EBITDA Margin 18.2%
EBIT Margin 12.8% Total Debt/Equity 0.2%
Net Income Margin 12.7% Total Debt/Capital 0.2%
Asset Turnover 0.89
Current Ratio 7.76 Net Fixed Asset Turnover 2.66
Quick Ratio 5.17 Accounts receivable turnover-days 46.07
Debt to Assets 0.15% Inventory Days 110.83
Tot Debt to Common Equity 0.16% Accounts Payable Turnover Day 33.25
Accounts Receivable Turnover 7.94 Cash Conversion Cycle 123.65
Inventory Turnover 3.30
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kartonsan Karton Sanayi ve Ticaret ASPrice/Volume
Valuation Analysis
27'180.00
Current Price (3/dd/yy) Market Data
'
2'
-''
-2'
.''
.2'
0''
02'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
!4 9
0.0
50.0
100.0
150.0
200.0
250.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PAK HOLDING AS n/a Research 969'679 34.18 - 31.07.2009 Corporation
PAK GIDA URETIM AS n/a Research 564'903 19.91 - 31.07.2009 Other
ASIL GIDA VE KIMYA n/a Research 498'716 17.58 - 31.07.2009 Other
OYCAN ITHALAT IHRACA n/a Research 83'300 2.94 - 31.07.2009 Other
MORGAN STANLEY n/a ULT-AGG 15'084 0.53 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'985 0.32 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 7'544 0.27 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'744 0.2 - 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 428 0.02 - 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 275 0.01 - 31.12.2012 Investment Advisor
BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 68 0 - 20.07.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Holdings By:
Kartonsan Karton Sanayi ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Kiler Gayrimenkul Yatirim Ortakligi AS is a Turkish real estate investment
trust. The trust invests in a wide range of real estate properties including
retail and residential.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 2.51
52-Week Low (04.10.2012) 1.69
Daily Volume
1.79
52-Week High % Change -28.15% Dividend Yield -
52-Week Low % Change 5.92% Beta 0.95
% 52 Week Price Range High/Low 12.27% Equity Float -
Shares Out 29.06.2012 124.0 Short Int -
221.95 1 Yr Total Return -26.69%
Total Debt 179.46 YTD Return 0.00%
Preferred Stock 0.0 Adjusted BETA 0.947
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 24.45 Consensus Rating 5.000
Enterprise Value 376.96
Average Volume 5 Day 251'150
KLGYO TI EQUITY YTD Change - Average Volume 30 Day 516'960
KLGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 960'779
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
- - 33.2 273.1 98.4 273.1 98.4 97.0 250.0 - -
- - - - 3.83x 0.00x 0.00x - - - -
- - 2.8 - 51.7 0.0 0.0 - 60.0 - -
- - - - 7.30x 0.00x 0.00x - 6.28x - -
- - 15.2 54.2 40.5 54.2 40.5 35.0 48.0 - -
- - - 4.44x 5.48x 4.44x 6.16x 6.39x 4.59x - -
EBITDA 51.65 Long-Term Rating Date -
EBIT 48.74 Long-Term Rating -
Operating Margin 49.55% Long-Term Outlook -
Pretax Margin - Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 3.71
Asset Turnover - (EBITDA-Capex)/Interest Exp. 3.70
Net Debt/EBITDA -
Gross Margin 60.6% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 58.4%
Net Income Margin 41.2% Total Debt/Capital 36.9%
Asset Turnover -
Current Ratio 1.51 Net Fixed Asset Turnover -
Quick Ratio 0.36 Accounts receivable turnover-days -
Debt to Assets 35.64% Inventory Days -
Tot Debt to Common Equity 58.40% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kiler Gayrimenkul Yatirim Ortakligi ASPrice/Volume
Valuation Analysis
155'328.00
Current Price (3/dd/yy) Market Data
'
-
-
.
.
0
0
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BPH TFI SA Multiple Portfolios MF-AGG 1'074'413 0.87 1'074'413 30.06.2011 Mutual Fund Manager
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 548'417 0.44 - 31.05.2011 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 146'475 0.12 4'762 30.11.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG - 0 (256'920) 03.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ekspres Invest KURTHAN ATMACA buy 5 M 3 Not Provided 22.01.2013
Sardis Securities TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 24.10.2012
Holdings By:
Kiler Gayrimenkul Yatirim Ortakligi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Koc Holding AS is a holding company. The Company has interests in
manufacturers of automobiles, household appliances, consumer electronics,
textiles, construction materials and other goods, food processers, liquefied
petroleum gas distributors, insurance, factoring, lease financing, and
securities brokerage companies, and banks.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.01.2013) 10.80
52-Week Low (25.05.2012) 5.45
Daily Volume
10.15
52-Week High % Change -5.56% Dividend Yield -
52-Week Low % Change 86.32% Beta 1.16
% 52 Week Price Range High/Low 87.86% Equity Float -
Shares Out 31.12.2012 2'535.9 Short Int -
25'739.36 1 Yr Total Return 49.60%
Total Debt 26'822.18 YTD Return 9.61%
Preferred Stock 0.0 Adjusted BETA 1.159
Minority Interest 10'465.3 Analyst Recs 26
Cash and Equivalents 11'403.13 Consensus Rating 3.308
Enterprise Value 51'623.70
Average Volume 5 Day 4'211'804
KCHOL TI EQUITY YTD Change - Average Volume 30 Day 4'558'760
KCHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 4'234'090
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
55'631.1 39'450.3 48'822.3 69'767.1 84'833.3 69'767.1 84'833.3 89'867.9 94'363.9 21'424.0 23'796.0
0.36x 0.54x 0.59x 0.53x 0.58x 1.86x 2.02x 0.51x 0.46x - -
4'555.2 5'283.7 5'232.7 6'373.6 6'164.3 6'373.6 6'164.3 6'746.7 7'400.9 - -
4.43x 4.00x 5.52x 5.76x 8.01x 5.76x 8.01x 7.65x 6.98x - -
2'023.6 1'429.2 1'734.5 2'124.5 2'314.9 2'124.5 2'314.9 2'477.1 2'589.1 - -
2.72x 7.47x 10.47x 6.46x 10.14x 6.46x 10.26x 10.22x 9.28x - -
EBITDA 6'164.27 Long-Term Rating Date -
EBIT 5'015.05 Long-Term Rating -
Operating Margin 5.91% Long-Term Outlook -
Pretax Margin 5.33% Short-Term Rating Date -
Return on Assets 2.23% Short-Term Rating -
Return on Common Equity 15.34%
Return on Capital 9.34% EBITDA/Interest Exp. 11.17
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 4.23
Net Debt/EBITDA 2.50
Gross Margin 13.8% Total Debt/EBITDA 4.35
EBITDA Margin 7.3%
EBIT Margin 5.9% Total Debt/Equity 164.7%
Net Income Margin 2.7% Total Debt/Capital 50.1%
Asset Turnover 0.82
Current Ratio 0.88 Net Fixed Asset Turnover 6.58
Quick Ratio 0.30 Accounts receivable turnover-days 37.64
Debt to Assets 24.59% Inventory Days 33.65
Tot Debt to Common Equity 164.70% Accounts Payable Turnover Day 43.97
Accounts Receivable Turnover 9.72 Cash Conversion Cycle 27.31
Inventory Turnover 10.88
Fiscal Year Ended
KOC Holding ASPrice/Volume
Valuation Analysis
2'292'041.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
.
1
3
5
-'
-.
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
6'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TEMEL TICARET VE YAT n/a Research 1'079'984'208 42.59 - 29.08.2012 Corporation
VAKFI VEHBI KOC n/a Research 181'405'360 7.15 - 29.08.2012 n/a
ARSEL SEMAHAT SEVIM n/a Research 162'694'562 6.42 - 29.08.2012 n/a
KIRAC SUNA n/a Research 133'102'523 5.25 - 29.08.2012 n/a
KOC MUSTAFA RAHMI n/a Research 132'626'635 5.23 - 29.08.2012 n/a
KOC MUSTAFA VEHBI n/a Research 82'136'417 3.24 - 29.08.2012 n/a
KOC ALI Y n/a Research 55'699'112 2.2 - 29.08.2012 n/a
KOC HLDG PENSION & W n/a Research 50'451'548 1.99 - 29.08.2012 Corporation
KIRAC IPEK n/a Research 48'885'553 1.93 - 29.08.2012 n/a
LAZARD ASSET MANAGEM n/a ULT-AGG 44'340'740 1.75 76'301 28.02.2013 Unclassified
KOC OMER M n/a Research 39'462'977 1.56 - 29.08.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'593'867 0.93 733'569 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'353'272 0.68 (65'008) 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 11'548'724 0.46 - 31.07.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 8'909'198 0.35 (3'900) 31.01.2013 Unclassified
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8'573'540 0.34 - 31.05.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'772'150 0.27 1'120'000 31.12.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 5'381'245 0.21 1'533'160 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 4'200'000 0.17 (730'000) 30.11.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 3'769'335 0.15 - 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities BURAK ISYAR hold 3 M 11 12 month 25.03.2013
Seker Securities KADIR TEZELLER outperform 5 M #N/A N/A Not Provided 21.03.2013
JPMorgan NARESH BILANDANI overweight 5 M 11 9 month 18.03.2013
Unlu Securities OYTUN ALTASLI market perform 3 N 10 12 month 15.03.2013
Sardis Securities HAYDAR ACUN sell 1 M 6 Not Provided 15.03.2013
FinansInvest GAYE ABIDIN underperform 1 M 10 12 month 14.03.2013
Ekspres Invest ALPER AKALIN hold 3 M 11 Not Provided 12.03.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 12.03.2013
Global Menkul Degerler HASAN BAYHAN market perform 3 M 11 Not Provided 26.02.2013
Deutsche Bank HILAL VAROL hold 3 D 10 12 month 25.02.2013
BGC Partners EZGI YILMAZ hold 3 M 9 12 month 11.02.2013
Ak Investment ERKAN SAVRAN market perform 3 N 10 12 month 29.01.2013
Eczacibasi Securities SERCAN SOYLU market perform 3 M 10 Not Provided 22.01.2013
Oyak Securities HASAN SENER market perform 3 M 9 12 month 21.12.2012
IS Investment & Securities BASAK ENGIN DINCKOC market perform 3 M 10 Not Provided 18.12.2012
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 10 Not Provided 17.12.2012
Goldman Sachs MATIJA GERGOLET neutral/neutral 3 M 8 12 month 10.12.2012
Credit Suisse ONUR MUMINOGLU outperform 5 M 9 Not Provided 26.11.2012
HSBC CENK ORCAN neutral 3 M 9 Not Provided 23.11.2012
Yatirim Finansman Securities ZUMRUT CAN market perform 3 M 9 12 month 19.11.2012
Erste Bank MEHMET EMIN ZUMRUT buy 5 M 9 12 month 04.11.2012
Barclays HANZADE KILICKIRAN overweight 5 N 9 Not Provided 30.10.2012
ATA Invest ONDER ZORBA market perform 3 M 7 Not Provided 08.06.2012
Holdings By:
KOC Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Konya Cimento Sanayii A.S. manufactures clinker and cement. The Company mainly
sells its products in the region of Middle Anatolia, Turkey.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (24.04.2012) 389.00
52-Week Low (27.03.2012) 255.00
Daily Volume
340
52-Week High % Change -12.34% Dividend Yield -
52-Week Low % Change 33.33% Beta 0.84
% 52 Week Price Range High/Low 63.43% Equity Float -
Shares Out 30.06.2012 4.9 Short Int -
1'656.97 1 Yr Total Return 36.87%
Total Debt 0.86 YTD Return 5.92%
Preferred Stock 0.0 Adjusted BETA 0.840
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 173.60 Consensus Rating 1.000
Enterprise Value 1'553.38
Average Volume 5 Day 24'787
KONYA TI EQUITY YTD Change - Average Volume 30 Day 49'436
KONYA TI EQUITY YTD % CHANGE - Average Volume 3 Month 67'630
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
188.0 179.3 215.6 237.2 235.8 237.2 235.8 - - - -
0.79x 1.26x 5.10x 5.62x - 20.77x 10.91x - - - -
39.1 27.3 43.8 48.8 - 48.8 20.4 - - - -
3.81x 8.29x 25.10x 27.32x - 27.32x 0.00x - - - -
35.2 22.8 35.9 30.4 37.0 30.4 37.0 - - - -
5.08x 15.29x 34.46x 49.49x 42.23x 49.49x 42.23x - - - -
EBITDA 48.80 Long-Term Rating Date -
EBIT 33.78 Long-Term Rating -
Operating Margin 14.24% Long-Term Outlook -
Pretax Margin 20.48% Short-Term Rating Date -
Return on Assets 10.23% Short-Term Rating -
Return on Common Equity 12.05%
Return on Capital 12.29% EBITDA/Interest Exp. 60.39
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 37.99
Net Debt/EBITDA -1.95
Gross Margin 26.9% Total Debt/EBITDA 0.00
EBITDA Margin 22.4%
EBIT Margin 15.9% Total Debt/Equity 0.2%
Net Income Margin 15.7% Total Debt/Capital 0.2%
Asset Turnover 0.58
Current Ratio 5.14 Net Fixed Asset Turnover 1.32
Quick Ratio 4.20 Accounts receivable turnover-days 85.43
Debt to Assets 0.19% Inventory Days 87.19
Tot Debt to Common Equity 0.22% Accounts Payable Turnover Day 48.60
Accounts Receivable Turnover 4.28 Cash Conversion Cycle 117.80
Inventory Turnover 4.20
Fiscal Year Ended
Konya Cimento Sanayii ASPrice/Volume
Valuation Analysis
13'067.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
2'
-''
-2'
.''
.2'
0''
02'
1''
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
!4 9
!5 9
0.0
50.0
100.0
150.0
200.0
250.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PARFICIM SA n/a Research 3'990'201 81.88 - 31.12.2009 Corporation
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 39'544 0.81 - 26.03.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 36'349 0.75 - 21.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 13'573 0.28 - 25.03.2013 Investment Advisor
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 10'495 0.22 - 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 7'850 0.16 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'571 0.16 324 31.12.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 1'034 0.02 34 30.11.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 842 0.02 - 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 355 0.01 - 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 84 0 - 25.03.2013 Investment Advisor
BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 68 0 - 20.07.2011 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 54 0 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tera Stock Brokers FEYRUZE ASLI KONDU sell 1 M 115 Not Provided 02.10.2012
FinansInvest UGUR OZKER not rated #N/A N/A M #N/A N/A Not Provided 20.02.2012
Global Menkul Degerler TEAM COVERAGE sell 1 M 140 Not Provided 13.10.2010
Holdings By:
Konya Cimento Sanayii AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Koza Altin Isletmeleri AS., is a mineral exploration company. The Company mines
for gold in Western Turkey. Koza Altin currently operates Ovacik,
Havran, Kucukdere and Mastra mines.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (23.01.2013) 49.00
52-Week Low (25.05.2012) 31.50
Daily Volume
41.5
52-Week High % Change -15.31% Dividend Yield -
52-Week Low % Change 31.75% Beta 0.89
% 52 Week Price Range High/Low 57.14% Equity Float -
Shares Out 30.09.2012 152.5 Short Int -
6'328.75 1 Yr Total Return 28.10%
Total Debt 6.91 YTD Return -3.49%
Preferred Stock 0.0 Adjusted BETA 0.892
Minority Interest 0.0 Analyst Recs 20
Cash and Equivalents 927.53 Consensus Rating 4.250
Enterprise Value 5'408.13
Average Volume 5 Day 373'565
KOZAL TI EQUITY YTD Change - Average Volume 30 Day 554'135
KOZAL TI EQUITY YTD % CHANGE - Average Volume 3 Month 551'953
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
196.1 342.4 472.1 805.8 1'043.1 805.8 1'043.1 1'122.9 1'239.4 - -
- - 6.30x 4.06x 5.40x 15.18x 18.92x 4.43x 3.60x - -
129.5 257.7 348.1 618.2 807.4 618.2 807.4 877.7 948.6 - -
- - 8.55x 5.30x 6.98x 5.30x 6.98x 6.16x 5.70x - -
80.3 146.8 235.6 460.5 642.1 460.5 642.1 685.4 750.4 - -
- - 13.34x 8.29x 10.21x 8.29x 10.21x 9.24x 8.73x - -
EBITDA 807.38 Long-Term Rating Date -
EBIT 715.81 Long-Term Rating -
Operating Margin 68.62% Long-Term Outlook -
Pretax Margin 75.04% Short-Term Rating Date -
Return on Assets 48.81% Short-Term Rating -
Return on Common Equity 56.59%
Return on Capital - EBITDA/Interest Exp. 323.99
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 226.81
Net Debt/EBITDA -1.14
Gross Margin 77.3% Total Debt/EBITDA 0.01
EBITDA Margin 77.4%
EBIT Margin 68.6% Total Debt/Equity 0.5%
Net Income Margin 61.6% Total Debt/Capital 0.5%
Asset Turnover 0.79
Current Ratio 11.81 Net Fixed Asset Turnover 2.57
Quick Ratio 10.67 Accounts receivable turnover-days 1.89
Debt to Assets 0.44% Inventory Days 98.55
Tot Debt to Common Equity 0.49% Accounts Payable Turnover Day 47.60
Accounts Receivable Turnover 193.23 Cash Conversion Cycle 52.84
Inventory Turnover 3.71
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Koza Altin Isletmeleri ASPrice/Volume
Valuation Analysis
224'031.00
Current Price (3/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 3'526'535 2.31 (55'977) 25.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'372'479 0.9 (531'903) 31.01.2013 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 1'286'578 0.84 (70'644) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'099'264 0.72 4'222 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 849'429 0.56 5'347 30.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 620'664 0.41 53'000 31.01.2013 Investment Advisor
AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 514'100 0.34 - 30.06.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 405'205 0.27 207'500 31.12.2012 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 402'475 0.26 - 31.01.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 387'490 0.25 1'460 31.01.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 359'253 0.24 - 31.05.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 341'691 0.22 - 31.01.2013 Mutual Fund Manager
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 312'419 0.2 - 28.02.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 292'801 0.19 (8'930) 31.05.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 291'807 0.19 (60'000) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 287'630 0.19 (6'340) 31.01.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 272'367 0.18 68'118 31.01.2013 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 270'621 0.18 - 31.01.2013 Mutual Fund Manager
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 262'880 0.17 (12) 31.12.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 244'781 0.16 3'699 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs YULIA CHEKUNAEVA Buy/Neutral 5 M 56 12 month 15.03.2013
FinansInvest KORAY PAMIR neutral 3 M 46 12 month 15.03.2013
Seker Securities BURAK DEMIRBILEK outperform 5 M 54 12 month 15.03.2013
BNP Paribas Equity Research KENAN COSGUNER buy 5 M 47 12 month 15.03.2013
Ekspres Invest ALPER AKALIN hold 3 M 47 Not Provided 15.03.2013
Burgan Securities ECE MANDACI hold 3 M 47 12 month 15.03.2013
Yatirim Finansman Securities HUSEYIN MERDAN GEYIK outperform 5 M 54 12 month 13.03.2013
HSBC BULENT YURDAGUL overweight 5 M 54 Not Provided 13.02.2013
VTB Capital NIKOLAY SOSNOVSKIY buy 5 N 55 12 month 04.02.2013
JPMorgan ALLAN COOKE overweight 5 M 59 9 month 01.02.2013
Ak Investment ERKAN SAVRAN market perform 3 M 50 12 month 29.01.2013
IS Investment & Securities NUR ATASOY outperform 5 M 58 Not Provided 23.01.2013
Eczacibasi Securities BEHLUL KATAS outperform 5 U 55 Not Provided 22.01.2013
Global Menkul Degerler BERTAN ILBAK Under Review #N/A N/A M 45 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank ERIK DANEMAR hold 3 M 41 12 month 11.01.2013
Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE market perform 3 M 51 Not Provided 17.12.2012
BGC Partners ERDEM HAFIZOGLU hold 3 D 40 12 month 01.08.2012
ATA Invest ISMAIL OZER market outperform 4 M 39 Not Provided 20.04.2012
Holdings By:
Koza Altin Isletmeleri AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Koza Anadolu Metal Madencilik Isletmeleri AS designs and prints invitations and
greeting cards. The Company exports its products to Asia, Europe, the United
States, Canada, and Mexico. Koza Anadolu Metal Madencilik Isletmeleri AS
operates a sales and distribution center in New York. The Company also added
copper, lead and zinc mining to its activities.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (07.12.2012) 5.96
52-Week Low (25.05.2012) 2.89
Daily Volume
5.1
52-Week High % Change -14.43% Dividend Yield -
52-Week Low % Change 76.47% Beta 0.85
% 52 Week Price Range High/Low 73.29% Equity Float -
Shares Out 30.06.2012 388.1 Short Int -
1'979.21 1 Yr Total Return 55.96%
Total Debt 34.21 YTD Return -9.89%
Preferred Stock 0.0 Adjusted BETA 0.855
Minority Interest 486.0 Analyst Recs 10
Cash and Equivalents 696.14 Consensus Rating 4.400
Enterprise Value 1'640.28
Average Volume 5 Day 5'157'552
KOZAA TI EQUITY YTD Change - Average Volume 30 Day 6'714'186
KOZAA TI EQUITY YTD % CHANGE - Average Volume 3 Month 7'961'766
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
186.1 231.6 388.1 541.5 890.5 724.6 1'195.2 1'157.7 1'328.2 303.0 -
3.88x 1.03x 2.61x 1.32x 0.38x 3.03x 1.88x 1.25x 0.77x - -
93.1 78.3 220.7 317.0 587.8 447.8 651.3 779.5 884.8 204.0 -
7.76x 3.06x 4.59x 2.26x 0.57x 1.46x 0.00x 2.10x 1.85x - -
38.3 13.2 62.1 420.6 174.0 139.1 240.8 212.8 275.3 50.0 -
17.74x 12.96x 15.07x 2.13x 2.94x 5.57x 6.44x 8.90x 7.97x - -
EBITDA 587.81 Long-Term Rating Date -
EBIT 505.41 Long-Term Rating -
Operating Margin 56.76% Long-Term Outlook -
Pretax Margin 58.27% Short-Term Rating Date -
Return on Assets 15.19% Short-Term Rating -
Return on Common Equity 26.15%
Return on Capital - EBITDA/Interest Exp. 1259.47
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 713.10
Net Debt/EBITDA -1.16
Gross Margin 71.2% Total Debt/EBITDA 0.09
EBITDA Margin 69.3%
EBIT Margin 61.2% Total Debt/Equity 4.1%
Net Income Margin 19.5% Total Debt/Capital 2.5%
Asset Turnover 0.72
Current Ratio 4.57 Net Fixed Asset Turnover 2.02
Quick Ratio 3.74 Accounts receivable turnover-days 10.18
Debt to Assets 2.17% Inventory Days 102.56
Tot Debt to Common Equity 4.07% Accounts Payable Turnover Day 47.87
Accounts Receivable Turnover 35.97 Cash Conversion Cycle 52.77
Inventory Turnover 3.57
Fiscal Year Ended
Koza Anadolu Metal Madencilik Isletmeleri ASPrice/Volume
Valuation Analysis
5'747'074.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
.
0
1
2
3
4
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
4'!' 9
5'!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
1!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
IPEK MATBAACILID n/a Research 101'385'900 26.13 - 19.03.2009 Corporation
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 6'376'053 1.64 - 31.05.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'695'401 1.21 - 31.07.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 4'441'689 1.14 (1'663'608) 21.03.2013 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 4'220'979 1.09 2'978'979 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 4'133'772 1.07 405'374 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'116'745 1.06 5'690 25.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'030'000 1.04 - 31.01.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'300'000 0.85 650'000 31.01.2013 Mutual Fund Manager
NOBLE FUNDS TFI SA Multiple Portfolios MF-AGG 3'157'013 0.81 - 29.06.2012 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 1'900'000 0.49 1'450'000 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'735'758 0.45 (653'283) 28.02.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 1'654'628 0.43 (1'302'382) 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'375'556 0.35 202'711 31.12.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 1'210'000 0.31 (450'000) 03.09.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'092'935 0.28 102'780 31.12.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'033'217 0.27 - 30.06.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 893'267 0.23 - 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 807'697 0.21 - 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 805'799 0.21 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities ECE MANDACI buy 5 M 8 12 month 25.03.2013
Ekspres Invest ALPER AKALIN buy 5 M 6 Not Provided 15.03.2013
IS Investment & Securities NUR ATASOY outperform 5 M 9 Not Provided 07.02.2013
Ak Investment ERKAN SAVRAN market outperform 4 M 8 12 month 29.01.2013
Seker Securities BURAK DEMIRBILEK outperform 5 M 9 Not Provided 24.01.2013
Global Menkul Degerler BERTAN ILBAK Under Review #N/A N/A M 7 Not Provided 21.01.2013
Deutsche Bank ERIK DANEMAR hold 3 M 5 12 month 11.01.2013
BGC Partners ERDEM HAFIZOGLU buy 5 M 8 12 month 02.01.2013
Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE outperform 5 M 7 Not Provided 17.12.2012
FinansInvest UGUR OZKER neutral 3 M 5 12 month 22.08.2012
ATA Invest ISMAIL OZER market outperform 4 M 5 Not Provided 27.04.2012
Holdings By:
Koza Anadolu Metal Madencilik Isletmeleri AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Menderes Tekstil Sanayi ve Ticaret A.S. manufactures cotton and synthetic
textile products such as thread, raw linen, and sheets.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 0.95
52-Week Low (21.11.2012) 0.51
Daily Volume
0.54
52-Week High % Change -43.40% Dividend Yield -
52-Week Low % Change 5.88% Beta 0.95
% 52 Week Price Range High/Low 6.76% Equity Float -
Shares Out 31.12.2012 250.0 Short Int -
135.00 1 Yr Total Return -42.86%
Total Debt 100.65 YTD Return 0.00%
Preferred Stock 0.0 Adjusted BETA 0.950
Minority Interest 2.3 Analyst Recs 0
Cash and Equivalents 44.07 Consensus Rating -
Enterprise Value 193.86
Average Volume 5 Day 1'946'917
MNDRS TI EQUITY YTD Change - Average Volume 30 Day 1'860'654
MNDRS TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'705'012
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
267.3 274.8 303.0 380.2 409.7 380.2 409.7 - - - -
0.38x 0.58x 0.62x 0.74x 0.47x 2.70x 2.44x - - - -
33.8 45.0 42.7 89.2 33.0 89.2 33.0 - - - -
2.99x 3.52x 4.39x 3.14x 5.87x 3.14x 5.87x - - - -
(11.3) 18.1 20.1 49.4 (6.1) 49.4 (6.1) - - - -
- 6.01x 6.42x 4.28x - 4.45x 0.00x - - - -
EBITDA 33.01 Long-Term Rating Date -
EBIT 21.34 Long-Term Rating -
Operating Margin 5.21% Long-Term Outlook -
Pretax Margin -1.92% Short-Term Rating Date -
Return on Assets -1.34% Short-Term Rating -
Return on Common Equity -2.22%
Return on Capital - EBITDA/Interest Exp. 7.47
Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 2.71
Net Debt/EBITDA 1.71
Gross Margin 8.3% Total Debt/EBITDA 3.05
EBITDA Margin 8.1%
EBIT Margin 5.2% Total Debt/Equity 37.2%
Net Income Margin -1.5% Total Debt/Capital 27.0%
Asset Turnover 0.91
Current Ratio 1.59 Net Fixed Asset Turnover 4.86
Quick Ratio 0.56 Accounts receivable turnover-days 45.09
Debt to Assets 21.87% Inventory Days 105.31
Tot Debt to Common Equity 37.22% Accounts Payable Turnover Day 43.58
Accounts Receivable Turnover 8.12 Cash Conversion Cycle 106.82
Inventory Turnover 3.48
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Menderes Tekstil Sanayi ve Ticaret ASPrice/Volume
Valuation Analysis
652'516.00
Current Price (3/dd/yy) Market Data
'''''------
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
6'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AKCA HOLDING AS n/a Research 114'204'473 45.68 (1) 31.12.2009 Holding Company
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 6'406'289 2.56 - 31.07.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 446'447 0.18 - 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 71'042 0.03 1 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 61'049 0.02 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Menderes Tekstil Sanayi ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Metro Ticari ve Mali Yatirimlar Holding SA processes food. The Company
slaughters cattle and fowl and produces fresh meats, and delicattessen meats.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (27.03.2012) 0.80
52-Week Low (14.11.2012) 0.44
Daily Volume
0.49
52-Week High % Change -38.75% Dividend Yield -
52-Week Low % Change 11.36% Beta 0.74
% 52 Week Price Range High/Low 13.89% Equity Float -
Shares Out 30.09.2012 300.0 Short Int -
147.00 1 Yr Total Return -36.36%
Total Debt 63.81 YTD Return 6.52%
Preferred Stock 0.0 Adjusted BETA 0.744
Minority Interest 25.0 Analyst Recs 0
Cash and Equivalents 1.79 Consensus Rating -
Enterprise Value 231.03
Average Volume 5 Day 2'811'373
METRO TI EQUITY YTD Change - Average Volume 30 Day 2'863'085
METRO TI EQUITY YTD % CHANGE - Average Volume 3 Month 6'907'798
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
49.0 43.1 433.8 486.1 921.5 875.1 998.4 - - - -
0.97x 1.46x 0.31x 0.44x 0.39x 1.43x 1.15x - - - -
2.8 1.8 15.1 23.4 46.8 39.7 51.4 - - - -
16.78x 35.30x 9.01x 9.04x 7.69x 8.68x 4.67x - - - -
0.4 (3.9) 4.0 20.6 (5.0) (11.4) (3.9) - - - -
101.50x - 32.78x 8.68x - 0.00x 0.00x - - - -
EBITDA 46.81 Long-Term Rating Date -
EBIT 17.38 Long-Term Rating -
Operating Margin 1.89% Long-Term Outlook -
Pretax Margin -0.23% Short-Term Rating Date -
Return on Assets -0.68% Short-Term Rating -
Return on Common Equity -1.10%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.76% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 0.81
Gross Margin 3.3% Total Debt/EBITDA 0.96
EBITDA Margin 5.1%
EBIT Margin 1.9% Total Debt/Equity 17.7%
Net Income Margin -0.5% Total Debt/Capital 14.2%
Asset Turnover 1.76
Current Ratio 0.69 Net Fixed Asset Turnover 3.59
Quick Ratio 0.42 Accounts receivable turnover-days 21.17
Debt to Assets 11.26% Inventory Days 1.98
Tot Debt to Common Equity 17.70% Accounts Payable Turnover Day 17.69
Accounts Receivable Turnover 17.29 Cash Conversion Cycle 8.48
Inventory Turnover 184.89
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Metro Ticari ve Mali Yatirimlar Holding ASPrice/Volume
Valuation Analysis
11'017'917.00
Current Price (3/dd/yy) Market Data
'''''-----
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
1!''
1!2'
2!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'012'496 1.67 - 31.07.2012 Investment Advisor
METRO YATIRIM MENKUL n/a Research 2'400'000 0.8 - 20.03.2013 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 302'022 0.1 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 68'638 0.02 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Metro Ticari ve Mali Yatirimlar Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Migros Ticaret A.S owns and operates supermarkets and shopping malls. The
Company sells food, household items, and other consumer goods at stores as well
as on the Internet. Migros also rents out store space in its shopping malls.
The Company operates in Turkey, Kazakhstan and Macedonia.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (13.12.2012) 24.60
52-Week Low (25.05.2012) 15.15
Daily Volume
22.1
52-Week High % Change -10.16% Dividend Yield -
52-Week Low % Change 45.87% Beta 1.05
% 52 Week Price Range High/Low 70.90% Equity Float -
Shares Out 30.09.2012 178.0 Short Int -
3'934.46 1 Yr Total Return 36.42%
Total Debt 2'587.55 YTD Return 2.79%
Preferred Stock 0.0 Adjusted BETA 1.055
Minority Interest 0.5 Analyst Recs 27
Cash and Equivalents 1'010.26 Consensus Rating 4.000
Enterprise Value 5'294.62
Average Volume 5 Day 577'717
MGROS TI EQUITY YTD Change - Average Volume 30 Day 1'013'843
MGROS TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'475'240
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
4'793.4 5'073.7 5'711.3 6'365.1 5'753.1 6'160.5 6'028.2 6'532.6 7'444.8 1'700.9 1'714.0
0.70x 0.28x 0.84x 1.06x 0.67x 3.91x 2.92x 0.83x 0.71x - -
323.7 382.7 394.1 355.4 376.4 362.4 416.2 410.9 470.1 103.7 -
10.35x 3.73x 12.19x 18.96x 10.17x 11.70x 11.27x 12.89x 11.26x - -
552.9 261.5 108.0 42.6 (163.2) (302.2) 195.5 114.8 127.9 (26.2) -
7.37x 9.33x 32.47x 122.92x - 0.00x 15.94x 32.60x 30.82x - -
EBITDA 376.41 Long-Term Rating Date -
EBIT 252.67 Long-Term Rating -
Operating Margin 4.39% Long-Term Outlook -
Pretax Margin -5.49% Short-Term Rating Date -
Return on Assets 3.47% Short-Term Rating -
Return on Common Equity 16.08%
Return on Capital 9.94% EBITDA/Interest Exp. 1.63
Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. 0.96
Net Debt/EBITDA 3.27
Gross Margin 26.0% Total Debt/EBITDA 5.94
EBITDA Margin 6.9%
EBIT Margin 4.8% Total Debt/Equity 216.5%
Net Income Margin -2.8% Total Debt/Capital 68.4%
Asset Turnover 1.07
Current Ratio 1.14 Net Fixed Asset Turnover 5.39
Quick Ratio 0.68 Accounts receivable turnover-days 3.91
Debt to Assets 47.21% Inventory Days 58.22
Tot Debt to Common Equity 216.49% Accounts Payable Turnover Day 118.40
Accounts Receivable Turnover 93.71 Cash Conversion Cycle -59.32
Inventory Turnover 6.29
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Migros Ticaret ASPrice/Volume
Valuation Analysis
1'333'165.00
Current Price (3/dd/yy) Market Data
'
2
-'
-2
.'
.2
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MH PERAKENDECILIK TI n/a EXCH 143'323'336 80.51 (31'000'000) 18.04.2011 Unclassified
DIGER n/a EXCH 34'706'664 19.49 - 18.04.2011 Other
BNP PARIBAS INV PART n/a ULT-AGG 646'204 0.36 19'000 31.01.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 413'959 0.23 97'619 31.05.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 380'000 0.21 (35'000) 28.09.2012 Mutual Fund Manager
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 373'879 0.21 - 31.01.2013 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 250'676 0.14 250'676 30.09.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 200'169 0.11 7'998 31.12.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 150'000 0.08 150'000 31.01.2013 Mutual Fund Manager
AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 135'000 0.08 15'000 31.10.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 116'583 0.07 - 31.07.2012 Investment Advisor
GUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 104'000 0.06 30'000 31.12.2012 Investment Advisor
NOBLE FUNDS TFI SA Multiple Portfolios MF-AGG 100'000 0.06 - 29.06.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 91'569 0.05 51'792 25.03.2013 Investment Advisor
LEUTHOLD WEEDEN CAPI Multiple Portfolios MF-AGG 90'640 0.05 90'640 31.12.2012 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 81'000 0.05 81'000 30.11.2012 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 60'450 0.03 - 30.11.2012 Mutual Fund Manager
NOMURA n/a ULT-AGG 60'000 0.03 - 11.07.2012 Unclassified
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 50'000 0.03 (25'000) 28.09.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 45'000 0.03 - 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities BURAK ISYAR buy 5 M 26 12 month 25.03.2013
Renaissance Capital METE OZBEK buy 5 M 25 Not Provided 08.03.2013
Seker Securities BURAK DEMIRBILEK outperform 5 M 30 Not Provided 05.03.2013
HSBC BULENT YURDAGUL overweight 5 M 27 Not Provided 18.02.2013
BNP Paribas Equity Research SABRIYE GOZDE CULLAS buy 5 M 22 12 month 18.02.2013
Erste Bank GORKEM GOKER buy 5 M 29 12 month 15.02.2013
Ak Investment BORA TEZGULER market outperform 4 N 25 12 month 29.01.2013
Eczacibasi Securities AKIF DASIRAN market perform 3 M 25 Not Provided 22.01.2013
Ekspres Invest MELDA AGIRDAS buy 5 M 31 Not Provided 22.01.2013
Global Menkul Degerler BERTAN ILBAK market perform 3 D 25 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank VEDAT MIZRAHI buy 5 M 30 12 month 16.01.2013
Oyak Securities SERHAT KAYA outperform 5 M 26 12 month 21.12.2012
IS Investment & Securities ESRA SUNER outperform 5 M 33 Not Provided 20.12.2012
Garanti Yatirim Menkul Kiymetler IREM OKUTGEN outperform 5 M 27 Not Provided 17.12.2012
FinansInvest CAN OZTOPRAK neutral 3 M 21 12 month 13.12.2012
Barclays HANZADE KILICKIRAN underweight 1 M 20 Not Provided 13.12.2012
Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 M 30 12 month 10.12.2012
JPMorgan NEERAJ Z KUMAR neutral 3 M 20 Not Provided 05.12.2012
VTB Capital MARIA KOLBINA hold 3 N 23 12 month 03.12.2012
Credit Suisse ONUR MUMINOGLU outperform 5 M 24 Not Provided 21.11.2012
BGC Partners BERNA KURBAY buy 5 M 26 12 month 19.11.2012
Tera Stock Brokers KENAN TURAN buy 5 M 25 Not Provided 01.10.2012
Yatirim Finansman Securities DUYGU KALFAOGLU not rated #N/A N/A M #N/A N/A Not Provided 29.08.2012
Wood & Company PATRICK SHIELDS sell 1 D 17 12 month 18.07.2012
Holdings By:
Migros Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Mondi Tire Kutsan Kagit Ve Ambalaj Sanayii A.S. produces paper and cardboard
boxes. The Company manufactures test liner, straw fluting, Schrenz fluting, and
other papers used to produce cardboard boxes. Mondi Tire also produces
cardboard boxes and prints cardboard and microwave lamination boxes.
Latest Fiscal Year: 09/2011
LTM as of: 09/yy
52-Week High (05.04.2012) 1.26
52-Week Low (01.06.2012) 0.97
Daily Volume
1.14
52-Week High % Change -9.52% Dividend Yield -
52-Week Low % Change 17.53% Beta 0.88
% 52 Week Price Range High/Low 55.17% Equity Float -
Shares Out 30.09.2012 200.0 Short Int -
228.00 1 Yr Total Return 0.00%
Total Debt 73.55 YTD Return 3.64%
Preferred Stock 0.0 Adjusted BETA 0.883
Minority Interest 0.0 Analyst Recs 0
Cash and Equivalents 2.40 Consensus Rating -
Enterprise Value 303.76
Average Volume 5 Day 2'071'777
TIRE TI EQUITY YTD Change - Average Volume 30 Day 1'434'019
TIRE TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'169'635
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 09/yy 09/yy 09/12 Y 09/13 Y 09/12 Q4 12/12 Q1
292.8 252.2 268.8 322.9 401.8 377.2 420.5 - - - -
1.46x 2.05x 1.63x 1.20x 0.71x 3.86x 2.77x - - - -
21.8 (10.1) 1.1 7.4 24.2 18.9 30.7 - - - -
19.64x - 411.96x 52.24x 11.80x 15.20x 9.58x - - - -
0.3 (63.6) (23.5) (2.6) 1.6 (6.0) 12.4 - - - -
977.03x - - - 133.00x 0.00x 17.59x - - - -
EBITDA 24.17 Long-Term Rating Date -
EBIT 12.94 Long-Term Rating -
Operating Margin 3.22% Long-Term Outlook -
Pretax Margin 1.02% Short-Term Rating Date -
Return on Assets 4.08% Short-Term Rating -
Return on Common Equity 8.18%
Return on Capital - EBITDA/Interest Exp. 2.01
Asset Turnover 1.38% (EBITDA-Capex)/Interest Exp. 1.17
Net Debt/EBITDA 2.47
Gross Margin 19.2% Total Debt/EBITDA 2.61
EBITDA Margin 7.3%
EBIT Margin 4.6% Total Debt/Equity 50.5%
Net Income Margin 0.4% Total Debt/Capital 33.6%
Asset Turnover 1.38
Current Ratio 1.26 Net Fixed Asset Turnover 3.73
Quick Ratio 0.86 Accounts receivable turnover-days 93.82
Debt to Assets 24.60% Inventory Days 52.48
Tot Debt to Common Equity 50.54% Accounts Payable Turnover Day 55.38
Accounts Receivable Turnover 3.90 Cash Conversion Cycle 50.24
Inventory Turnover 6.97
Fiscal Year Ended
Mondi Tire Kutsan Kagit Ve Ambalaj Sanayii ASPrice/Volume
Valuation Analysis
868'720.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
'
'
-
-
-
-
-
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MONDI PLC n/a Research 122'886'488 61.44 63'386'910 31.12.2009 Corporation
QVT FUND n/a Research 8'904'263 4.45 6'927'002 31.12.2009 n/a
ULKER BISKUVI SANAYI n/a Research 3'887'333 1.94 - 31.12.2009 Other
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 342'224 0.17 - 31.07.2012 Investment Advisor
BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 5'440 0 - 20.07.2011 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG - 0 (225'000) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG - 0 (16'720) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Mondi Tire Kutsan Kagit Ve Ambalaj Sanayii AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Net Holding A.S., through subsidiaries, primarily provides tourism services.
The Group also operates construction, retailing, real estate development,
multimedia storage management and publishing businesses.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (13.03.2013) 2.55
52-Week Low (24.07.2012) 1.53
Daily Volume
2.43
52-Week High % Change -4.71% Dividend Yield -
52-Week Low % Change 58.82% Beta 0.63
% 52 Week Price Range High/Low 88.24% Equity Float -
Shares Out 30.09.2012 365.8 Short Int -
888.77 1 Yr Total Return 48.17%
Total Debt 106.02 YTD Return 34.25%
Preferred Stock 0.0 Adjusted BETA 0.629
Minority Interest 136.4 Analyst Recs 3
Cash and Equivalents 41.92 Consensus Rating 3.667
Enterprise Value 1'137.09
Average Volume 5 Day 1'276'660
NTHOL TI EQUITY YTD Change - Average Volume 30 Day 1'950'848
NTHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 4'108'854
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
67.8 70.4 69.8 98.7 114.6 97.9 131.2 127.0 - - -
7.88x 3.70x 4.26x 4.27x 6.76x 24.53x 25.29x - - - -
(2.3) (55.8) (28.7) 2.4 (9.1) (13.1) (4.0) 15.0 - - -
- - - 178.87x - 0.00x 0.00x 75.81x - - -
76.5 (11.1) (4.0) 35.2 7.7 36.4 79.5 50.0 - - -
5.13x - - 8.31x 75.03x 11.21x 8.04x 17.36x - - -
EBITDA -9.09 Long-Term Rating Date -
EBIT -22.98 Long-Term Rating -
Operating Margin -20.06% Long-Term Outlook -
Pretax Margin 3.31% Short-Term Rating Date -
Return on Assets 15.35% Short-Term Rating -
Return on Common Equity 37.90%
Return on Capital 18.19% EBITDA/Interest Exp. -1.19
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 11.1% Total Debt/EBITDA -32.14
EBITDA Margin -3.0%
EBIT Margin -14.3% Total Debt/Equity 57.2%
Net Income Margin 6.7% Total Debt/Capital 24.8%
Asset Turnover 0.25
Current Ratio 1.19 Net Fixed Asset Turnover 0.69
Quick Ratio 0.45 Accounts receivable turnover-days 57.71
Debt to Assets 21.33% Inventory Days 60.74
Tot Debt to Common Equity 57.24% Accounts Payable Turnover Day 53.35
Accounts Receivable Turnover 6.34 Cash Conversion Cycle 91.05
Inventory Turnover 6.03
Fiscal Year Ended
NET Holding ASPrice/Volume
Valuation Analysis
1'152'774.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
-
.
.
0
0
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9.'!' 9
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2'!''
-''!''
-2'!''
.''!''
.2'!''
0''!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ASYANET TURIZM SAN V n/a Research 40'812'632 11.16 - 31.12.2008 Other
NET TURIZM TICARET V n/a Research 40'634'806 11.11 - 31.12.2008 Corporation
HALIKARNAS TURIZM ME n/a Research 4'923'166 1.35 - 31.12.2008 Other
TURIZM HOLDING AS n/a Research 3'992'507 1.09 - 31.12.2008 Other
VALUE SQUARE NV Multiple Portfolios MF-AGG 2'318'217 0.63 - 29.06.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'158'120 0.59 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'167'985 0.32 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 848'575 0.23 - 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 534'637 0.15 - 26.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 282'129 0.08 - 31.01.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 37'052 0.01 - 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 35'828 0.01 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
FinansInvest BARAN YILDIRIM outperform 5 M 2 12 month 28.11.2012
Tera Stock Brokers KENAN TURAN buy 5 U 3 Not Provided 11.06.2012
Oyak Securities ALPER OZDEMIR Under Review #N/A N/A M #N/A N/A Not Provided 26.01.2012
Sardis Securities HAYDAR ACUN buy 5 N #N/A N/A Not Provided 12.10.2010
Ekspres Invest SELIM KUNTER Under Review #N/A N/A M #N/A N/A Not Provided 19.02.2010
Holdings By:
NET Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Netas Telekomunikasyon AS manufactures telecommunications equipment, and manages
telecommunications infrastructure. The Company manufactures digital telephone
switching systems, power units, and private digital communications systems.
Netas markets its products in countries that include in North Africa, the
Turkic Republics, Eastern Europe, the Near East & Asia: Morocco, and Algeria.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.04.2012) 30.70
52-Week Low (27.11.2012) 9.38
Daily Volume
10.85
52-Week High % Change -64.66% Dividend Yield -
52-Week Low % Change 15.67% Beta 0.68
% 52 Week Price Range High/Low 6.66% Equity Float -
Shares Out 31.12.2012 64.9 Short Int -
703.78 1 Yr Total Return -18.74%
Total Debt 26.99 YTD Return -0.91%
Preferred Stock 0.0 Adjusted BETA 0.682
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 103.96 Consensus Rating 1.000
Enterprise Value 626.81
Average Volume 5 Day 520'017
NETAS TI EQUITY YTD Change - Average Volume 30 Day 1'381'044
NETAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'557'830
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
182.8 211.9 271.0 336.8 550.2 336.8 550.2 - - - -
- 1.27x 1.28x 2.31x 1.15x 9.99x 5.85x - - - -
18.7 19.1 22.6 25.6 25.4 25.6 25.4 - - - -
- 14.09x 15.35x 30.39x 24.91x 30.39x 24.91x - - - -
12.3 24.9 23.0 18.0 17.1 18.0 17.1 - - - -
6.33x 14.75x 18.99x 44.20x 41.56x 44.20x 17.78x - - - -
EBITDA 25.42 Long-Term Rating Date -
EBIT 18.52 Long-Term Rating -
Operating Margin 3.37% Long-Term Outlook -
Pretax Margin 4.15% Short-Term Rating Date -
Return on Assets 2.98% Short-Term Rating -
Return on Common Equity 5.19%
Return on Capital - EBITDA/Interest Exp. 9.16
Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. 5.67
Net Debt/EBITDA -3.03
Gross Margin 10.9% Total Debt/EBITDA 1.06
EBITDA Margin 4.6%
EBIT Margin 3.4% Total Debt/Equity 8.9%
Net Income Margin 3.1% Total Debt/Capital 8.2%
Asset Turnover 0.96
Current Ratio 1.94 Net Fixed Asset Turnover 5.21
Quick Ratio 1.51 Accounts receivable turnover-days 165.32
Debt to Assets 4.49% Inventory Days 28.12
Tot Debt to Common Equity 8.95% Accounts Payable Turnover Day 92.85
Accounts Receivable Turnover 2.21 Cash Conversion Cycle 100.60
Inventory Turnover 13.01
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Netas Telekomunikasyon ASPrice/Volume
Valuation Analysis
800'900.00
Current Price (3/dd/yy) Market Data
'
2
-'
-2
.'
.2
0'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
6'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORTEL NETWORKS CORP n/a Research 34'459'400 53.12 - 05.08.2009 Unclassified
TSK GUCLENDIRME VAKF n/a Research 9'729'720 15 - 05.08.2009 Other
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 280'360 0.43 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 225'606 0.35 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 101'940 0.16 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 100'912 0.16 - 25.03.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 26'330 0.04 - 31.10.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 20'672 0.03 672 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'840 0.01 - 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'949 0 - 25.03.2013 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 907 0 - 28.02.2013 Investment Advisor
BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 153 0 - 20.07.2011 Investment Advisor
FINANS PORTFOY YONET Multiple Portfolios MF-AGG - 0 (987) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 22.03.2013
ATA Invest MERT BOSTANOGLU not rated #N/A N/A M #N/A N/A Not Provided 02.12.2011
Holdings By:
Netas Telekomunikasyon AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Otokar Otomotiv Ve Savunma Sanayi A.S. produces minibuses, buses, Range
Rover-type jeeps, trailers, and armored and military vehicles. The Company
distributes the Land Rover jeeps in Turkiye.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 57.25
52-Week Low (24.05.2012) 24.90
Daily Volume
56
52-Week High % Change -2.18% Dividend Yield -
52-Week Low % Change 124.90% Beta 0.87
% 52 Week Price Range High/Low 98.32% Equity Float -
Shares Out 31.12.2012 24.0 Short Int -
1'344.00 1 Yr Total Return 90.48%
Total Debt 286.19 YTD Return 32.08%
Preferred Stock 0.0 Adjusted BETA 0.868
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 47.91 Consensus Rating 3.667
Enterprise Value 1'582.29
Average Volume 5 Day 118'136
OTKAR TI EQUITY YTD Change - Average Volume 30 Day 143'023
OTKAR TI EQUITY YTD % CHANGE - Average Volume 3 Month 136'561
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
479.1 503.2 517.4 890.5 1'004.5 890.5 1'004.5 1'114.2 1'140.0 320.0 -
0.73x 0.96x 1.03x 0.86x 1.25x 4.04x 4.29x 1.42x 1.38x - -
60.5 69.3 37.4 96.5 121.9 96.5 121.9 130.0 131.6 36.0 -
5.78x 6.95x 14.18x 7.93x 10.30x 7.93x 10.30x 12.17x 12.02x - -
34.9 33.9 20.8 54.8 76.4 54.8 76.4 81.3 81.3 22.0 -
5.89x 10.99x 24.72x 10.76x 13.32x 10.76x 13.32x 16.14x 15.22x - -
EBITDA 121.92 Long-Term Rating Date -
EBIT 91.67 Long-Term Rating -
Operating Margin 9.13% Long-Term Outlook -
Pretax Margin 8.15% Short-Term Rating Date -
Return on Assets 8.07% Short-Term Rating -
Return on Common Equity 33.57%
Return on Capital - EBITDA/Interest Exp. 4.65
Asset Turnover 1.06% (EBITDA-Capex)/Interest Exp. 3.69
Net Debt/EBITDA 1.95
Gross Margin 22.1% Total Debt/EBITDA 2.35
EBITDA Margin 12.1%
EBIT Margin 9.1% Total Debt/Equity 118.4%
Net Income Margin 7.6% Total Debt/Capital 54.2%
Asset Turnover 1.06
Current Ratio 1.28 Net Fixed Asset Turnover 8.43
Quick Ratio 0.51 Accounts receivable turnover-days 80.25
Debt to Assets 27.59% Inventory Days 98.51
Tot Debt to Common Equity 118.39% Accounts Payable Turnover Day 34.53
Accounts Receivable Turnover 4.56 Cash Conversion Cycle 144.22
Inventory Turnover 3.72
Fiscal Year Ended
Otokar Otomotiv Ve Savunma Sanayi A.S.Price/Volume
Valuation Analysis
244'792.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-'
.'
0'
1'
2'
3'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
!4 9
!5 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KOC HOLDING AS n/a Research 10'722'750 44.68 - 31.12.2009 Holding Company
UNVER HOLDING AS n/a Research 5'954'944 24.81 - 31.12.2009 Other
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 197'803 0.82 - 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 74'410 0.31 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 74'288 0.31 - 25.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 35'346 0.15 (7'154) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'800 0.14 - 31.12.2012 Investment Advisor
JYSKE INVEST Multiple Portfolios MF-AGG 8'218 0.03 - 31.01.2013 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 7'235 0.03 235 30.11.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 5'026 0.02 - 31.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 858 0 - 31.12.2012 Investment Advisor
FIRST TRUST n/a ULT-AGG 640 0 - 26.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 557 0 - 30.06.2012 Investment Advisor
INVESTORS TFI SA Multiple Portfolios MF-AGG - 0 (8'599) 30.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 21.03.2013
Global Menkul Degerler ILKNUR UNSAL market perform 3 M 53 Not Provided 11.03.2013
BGC Partners BERNA KURBAY buy 5 M 54 12 month 01.03.2013
Oyak Securities SERHAT KAYA outperform 5 U 57 12 month 26.02.2013
Ekspres Invest KURTHAN ATMACA hold 3 M 47 Not Provided 22.01.2013
IS Investment & Securities ESRA SUNER market perform 3 M 47 Not Provided 20.12.2012
Yatirim Finansman Securities OZGUR UCUR market perform 3 M 38 12 month 17.08.2011
Eurobank EFG TEAM COVERAGE hold 3 M 17 12 month 02.08.2010
Holdings By:
Otokar Otomotiv Ve Savunma Sanayi A.S. ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Park Elektrik Uretim Madencilik Sanayi ve Ticaret A.S. mines copper.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.10.2012) 6.92
52-Week Low (31.05.2012) 4.61
Daily Volume
6.78
52-Week High % Change -2.02% Dividend Yield -
52-Week Low % Change 47.07% Beta 1.01
% 52 Week Price Range High/Low 88.74% Equity Float -
Shares Out 31.12.2012 148.9 Short Int -
1'009.32 1 Yr Total Return 56.65%
Total Debt 0.67 YTD Return 10.42%
Preferred Stock 0.0 Adjusted BETA 1.013
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 204.33 Consensus Rating 4.333
Enterprise Value 805.66
Average Volume 5 Day 608'555
PRKME TI EQUITY YTD Change - Average Volume 30 Day 552'433
PRKME TI EQUITY YTD % CHANGE - Average Volume 3 Month 828'597
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
110.7 78.7 83.8 172.5 264.9 172.5 264.9 313.9 397.0 - -
1.69x 5.37x 6.72x 2.71x 2.68x 11.34x 11.89x 2.92x 2.11x - -
62.1 24.4 44.3 100.5 159.1 68.2 159.1 183.6 214.0 - -
3.01x 17.33x 12.71x 4.65x 4.46x 0.00x 4.46x 4.39x 3.76x - -
74.8 19.4 37.2 100.9 107.3 100.9 107.3 133.3 167.8 - -
2.16x 21.76x 15.74x 5.12x 8.52x 5.12x 8.52x 7.66x 7.08x - -
EBITDA 159.13 Long-Term Rating Date -
EBIT 101.81 Long-Term Rating -
Operating Margin 38.44% Long-Term Outlook -
Pretax Margin 50.24% Short-Term Rating Date -
Return on Assets 21.74% Short-Term Rating -
Return on Common Equity 24.01%
Return on Capital - EBITDA/Interest Exp. 131.76
Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 75.32
Net Debt/EBITDA -1.28
Gross Margin 50.7% Total Debt/EBITDA 0.00
EBITDA Margin 60.1%
EBIT Margin 38.4% Total Debt/Equity 0.1%
Net Income Margin 40.5% Total Debt/Capital 0.1%
Asset Turnover 0.54
Current Ratio 9.20 Net Fixed Asset Turnover 4.12
Quick Ratio 6.85 Accounts receivable turnover-days 18.63
Debt to Assets 0.13% Inventory Days 114.32
Tot Debt to Common Equity 0.15% Accounts Payable Turnover Day 58.66
Accounts Receivable Turnover 19.64 Cash Conversion Cycle 74.29
Inventory Turnover 3.20
Fiscal Year Ended
Park Elektrik Uretim Madencilik Sanayi ve Ticaret ASPrice/Volume
Valuation Analysis
2'847'680.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
.
0
1
2
3
4
5
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
1!' 9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2'!''
-''!''
-2'!''
.''!''
.2'!''
0''!''
02'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PARK HOLDING AS n/a Co File 59'020'050 39.65 - 31.03.2011 Holding Company
PARK ENERJI EKIPMANL n/a Co File 32'148'572 21.6 - 11.03.2011 n/a
TURGAY CINER n/a Co File 10'065'983 6.76 - 31.03.2011 n/a
SKAGEN AS Multiple Portfolios MF-AGG 6'649'843 4.47 - 28.02.2013 Mutual Fund Manager
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 2'730'590 1.83 302'390 31.12.2012 Investment Advisor
NOBLE FUNDS TFI SA Multiple Portfolios MF-AGG 1'769'672 1.19 - 29.06.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 968'372 0.65 350'877 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 881'329 0.59 - 31.07.2012 Investment Advisor
JYSKE INVEST Multiple Portfolios MF-AGG 834'435 0.56 (164'060) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 700'000 0.47 700'000 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 540'075 0.36 - 25.03.2013 Investment Advisor
AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 390'000 0.26 - 30.06.2012 Investment Advisor
FIRST TRUST n/a ULT-AGG 333'779 0.22 - 26.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 277'886 0.19 - 31.12.2012 Investment Advisor
CASA 4 FUNDS LUX EUR Multiple Portfolios MF-AGG 266'199 0.18 266'199 31.08.2012 Mutual Fund Manager
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 265'525 0.18 (49'475) 28.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 188'851 0.13 - 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 122'557 0.08 - 31.01.2013 Investment Advisor
CAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 120'566 0.08 - 31.12.2012 Investment Advisor
QUERCUS TFI Multiple Portfolios MF-AGG 104'000 0.07 20'000 30.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities ECE MANDACI buy 5 M 9 12 month 25.03.2013
FinansInvest KORAY PAMIR neutral 3 M 7 12 month 21.03.2013
Seker Securities BURAK DEMIRBILEK outperform 5 M 8 12 month 21.03.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 14.03.2013
Eczacibasi Securities BEHLUL KATAS outperform 5 M 8 Not Provided 22.01.2013
Ekspres Invest SELIM KUNTER hold 3 M 7 Not Provided 22.01.2013
Global Menkul Degerler BERTAN ILBAK buy 5 M 10 Not Provided 21.01.2013
IS Investment & Securities NUR ATASOY outperform 5 M 9 Not Provided 17.12.2012
Erste Bank EVRIM DAIRECIOGLU accumulate 4 M 6 12 month 04.11.2012
ATA Invest ISMAIL OZER market outperform 4 M 6 Not Provided 01.06.2012
BGC Partners ERDEM HAFIZOGLU hold 3 D 6 12 month 08.05.2012
Holdings By:
Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Petkim Petrokimya Holding A.S. manufactures petrochemicals. The Company
produces polyvinyl chloride used to produce pipes and profiles, high density
polyethylene used to manufacture toys and chemical containers, polypropylene
used to produce bags, rope, tape, and monofilament, pure terephthalic acid used
to manufacture polyester and PET bottles, and benzene, ethylene and propylene.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.02.2013) 3.40
52-Week Low (28.05.2012) 1.80
Daily Volume
3.09
52-Week High % Change -9.41% Dividend Yield -
52-Week Low % Change 71.67% Beta 0.86
% 52 Week Price Range High/Low 80.62% Equity Float -
Shares Out 31.12.2012 1'000.0 Short Int -
3'090.00 1 Yr Total Return 44.78%
Total Debt 289.14 YTD Return 11.55%
Preferred Stock 0.0 Adjusted BETA 0.863
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 291.96 Consensus Rating 2.067
Enterprise Value 3'087.18
Average Volume 5 Day 8'712'227
PETKM TI EQUITY YTD Change - Average Volume 30 Day 23'361'400
PETKM TI EQUITY YTD % CHANGE - Average Volume 3 Month 33'970'260
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'320.4 2'057.5 2'909.4 3'891.3 4'348.9 3'891.3 4'348.9 4'778.5 5'164.2 1'264.0 1'193.0
0.41x 0.68x 0.78x 0.55x 0.64x 2.44x 2.21x 0.68x 0.62x - -
(20.5) 144.7 194.5 114.6 13.0 114.6 13.0 248.8 334.1 - -
- 9.73x 11.70x 18.53x 212.50x 18.53x 212.50x 12.41x 9.24x - -
(151.3) 114.0 130.1 102.3 17.4 102.3 17.4 139.5 184.2 - -
- 13.11x 18.30x 19.25x 158.93x 19.25x 158.93x 25.33x 17.46x - -
EBITDA 13.02 Long-Term Rating Date -
EBIT -58.65 Long-Term Rating -
Operating Margin -1.35% Long-Term Outlook -
Pretax Margin 0.49% Short-Term Rating Date -
Return on Assets 0.64% Short-Term Rating -
Return on Common Equity 1.04%
Return on Capital - EBITDA/Interest Exp. 0.71
Asset Turnover 1.59% (EBITDA-Capex)/Interest Exp. -4.69
Net Debt/EBITDA -0.22
Gross Margin 1.8% Total Debt/EBITDA 22.20
EBITDA Margin 0.3%
EBIT Margin -1.3% Total Debt/Equity 17.4%
Net Income Margin 0.4% Total Debt/Capital 14.8%
Asset Turnover 1.59
Current Ratio 1.41 Net Fixed Asset Turnover 3.32
Quick Ratio 0.82 Accounts receivable turnover-days 47.49
Debt to Assets 10.33% Inventory Days 39.62
Tot Debt to Common Equity 17.37% Accounts Payable Turnover Day 51.68
Accounts Receivable Turnover 7.71 Cash Conversion Cycle 35.44
Inventory Turnover 9.24
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Petkim Petrokimya Holding ASPrice/Volume
Valuation Analysis
10'344'693.00
Current Price (3/dd/yy) Market Data
'
-
-
.
.
0
0
1
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9-''!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
4'500.0
5'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-''!''
.''!''
0''!''
1''!''
2''!''
3''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCAR & TURCAS PETRO n/a Co File 510'000'000 51 - 31.12.2010 Unclassified
PRIVATIZATION ADM RE n/a Co File 103'215'681 10.32 - 31.12.2010 Other
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 9'010'506 0.9 - 31.07.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'410'362 0.24 - 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 2'083'655 0.21 - 26.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'428'902 0.14 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'047'522 0.1 35'543 31.12.2012 Investment Advisor
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 915'000 0.09 - 31.05.2011 Investment Advisor
CLARIDEN SICAV Multiple Portfolios MF-AGG 902'584 0.09 (380'000) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 405'445 0.04 - 31.12.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 330'598 0.03 - 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 313'973 0.03 - 30.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 250'000 0.03 250'000 31.01.2013 Mutual Fund Manager
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 206'720 0.02 6'720 30.11.2012 Investment Advisor
NOMURA n/a ULT-AGG 200'000 0.02 - 11.07.2012 Unclassified
NOMURA INTERNATIONAL Multiple Portfolios MF-AGG 169'114 0.02 - 31.03.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 113'035 0.01 - 31.10.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 102'661 0.01 5 31.01.2013 Unclassified
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 98'849 0.01 - 31.01.2013 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 92'479 0.01 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities UMUT OZTURK hold 3 M 3 12 month 15.03.2013
FinansInvest KORAY PAMIR underperform 1 M 3 12 month 07.03.2013
JPMorgan NEERAJ Z KUMAR underweight 1 M 3 9 month 21.02.2013
HSBC BULENT YURDAGUL underweight 1 D 3 Not Provided 14.02.2013
Ekspres Invest SELIM KUNTER hold 3 U 3 Not Provided 22.01.2013
Global Menkul Degerler HASAN BAYHAN sell 1 M 3 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank VEDAT MIZRAHI hold 3 M 3 12 month 16.01.2013
BGC Partners EZGI YILMAZ buy 5 M 4 12 month 09.01.2013
IS Investment & Securities ASLI OZATA KUMBARACI market perform 3 U 3 Not Provided 25.12.2012
Oyak Securities HASAN SENER market perform 3 M 3 12 month 21.12.2012
Goldman Sachs MATIJA GERGOLET Sell/Neutral 1 M 1 12 month 10.12.2012
Erste Bank THOMAS UNGER sell 1 M 2 12 month 04.11.2012
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 30.03.2012
ATA Invest MERT BOSTANOGLU market outperform 4 M 3 Not Provided 13.01.2012
Holdings By:
Petkim Petrokimya Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Polyester Sanayi AS produces textiles and packaging materials. The Company
produces polyester fibers and yarns for the textile industry, PET resin and PET
bottles for the beverage industry, and edible oil bottles. Polyester also
operates a PET bottle recycling plant.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.03.2012) 1.56
52-Week Low (16.05.2012) 1.09
Daily Volume
1.18
52-Week High % Change -25.00% Dividend Yield -
52-Week Low % Change 8.26% Beta 0.92
% 52 Week Price Range High/Low 19.15% Equity Float -
Shares Out 31.12.2012 216.3 Short Int -
255.23 1 Yr Total Return -22.88%
Total Debt 281.61 YTD Return -0.84%
Preferred Stock 0.0 Adjusted BETA 0.918
Minority Interest 0.0 Analyst Recs 3
Cash and Equivalents 3.79 Consensus Rating 2.667
Enterprise Value 533.05
Average Volume 5 Day 1'166'432
SASA TI EQUITY YTD Change - Average Volume 30 Day 2'057'360
SASA TI EQUITY YTD % CHANGE - Average Volume 3 Month 5'573'475
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
354.4 361.4 641.1 904.6 1'000.0 904.6 1'000.0 1'139.3 1'219.0 - -
0.42x 0.68x 0.49x 0.40x 0.54x 2.09x 1.91x 0.37x 0.34x - -
(22.0) 1.3 58.7 92.1 11.8 92.1 11.8 65.3 77.3 - -
- 183.99x 5.30x 3.97x 45.46x 3.97x 45.46x 8.16x 6.89x - -
(50.7) (35.2) 30.5 42.1 (30.8) 42.1 (30.8) 24.7 35.7 - -
- - 7.94x 6.57x - 6.57x 0.00x - - - -
EBITDA 11.77 Long-Term Rating Date -
EBIT -9.54 Long-Term Rating -
Operating Margin -0.95% Long-Term Outlook -
Pretax Margin -3.10% Short-Term Rating Date -
Return on Assets -4.73% Short-Term Rating -
Return on Common Equity -11.89%
Return on Capital - EBITDA/Interest Exp. 0.63
Asset Turnover 1.53% (EBITDA-Capex)/Interest Exp. 0.03
Net Debt/EBITDA 23.60
Gross Margin 4.8% Total Debt/EBITDA 23.92
EBITDA Margin 1.2%
EBIT Margin -1.0% Total Debt/Equity 115.6%
Net Income Margin -3.1% Total Debt/Capital 53.6%
Asset Turnover 1.53
Current Ratio 1.03 Net Fixed Asset Turnover 5.60
Quick Ratio 0.49 Accounts receivable turnover-days 62.26
Debt to Assets 41.19% Inventory Days 77.18
Tot Debt to Common Equity 115.57% Accounts Payable Turnover Day 54.51
Accounts Receivable Turnover 5.88 Cash Conversion Cycle 84.93
Inventory Turnover 4.74
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Polyester Sanayi ASPrice/Volume
Valuation Analysis
761'212.00
Current Price (3/dd/yy) Market Data
'''-----..
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ADVANSA BV n/a Research 110'313'001 51 - 07.08.2008 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'203'411 1.48 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 994'553 0.46 - 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 332'447 0.15 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 329'554 0.15 - 31.12.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 100'000 0.05 50'000 31.01.2013 Mutual Fund Manager
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 84'071 0.04 - 31.10.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 47'176 0.02 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 14'741 0.01 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ak Investment BORA TEZGULER market underperform 2 D 1 12 month 05.03.2013
Global Menkul Degerler HASAN BAYHAN market perform 3 M 1 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
IS Investment & Securities BASAK ENGIN DINCKOC Under Review #N/A N/A M #N/A N/A Not Provided 22.10.2012
Holdings By:
Polyester Sanayi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Rhea Girisim A.S. is a venture capital investment trust. The Trust invests
in healthcare, technology, telecom, energy, logistics, waste management and
clean technology companies. Rhea Girisim is managed by RHEA Asset Management,
an independent alternative asset management platform managing private equity
and venture capital funds.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (12.04.2012) 2.40
52-Week Low (26.02.2013) 1.17
Daily Volume
1.27
52-Week High % Change -47.08% Dividend Yield -
52-Week Low % Change 8.55% Beta 0.91
% 52 Week Price Range High/Low 8.13% Equity Float -
Shares Out 30.09.2012 41.6 Short Int -
52.77 1 Yr Total Return -38.65%
Total Debt 5.07 YTD Return -23.03%
Preferred Stock 0.0 Adjusted BETA 0.913
Minority Interest 0.3 Analyst Recs 0
Cash and Equivalents 60.86 Consensus Rating -
Enterprise Value 51.95
Average Volume 5 Day 419'516
RHEAG TI EQUITY YTD Change - Average Volume 30 Day 1'368'695
RHEAG TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'298'976
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
- - - 5.2 25.4 23.8 18.5 - - - -
- - - 15.64x 0.82x 9.97x 11.37x - - - -
(0.4) (0.4) (0.5) (5.4) (22.7) (16.2) (6.3) - - - -
- - - - - 0.00x 0.00x - - - -
(0.1) 0.3 0.0 (3.9) 4.0 3.6 5.3 - - - -
- 12.46x 338.91x - 19.07x 0.00x 9.46x - - - -
EBITDA -22.69 Long-Term Rating Date -
EBIT -24.23 Long-Term Rating -
Operating Margin -95.32% Long-Term Outlook -
Pretax Margin 10.85% Short-Term Rating Date -
Return on Assets 7.44% Short-Term Rating -
Return on Common Equity 9.04%
Return on Capital - EBITDA/Interest Exp. -33.45
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -39.89
Net Debt/EBITDA -
Gross Margin -33.9% Total Debt/EBITDA -0.31
EBITDA Margin -34.0%
EBIT Margin -44.5% Total Debt/Equity 7.4%
Net Income Margin 15.8% Total Debt/Capital 6.9%
Asset Turnover 0.26
Current Ratio 5.46 Net Fixed Asset Turnover 5.79
Quick Ratio 5.11 Accounts receivable turnover-days 50.64
Debt to Assets 5.96% Inventory Days 39.06
Tot Debt to Common Equity 7.43% Accounts Payable Turnover Day 61.17
Accounts Receivable Turnover 7.23 Cash Conversion Cycle 15.83
Inventory Turnover 9.37
Fiscal Year Ended
Rhea Girisim ASPrice/Volume
Valuation Analysis
1'116'365.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
-
.
.
0
0
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
0.0
5.0
10.0
15.0
20.0
25.0
30.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
Onur Takmak n/a Research 4'155'000 10 - 30.01.2013 n/a
IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 1'339'949 3.22 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Rhea Girisim AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Saf Gayrimenkul Yatirim Ortakligi A.S. is a real estate Investment Trust.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 1.43
52-Week Low (23.08.2012) 0.75
Daily Volume
0.99
52-Week High % Change -30.77% Dividend Yield -
52-Week Low % Change 32.00% Beta 1.06
% 52 Week Price Range High/Low 36.76% Equity Float -
Shares Out 30.09.2012 886.6 Short Int -
877.74 1 Yr Total Return -15.21%
Total Debt 234.46 YTD Return 1.02%
Preferred Stock 0.0 Adjusted BETA 1.055
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 213.34 Consensus Rating 5.000
Enterprise Value 944.59
Average Volume 5 Day 281'086
SAFGY TI EQUITY YTD Change - Average Volume 30 Day 449'417
SAFGY TI EQUITY YTD % CHANGE - Average Volume 3 Month 912'103
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3.7 8.6 8.5 585.2 15.3 585.2 15.3 - - - -
19.09x 9.45x 8.37x 2.05x - 2.37x 146.70x - - - -
1.9 6.7 6.3 294.8 - 294.8 5.1 - - - -
36.48x 12.11x 11.25x 4.07x - 4.07x 0.00x - - - -
(8.7) 0.3 3.2 329.5 (38.7) 329.5 (38.7) - - - -
- 183.37x 15.62x 3.58x - 3.58x 0.00x - - - -
EBITDA 294.84 Long-Term Rating Date -
EBIT 293.01 Long-Term Rating -
Operating Margin 50.07% Long-Term Outlook -
Pretax Margin 57.42% Short-Term Rating Date -
Return on Assets 74.09% Short-Term Rating -
Return on Common Equity 210.94%
Return on Capital - EBITDA/Interest Exp. 50.13
Asset Turnover 1.46% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 0.23
Gross Margin 51.6% Total Debt/EBITDA 0.61
EBITDA Margin 49.9%
EBIT Margin 49.5% Total Debt/Equity 53.7%
Net Income Margin -252.2% Total Debt/Capital 34.9%
Asset Turnover 1.46
Current Ratio 2.27 Net Fixed Asset Turnover 207.24
Quick Ratio 0.95 Accounts receivable turnover-days 8.25
Debt to Assets 24.74% Inventory Days -
Tot Debt to Common Equity 53.65% Accounts Payable Turnover Day -
Accounts Receivable Turnover 44.35 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Saf Gayrimenkul Yatirim Ortakligi ASPrice/Volume
Valuation Analysis
272'604.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
'
'
-
-
-
-
-
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
YILDIZ HOLDING AS n/a Research 213'640'417 24.1 - 03.10.2012 Corporation
DINCKOK RAIF ALI n/a Research 83'054'595 9.37 - 03.10.2012 n/a
DINCKOK OMER n/a Research 62'295'125 7.03 - 03.10.2012 n/a
SINPAS GYO AS n/a Research 61'431'299 6.93 - 03.10.2012 n/a
AKIS G MENKUL YATIRI n/a Research 58'142'186 6.56 - 03.10.2012 n/a
HASAN RIFAT n/a Research 44'852'490 5.06 - 03.10.2012 n/a
BLACKROCK n/a ULT-AGG 2'863'485 0.32 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'082'702 0.12 - 31.12.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 310'080 0.03 10'080 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 48'248 0.01 - 31.12.2012 Investment Advisor
FIRST TRUST n/a ULT-AGG 27'091 0 - 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Saf Gayrimenkul Yatirim Ortakligi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Sekerbank TAS operates as a commercial bank. The Bank offers a wide range of
financial products and services, including commercial and retail banking and
treasury services. Sekerbank, through its subsidiaries, also operates in the
sugar, trade, finance, tourism, and mining sectors.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.01.2013) 2.19
52-Week Low (03.05.2012) 0.92
Daily Volume
2.06
52-Week High % Change -5.94% Dividend Yield -
52-Week Low % Change 123.91% Beta 0.96
% 52 Week Price Range High/Low 86.61% Equity Float -
Shares Out 31.12.2012 1'000.0 Short Int -
2'060.00 1 Yr Total Return 100.00%
Total Debt 1'345.10 YTD Return 14.44%
Preferred Stock 0.0 Adjusted BETA 0.957
Minority Interest 39.3 Analyst Recs 8
Cash and Equivalents 1'727.35 Consensus Rating 3.000
Enterprise Value -
Average Volume 5 Day 1'896'901
SKBNK TI EQUITY YTD Change - Average Volume 30 Day 1'734'651
SKBNK TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'743'103
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'561.6 1'493.0 1'458.0 1'797.8 2'294.0 1'797.8 1'693.9 1'332.5 1'447.5 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
145.7 162.6 168.3 124.3 250.0 124.3 250.0 267.3 286.0 - -
2.99x 7.93x 7.89x 7.24x 7.20x 7.95x 7.20x 7.72x 7.18x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 23.99% Long-Term Outlook -
Pretax Margin 23.99% Short-Term Rating Date -
Return on Assets 1.61% Short-Term Rating -
Return on Common Equity 15.76%
Return on Capital 5.66% EBITDA/Interest Exp. -
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 73.3%
Net Income Margin 18.4% Total Debt/Capital 41.8%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover 4.57
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 8.84% Inventory Days -
Tot Debt to Common Equity 73.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Sekerbank TASPrice/Volume
Valuation Analysis
2'499'950.00
Current Price (3/dd/yy) Market Data
'
-
-
.
.
0
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
-3!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SEKERBANK PERSONNEL n/a Research 339'778'585 33.98 - 06.11.2009 n/a
Bank Turanalem n/a Research 339'778'585 33.98 - 06.11.2009 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 10'531'990 1.05 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'231'954 0.32 11'800 25.03.2013 Investment Advisor
IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 2'750'000 0.28 - 31.12.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 2'611'000 0.26 2'611'000 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'806'499 0.18 - 26.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'798'191 0.18 - 31.12.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 1'600'000 0.16 1'600'000 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'494'140 0.15 - 26.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'406'498 0.14 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'110'138 0.11 39'547 31.12.2012 Investment Advisor
SUGAR BEET COOPERATI n/a Co File 668'807 0.07 - 31.12.2008 Bank
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 666'846 0.07 (1'330) 31.10.2012 Mutual Fund Manager
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 384'368 0.04 134'368 30.11.2012 Investment Advisor
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 366'658 0.04 - 31.05.2011 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 347'917 0.03 - 30.11.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 295'499 0.03 - 31.01.2013 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 232'475 0.02 - 31.01.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 226'428 0.02 (61'572) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research SADRETTIN BAGCI hold 3 M 2 12 month 28.02.2013
Ak Investment HAKAN AYGUN market perform 3 M 2 12 month 29.01.2013
Oyak Securities ALPAY DINCKOC market perform 3 M 2 Not Provided 23.01.2013
Eczacibasi Securities SERCAN SOYLU market perform 3 M 2 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Erste Bank SEVDA SARP reduce 2 M 2 12 month 10.12.2012
Seker Securities BURAK DEMIRBILEK not rated #N/A N/A M #N/A N/A Not Provided 05.09.2012
ATA Invest FATIH TUGRUL TOPAC market underperform 2 M 1 Not Provided 20.07.2012
Tera Stock Brokers HASAN DEMIR neutral 3 U 1 Not Provided 07.05.2012
IS Investment & Securities BULENT SENGONUL Under Review #N/A N/A M #N/A N/A Not Provided 08.08.2011
Holdings By:
Sekerbank TAS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Sinpas Gayrimenkul Yatirim Ortakligi AS develops real estate.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (24.01.2013) 1.56
52-Week Low (01.06.2012) 1.07
Daily Volume
1.39
52-Week High % Change -10.26% Dividend Yield -
52-Week Low % Change 29.91% Beta 1.10
% 52 Week Price Range High/Low 63.27% Equity Float -
Shares Out 30.09.2012 600.0 Short Int -
834.00 1 Yr Total Return 6.73%
Total Debt 282.32 YTD Return -1.42%
Preferred Stock 0.0 Adjusted BETA 1.103
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 45.33 Consensus Rating 4.294
Enterprise Value 1'161.36
Average Volume 5 Day 2'709'463
SNGYO TI EQUITY YTD Change - Average Volume 30 Day 4'527'457
SNGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 6'246'710
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
- 72.4 171.0 353.3 655.4 710.2 556.2 590.0 594.9 150.8 93.8
- 2.14x 5.07x 2.87x 1.27x 5.72x 7.33x 1.84x 1.73x 6.62x 10.33x
(25.8) (4.4) (28.2) 55.8 141.9 161.5 56.4 89.7 113.3 42.3 25.4
- - - 18.21x 5.86x 6.18x 19.41x 12.95x 10.25x 8.98x 9.16x
18.5 19.6 (18.1) 61.0 140.0 175.5 57.5 94.8 115.4 29.8 25.8
60.57x 12.15x - 17.05x 4.24x 5.03x 22.80x 8.27x 7.24x 6.15x 6.47x
EBITDA 141.89 Long-Term Rating Date -
EBIT 137.45 Long-Term Rating -
Operating Margin 20.97% Long-Term Outlook -
Pretax Margin - Short-Term Rating Date -
Return on Assets 3.05% Short-Term Rating -
Return on Common Equity 5.42%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 5.80
Gross Margin 31.6% Total Debt/EBITDA 6.07
EBITDA Margin 10.1%
EBIT Margin 9.3% Total Debt/Equity 26.9%
Net Income Margin 21.4% Total Debt/Capital 21.2%
Asset Turnover 0.30
Current Ratio 1.68 Net Fixed Asset Turnover 30.76
Quick Ratio 0.36 Accounts receivable turnover-days 123.75
Debt to Assets 14.16% Inventory Days 728.16
Tot Debt to Common Equity 26.87% Accounts Payable Turnover Day -73.32
Accounts Receivable Turnover 2.96 Cash Conversion Cycle 1037.98
Inventory Turnover 0.50
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Sinpas Gayrimenkul Yatirim Ortakligi ASPrice/Volume
Valuation Analysis
4'359'159.00
Current Price (3/dd/yy) Market Data
'''-----..
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SINPAS YAPI ENDUSTRI n/a Research 185'073'199 30.85 - 23.12.2008 Corporation
CELIK AVNI n/a Research 101'218'614 16.87 - 23.12.2008 n/a
AUTONOMY MASTER FUND n/a Research 75'529'272 12.59 - 10.11.2008 n/a
CELIK OEMER FARUK n/a Research 9'855'969 1.64 - 23.12.2008 n/a
CELIK AHMET n/a Research 9'855'969 1.64 - 23.12.2008 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'667'706 1.61 - 26.03.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 8'762'341 1.46 500'000 31.12.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 7'805'659 1.3 - 30.06.2012 Investment Advisor
NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 6'695'351 1.12 1'712'986 31.01.2013 Investment Advisor
ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 3'541'294 0.59 1'070'000 31.01.2013 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 3'377'382 0.56 946'000 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'254'953 0.54 (99'142) 25.03.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'732'574 0.46 (1'000'000) 31.01.2013 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 2'069'633 0.34 63'515 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 2'005'132 0.33 1'003'667 31.12.2012 Unclassified
US GLOBAL INVESTORS Multiple Portfolios MF-AGG 2'000'000 0.33 (116'200) 28.09.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'368'314 0.23 (1'504'787) 30.06.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'295'764 0.22 314'672 31.01.2013 Investment Advisor
GUSTAVIADAVEGARDH FO Multiple Portfolios MF-AGG 1'000'000 0.17 1'000'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 962'272 0.16 42'772 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sardis Securities HAYDAR ACUN hold 3 M 2 12 month 15.03.2013
HSBC LEVENT BAYAR overweight 5 M 2 Not Provided 13.03.2013
Burgan Securities MURAT IGNEBEKCILI buy 5 M 2 12 month 26.02.2013
FinansInvest GAYE ABIDIN outperform 5 M 2 12 month 21.02.2013
Seker Securities OKAN UZUN outperform 5 M 2 Not Provided 21.02.2013
Yatirim Finansman Securities HUSEYIN MERDAN GEYIK market perform 3 M 2 12 month 21.02.2013
Ak Investment BERTUG TUZUN market outperform 4 M 2 12 month 29.01.2013
BGC Partners KEREM TEZCAN Under Review #N/A N/A M #N/A N/A Not Provided 25.01.2013
Ekspres Invest KURTHAN ATMACA buy 5 M 2 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank ATHMANE BENZERROUG buy 5 M 2 12 month 14.01.2013
IS Investment & Securities NUR ATASOY outperform 5 M 2 Not Provided 17.12.2012
Garanti Yatirim Menkul Kiymetler KERIM GOKOZ market perform 3 M 2 Not Provided 17.12.2012
Erste Bank MEHMET EMIN ZUMRUT buy 5 M 2 12 month 04.11.2012
ATA Invest ERMAN TUTUNCUOGLU market outperform 4 M 1 Not Provided 20.07.2012
Holdings By:
Sinpas Gayrimenkul Yatirim Ortakligi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
TAV Havalimanlari Holding AS is an airport operator. The Company operates
in airports in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia and Latvia.
TAV Havalimanlari provides service in all areas of airport operations such as
duty-free, food and beverage, ground handling, IT, security and operations.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.03.2013) 11.60
52-Week Low (05.10.2012) 8.28
Daily Volume
11.3
52-Week High % Change -2.16% Dividend Yield -
52-Week Low % Change 36.47% Beta 0.70
% 52 Week Price Range High/Low 93.98% Equity Float -
Shares Out 31.12.2012 363.3 Short Int -
4'105.08 1 Yr Total Return 33.03%
Total Debt 3'168.82 YTD Return 23.90%
Preferred Stock 0.0 Adjusted BETA 0.698
Minority Interest 76.3 Analyst Recs 26
Cash and Equivalents 148.56 Consensus Rating 4.462
Enterprise Value 7'201.61
Average Volume 5 Day 1'142'185
TAVHL TI EQUITY YTD Change - Average Volume 30 Day 1'248'715
TAVHL TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'678'497
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'466.3 1'844.2 1'501.2 2'037.6 2'565.9 2'037.6 2'565.9 2'847.9 3'149.4 500.5 671.0
2.04x 2.44x 3.59x 2.92x 2.50x 11.34x 9.66x 2.23x 2.01x 12.26x 9.20x
435.7 512.3 537.5 351.4 483.2 351.4 483.2 857.8 1'002.4 97.1 223.0
6.88x 8.80x 10.04x 16.92x 13.26x 16.92x 13.26x 8.40x 7.18x 9.09x 8.86x
7.7 108.7 99.0 122.6 285.9 122.6 285.9 341.9 419.3 (0.7) 82.2
105.06x 15.85x 27.45x 23.88x 11.59x 23.88x 11.59x 11.67x 10.02x 13.68x 12.87x
EBITDA 483.21 Long-Term Rating Date -
EBIT 411.22 Long-Term Rating -
Operating Margin 16.03% Long-Term Outlook -
Pretax Margin 14.68% Short-Term Rating Date -
Return on Assets 5.51% Short-Term Rating -
Return on Common Equity 24.36%
Return on Capital 10.14% EBITDA/Interest Exp. 2.45
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 1.98
Net Debt/EBITDA 6.25
Gross Margin 31.4% Total Debt/EBITDA 6.56
EBITDA Margin 18.8%
EBIT Margin 16.0% Total Debt/Equity 267.2%
Net Income Margin 11.1% Total Debt/Capital 71.5%
Asset Turnover 0.49
Current Ratio 1.56 Net Fixed Asset Turnover 5.77
Quick Ratio 0.43 Accounts receivable turnover-days 41.24
Debt to Assets 59.92% Inventory Days 10.29
Tot Debt to Common Equity 267.17% Accounts Payable Turnover Day 25.02
Accounts Receivable Turnover 8.88 Cash Conversion Cycle 26.51
Inventory Turnover 35.58
Fiscal Year Ended
TAV Havalimanlari Holding ASPrice/Volume
Valuation Analysis
436'061.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
.
1
3
5
-'
-.
-1
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
'!2'
-!''
-!2'
.!''
.!2'
0!''
0!2'
1!''
1!2'
2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AEROPORTS DE PARIS n/a Research 138'046'875 38 - 16.05.2012 Corporation
AKFEN HOLDING AS n/a Research 29'495'446 8.12 - 16.05.2012 Holding Company
TEPE INSAAT SANAYI n/a Research 29'273'852 8.06 - 16.05.2012 Other
SERA YAPI ENDUSTRISI n/a Research 7'379'507 2.03 - 16.05.2012 Corporation
BLACKROCK n/a ULT-AGG 5'863'638 1.61 596'161 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 5'545'115 1.53 (3'322'870) 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'717'548 1.02 3'549 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'639'575 1 (50'000) 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'603'950 0.99 (300'000) 31.01.2013 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 3'347'333 0.92 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'766'181 0.76 (918'753) 31.12.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 2'098'000 0.58 2'098'000 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'600'000 0.44 325'000 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'389'811 0.38 218 31.12.2012 Investment Advisor
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 1'270'875 0.35 (38'539) 31.01.2013 Mutual Fund Manager
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'096'808 0.3 (261'054) 31.12.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 956'187 0.26 (56'743) 28.09.2012 Investment Advisor
NIPPON LIFE INSURANC n/a ULT-AGG 953'643 0.26 - 23.04.2012 Insurance Company
DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 948'837 0.26 948'837 31.01.2013 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 905'196 0.25 (9'240) 30.11.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Seker Securities BURAK DEMIRBILEK outperform 5 M 13 Not Provided 25.03.2013
Burgan Securities BURAK ISYAR hold 3 M 13 12 month 25.03.2013
Unlu Securities SELIN ONER outperform 5 N 14 12 month 15.03.2013
HSBC CENK ORCAN neutral 3 M 12 Not Provided 13.03.2013
BNP Paribas Equity Research ALPER PAKSOY buy 5 M 16 12 month 12.03.2013
Renaissance Capital ALEXANDER KAZBEGI buy 5 M 13 Not Provided 08.03.2013
FinansInvest GAYE ABIDIN neutral 3 M 13 12 month 07.03.2013
Global Menkul Degerler HASAN BAYHAN buy 5 M 14 Not Provided 07.03.2013
BGC Partners KEREM TEZCAN buy 5 M 12 12 month 07.03.2013
Erste Bank GORKEM GOKER hold 3 M 11 12 month 05.03.2013
Morgan Stanley NIDA IQBAL Overwt/No Rating 5 M 13 12 month 04.03.2013
Oyak Securities ALPER OZDEMIR outperform 5 M 13 12 month 25.02.2013
Garanti Yatirim Menkul Kiymetler BAHAR DENIZ EGEMEN market perform 3 M 12 Not Provided 25.02.2013
Eczacibasi Securities BEHLUL KATAS outperform 5 M 13 Not Provided 18.02.2013
Ak Investment OMER OMERBAS market perform 3 M 14 12 month 29.01.2013
IS Investment & Securities BASAK ENGIN DINCKOC outperform 5 U 12 Not Provided 28.01.2013
Ekspres Invest SELIM KUNTER buy 5 M 13 Not Provided 22.01.2013
Deutsche Bank VEDAT MIZRAHI buy 5 M 13 12 month 16.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 M 15 12 month 10.12.2012
Yatirim Finansman Securities DUYGU KALFAOGLU outperform 5 M 12 12 month 07.11.2012
Tera Stock Brokers KENAN TURAN buy 5 M 12 Not Provided 14.08.2012
ATA Invest ISMAIL OZER market outperform 4 M 12 Not Provided 13.01.2012
Holdings By:
TAV Havalimanlari Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Tekfen Holding A.S. operates as a holding company. The Company offers financial
services that include banking, trading, securities brokerage services, etc.
Tekfen's interest also involves engineering and construction, agri-industry,
textiles, food processing and others.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (24.01.2013) 8.16
52-Week Low (29.05.2012) 5.28
Daily Volume
7.7
52-Week High % Change -5.88% Dividend Yield -
52-Week Low % Change 45.83% Beta 0.95
% 52 Week Price Range High/Low 77.78% Equity Float -
Shares Out 30.09.2012 370.0 Short Int -
2'849.00 1 Yr Total Return 28.60%
Total Debt 409.89 YTD Return 6.35%
Preferred Stock 0.0 Adjusted BETA 0.953
Minority Interest 30.7 Analyst Recs 25
Cash and Equivalents 786.32 Consensus Rating 4.640
Enterprise Value 2'613.35
Average Volume 5 Day 1'344'052
TKFEN TI EQUITY YTD Change - Average Volume 30 Day 1'587'247
TKFEN TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'520'500
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'895.3 2'517.9 2'348.1 2'261.7 3'211.2 2'811.4 4'032.0 4'011.8 4'107.4 1'029.0 1'120.0
0.97x 0.40x 0.76x 0.94x 0.51x 2.75x 1.94x 0.60x 0.60x 2.48x 2.24x
197.2 246.8 197.4 298.5 381.8 357.8 356.0 346.5 387.4 83.0 114.0
9.29x 4.05x 9.03x 7.12x 4.27x 5.42x 6.18x 7.54x 6.75x 7.08x 6.22x
279.3 91.0 69.3 178.6 242.4 228.6 243.1 328.4 275.8 142.4 75.0
15.39x 9.52x 26.15x 13.38x 8.15x 9.23x 9.96x 9.46x 10.59x 11.85x 10.55x
EBITDA 381.78 Long-Term Rating Date -
EBIT 306.69 Long-Term Rating -
Operating Margin 9.55% Long-Term Outlook -
Pretax Margin 9.70% Short-Term Rating Date -
Return on Assets 6.38% Short-Term Rating -
Return on Common Equity 12.83%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.06% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.74
Gross Margin 15.6% Total Debt/EBITDA 1.21
EBITDA Margin 8.8%
EBIT Margin 6.6% Total Debt/Equity 22.1%
Net Income Margin 7.5% Total Debt/Capital 17.8%
Asset Turnover 1.06
Current Ratio 1.50 Net Fixed Asset Turnover 5.77
Quick Ratio 0.78 Accounts receivable turnover-days 54.18
Debt to Assets 10.94% Inventory Days 46.04
Tot Debt to Common Equity 22.07% Accounts Payable Turnover Day 78.87
Accounts Receivable Turnover 6.76 Cash Conversion Cycle 23.42
Inventory Turnover 7.95
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tekfen Holding ASPrice/Volume
Valuation Analysis
2'797'450.00
Current Price (3/dd/yy) Market Data
'-.0123456
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
4!' 9
5!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
6'!''
-''!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NECATI AKCAGLILAR n/a Research 62'419'896 16.87 - 17.07.2009 n/a
BERKER FEYYAZ n/a Research 62'419'896 16.87 - 17.07.2009 n/a
GOKYIGIT ALI NIHAT n/a Research 32'270'171 8.72 - 17.07.2009 n/a
ALI NIHAT GOKYIGIT Y n/a Research 32'113'879 8.68 - 17.07.2009 n/a
SKAGEN AS Multiple Portfolios MF-AGG 8'933'907 2.41 - 28.02.2013 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 4'022'375 1.09 1'229'305 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'683'900 1 (175'000) 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'257'866 0.88 - 31.07.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 3'084'319 0.83 - 31.08.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 2'477'948 0.67 717'000 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'841'518 0.5 - 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'726'013 0.47 (388'249) 31.12.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 1'500'000 0.41 748'763 03.09.2012 Mutual Fund Manager
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'480'077 0.4 - 30.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'448'928 0.39 (49'000) 31.01.2013 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'100'000 0.3 - 31.01.2013 Mutual Fund Manager
SEB n/a ULT-AGG 1'000'000 0.27 - 31.12.2012 Unclassified
DWS INVESTMENT S A Multiple Portfolios MF-AGG 975'000 0.26 250'000 31.01.2013 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 764'873 0.21 - 25.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 662'388 0.18 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Erste Bank SEZAI SAKLAROGLU buy 5 N 9 12 month 27.03.2013
Burgan Securities MURAT IGNEBEKCILI buy 5 M 9 12 month 25.03.2013
Global Menkul Degerler SERCAN UZUN buy 5 M 10 Not Provided 22.03.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 21.03.2013
FinansInvest GAYE ABIDIN outperform 5 M 9 12 month 18.03.2013
Sardis Securities HAYDAR ACUN hold 3 M #N/A N/A Not Provided 15.03.2013
BNP Paribas Equity Research SABRIYE GOZDE CULLAS buy 5 M 9 12 month 12.03.2013
Renaissance Capital ILGIN ERDOGAN buy 5 M 10 Not Provided 08.03.2013
IS Investment & Securities NUR ATASOY outperform 5 M 9 Not Provided 27.02.2013
Morgan Stanley MUNEEBA KAYANI Equalwt/No Rating 3 D 8 12 month 25.02.2013
Yatirim Finansman Securities OZGUR UCUR outperform 5 M 9 12 month 21.02.2013
Eczacibasi Securities BEHLUL KATAS market perform 3 M 9 Not Provided 18.02.2013
Ak Investment HAKAN DEPREM market outperform 4 M 9 12 month 15.02.2013
HSBC CENK ORCAN overweight 5 U 9 Not Provided 22.01.2013
Ekspres Invest SELIM KUNTER buy 5 M 9 Not Provided 22.01.2013
Deutsche Bank ATHMANE BENZERROUG buy 5 M 9 12 month 14.01.2013
BGC Partners EZGI YILMAZ buy 5 M 9 12 month 09.01.2013
Oyak Securities HASAN SENER outperform 5 M 10 12 month 21.12.2012
Garanti Yatirim Menkul Kiymetler KERIM GOKOZ outperform 5 U 9 Not Provided 05.12.2012
Credit Suisse ATINC OZKAN outperform 5 M 9 Not Provided 30.11.2012
Goldman Sachs ARTYOM GOLODNOV neutral/neutral 3 M 7 12 month 08.11.2012
Tera Stock Brokers KENAN TURAN buy 5 M 9 Not Provided 01.10.2012
ATA Invest ONDER ZORBA market outperform 4 M 8 Not Provided 13.01.2012
Holdings By:
Tekfen Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Tofas Turk Otomobil Fabrikasi AS manufactures cars and automobile parts under
license from Fiat. The Group also imports Alfa Romeo and Fiat cars for domestic
market and provides financing services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 12.45
52-Week Low (25.05.2012) 6.10
Daily Volume
12.35
52-Week High % Change -0.80% Dividend Yield -
52-Week Low % Change 102.46% Beta 1.09
% 52 Week Price Range High/Low 96.00% Equity Float -
Shares Out 31.12.2012 500.0 Short Int -
6'175.00 1 Yr Total Return 77.27%
Total Debt 2'285.74 YTD Return 18.18%
Preferred Stock 0.0 Adjusted BETA 1.094
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 1'637.53 Consensus Rating 3.808
Enterprise Value 6'823.21
Average Volume 5 Day 878'761
TOASO TI EQUITY YTD Change - Average Volume 30 Day 1'177'870
TOASO TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'182'649
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'798.0 5'098.8 6'410.2 7'336.7 6'705.3 7'336.7 6'705.3 7'391.5 8'236.3 1'742.0 2'131.0
0.37x 0.63x 0.72x 0.56x 0.88x 2.46x 3.09x 0.88x 0.77x - -
481.2 440.6 658.3 789.4 834.4 789.4 834.4 863.8 931.3 - -
3.74x 7.26x 7.04x 5.18x 7.04x 5.18x 7.04x 7.90x 7.33x - -
175.8 360.4 384.2 474.2 448.3 475.7 448.3 478.7 521.3 - -
3.27x 6.55x 10.36x 6.24x 11.65x 6.22x 11.65x 12.85x 11.73x - -
EBITDA 834.43 Long-Term Rating Date -
EBIT 487.76 Long-Term Rating -
Operating Margin 7.27% Long-Term Outlook -
Pretax Margin 7.54% Short-Term Rating Date -
Return on Assets 7.25% Short-Term Rating -
Return on Common Equity 23.28%
Return on Capital - EBITDA/Interest Exp. 11.71
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 8.82
Net Debt/EBITDA 0.78
Gross Margin 11.8% Total Debt/EBITDA 2.74
EBITDA Margin 12.4%
EBIT Margin 7.3% Total Debt/Equity 110.8%
Net Income Margin 6.7% Total Debt/Capital 52.6%
Asset Turnover 1.08
Current Ratio 1.45 Net Fixed Asset Turnover 5.24
Quick Ratio 0.98 Accounts receivable turnover-days 52.71
Debt to Assets 37.71% Inventory Days 23.63
Tot Debt to Common Equity 110.85% Accounts Payable Turnover Day 91.29
Accounts Receivable Turnover 6.94 Cash Conversion Cycle -14.96
Inventory Turnover 15.49
Fiscal Year Ended
Tofas Turk Otomobil Fabrikasi ASPrice/Volume
Valuation Analysis
1'261'613.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
.
1
3
5
-'
-.
-1
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-''!''
.''!''
0''!''
1''!''
2''!''
3''!''
4''!''
5''!''
6''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FIAT AUTO SPA n/a Research 189'279'857 37.86 - 30.12.2009 Corporation
KOC HOLDING AS n/a Research 187'938'000 37.59 - 30.12.2009 Holding Company
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'265'436 1.65 1'829'093 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'438'772 0.89 - 26.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'377'565 0.68 30'264 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'274'183 0.65 3'158'062 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 2'838'733 0.57 (18'200) 31.01.2013 Mutual Fund Manager
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 2'725'489 0.55 (407'889) 31.01.2013 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 2'664'766 0.53 354'726 31.12.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 2'362'370 0.47 - 30.06.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 1'755'186 0.35 - 31.08.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'400'000 0.28 (1'444'773) 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'070'000 0.21 (265'000) 30.11.2012 Investment Advisor
COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 973'085 0.19 - 31.01.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 961'540 0.19 39'200 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 914'958 0.18 - 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 876'838 0.18 - 30.11.2012 Unclassified
DWS INVESTMENT S A Multiple Portfolios MF-AGG 875'000 0.17 625'000 31.01.2013 Mutual Fund Manager
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 830'257 0.17 (384'797) 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 820'874 0.16 - 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research SABRIYE GOZDE CULLAS hold 3 M 12 12 month 12.03.2013
Global Menkul Degerler ILKNUR UNSAL buy 5 M 13 Not Provided 11.03.2013
Burgan Securities BURAK ISYAR buy 5 M 13 12 month 08.03.2013
Seker Securities KADIR TEZELLER outperform 5 M 13 12 month 06.03.2013
FinansInvest EZGI GULBAS neutral 3 M 12 12 month 05.03.2013
Credit Suisse ONUR MUMINOGLU outperform 5 M 13 Not Provided 04.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 22.02.2013
HSBC CENK ORCAN overweight 5 U 13 Not Provided 11.02.2013
Barclays HANZADE KILICKIRAN overweight 5 M 12 Not Provided 07.02.2013
Deutsche Bank VEDAT MIZRAHI hold 3 M 11 12 month 05.02.2013
Ak Investment ERKAN SAVRAN market outperform 4 M 14 12 month 29.01.2013
Eczacibasi Securities AKIF DASIRAN market perform 3 M 13 Not Provided 22.01.2013
Ekspres Invest KURTHAN ATMACA hold 3 D 12 Not Provided 22.01.2013
Renaissance Capital METE OZBEK hold 3 M 10 Not Provided 08.01.2013
BGC Partners BERNA KURBAY buy 5 M 12 12 month 02.01.2013
Oyak Securities SERHAT KAYA market perform 3 M 13 Not Provided 20.12.2012
IS Investment & Securities ESRA SUNER outperform 5 M 14 Not Provided 17.12.2012
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 12 Not Provided 17.12.2012
Goldman Sachs ASLI TUNCER Buy/Neutral 5 M 16 12 month 10.12.2012
Yatirim Finansman Securities OZGUR UCUR market perform 3 D 12 12 month 03.12.2012
Erste Bank MEHMET EMIN ZUMRUT buy 5 M 12 12 month 15.11.2012
ATA Invest ERMAN TUTUNCUOGLU market perform 3 D 8 Not Provided 20.07.2012
Holdings By:
Tofas Turk Otomobil Fabrikasi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Torunlar Gayrimenkul Yatirim Ortakligi AS offers construction services. The
Company primarily builds shopping centers, logistics and storage facilities,
and factories.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.03.2013) 3.91
52-Week Low (01.06.2012) 2.14
Daily Volume
3.9
52-Week High % Change -0.51% Dividend Yield -
52-Week Low % Change 82.12% Beta 0.89
% 52 Week Price Range High/Low 88.13% Equity Float -
Shares Out 02.08.2012 500.0 Short Int -
1'950.00 1 Yr Total Return 64.53%
Total Debt 1'100.52 YTD Return 21.12%
Preferred Stock 0.0 Adjusted BETA 0.889
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 655.59 Consensus Rating 4.167
Enterprise Value 2'384.82
Average Volume 5 Day 1'281'007
TRGYO TI EQUITY YTD Change - Average Volume 30 Day 981'841
TRGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'165'947
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
- - 120.2 232.9 162.9 222.3 156.1 221.1 603.4 - -
- - - 7.54x 8.19x 0.00x 21.31x 10.91x 3.86x - -
- - 67.2 51.2 75.9 18.3 22.6 123.0 271.1 - -
- - - 34.32x 17.57x 0.00x 0.00x 19.39x 8.80x - -
- - 535.6 214.2 177.3 (14.2) 350.7 211.4 289.2 - -
- - - 6.59x 5.02x 0.00x 4.05x 7.96x 6.14x - -
EBITDA 75.93 Long-Term Rating Date -
EBIT 75.64 Long-Term Rating -
Operating Margin 46.43% Long-Term Outlook -
Pretax Margin 109.95% Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 1.57
Asset Turnover - (EBITDA-Capex)/Interest Exp. 1.57
Net Debt/EBITDA -
Gross Margin 61.5% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 43.4%
Net Income Margin 108.8% Total Debt/Capital 30.3%
Asset Turnover -
Current Ratio 2.17 Net Fixed Asset Turnover -
Quick Ratio 1.87 Accounts receivable turnover-days -
Debt to Assets 27.91% Inventory Days -
Tot Debt to Common Equity 43.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 459.20
Inventory Turnover -
Fiscal Year Ended
Torunlar Gayrimenkul Yatirim Ortakligi ASPrice/Volume
Valuation Analysis
2'135'386.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'--..00112
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
0.0
50.0
100.0
150.0
200.0
250.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''
'!.'
'!1'
'!3'
'!5'
-!''
-!.'
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'775'718 0.36 - 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'721'910 0.34 - 25.03.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'450'893 0.29 (1'134'673) 31.12.2012 Investment Advisor
KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 1'429'472 0.29 (145'516) 31.01.2013 Mutual Fund Manager
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 745'761 0.15 - 30.06.2012 Investment Advisor
AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 390'625 0.08 - 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 367'027 0.07 - 26.03.2013 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 230'000 0.05 - 30.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 222'979 0.04 17'374 31.12.2012 Investment Advisor
OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 200'073 0.04 - 30.11.2012 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 153'574 0.03 18'139 31.12.2012 Investment Advisor
CREDIT SUISSE FUND S Multiple Portfolios MF-AGG 91'798 0.02 - 31.01.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 78'292 0.02 78'292 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 69'287 0.01 (72'374) 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 34'915 0.01 - 31.12.2012 Investment Advisor
FIRST TRUST n/a ULT-AGG 12'082 0 - 26.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 8'700 0 - 31.01.2013 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 2'108 0 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Garanti Yatirim Menkul Kiymetler KERIM GOKOZ market perform 3 D 4 Not Provided 21.03.2013
Sardis Securities HAYDAR ACUN hold 3 M #N/A N/A Not Provided 15.03.2013
HSBC LEVENT BAYAR overweight 5 M 4 Not Provided 13.03.2013
Ekspres Invest KURTHAN ATMACA buy 5 N 4 Not Provided 04.03.2013
BGC Partners KEREM TEZCAN Under Review #N/A N/A M #N/A N/A Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Oyak Securities OSMAN OZVURAL outperform 5 M 4 12 month 21.12.2012
IS Investment & Securities NUR ATASOY outperform 5 M 4 Not Provided 17.12.2012
Yatirim Finansman Securities HUSEYIN MERDAN GEYIK market perform 3 M 3 12 month 16.11.2012
Erste Bank MEHMET EMIN ZUMRUT buy 5 M 4 12 month 04.11.2012
ATA Invest ERMAN TUTUNCUOGLU market perform 3 M 3 Not Provided 03.08.2012
Holdings By:
Torunlar Gayrimenkul Yatirim Ortakligi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Trabzonspor Sportif Yatirim ve T.A.S. owns the rights to the Trabzonspor
sports team brands. The Company operates and franchises TS Club merchandise
shops throughout Turkey. Trabzonspor Sportif also receives broadcast, stadium,
advertising and licensing rights revenues. The Company also operates sports
complexes in Trabzon, Ankara and Istanbul.
Latest Fiscal Year: 05/2012
LTM as of: 11/yy
52-Week High (27.03.2012) 14.80
52-Week Low (27.03.2013) 6.00
Daily Volume
6.16
52-Week High % Change -58.24% Dividend Yield -
52-Week Low % Change 2.67% Beta 0.97
% 52 Week Price Range High/Low 3.34% Equity Float -
Shares Out 30.11.2012 25.0 Short Int -
154.00 1 Yr Total Return -53.78%
Total Debt 81.48 YTD Return -37.23%
Preferred Stock 0.0 Adjusted BETA 0.972
Minority Interest 0.0 Analyst Recs 0
Cash and Equivalents 5.45 Consensus Rating -
Enterprise Value 237.17
Average Volume 5 Day 607'898
TSPOR TI EQUITY YTD Change - Average Volume 30 Day 820'964
TSPOR TI EQUITY YTD % CHANGE - Average Volume 3 Month 833'357
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 11/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4
28.7 33.9 37.0 - 135.9 115.7 52.4 - - - -
10.89x 7.86x 6.52x - 2.44x 12.96x 21.70x - - - -
- 30.9 33.9 - 18.4 37.4 (22.3) - - - -
- 8.65x 7.10x - 18.01x 0.00x 0.00x - - - -
26.9 38.1 37.4 - 5.8 48.0 (37.5) - - - -
11.72x 6.33x 5.28x - 44.28x 0.00x 0.00x - - - -
EBITDA 18.38 Long-Term Rating Date -
EBIT -3.37 Long-Term Rating -
Operating Margin -2.48% Long-Term Outlook -
Pretax Margin - Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 1.65
Asset Turnover - (EBITDA-Capex)/Interest Exp. -4.04
Net Debt/EBITDA -
Gross Margin 4.9% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 122.8%
Net Income Margin 4.2% Total Debt/Capital 55.1%
Asset Turnover -
Current Ratio 0.19 Net Fixed Asset Turnover -
Quick Ratio 0.07 Accounts receivable turnover-days -
Debt to Assets 33.25% Inventory Days -
Tot Debt to Common Equity 122.80% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TASPrice/Volume
Valuation Analysis
2'944'383.00
Current Price (3/dd/yy) Market Data
'
.
1
3
5
-'
-.
-1
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-!' 9
.!' 9
0!' 9
1!' 9
2!' 9
3!' 9
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
'3!'3!.''5 '3!-.!.''5 '3!'3!.''6 '3!-.!.''6 '3!'3!.'-' '3!-.!.'-' '3!'3!.'-- '3!-.!.'-- '3!'3!.'-. '3!-.!.'-.
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TRABZONSPOR FUTBOL I n/a Research 15'800'000 63.2 - 01.03.2013 Corporation
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 32'625 0.13 - 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 30'304 0.12 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TAS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Trakya Cam Sanayii A.S. manufactures glass. The Company produces flat and auto-
mobile glass which are used domestically and also exported.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 3.09
52-Week Low (24.07.2012) 1.90
Daily Volume
2.78
52-Week High % Change -9.71% Dividend Yield -
52-Week Low % Change 46.32% Beta 0.95
% 52 Week Price Range High/Low 71.43% Equity Float -
Shares Out 31.12.2012 693.7 Short Int -
1'928.43 1 Yr Total Return 13.37%
Total Debt 396.49 YTD Return 13.93%
Preferred Stock 0.0 Adjusted BETA 0.954
Minority Interest 103.7 Analyst Recs 19
Cash and Equivalents 334.24 Consensus Rating 3.947
Enterprise Value 2'094.37
Average Volume 5 Day 4'181'273
TRKCM TI EQUITY YTD Change - Average Volume 30 Day 5'981'752
TRKCM TI EQUITY YTD % CHANGE - Average Volume 3 Month 5'450'289
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
976.3 886.4 1'046.8 1'255.5 1'249.2 1'255.5 1'249.2 1'462.8 1'784.3 352.0 395.0
0.80x 1.38x 1.75x 1.07x 1.49x 5.70x 5.26x 1.69x 1.52x - -
296.8 172.4 300.6 355.8 202.2 355.8 202.2 317.4 417.5 - -
2.64x 7.10x 6.10x 3.78x 9.19x 3.78x 9.19x 6.60x 5.02x - -
121.2 62.2 211.0 224.3 72.4 224.3 72.4 131.8 173.2 - -
4.07x 17.33x 9.09x 6.56x 23.38x 6.56x 25.73x 14.26x 11.08x - -
EBITDA 202.19 Long-Term Rating Date -
EBIT 76.35 Long-Term Rating -
Operating Margin 6.11% Long-Term Outlook -
Pretax Margin 7.28% Short-Term Rating Date -
Return on Assets 2.90% Short-Term Rating -
Return on Common Equity 3.99%
Return on Capital 4.35% EBITDA/Interest Exp. 10.53
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. -8.48
Net Debt/EBITDA 0.31
Gross Margin 26.4% Total Debt/EBITDA 1.96
EBITDA Margin 16.2%
EBIT Margin 6.1% Total Debt/Equity 20.8%
Net Income Margin 5.8% Total Debt/Capital 16.5%
Asset Turnover 0.50
Current Ratio 4.20 Net Fixed Asset Turnover 1.16
Quick Ratio 2.74 Accounts receivable turnover-days 98.91
Debt to Assets 14.97% Inventory Days 98.20
Tot Debt to Common Equity 20.80% Accounts Payable Turnover Day 42.76
Accounts Receivable Turnover 3.70 Cash Conversion Cycle 154.35
Inventory Turnover 3.73
Fiscal Year Ended
Trakya Cam Sanayi ASPrice/Volume
Valuation Analysis
5'670'671.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
-
.
.
0
0
1
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TURK SISE VE CAM FAB n/a Research 481'318'901 69.39 - 27.05.2009 Corporation
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 13'003'517 1.87 (2'665'724) 28.09.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'842'879 1.27 (8'007'141) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 6'464'272 0.93 - 31.07.2012 Investment Advisor
TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 4'573'846 0.66 (30'900) 31.12.2012 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 4'481'000 0.65 613'001 31.01.2013 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 2'668'000 0.38 1'242'000 03.09.2012 Mutual Fund Manager
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 2'331'604 0.34 2'191'100 31.12.2012 Investment Advisor
SOMERSET CAPITAL MAN Multiple Portfolios MF-AGG 2'035'951 0.29 154'292 28.02.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 1'911'637 0.28 8'191 25.03.2013 Investment Advisor
DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 1'771'015 0.26 (531'951) 31.01.2013 Hedge Fund Manager
US GLOBAL INVESTORS Multiple Portfolios MF-AGG 1'521'315 0.22 - 28.09.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'500'000 0.22 - 31.01.2013 Mutual Fund Manager
BPH TFI SA Multiple Portfolios MF-AGG 1'225'199 0.18 1'225'199 30.06.2011 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'167'599 0.17 (1) 31.12.2012 Investment Advisor
CLARIDEN SICAV Multiple Portfolios MF-AGG 938'969 0.14 - 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 920'000 0.13 (230'000) 30.06.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 919'052 0.13 - 31.01.2013 Investment Advisor
NUCLEAR ELECTRIC INS NUCLEAR ELECTRIC INS Sch-D 880'254 0.13 7'400 30.09.2012 Insurance Company
AMPEGAGERLING INVEST Multiple Portfolios MF-AGG 812'776 0.12 - 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities ECE MANDACI buy 5 M 3 12 month 25.03.2013
Seker Securities OKAN UZUN outperform 5 M 4 12 month 08.03.2013
Oyak Securities OSMAN OZVURAL underperform 1 M 3 12 month 07.03.2013
Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE outperform 5 M 3 Not Provided 05.03.2013
Erste Bank EVRIM DAIRECIOGLU hold 3 D 3 12 month 06.02.2013
Ak Investment OMER OMERBAS market outperform 4 M 4 12 month 29.01.2013
Eczacibasi Securities AKIF DASIRAN outperform 5 M 4 Not Provided 22.01.2013
Global Menkul Degerler ILKNUR UNSAL buy 5 M 4 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank VEDAT MIZRAHI buy 5 M 3 12 month 16.01.2013
IS Investment & Securities NUR ATASOY outperform 5 M 3 Not Provided 17.12.2012
Goldman Sachs ASLI TUNCER neutral/neutral 3 U 3 12 month 10.12.2012
BGC Partners CAN OZCELIK hold 3 M 2 12 month 18.10.2012
Tera Stock Brokers FEYRUZE ASLI KONDU buy 5 M 3 12 month 17.10.2012
HSBC LEVENT BAYAR neutral 3 M 3 Not Provided 24.09.2012
ATA Invest ISMAIL OZER market outperform 4 M 3 Not Provided 20.07.2012
Holdings By:
Trakya Cam Sanayi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Tupras-Turkiye Petrol Rafinerileri A.S. refines petroleum. The Company produces
LPG, naphtha, gasoline, diesel fuel, fuel, heating oil, jet fuel, lubricants,
and asphalt. Tupras operates refineries in Izmit, Izmir, Kirikkale, and Batman.
The Company imports and exports petroleum products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 55.00
52-Week Low (25.05.2012) 33.30
Daily Volume
54.5
52-Week High % Change -1.36% Dividend Yield -
52-Week Low % Change 63.66% Beta 1.03
% 52 Week Price Range High/Low 96.54% Equity Float -
Shares Out 31.12.2012 250.4 Short Int -
13'647.85 1 Yr Total Return 32.97%
Total Debt 4'642.78 YTD Return 5.83%
Preferred Stock 0.0 Adjusted BETA 1.032
Minority Interest 42.9 Analyst Recs 31
Cash and Equivalents 3'279.89 Consensus Rating 3.355
Enterprise Value 15'053.65
Average Volume 5 Day 625'121
TUPRS TI EQUITY YTD Change - Average Volume 30 Day 879'634
TUPRS TI EQUITY YTD % CHANGE - Average Volume 3 Month 869'121
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
30'404.0 20'330.6 26'166.0 41'443.8 47'033.2 41'443.8 47'033.2 47'348.0 48'545.9 11'205.0 11'739.0
0.14x 0.32x 0.26x 0.27x 0.30x 0.96x 1.03x 0.37x 0.38x 1.37x 1.39x
1'394.5 1'145.1 1'372.2 2'157.7 1'401.5 2'157.7 1'401.5 1'649.5 1'720.7 214.0 482.0
3.15x 5.66x 4.87x 5.16x 10.21x 5.16x 10.21x 9.13x 8.75x 10.06x 10.31x
432.2 811.3 737.3 1'241.7 1'460.8 1'241.7 1'460.8 1'172.9 1'135.6 141.0 348.0
9.39x 9.18x 13.11x 8.07x 8.83x 8.07x 8.83x 11.75x 12.07x 13.01x 13.56x
EBITDA 1'401.45 Long-Term Rating Date -
EBIT 1'130.96 Long-Term Rating -
Operating Margin 2.40% Long-Term Outlook -
Pretax Margin 2.92% Short-Term Rating Date -
Return on Assets 9.17% Short-Term Rating -
Return on Common Equity 31.70%
Return on Capital - EBITDA/Interest Exp. 9.05
Asset Turnover 2.95% (EBITDA-Capex)/Interest Exp. -6.00
Net Debt/EBITDA 0.97
Gross Margin 4.1% Total Debt/EBITDA 3.31
EBITDA Margin 3.0%
EBIT Margin 2.4% Total Debt/Equity 95.8%
Net Income Margin 3.1% Total Debt/Capital 48.7%
Asset Turnover 2.95
Current Ratio 1.14 Net Fixed Asset Turnover 9.19
Quick Ratio 0.68 Accounts receivable turnover-days 23.24
Debt to Assets 27.13% Inventory Days 28.36
Tot Debt to Common Equity 95.79% Accounts Payable Turnover Day 44.02
Accounts Receivable Turnover 15.75 Cash Conversion Cycle 7.58
Inventory Turnover 12.90
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tupras Turkiye Petrol Rafinerileri ASPrice/Volume
Valuation Analysis
483'096.00
Current Price (3/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!2 9
-!' 9
-!2 9
.!' 9
.!2 9
0!' 9
0!2 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ENERJI YATIRIMLARI A n/a Co File 127'713'794 51 - 30.09.2012 Corporation
BLACKROCK n/a ULT-AGG 4'000'019 1.6 (1'066'452) 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'992'064 1.59 291'896 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'415'120 1.36 (103'766) 31.12.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 2'994'243 1.2 (2'860) 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 2'055'177 0.82 (7'800) 31.01.2013 Mutual Fund Manager
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'015'224 0.8 355'179 31.01.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 2'009'664 0.8 - 31.08.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'937'629 0.77 (407) 21.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'920'063 0.77 (551'922) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'525'464 0.61 - 26.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'444'124 0.58 - 31.05.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'189'996 0.48 2'505 26.03.2013 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 1'055'268 0.42 64'377 31.12.2012 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 1'028'859 0.41 21'118 26.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 903'862 0.36 5'000 31.01.2013 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 880'765 0.35 328'400 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 876'524 0.35 17'946 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 874'551 0.35 60'429 31.01.2013 Unclassified
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 692'400 0.28 118'400 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sardis Securities HAYDAR ACUN hold 3 M 24 Not Provided 15.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 12.03.2013
Burgan Securities UMUT OZTURK hold 3 M 52 12 month 08.03.2013
FinansInvest KORAY PAMIR neutral 3 M 51 12 month 06.03.2013
Oyak Securities HASAN SENER market perform 3 M 57 Not Provided 06.03.2013
IS Investment & Securities ASLI OZATA KUMBARACI outperform 5 M 58 Not Provided 06.03.2013
BNP Paribas Equity Research ALPER PAKSOY buy 5 M 59 12 month 06.03.2013
Marfin Analysis (ESN) VASSILIS ROUMANTZIS hold 3 M 45 12 month 06.03.2013
Morgan Stanley MUNEEBA KAYANI Equalwt/No Rating 3 M 48 12 month 05.03.2013
Wood & Company ROBERT RETHY hold 3 M 50 12 month 26.02.2013
Deutsche Bank VEDAT MIZRAHI hold 3 M 51 12 month 11.02.2013
BGC Partners EZGI YILMAZ buy 5 M 53 12 month 05.02.2013
KBC Securities PETER CSASZAR sell 1 D 45 12 month 30.01.2013
Ak Investment ERKAN SAVRAN market perform 3 M 57 12 month 29.01.2013
Erste Bank TAMAS PLETSER hold 3 M 53 Not Provided 28.01.2013
Eczacibasi Securities BEHLUL KATAS market perform 3 D 56 Not Provided 22.01.2013
Ekspres Invest SELIM KUNTER hold 3 M 55 Not Provided 22.01.2013
Global Menkul Degerler ILKNUR UNSAL buy 5 M 60 Not Provided 21.01.2013
Renaissance Capital ILGIN ERDOGAN hold 3 D 49 12 month 17.01.2013
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 53 Not Provided 17.12.2012
Concorde Securities Rt ATTILA VAGO equalweight 3 M 51 Not Provided 13.12.2012
Goldman Sachs HENRY MORRIS neutral/cautious 3 M 58 12 month 11.12.2012
Credit Suisse ONUR MUMINOGLU outperform 5 M 50 Not Provided 26.11.2012
Barclays HANZADE KILICKIRAN overweight 5 M 50 Not Provided 26.11.2012
HSBC BULENT YURDAGUL overweight 5 M 53 Not Provided 20.11.2012
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 29.08.2012
ATA Invest MERT BOSTANOGLU market outperform 4 M 48 Not Provided 20.04.2012
Tera Stock Brokers AYSE COLAK neutral 3 M 53 Not Provided 03.04.2012
KBC Securities OLENA KYRYLENKO hold 3 U 41 12 month 25.05.2011
Holdings By:
Tupras Turkiye Petrol Rafinerileri AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Turcas Petrol AS is an integrated energy holding company with subsidiaries in
fuel retail and lubricants, oil refining, petrochemicals and gas trading, and
power generation.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.01.2013) 3.94
52-Week Low (01.06.2012) 2.28
Daily Volume
3.69
52-Week High % Change -6.35% Dividend Yield -
52-Week Low % Change 61.84% Beta 1.00
% 52 Week Price Range High/Low 84.34% Equity Float -
Shares Out 30.06.2012 225.0 Short Int -
830.25 1 Yr Total Return 35.59%
Total Debt 212.21 YTD Return 13.54%
Preferred Stock 0.0 Adjusted BETA 0.997
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 118.26 Consensus Rating 4.778
Enterprise Value 986.19
Average Volume 5 Day 590'613
TRCAS TI EQUITY YTD Change - Average Volume 30 Day 908'427
TRCAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'052'368
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
3.4 57.3 45.0 52.3 11.0 21.5 17.9 17.6 19.6 7.0 -
281.79x 4.12x 13.17x 15.73x 54.03x 157.52x 113.37x 53.74x 49.66x - -
(9.0) (13.1) (7.5) (8.9) (9.1) (9.3) (8.8) (0.6) 1.3 (3.0) -
- - - - - 0.00x 0.00x - 778.37x - -
107.6 45.2 27.6 56.4 97.9 2.9 147.7 67.0 75.3 12.0 -
9.67x 7.74x 23.70x 15.40x 5.10x 202.99x 4.36x 12.47x 9.97x - -
EBITDA -9.06 Long-Term Rating Date -
EBIT -10.41 Long-Term Rating -
Operating Margin -94.73% Long-Term Outlook -
Pretax Margin 935.80% Short-Term Rating Date -
Return on Assets 16.01% Short-Term Rating -
Return on Common Equity 20.92%
Return on Capital 17.72% EBITDA/Interest Exp. -1.37
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -1.51
Net Debt/EBITDA -
Gross Margin 11.6% Total Debt/EBITDA -23.82
EBITDA Margin -80.6%
EBIT Margin -90.6% Total Debt/Equity 33.7%
Net Income Margin 891.4% Total Debt/Capital 25.2%
Asset Turnover 0.02
Current Ratio 10.52 Net Fixed Asset Turnover 4.03
Quick Ratio 7.33 Accounts receivable turnover-days 71.42
Debt to Assets 24.67% Inventory Days -
Tot Debt to Common Equity 33.72% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.12 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Turcas Petrol ASPrice/Volume
Valuation Analysis
1'005'457.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'--..00112
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
.''!''
1''!''
3''!''
5''!''
-''''!''
-'.''!''
-'1''!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AKSOY PETROL DAGITIM n/a Research 64'172'086 28.52 - 30.09.2009 Other
AKSOY HOLDING AS n/a Research 51'807'860 23.03 - 30.09.2009 Holding Company
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'053'905 0.91 - 31.07.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 959'933 0.43 959'933 03.09.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 599'378 0.27 - 25.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 495'188 0.22 - 31.01.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 493'793 0.22 - 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 381'313 0.17 74'081 31.12.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 337'254 0.15 - 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 240'339 0.11 - 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 235'000 0.1 - 11.07.2012 Unclassified
WORLD INVEST OPPORTU Multiple Portfolios MF-AGG 38'080 0.02 - 28.02.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 25'000 0.01 - 31.01.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 19'824 0.01 - 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 19'707 0.01 - 31.12.2012 Investment Advisor
FIRST TRUST n/a ULT-AGG 14'998 0.01 - 26.03.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 9'741 0 - 31.10.2012 Investment Advisor
BIZIM MENKUL DEGERLE Multiple Portfolios MF-AGG 7'684 0 - 20.07.2011 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG - 0 - 30.11.2012 Investment Advisor
MIGDAL ASSET MANAGEM Multiple Portfolios MF-AGG - 0 (1) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FinansInvest KORAY PAMIR outperform 5 M 4 12 month 26.02.2013
BGC Partners EZGI YILMAZ buy 5 M 5 12 month 11.02.2013
Ekspres Invest SELIM KUNTER buy 5 M 5 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
IS Investment & Securities ASLI OZATA KUMBARACI outperform 5 M 5 Not Provided 18.12.2012
Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 M 5 12 month 10.12.2012
HSBC BULENT YURDAGUL overweight 5 M 4 Not Provided 20.11.2012
Erste Bank THOMAS UNGER buy 5 M 4 12 month 04.11.2012
ATA Invest MERT BOSTANOGLU market perform 3 M 4 Not Provided 13.01.2012
Holdings By:
Turcas Petrol AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Turk Ekonomi Bankasi A.S. (TEB) attracts deposits and offers commercial banking
services. The Bank offers foreign trade financing, cash management, project
finance, investment banking, factoring, lease financing, insurance, private
banking, mutual funds, credit cards, treasury, asset management, and precious
metals trading services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.01.2013) 2.25
52-Week Low (04.10.2012) 1.66
Daily Volume
2.14
52-Week High % Change -5.33% Dividend Yield -
52-Week Low % Change 28.92% Beta 0.86
% 52 Week Price Range High/Low 83.05% Equity Float -
Shares Out 31.12.2012 2'204.4 Short Int -
4'717.40 1 Yr Total Return 17.58%
Total Debt 10'089.07 YTD Return 4.90%
Preferred Stock 0.0 Adjusted BETA 0.858
Minority Interest 7.7 Analyst Recs 4
Cash and Equivalents 7'158.24 Consensus Rating 4.000
Enterprise Value -
Average Volume 5 Day 390'409
TEBNK TI EQUITY YTD Change - Average Volume 30 Day 907'127
TEBNK TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'261'650
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'638.6 2'286.0 2'246.0 3'742.7 5'037.4 3'742.7 5'037.4 2'700.0 3'007.0 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
187.0 267.9 272.6 224.6 476.4 224.6 476.4 614.7 679.5 - -
4.82x 11.50x 9.97x 14.14x 9.44x 22.99x 9.44x 7.64x 7.13x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 22.29% Long-Term Outlook -
Pretax Margin 22.29% Short-Term Rating Date -
Return on Assets 1.10% Short-Term Rating -
Return on Common Equity 10.13%
Return on Capital 3.05% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 202.1%
Net Income Margin 16.6% Total Debt/Capital 66.9%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover 19.35
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 22.00% Inventory Days -
Tot Debt to Common Equity 202.10% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Turk Ekonomi Bankasi ASPrice/Volume
Valuation Analysis
308'116.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
-
.
.
0
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
4'!''
5'!''
6'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TEB MALI YATIRIMLAR n/a Research 926'796'305 42.04 - 30.12.2009 Other
ABERDEEN n/a ULT-AGG 32'522'602 1.48 (3'967'601) 28.02.2013 Unclassified
DANSKE INVEST A/S Multiple Portfolios MF-AGG 4'040'194 0.18 - 28.02.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 3'616'668 0.16 - 31.12.2012 Investment Advisor
AKBANK ASSET MANAGEM Multiple Portfolios MF-AGG 1'062'384 0.05 - 31.10.2012 Mutual Fund Manager
ARTISAN GLOBAL FUNDS Multiple Portfolios MF-AGG 431'435 0.02 (452'947) 28.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 139'200 0.01 - 30.11.2012 Investment Advisor
OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 120'881 0.01 (19'853) 31.07.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 41'347 0 41'347 31.12.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 3 0 - 30.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1 0 - 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG - 0 - 25.03.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG - 0 (1'752'063) 31.12.2012 Investment Advisor
BARCLAYS MULTI-MANAG Multiple Portfolios MF-AGG - 0 (1'180'459) 28.02.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ak Investment HAKAN AYGUN market perform 3 M 2 12 month 29.01.2013
Credit Suisse ATES BULDUR outperform 5 M 2 Not Provided 25.01.2013
Global Menkul Degerler SEVGI ONUR market perform 3 M 2 Not Provided 21.01.2013
IS Investment & Securities BULENT SENGONUL Under Review #N/A N/A M #N/A N/A Not Provided 11.12.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 25.05.2012
Eczacibasi Securities SERCAN SOYLU underperform 1 M 1 Not Provided 23.02.2011
Tera Stock Brokers AYSE COLAK Under Review #N/A N/A M #N/A N/A Not Provided 19.10.2010
Holdings By:
Turk Ekonomi Bankasi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Turk Hava Yollari Anonim Ortakligi (THY) provides passenger and cargo air
transportation services. The Company serves all the domestic destinations and
the Middle East, North America, Europe, Asia, North Africa and South Africa.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (07.03.2013) 7.76
52-Week Low (25.05.2012) 2.50
Daily Volume
7.36
52-Week High % Change -5.15% Dividend Yield -
52-Week Low % Change 194.40% Beta 1.08
% 52 Week Price Range High/Low 92.78% Equity Float -
Shares Out 31.12.2012 1'200.0 Short Int -
8'832.00 1 Yr Total Return 178.79%
Total Debt 8'666.99 YTD Return 17.57%
Preferred Stock 0.0 Adjusted BETA 1.082
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 1'907.36 Consensus Rating 4.115
Enterprise Value 15'591.63
Average Volume 5 Day 13'432'630
THYAO TI EQUITY YTD Change - Average Volume 30 Day 20'465'550
THYAO TI EQUITY YTD % CHANGE - Average Volume 3 Month 21'481'760
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'123.2 7'035.9 8'422.8 11'815.4 14'909.0 11'815.4 14'909.0 17'877.3 20'199.1 - -
0.38x 0.95x 1.03x 0.74x 0.96x 3.02x 2.87x 0.91x 0.83x - -
1'027.1 1'178.9 919.4 1'150.4 2'077.6 1'150.4 2'077.6 2'664.2 3'146.4 - -
2.25x 5.65x 9.44x 7.56x 6.87x 7.56x 6.87x 5.84x 4.96x - -
1'134.2 559.1 286.4 18.5 1'133.4 18.5 1'133.4 1'208.3 1'363.7 - -
0.88x 8.92x 18.85x 137.39x 6.63x 19.71x 6.63x 7.85x 7.41x - -
EBITDA 2'077.58 Long-Term Rating Date -
EBIT 1'047.82 Long-Term Rating -
Operating Margin 7.03% Long-Term Outlook -
Pretax Margin 9.10% Short-Term Rating Date -
Return on Assets 6.44% Short-Term Rating -
Return on Common Equity 22.89%
Return on Capital - EBITDA/Interest Exp. 8.89
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 5.64
Net Debt/EBITDA 3.25
Gross Margin 20.2% Total Debt/EBITDA 4.17
EBITDA Margin 13.9%
EBIT Margin 7.0% Total Debt/Equity 160.4%
Net Income Margin 7.6% Total Debt/Capital 61.6%
Asset Turnover 0.85
Current Ratio 0.92 Net Fixed Asset Turnover 1.25
Quick Ratio 0.59 Accounts receivable turnover-days 18.88
Debt to Assets 46.15% Inventory Days 7.86
Tot Debt to Common Equity 160.35% Accounts Payable Turnover Day 29.43
Accounts Receivable Turnover 19.39 Cash Conversion Cycle -2.69
Inventory Turnover 46.55
Fiscal Year Ended
Turk Hava YollariPrice/Volume
Valuation Analysis
5'118'366.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'-.0123456
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.'!' 9
1'!' 9
3'!' 9
5'!' 9
-''!' 9
-.'!' 9
-1'!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
REPUBLIC OF TURKEY n/a Research 589'487'212 49.12 - 30.09.2009 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'704'927 1.14 (327'933) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 13'375'949 1.11 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 13'060'814 1.09 (233'428) 25.03.2013 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 7'369'371 0.61 1'309'000 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 6'399'450 0.53 2'117'712 31.01.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'633'643 0.47 5'529'702 30.06.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 5'631'575 0.47 138'131 28.02.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'313'674 0.36 - 31.05.2012 Investment Advisor
STATE STREET n/a ULT-AGG 4'249'643 0.35 (40'691) 26.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'068'166 0.26 (690'932) 28.02.2013 Investment Advisor
NOBLE FUNDS TFI SA Multiple Portfolios MF-AGG 2'910'000 0.24 - 29.06.2012 Mutual Fund Manager
UBS n/a ULT-AGG 2'677'708 0.22 (72'637) 30.11.2012 Unclassified
GCIC LTD/CANADA Multiple Portfolios MF-AGG 2'320'419 0.19 (6'580'486) 31.12.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'150'000 0.18 100'000 31.01.2013 Mutual Fund Manager
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 2'130'397 0.18 2'130'397 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'072'706 0.17 60'301 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'973'507 0.16 - 31.01.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'972'423 0.16 200'000 28.02.2013 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 1'837'450 0.15 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC CENK ORCAN overweight 5 M 9 Not Provided 25.03.2013
FinansInvest GAYE ABIDIN neutral 3 D 8 12 month 25.03.2013
Burgan Securities BURAK ISYAR buy 5 M 9 12 month 25.03.2013
Seker Securities BURAK DEMIRBILEK market perform 3 M 8 12 month 21.03.2013
BNP Paribas Equity Research ALPER PAKSOY buy 5 M 8 12 month 18.03.2013
Yatirim Finansman Securities DUYGU KALFAOGLU outperform 5 M 8 12 month 18.03.2013
Morgan Stanley NIDA IQBAL Equalwt/No Rating 3 M 7 12 month 15.03.2013
Oyak Securities ALPER OZDEMIR market perform 3 M 7 12 month 15.03.2013
Global Menkul Degerler HASAN BAYHAN buy 5 M 9 Not Provided 07.03.2013
Garanti Yatirim Menkul Kiymetler BAHAR DENIZ EGEMEN market perform 3 D 8 Not Provided 07.03.2013
Erste Bank GORKEM GOKER accumulate 4 D 9 12 month 05.03.2013
Ak Investment OMER OMERBAS market outperform 4 N 9 12 month 28.02.2013
Eczacibasi Securities BEHLUL KATAS outperform 5 M 9 Not Provided 22.01.2013
Ekspres Invest SELIM KUNTER buy 5 U 8 Not Provided 22.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank VEDAT MIZRAHI buy 5 M 8 12 month 16.01.2013
BGC Partners KEREM TEZCAN buy 5 M 9 12 month 11.01.2013
IS Investment & Securities BASAK ENGIN DINCKOC outperform 5 M 8 Not Provided 27.12.2012
Goldman Sachs ANTON FARLENKOV neutral/neutral 3 M 6 12 month 10.12.2012
Renaissance Capital ALEXANDER KAZBEGI hold 3 M 4 12 month 30.10.2012
Tera Stock Brokers KENAN TURAN buy 5 M 5 12 month 20.09.2012
ATA Invest ISMAIL OZER market outperform 4 M #N/A N/A Not Provided 27.07.2012
Holdings By:
Turk Hava Yollari ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Turk Telekomunikasyon A.S. is an integrated telecommunications services
provider for businesses and individuals. The Company offers land and mobile
telecommunications solutions, as well as Internet services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 8.12
52-Week Low (04.06.2012) 6.24
Daily Volume
8.08
52-Week High % Change -0.49% Dividend Yield -
52-Week Low % Change 29.49% Beta 0.65
% 52 Week Price Range High/Low 98.91% Equity Float -
Shares Out 31.12.2012 3'500.0 Short Int -
28'280.00 1 Yr Total Return 13.90%
Total Debt 6'037.79 YTD Return 16.76%
Preferred Stock 0.0 Adjusted BETA 0.655
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 960.79 Consensus Rating 3.690
Enterprise Value 33'357.01
Average Volume 5 Day 2'894'516
TTKOM TI EQUITY YTD Change - Average Volume 30 Day 3'313'928
TTKOM TI EQUITY YTD % CHANGE - Average Volume 3 Month 5'084'736
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
10'194.9 10'568.5 10'852.5 11'940.6 12'706.1 11'940.6 12'706.1 13'261.9 13'821.8 - -
1.43x 1.81x 2.37x 2.42x 2.31x 10.59x 9.67x 2.51x 2.38x - -
4'085.2 3'945.6 4'370.1 4'735.6 4'938.4 4'735.6 4'938.4 5'301.6 5'488.4 - -
3.57x 4.86x 5.89x 6.11x 5.93x 6.11x 5.93x 6.29x 6.08x - -
1'752.2 1'831.7 2'450.9 2'068.7 2'637.1 2'068.7 2'637.1 2'640.1 2'684.5 607.0 607.0
6.95x 8.71x 9.28x 11.88x 9.18x 11.88x 9.18x 10.73x 10.67x 11.88x 12.06x
EBITDA 4'938.36 Long-Term Rating Date -
EBIT 3'241.71 Long-Term Rating -
Operating Margin 25.51% Long-Term Outlook -
Pretax Margin 26.49% Short-Term Rating Date -
Return on Assets 15.80% Short-Term Rating -
Return on Common Equity 43.14%
Return on Capital - EBITDA/Interest Exp. 15.83
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 8.31
Net Debt/EBITDA 1.03
Gross Margin 52.0% Total Debt/EBITDA 1.22
EBITDA Margin 38.9%
EBIT Margin 25.5% Total Debt/Equity 93.5%
Net Income Margin 20.8% Total Debt/Capital 48.3%
Asset Turnover 0.76
Current Ratio 1.02 Net Fixed Asset Turnover 1.57
Quick Ratio 0.72 Accounts receivable turnover-days 59.33
Debt to Assets 35.09% Inventory Days 7.04
Tot Debt to Common Equity 93.53% Accounts Payable Turnover Day 83.95
Accounts Receivable Turnover 6.17 Cash Conversion Cycle -17.58
Inventory Turnover 52.00
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Turk Telekomunikasyon ASPrice/Volume
Valuation Analysis
2'046'953.00
Current Price (3/dd/yy) Market Data
'-.0123456
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OGER TELEKOMUNIKASYO n/a Co File 1'925'000'000 55 - 31.12.2011 Corporation
TC HAZINE MUSTESARLI n/a Co File 1'050'000'000 30 - 31.12.2011 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 75'164'080 2.15 (4'233'317) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 16'597'464 0.47 - 26.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'324'748 0.41 (114'876) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 12'948'361 0.37 (97'488) 25.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'453'168 0.16 369'029 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 5'355'393 0.15 11'523 26.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 5'115'480 0.15 - 31.05.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'061'620 0.14 (1'709'648) 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'771'266 0.11 (2'272'983) 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 3'497'293 0.1 - 31.08.2012 Investment Advisor
SEB n/a ULT-AGG 3'480'775 0.1 658'947 31.12.2012 Unclassified
PICTET & CIE Multiple Portfolios MF-AGG 3'281'587 0.09 (27'800) 31.01.2013 Mutual Fund Manager
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 3'270'038 0.09 417'083 26.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 1'813'078 0.05 198'811 31.01.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'731'500 0.05 - 31.01.2013 Investment Advisor
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'500'000 0.04 - 31.01.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'497'491 0.04 - 31.01.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'399'636 0.04 (123'685) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities MURAT IGNEBEKCILI hold 3 M 8 12 month 25.03.2013
Seker Securities OKAN UZUN market perform 3 M 9 12 month 18.03.2013
Sardis Securities HAYDAR ACUN buy 5 M #N/A N/A Not Provided 15.03.2013
HSBC HERVE DROUET neutral 3 U 7 Not Provided 12.03.2013
Goldman Sachs ALEXANDER BALAKHNIN Buy/Neutral 5 M 8 12 month 11.03.2013
FinansInvest CAN OZTOPRAK neutral 3 M 8 12 month 05.03.2013
New Street Research CHRIS HOARE buy 5 U 9 Not Provided 27.02.2013
Morgan Stanley CESAR TIRON Underwt/In-Line 1 M 6 12 month 08.02.2013
IS Investment & Securities NUR ATASOY outperform 5 M 9 Not Provided 08.02.2013
Ak Investment BORA TEZGULER market outperform 4 M 9 12 month 08.02.2013
Oyak Securities ALPER OZDEMIR outperform 5 M 9 12 month 07.02.2013
Global Menkul Degerler HASAN BAYHAN market perform 3 D 9 Not Provided 07.02.2013
Barclays SAN DHILLON equalweight 3 M 8 Not Provided 07.02.2013
VTB Capital IVAN KIM hold 3 M 8 12 month 07.02.2013
Deutsche Bank VEDAT MIZRAHI hold 3 M 8 12 month 01.02.2013
Erste Bank VERA SUTEDJA accumulate 4 M 9 12 month 31.01.2013
Eczacibasi Securities AKIF DASIRAN market perform 3 M 8 Not Provided 22.01.2013
Ekspres Invest MELDA AGIRDAS hold 3 M 8 Not Provided 22.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013
Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE not rated #N/A N/A M #N/A N/A Not Provided 17.12.2012
Renaissance Capital ALEXANDER KAZBEGI hold 3 M 7 12 month 07.12.2012
BNP Paribas Equity Research OZGUR GULER buy 5 U 7 12 month 30.11.2012
BGC Partners ERDEM HAFIZOGLU buy 5 U 8 12 month 16.11.2012
Yatirim Finansman Securities DUYGU KALFAOGLU outperform 5 M 9 12 month 15.11.2012
Tera Stock Brokers KENAN TURAN neutral 3 M 8 12 month 19.10.2012
JPMorgan JEAN-CHARLES LEMARDELEY overweight 5 M 9 9 month 03.10.2012
Credit Suisse ATINC OZKAN neutral 3 M 8 Not Provided 12.04.2012
ATA Invest MERT BOSTANOGLU market perform 3 M 8 Not Provided 13.01.2012
Holdings By:
Turk Telekomunikasyon AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Turk Traktor ve Ziraat Makineleri AS (Turk Traktor) manufactures and sells
agricultural tractors, individual tractor components and spare parts.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 66.00
52-Week Low (04.06.2012) 26.40
Daily Volume
59.5
52-Week High % Change -9.09% Dividend Yield -
52-Week Low % Change 125.38% Beta 0.76
% 52 Week Price Range High/Low 79.80% Equity Float -
Shares Out 31.12.2012 53.4 Short Int -
3'175.46 1 Yr Total Return 95.36%
Total Debt 355.77 YTD Return 8.86%
Preferred Stock 0.0 Adjusted BETA 0.761
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 378.97 Consensus Rating 3.167
Enterprise Value 3'152.25
Average Volume 5 Day 129'987
TTRAK TI EQUITY YTD Change - Average Volume 30 Day 164'862
TTRAK TI EQUITY YTD % CHANGE - Average Volume 3 Month 160'730
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
787.5 667.7 1'193.4 1'800.7 1'974.0 1'800.7 1'974.0 2'040.9 2'234.2 592.0 715.0
0.80x 1.09x 0.98x 1.00x 1.56x 4.04x 4.54x 1.57x 1.43x - -
87.0 61.1 248.6 322.9 313.1 322.9 313.1 338.7 367.0 - -
7.23x 11.86x 4.73x 5.56x 9.85x 5.56x 9.85x 9.31x 8.59x - -
66.8 31.0 179.7 277.4 268.2 277.4 268.2 271.9 296.0 - -
3.29x 15.60x 6.98x 6.50x 11.59x 6.50x 11.59x 11.81x 10.67x - -
EBITDA 313.15 Long-Term Rating Date -
EBIT 294.28 Long-Term Rating -
Operating Margin 14.91% Long-Term Outlook -
Pretax Margin 16.12% Short-Term Rating Date -
Return on Assets 20.96% Short-Term Rating -
Return on Common Equity 42.59%
Return on Capital - EBITDA/Interest Exp. 20.59
Asset Turnover 1.54% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.07
Gross Margin 21.4% Total Debt/EBITDA 1.14
EBITDA Margin 15.9%
EBIT Margin 14.9% Total Debt/Equity 53.6%
Net Income Margin 13.6% Total Debt/Capital 34.9%
Asset Turnover 1.54
Current Ratio 2.52 Net Fixed Asset Turnover 14.79
Quick Ratio 1.62 Accounts receivable turnover-days 65.76
Debt to Assets 26.96% Inventory Days 70.81
Tot Debt to Common Equity 53.60% Accounts Payable Turnover Day 66.02
Accounts Receivable Turnover 5.57 Cash Conversion Cycle 70.55
Inventory Turnover 5.17
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Turk Traktor ve Ziraat Makineleri ASPrice/Volume
Valuation Analysis
114'962.00
Current Price (3/dd/yy) Market Data
'
-'
.'
0'
1'
2'
3'
4'
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
!- 9
!. 9
!0 9
!1 9
!2 9
!3 9
!4 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KOC HOLDING AS n/a Research 20'132'794 37.72 - 31.12.2007 Holding Company
CNH GLOBAL NV n/a Research 20'013'375 37.5 - 31.12.2007 Corporation
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 821'235 1.54 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 706'173 1.32 - 26.03.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 350'000 0.66 150'000 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 341'428 0.64 (2'243) 31.12.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 334'375 0.63 (8'155) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 320'069 0.6 (62'760) 31.01.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 317'086 0.59 - 28.02.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 245'444 0.46 (590) 26.03.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 224'061 0.42 - 21.03.2013 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 183'749 0.34 72'466 30.11.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 179'226 0.34 (61'534) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 169'292 0.32 15'935 25.03.2013 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 154'424 0.29 154'424 31.12.2012 Investment Advisor
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 146'279 0.27 - 25.03.2013 Investment Advisor
US GLOBAL INVESTORS Multiple Portfolios MF-AGG 143'126 0.27 - 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 104'834 0.2 - 31.07.2012 Investment Advisor
FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 101'900 0.19 - 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 91'279 0.17 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Seker Securities KADIR TEZELLER market perform 3 M 55 Not Provided 25.03.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 21.03.2013
FinansInvest ALPER USTUNISIK neutral 3 M 57 12 month 14.03.2013
BGC Partners BERNA KURBAY hold 3 D 62 12 month 14.03.2013
Global Menkul Degerler ILKNUR UNSAL market perform 3 M 59 Not Provided 11.03.2013
Oyak Securities SERHAT KAYA underperform 1 D 58 Not Provided 05.03.2013
IS Investment & Securities ESRA SUNER market perform 3 D 61 Not Provided 04.03.2013
Yatirim Finansman Securities OZGUR UCUR market perform 3 M 55 12 month 20.02.2013
BNP Paribas Equity Research KENAN COSGUNER buy 5 U 58 12 month 19.02.2013
Eczacibasi Securities AKIF DASIRAN market perform 3 M 53 Not Provided 18.02.2013
Ak Investment ERKAN SAVRAN market outperform 4 M 57 12 month 29.01.2013
Ekspres Invest KURTHAN ATMACA hold 3 U 52 Not Provided 22.01.2013
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 56 Not Provided 17.12.2012
Goldman Sachs ASLI TUNCER Buy/Neutral 5 M 66 12 month 10.12.2012
Tera Stock Brokers KENAN TURAN neutral 3 M 43 12 month 18.09.2012
ATA Invest ERMAN TUTUNCUOGLU market perform 3 M 37 Not Provided 22.06.2012
Sardis Securities HAYDAR ACUN strong buy 5 N 14 Not Provided 10.02.2010
Holdings By:
Turk Traktor ve Ziraat Makineleri AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Turkcell Iletisim Hizmetleri AS (Turkcell) offers cellular telephone, voice and
data communication services through its GSM network in Turkey. Turkcell serves
its customer through regional offices, subscription centers, and TurkcellExtra
shops across Turkey, and through its Internet store.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (17.01.2013) 12.65
52-Week Low (24.05.2012) 8.04
Daily Volume
12.1
52-Week High % Change -4.35% Dividend Yield -
52-Week Low % Change 50.50% Beta 0.65
% 52 Week Price Range High/Low 86.98% Equity Float -
Shares Out 31.12.2012 2'200.0 Short Int -
26'620.00 1 Yr Total Return 28.72%
Total Debt 3'042.27 YTD Return 4.76%
Preferred Stock 0.0 Adjusted BETA 0.648
Minority Interest (140.3) Analyst Recs 29
Cash and Equivalents 7'038.45 Consensus Rating 4.276
Enterprise Value 22'483.49
Average Volume 5 Day 6'367'458
TCELL TI EQUITY YTD Change - Average Volume 30 Day 8'723'194
TCELL TI EQUITY YTD % CHANGE - Average Volume 3 Month 10'553'910
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'844.6 8'936.4 9'003.6 9'370.1 10'507.0 9'370.1 10'507.0 11'234.0 12'068.8 - -
1.76x 2.34x 2.32x 1.77x 2.02x 7.19x 7.26x 2.08x 1.94x - -
3'255.2 2'978.9 2'851.6 2'912.9 3'241.5 2'912.9 3'241.5 3'490.2 3'844.9 - -
4.79x 7.02x 7.33x 5.70x 6.56x 5.70x 6.56x 6.44x 5.85x - -
2'312.8 1'716.7 1'771.6 1'183.3 2'083.0 1'183.3 2'083.0 2'225.4 2'460.9 565.0 565.0
8.32x 13.58x 13.10x 16.51x 12.20x 16.51x 12.20x 12.00x 11.08x 11.42x 11.59x
EBITDA 3'241.51 Long-Term Rating Date 19.11.2008
EBIT 1'834.98 Long-Term Rating BB+
Operating Margin 17.46% Long-Term Outlook STABLE
Pretax Margin 24.61% Short-Term Rating Date -
Return on Assets 11.64% Short-Term Rating -
Return on Common Equity 17.52%
Return on Capital - EBITDA/Interest Exp. 16.18
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 9.43
Net Debt/EBITDA -1.23
Gross Margin 38.3% Total Debt/EBITDA 0.94
EBITDA Margin 30.9%
EBIT Margin 17.5% Total Debt/Equity 23.6%
Net Income Margin 19.8% Total Debt/Capital 19.3%
Asset Turnover 0.59
Current Ratio 2.33 Net Fixed Asset Turnover 1.99
Quick Ratio 1.92 Accounts receivable turnover-days 32.18
Debt to Assets 16.31% Inventory Days 3.85
Tot Debt to Common Equity 23.63% Accounts Payable Turnover Day 56.36
Accounts Receivable Turnover 11.37 Cash Conversion Cycle -20.33
Inventory Turnover 95.03
Fiscal Year Ended
Turkcell Iletisim Hizmetleri ASPrice/Volume
Valuation Analysis
5'882'193.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
.
1
3
5
-'
-.
-1
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
2!' 9
-'!' 9
-2!' 9
.'!' 9
.2!' 9
0'!' 9
02!' 9
1'!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
-1!''
-3!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TURKCELL HOLDING AS n/a Research 1'122'000'000 51 - 04.02.2013 Holding Company
SONERA HOLDING BV n/a Research 287'632'180 13.07 - 04.02.2013 Holding Company
MV HOLDING AS n/a Research 56'320'000 2.56 - 12.12.2012 Corporation
LAZARD ASSET MANAGEM n/a ULT-AGG 55'629'555 2.53 (130'086) 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 30'198'493 1.37 22'100 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 26'519'815 1.21 1'110'364 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 23'612'500 1.07 (82'161'834) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'715'880 0.31 1'133'440 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 5'798'477 0.26 2'875'877 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 5'702'386 0.26 - 31.05.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'601'227 0.25 (11'000) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'560'094 0.25 4'182'840 31.12.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 4'078'700 0.19 1'262'946 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'818'133 0.17 204'025 31.01.2013 Investment Advisor
SEB n/a ULT-AGG 2'941'357 0.13 1'821'730 31.12.2012 Unclassified
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 2'773'640 0.13 (567'476) 28.09.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'742'096 0.12 - 31.01.2013 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 2'693'915 0.12 148'389 28.02.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 2'595'679 0.12 2'595'679 31.08.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'334'094 0.11 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities MURAT IGNEBEKCILI buy 5 M 13 12 month 25.03.2013
Seker Securities OKAN UZUN outperform 5 M 14 12 month 22.03.2013
FinansInvest CAN OZTOPRAK outperform 5 M 14 12 month 15.03.2013
Sardis Securities HAYDAR ACUN buy 5 M 11 Not Provided 15.03.2013
Yatirim Finansman Securities DUYGU KALFAOGLU outperform 5 U 14 12 month 13.03.2013
Marfin Analysis (ESN) DIMITRIS BIRBOS hold 3 M 12 12 month 12.03.2013
Renaissance Capital ALEXANDER KAZBEGI buy 5 M 13 Not Provided 08.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 05.03.2013
New Street Research CHRIS HOARE buy 5 M 16 Not Provided 27.02.2013
IS Investment & Securities NUR ATASOY outperform 5 M 14 Not Provided 26.02.2013
Barclays SAN DHILLON overweight 5 M 13 Not Provided 25.02.2013
Oyak Securities ALPER OZDEMIR outperform 5 M 14 Not Provided 22.02.2013
BNP Paribas Equity Research BERNA KOKTENER buy 5 M 14 12 month 22.02.2013
Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE outperform 5 U 14 Not Provided 22.02.2013
VTB Capital IVAN KIM buy 5 U 12 12 month 19.02.2013
JPMorgan JEAN-CHARLES LEMARDELEY overweight 5 M 15 9 month 30.01.2013
Ak Investment BORA TEZGULER market perform 3 M 14 12 month 29.01.2013
Erste Bank VERA SUTEDJA accumulate 4 U 15 12 month 25.01.2013
Eczacibasi Securities AKIF DASIRAN outperform 5 M 16 Not Provided 22.01.2013
Ekspres Invest MELDA AGIRDAS hold 3 D 14 Not Provided 22.01.2013
Global Menkul Degerler HASAN BAYHAN buy 5 M 15 Not Provided 21.01.2013
Deutsche Bank VEDAT MIZRAHI buy 5 M 15 12 month 16.01.2013
BGC Partners ERDEM HAFIZOGLU buy 5 U 12 12 month 03.12.2012
Tera Stock Brokers KENAN TURAN neutral 3 M 11 Not Provided 01.10.2012
Credit Suisse ATINC OZKAN underperform 1 M 8 Not Provided 25.07.2012
Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 D 7 Not Provided 24.07.2012
ATA Invest MERT BOSTANOGLU market perform 3 M 10 Not Provided 13.01.2012
Holdings By:
Turkcell Iletisim Hizmetleri AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Turkiye Garanti Bankasi A.S. attracts deposits and offers retail and commercial
banking services. The Group offers lease financing, insurance, asset
management, securities brokerage, automobile and mortgage loans, credit cards,
and other financial services. Turkiye Garanti Bankasi operates in Turkey, the
Netherlands, Germany, Romania, Russia, Luxembourg, Malta, and Bahrain.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.01.2013) 10.10
52-Week Low (28.05.2012) 5.74
Daily Volume
9.44
52-Week High % Change -6.53% Dividend Yield -
52-Week Low % Change 64.46% Beta 1.17
% 52 Week Price Range High/Low 83.49% Equity Float -
Shares Out 30.09.2012 4'200.0 Short Int -
39'648.00 1 Yr Total Return 37.81%
Total Debt 45'583.99 YTD Return 1.94%
Preferred Stock 0.0 Adjusted BETA 1.175
Minority Interest 140.5 Analyst Recs 30
Cash and Equivalents 26'337.81 Consensus Rating 3.300
Enterprise Value -
Average Volume 5 Day 50'654'190
GARAN TI EQUITY YTD Change - Average Volume 30 Day 39'930'240
GARAN TI EQUITY YTD % CHANGE - Average Volume 3 Month 39'214'860
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
12'829.6 14'640.5 13'694.0 15'453.2 17'675.4 15'453.2 17'675.4 9'518.4 10'491.6 2'416.0 2'352.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'879.4 3'085.7 3'381.1 3'326.3 3'334.1 3'326.3 3'334.1 3'507.5 3'756.8 - -
5.81x 8.64x 9.71x 7.45x 11.66x 7.45x 11.66x 11.13x 10.40x 11.24x -
EBITDA - Long-Term Rating Date 22.02.2010
EBIT - Long-Term Rating BB
Operating Margin 41.98% Long-Term Outlook STABLE
Pretax Margin 41.98% Short-Term Rating Date -
Return on Assets 1.94% Short-Term Rating -
Return on Common Equity 16.97%
Return on Capital 5.37% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 211.9%
Net Income Margin 32.5% Total Debt/Capital 67.8%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 4.27
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 25.36% Inventory Days -
Tot Debt to Common Equity 211.86% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Turkiye Garanti Bankasi ASPrice/Volume
Valuation Analysis
31'205'967.00
Current Price (3/dd/yy) Market Data
'
.
1
3
5
-'
-.
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
20'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
-1'!''
-3'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANCO BILBAO VIZCAYA n/a Co File 1'050'420'000 25.01 - 31.12.2011 Bank
DOGUS HOLDING AS n/a Co File 857'316'600 20.41 - 31.12.2011 Holding Company
ABERDEEN n/a ULT-AGG 136'092'788 3.24 11'373'198 28.02.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 103'789'664 2.47 (68'324) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 102'981'402 2.45 2'689'556 25.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 36'086'478 0.86 2'115'081 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 35'815'932 0.85 (4'058'558) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 32'742'270 0.78 - 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 29'470'111 0.7 (10'691'697) 31.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 24'558'035 0.58 (2'403'515) 31.01.2013 Unclassified
UMB BANK N A Multiple Portfolios MF-AGG 15'823'282 0.38 1'906'347 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 12'725'978 0.3 (733'859) 31.12.2012 Investment Advisor
THAMES RIVER CAPITAL Multiple Portfolios MF-AGG 12'405'000 0.3 - 30.09.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 11'992'458 0.29 (237'882) 31.08.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'902'663 0.26 335'000 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 10'449'342 0.25 (4'693'960) 31.12.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 10'154'303 0.24 2'561'929 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 7'836'500 0.19 (335'300) 28.02.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 7'547'000 0.18 (87'000) 30.11.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 7'501'084 0.18 77'248 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Seker Securities NESLIHAN KARAGOZ outperform 5 M 11 12 month 27.03.2013
Barclays CRISTINA MARZEA equalweight 3 M 11 Not Provided 25.03.2013
BGC Partners CAGDAS DOGAN hold 3 M 10 12 month 19.03.2013
HSBC TAMER SENGUN neutral 3 M 10 Not Provided 12.03.2013
FinansInvest MUGE DAGISTAN outperform 5 M 12 12 month 08.03.2013
Renaissance Capital YAVUZ UZAY hold 3 M 9 Not Provided 08.03.2013
Burgan Securities NERGIS KASABALI hold 3 M 10 12 month 08.03.2013
Societe Generale ALAN WEBBORN buy 5 M 10 12 month 06.03.2013
Goldman Sachs DMITRY TREMBOVOLSKY neutral/neutral 3 M 9 12 month 26.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 25.02.2013
Keefe, Bruyette & Woods EKATERINA ISAEVA market perform 3 M 9 12 month 06.02.2013
VTB Capital AKIN TUZUN sell 1 D 9 12 month 05.02.2013
Deutsche Bank KAZIM ANDAC hold 3 M 9 12 month 01.02.2013
Morgan Stanley MAGDALENA STOKLOSA Equalwt/In-Line 3 M 7 12 month 01.02.2013
Oyak Securities ALPAY DINCKOC outperform 5 U 10 Not Provided 01.02.2013
Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS accumulate 4 M 11 12 month 01.02.2013
Credit Suisse ATES BULDUR neutral 3 M 10 Not Provided 31.01.2013
Erste Bank SEVDA SARP hold 3 M 10 12 month 29.01.2013
ATA Invest DERYA GUZEL market perform 3 M 11 12 month 29.01.2013
Ak Investment HAKAN AYGUN market perform 3 M 10 12 month 29.01.2013
Ekspres Invest CIHAN SARAOGLU hold 3 M 10 Not Provided 29.01.2013
Eczacibasi Securities SERCAN SOYLU market perform 3 M 11 Not Provided 22.01.2013
Global Menkul Degerler SEVGI ONUR market perform 3 M 10 Not Provided 10.01.2013
IS Investment & Securities BULENT SENGONUL market perform 3 M 11 Not Provided 18.12.2012
Tera Stock Brokers HASAN DEMIR neutral 3 M 9 Not Provided 19.10.2012
JPMorgan PAUL FORMANKO neutral 3 D 10 9 month 16.10.2012
Holdings By:
Turkiye Garanti Bankasi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Turkiye Halk Bankasi A.S. provides various types of banking services. The bank
specializes in lending to small-to medium-sized firms and tradesmen.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.01.2013) 20.20
52-Week Low (25.05.2012) 10.75
Daily Volume
19.1
52-Week High % Change -5.45% Dividend Yield -
52-Week Low % Change 77.67% Beta 1.29
% 52 Week Price Range High/Low 89.42% Equity Float -
Shares Out 31.12.2012 1'250.0 Short Int -
23'875.00 1 Yr Total Return 57.38%
Total Debt 16'167.00 YTD Return 9.14%
Preferred Stock 0.0 Adjusted BETA 1.294
Minority Interest 4.8 Analyst Recs 33
Cash and Equivalents 15'105.52 Consensus Rating 4.485
Enterprise Value -
Average Volume 5 Day 8'355'751
HALKB TI EQUITY YTD Change - Average Volume 30 Day 12'036'770
HALKB TI EQUITY YTD % CHANGE - Average Volume 3 Month 11'498'900
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
7'437.4 7'784.9 7'711.8 9'202.5 11'418.3 9'134.2 11'418.3 6'502.5 7'149.5 1'683.0 1'790.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'016.3 1'664.7 1'842.7 2'027.4 2'642.3 2'039.5 2'642.3 2'645.8 2'830.0 - -
5.66x 8.94x 8.89x 6.10x 8.28x 6.07x 8.28x 8.96x 8.40x 8.88x -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 49.24% Long-Term Outlook -
Pretax Margin 49.41% Short-Term Rating Date -
Return on Assets 2.63% Short-Term Rating -
Return on Common Equity 26.36%
Return on Capital 9.58% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 140.6%
Net Income Margin 38.4% Total Debt/Capital 58.4%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 4.76
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 14.82% Inventory Days -
Tot Debt to Common Equity 140.64% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Turkiye Halk Bankasi ASPrice/Volume
Valuation Analysis
10'578'538.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
2
-'
-2
.'
.2
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9-''!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.'!''
1'!''
3'!''
5'!''
-''!''
-.'!''
-1'!''
-3'!''
-5'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TC BASBAKANLIK n/a Research 638'825'500 51.11 - 11.02.2013 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 22'326'180 1.79 7'054'394 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 20'302'581 1.62 1'451'934 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'732'136 1.34 7'991'749 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 13'141'645 1.05 - 31.05.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 10'565'720 0.85 10'565'720 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 10'397'797 0.83 2'804'573 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 6'997'402 0.56 (1'200'000) 31.08.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 6'765'072 0.54 171'050 31.01.2013 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 5'540'386 0.44 1'879'200 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'210'437 0.34 418'174 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'848'901 0.31 894'322 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'488'816 0.28 1'614'965 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'219'422 0.26 147'572 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 3'139'702 0.25 793'259 28.02.2013 Investment Advisor
SEB n/a ULT-AGG 2'951'282 0.24 990'662 31.12.2012 Unclassified
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 2'853'786 0.23 564'978 30.11.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 2'352'437 0.19 1'933 31.01.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 2'061'033 0.16 - 31.01.2013 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 2'016'900 0.16 908'400 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays CRISTINA MARZEA overweight 5 U 25 Not Provided 25.03.2013
Burgan Securities NERGIS KASABALI buy 5 M 22 12 month 25.03.2013
BGC Partners CAGDAS DOGAN buy 5 M 23 12 month 19.03.2013
FinansInvest MUGE DAGISTAN outperform 5 M 24 12 month 14.03.2013
Seker Securities NESLIHAN KARAGOZ outperform 5 M 22 Not Provided 13.03.2013
HSBC TAMER SENGUN overweight 5 M 25 Not Provided 12.03.2013
Renaissance Capital YAVUZ UZAY buy 5 M 20 Not Provided 08.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 08.03.2013
Societe Generale ALAN WEBBORN buy 5 M 24 12 month 06.03.2013
Goldman Sachs DMITRY TREMBOVOLSKY Buy/Neutral 5 M 22 12 month 26.02.2013
Oyak Securities ALPAY DINCKOC outperform 5 M 23 Not Provided 14.02.2013
BNP Paribas Equity Research SADRETTIN BAGCI hold 3 M 19 12 month 14.02.2013
Garanti Yatirim Menkul Kiymetler RECEP DEMIR market perform 3 D 20 Not Provided 14.02.2013
Yatirim Finansman Securities ZUMRUT CAN outperform 5 M 21 12 month 14.02.2013
Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS buy 5 M 20 12 month 14.02.2013
Morgan Stanley MAGDALENA STOKLOSA Overwt/In-Line 5 M 26 12 month 13.02.2013
Credit Suisse ATES BULDUR neutral 3 M 20 Not Provided 13.02.2013
Keefe, Bruyette & Woods EKATERINA ISAEVA outperform 5 M 20 12 month 12.02.2013
VTB Capital AKIN TUZUN hold 3 M 19 12 month 05.02.2013
Deutsche Bank KAZIM ANDAC buy 5 M 20 12 month 01.02.2013
ATA Invest DERYA GUZEL outperform 5 M 23 12 month 29.01.2013
Ak Investment HAKAN AYGUN market outperform 4 M 22 12 month 29.01.2013
Ekspres Invest CIHAN SARAOGLU hold 3 M 23 Not Provided 29.01.2013
Eczacibasi Securities SERCAN SOYLU outperform 5 U 23 Not Provided 22.01.2013
Global Menkul Degerler SEVGI ONUR buy 5 M 23 Not Provided 21.01.2013
IS Investment & Securities BULENT SENGONUL outperform 5 M 25 Not Provided 18.12.2012
Erste Bank SEVDA SARP buy 5 M 21 12 month 10.12.2012
Tera Stock Brokers HASAN DEMIR neutral 3 M 18 Not Provided 19.10.2012
JPMorgan PAUL FORMANKO overweight 5 M 21 9 month 16.10.2012
Holdings By:
Turkiye Halk Bankasi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Turkiye Is Bankasi (Isbank) provides banking services to retail and corporate
customers and to public sector. Isbank also offers asset and wealth management,
capital markets, securities brokerage and insurance services throughout Turkey.
Isbank holds equity investments in Turkish companies mainly in glass industries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (24.01.2013) 7.52
52-Week Low (25.05.2012) 3.71
Daily Volume
6.72
52-Week High % Change -10.90% Dividend Yield -
52-Week Low % Change 81.13% Beta 1.12
% 52 Week Price Range High/Low 79.00% Equity Float -
Shares Out 30.09.2012 4'499.9 Short Int -
30'310.60 1 Yr Total Return 56.23%
Total Debt 41'209.01 YTD Return 8.74%
Preferred Stock 0.0 Adjusted BETA 1.119
Minority Interest 2'891.8 Analyst Recs 30
Cash and Equivalents 20'744.70 Consensus Rating 3.467
Enterprise Value -
Average Volume 5 Day 33'681'240
ISCTR TI EQUITY YTD Change - Average Volume 30 Day 39'921'440
ISCTR TI EQUITY YTD % CHANGE - Average Volume 3 Month 36'193'440
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
16'510.1 17'009.1 16'725.2 18'549.1 22'394.0 18'549.1 22'394.0 10'003.1 10'693.8 2'568.0 2'826.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'588.9 2'497.6 2'939.2 2'271.5 3'412.0 2'271.5 3'412.0 3'294.7 3'471.5 - -
7.11x 7.77x 8.42x 6.56x 8.15x 6.56x 8.15x 9.16x 8.64x 9.88x -
EBITDA - Long-Term Rating Date 22.02.2010
EBIT - Long-Term Rating BB
Operating Margin 32.02% Long-Term Outlook STABLE
Pretax Margin 32.10% Short-Term Rating Date 28.07.2003
Return on Assets 1.77% Short-Term Rating B
Return on Common Equity 17.14%
Return on Capital 5.71% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 187.6%
Net Income Margin 23.4% Total Debt/Capital 62.4%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover 6.34
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 20.49% Inventory Days -
Tot Debt to Common Equity 187.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Turkiye Is BankasiPrice/Volume
Valuation Analysis
51'493'596.00
Current Price (3/dd/yy) Market Data
'
-
.
0
1
2
3
4
5
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9-''!' 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-'!''
.'!''
0'!''
1'!''
2'!''
3'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ISBANK MENSUPLARI SO n/a Research 1'832'622'759 40.73 - 21.11.2012 Other
REP PEOPLES PARTY-AT n/a Research 1'264'142'464 28.09 - 21.11.2012 Government
LAZARD ASSET MANAGEM n/a ULT-AGG 88'859'076 1.97 (1'019'050) 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 51'451'549 1.14 (10'142'786) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 44'840'821 1 1'975'432 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 31'053'188 0.69 - 31.07.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 13'173'773 0.29 2'891'186 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 11'791'016 0.26 9'326'999 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'381'422 0.21 2'338 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 8'487'901 0.19 724'443 31.01.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 8'191'601 0.18 (260'000) 31.01.2013 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 6'060'000 0.13 (3'948'300) 28.12.2012 Mutual Fund Manager
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 6'020'000 0.13 1'680'000 30.11.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 5'184'769 0.12 141'901 31.01.2013 Unclassified
SEB n/a ULT-AGG 5'065'787 0.11 (4'897) 31.12.2012 Unclassified
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 5'046'682 0.11 - 31.08.2012 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 4'884'026 0.11 - 31.01.2013 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 4'279'521 0.1 235'728 28.02.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 4'099'982 0.09 1'776'622 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'972'869 0.09 (85'810) 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FinansInvest MUGE DAGISTAN neutral 3 M 8 12 month 27.03.2013
Seker Securities NESLIHAN KARAGOZ outperform 5 M 9 12 month 27.03.2013
Burgan Securities NERGIS KASABALI buy 5 M 8 12 month 27.03.2013
Barclays CRISTINA MARZEA overweight 5 M 9 Not Provided 25.03.2013
BGC Partners CAGDAS DOGAN buy 5 M 8 12 month 19.03.2013
HSBC TAMER SENGUN neutral 3 D 7 Not Provided 12.03.2013
Societe Generale ALAN WEBBORN hold 3 M 7 12 month 06.03.2013
Goldman Sachs DMITRY TREMBOVOLSKY neutral/neutral 3 M 6 12 month 26.02.2013
Oyak Securities ALPAY DINCKOC market perform 3 D 8 Not Provided 18.02.2013
Eczacibasi Securities SERCAN SOYLU outperform 5 M 8 Not Provided 18.02.2013
Deutsche Bank KAZIM ANDAC buy 5 M 8 12 month 15.02.2013
Global Menkul Degerler SEVGI ONUR market perform 3 D 8 Not Provided 15.02.2013
BNP Paribas Equity Research SADRETTIN BAGCI buy 5 M 9 12 month 15.02.2013
Keefe, Bruyette & Woods EKATERINA ISAEVA underperform 1 M 6 12 month 12.02.2013
Erste Bank SEVDA SARP accumulate 4 M 7 12 month 06.02.2013
VTB Capital AKIN TUZUN sell 1 M 6 12 month 05.02.2013
ATA Invest DERYA GUZEL market perform 3 M 8 12 month 29.01.2013
Ak Investment HAKAN AYGUN market outperform 4 M 8 12 month 29.01.2013
Ekspres Invest CIHAN SARAOGLU hold 3 M 8 Not Provided 29.01.2013
Credit Suisse ATES BULDUR underperform 1 M 7 Not Provided 25.01.2013
Renaissance Capital YAVUZ UZAY hold 3 M 6 Not Provided 21.01.2013
Morgan Stanley MAGDALENA STOKLOSA Underwt/In-Line 1 M 5 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Garanti Yatirim Menkul Kiymetler RECEP DEMIR market perform 3 D 7 Not Provided 16.11.2012
Tera Stock Brokers HASAN DEMIR neutral 3 M 6 12 month 19.10.2012
JPMorgan PAUL FORMANKO neutral 3 U 7 9 month 16.10.2012
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 28.08.2012
IS Investment & Securities BULENT SENGONUL not rated #N/A N/A M #N/A N/A Not Provided 25.09.2009
Marfin Analysis (ESN) NIKOS VENTOURIS buy 5 M 4 12 month 08.04.2009
Holdings By:
Turkiye Is Bankasi ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Turkiye Sinai Kalkinma Bankasi A.S. is a private investment and development
bank. The Bank offers medium- and long-term loans, and treasury, securities
underwriting, mergers and acquisitions consulting, research, and securities
brokerage services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 2.53
52-Week Low (25.05.2012) 1.52
Daily Volume
2.48
52-Week High % Change -1.98% Dividend Yield -
52-Week Low % Change 63.16% Beta 1.09
% 52 Week Price Range High/Low 96.04% Equity Float -
Shares Out 31.12.2012 1'100.0 Short Int -
2'728.00 1 Yr Total Return 49.74%
Total Debt 8'621.36 YTD Return 10.68%
Preferred Stock 0.0 Adjusted BETA 1.094
Minority Interest 84.3 Analyst Recs 15
Cash and Equivalents 572.94 Consensus Rating 4.400
Enterprise Value -
Average Volume 5 Day 1'610'877
TSKB TI EQUITY YTD Change - Average Volume 30 Day 1'442'513
TSKB TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'854'313
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
443.1 627.8 547.9 645.0 707.5 645.0 537.6 519.4 558.8 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
121.3 251.3 222.7 260.8 317.0 260.8 317.0 324.7 343.7 - -
3.79x 4.35x 8.21x 4.91x 7.95x 5.06x 8.97x 8.55x 8.00x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 73.40% Long-Term Outlook -
Pretax Margin 77.30% Short-Term Rating Date -
Return on Assets 3.19% Short-Term Rating -
Return on Common Equity 20.77%
Return on Capital 3.36% EBITDA/Interest Exp. -
Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 469.9%
Net Income Margin 61.0% Total Debt/Capital 81.8%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover 16.14
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 79.41% Inventory Days -
Tot Debt to Common Equity 469.90% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Turkiye Sinai Kalkinma Bankasi ASPrice/Volume
Valuation Analysis
1'218'969.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
-
.
.
0
0
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TURKIYE IS BANKASI A n/a Co File 550'729'366 50.07 - 31.12.2010 Bank
TURKIYE VAKIFLAR BAN n/a Co File 92'155'170 8.38 - 31.12.2010 Bank
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 37'339'491 3.39 3'723'903 31.12.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 33'925'510 3.08 1'693'850 28.02.2013 Mutual Fund Manager
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 16'199'146 1.47 - 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 15'403'914 1.4 3'779'167 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 14'566'698 1.32 398'000 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 10'813'652 0.98 - 31.07.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 10'002'221 0.91 455'158 30.11.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 9'177'575 0.83 2'582'000 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'593'173 0.51 - 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'090'388 0.46 15'028 25.03.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 4'901'526 0.45 1'106'415 31.01.2013 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 4'436'026 0.4 - 30.06.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 4'384'041 0.4 (192'268) 28.09.2012 Investment Advisor
CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 4'033'157 0.37 - 30.09.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 3'816'972 0.35 - 28.02.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 3'540'386 0.32 (2'724'375) 31.12.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 3'076'694 0.28 (43'576) 31.12.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 2'813'726 0.26 1'467'499 03.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities DUYGUN KUTUCU buy 5 M 3 12 month 27.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 21.03.2013
Seker Securities NESLIHAN KARAGOZ outperform 5 M 3 12 month 01.03.2013
Eczacibasi Securities SERCAN SOYLU outperform 5 M 3 Not Provided 18.02.2013
Oyak Securities ALPAY DINCKOC outperform 5 M 3 Not Provided 13.02.2013
BNP Paribas Equity Research SADRETTIN BAGCI buy 5 M 3 12 month 13.02.2013
Garanti Yatirim Menkul Kiymetler RECEP DEMIR market perform 3 M 3 Not Provided 13.02.2013
Ak Investment HAKAN AYGUN market outperform 4 M 3 12 month 13.02.2013
Credit Suisse ATES BULDUR outperform 5 M 3 Not Provided 12.02.2013
Deutsche Bank HILAL VAROL hold 3 M 3 12 month 01.02.2013
Ekspres Invest CIHAN SARAOGLU hold 3 M 3 Not Provided 22.01.2013
IS Investment & Securities BULENT SENGONUL outperform 5 M 3 Not Provided 18.12.2012
Erste Bank SEVDA SARP accumulate 4 D 2 12 month 10.12.2012
ATA Invest FATIH TUGRUL TOPAC market outperform 4 M 2 Not Provided 20.07.2012
Holdings By:
Turkiye Sinai Kalkinma Bankasi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Turkiye Sise ve Cam Fabrikalari AS (Sisecam) manufactures glass. The Company
produces flat glass, bottles, household glassware, glass wire, chromium
chemicals, glass fibre, and glass reinforced plastics. Sisecam also offers
packaging materials and machinery, composites and marketing, chemicals, trade,
insurance and brokerage services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 3.60
52-Week Low (25.05.2012) 2.29
Daily Volume
3.02
52-Week High % Change -16.11% Dividend Yield -
52-Week Low % Change 31.80% Beta 0.92
% 52 Week Price Range High/Low 57.21% Equity Float -
Shares Out 31.12.2012 1'500.0 Short Int -
4'530.00 1 Yr Total Return 1.20%
Total Debt 2'132.35 YTD Return 2.37%
Preferred Stock 0.0 Adjusted BETA 0.919
Minority Interest 970.2 Analyst Recs 16
Cash and Equivalents 1'164.32 Consensus Rating 3.063
Enterprise Value 6'468.22
Average Volume 5 Day 16'958'180
SISE TI EQUITY YTD Change - Average Volume 30 Day 20'995'190
SISE TI EQUITY YTD % CHANGE - Average Volume 3 Month 13'535'310
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'743.7 3'643.6 4'206.2 4'978.7 5'342.1 4'978.7 5'342.1 5'990.9 6'817.7 1'474.0 1'644.0
0.87x 1.05x 1.03x 1.06x 1.19x 4.58x 4.50x 1.07x 0.94x - -
886.1 656.0 982.5 1'245.4 939.4 1'245.4 939.4 1'226.0 1'441.5 - -
3.66x 5.83x 4.39x 4.22x 6.77x 4.22x 6.77x 5.28x 4.49x - -
158.7 111.8 411.8 631.5 294.1 631.5 294.1 456.2 533.0 - -
6.91x 18.40x 7.56x 5.87x 15.05x 6.03x 16.12x 9.68x 8.23x - -
EBITDA 939.38 Long-Term Rating Date -
EBIT 420.41 Long-Term Rating -
Operating Margin 7.87% Long-Term Outlook -
Pretax Margin 6.79% Short-Term Rating Date -
Return on Assets 3.46% Short-Term Rating -
Return on Common Equity 6.65%
Return on Capital 5.70% EBITDA/Interest Exp. 7.41
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. -0.42
Net Debt/EBITDA 1.03
Gross Margin 26.7% Total Debt/EBITDA 2.27
EBITDA Margin 17.6%
EBIT Margin 7.9% Total Debt/Equity 46.0%
Net Income Margin 5.5% Total Debt/Capital 27.6%
Asset Turnover 0.63
Current Ratio 1.82 Net Fixed Asset Turnover 1.35
Quick Ratio 1.12 Accounts receivable turnover-days 67.32
Debt to Assets 24.45% Inventory Days 97.68
Tot Debt to Common Equity 46.00% Accounts Payable Turnover Day 41.76
Accounts Receivable Turnover 5.44 Cash Conversion Cycle 123.24
Inventory Turnover 3.75
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Turkiye Sise ve Cam Fabrikalari ASPrice/Volume
Valuation Analysis
11'897'032.00
Current Price (3/dd/yy) Market Data
'
-
-
.
.
0
0
1
1
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
4'!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-!''
.!''
0!''
1!''
2!''
3!''
4!''
5!''
6!''
-'!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TURKIYE IS BANKASI A n/a Research 923'848'325 61.59 - 30.09.2009 Bank
EFES HOLDING AS n/a Research 55'357'714 3.69 - 30.09.2009 Other
CAYIROVA CAM SANAYI n/a Research 24'918'003 1.66 - 30.09.2009 n/a
TRAKYA CAM SANAYI AS n/a Research 22'590'568 1.51 - 30.09.2009 Other
BLACKROCK n/a ULT-AGG 11'575'672 0.77 (52'113) 25.03.2013 Investment Advisor
CAMIS MADENCILIK AS n/a Research 10'197'969 0.68 - 30.09.2009 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'901'882 0.66 206'784 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 8'949'859 0.6 (55) 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'827'215 0.59 - 31.07.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 7'560'224 0.5 - 31.05.2012 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 4'231'319 0.28 - 31.01.2013 Investment Advisor
SOMERSET CAPITAL MAN Multiple Portfolios MF-AGG 3'446'994 0.23 813'250 28.02.2013 Mutual Fund Manager
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 3'358'020 0.22 (275'350) 31.01.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 3'319'559 0.22 (39) 31.05.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 2'685'105 0.18 (274'640) 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'520'195 0.17 - 25.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 1'640'659 0.11 - 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'415'419 0.09 26'927 31.12.2012 Investment Advisor
VALIC CO I Multiple Portfolios MF-AGG 1'386'283 0.09 - 31.01.2013 Investment Advisor
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 1'376'761 0.09 (169'532) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities ECE MANDACI Under Review #N/A N/A M #N/A N/A Not Provided 25.03.2013
Seker Securities BURAK DEMIRBILEK outperform 5 M 4 Not Provided 22.03.2013
Yatirim Finansman Securities ZUMRUT CAN Under Review #N/A N/A M #N/A N/A Not Provided 18.03.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 15.03.2013
Oyak Securities OSMAN OZVURAL underperform 1 M 3 12 month 07.03.2013
Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE market perform 3 M 3 Not Provided 05.03.2013
Erste Bank EVRIM DAIRECIOGLU hold 3 U 3 12 month 21.02.2013
IS Investment & Securities NUR ATASOY outperform 5 M 4 Not Provided 07.02.2013
Ak Investment OMER OMERBAS market perform 3 M 4 12 month 29.01.2013
Eczacibasi Securities AKIF DASIRAN market perform 3 D 4 Not Provided 22.01.2013
Global Menkul Degerler ILKNUR UNSAL buy 5 M 4 Not Provided 21.01.2013
Deutsche Bank VEDAT MIZRAHI hold 3 D 3 12 month 16.01.2013
Goldman Sachs ASLI TUNCER Buy/Neutral 5 U 4 12 month 10.12.2012
BGC Partners CAN OZCELIK hold 3 M 3 12 month 18.10.2012
HSBC LEVENT BAYAR neutral 3 M 3 Not Provided 24.09.2012
ATA Invest ISMAIL OZER market outperform 4 M #N/A N/A Not Provided 20.07.2012
Holdings By:
Turkiye Sise ve Cam Fabrikalari AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Turkiye Vakiflar Bankasi T.A.O. attracts deposits and offers corporate, retail,
and investment banking services. The Bank offers consumer and agricultural
loans, sponsors credit cards, offers asset management services, manages mutual
funds, and offers securities brokerage services. Vakiflar Bankasi also takes
equity stakes in Turkish companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.01.2013) 6.02
52-Week Low (25.05.2012) 2.90
Daily Volume
5.78
52-Week High % Change -3.99% Dividend Yield -
52-Week Low % Change 99.31% Beta 1.28
% 52 Week Price Range High/Low 92.31% Equity Float -
Shares Out 31.12.2012 2'500.0 Short Int -
14'450.00 1 Yr Total Return 69.85%
Total Debt 16'783.80 YTD Return 25.38%
Preferred Stock 0.0 Adjusted BETA 1.280
Minority Interest 397.6 Analyst Recs 30
Cash and Equivalents 14'994.63 Consensus Rating 3.400
Enterprise Value -
Average Volume 5 Day 12'783'600
VAKBN TI EQUITY YTD Change - Average Volume 30 Day 18'446'860
VAKBN TI EQUITY YTD % CHANGE - Average Volume 3 Month 24'973'010
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'067.2 8'193.9 8'049.3 8'974.7 11'328.2 8'974.7 11'328.2 5'969.4 6'495.8 1'544.0 1'465.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
791.3 1'294.7 1'164.3 1'304.3 1'423.5 1'304.3 1'423.5 1'623.7 1'769.8 - -
3.70x 8.23x 8.40x 4.70x 8.10x 4.70x 8.10x 8.80x 8.14x 8.76x -
EBITDA - Long-Term Rating Date 22.02.2010
EBIT - Long-Term Rating BB
Operating Margin 27.87% Long-Term Outlook STABLE
Pretax Margin 28.28% Short-Term Rating Date 19.07.2005
Return on Assets 1.41% Short-Term Rating B
Return on Common Equity 13.77%
Return on Capital 5.03% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 146.8%
Net Income Margin 21.6% Total Debt/Capital 58.7%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 6.10
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 15.53% Inventory Days -
Tot Debt to Common Equity 146.82% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Turkiye Vakiflar Bankasi TaoPrice/Volume
Valuation Analysis
11'907'243.00
Current Price (3/dd/yy) Market Data
'
-
.
0
1
2
3
4
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
4'!' 9
5'!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
-''!''
.''!''
0''!''
1''!''
2''!''
3''!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
REPUBLIC OF TURKEY n/a Research 1'462'500'000 58.5 - 04.10.2012 Government
VAKIFBANK n/a Co File 402'552'666 16.1 - 31.12.2011 Bank
VAKIFLAR MULHAK n/a Co File 386'224'785 15.45 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 24'962'571 1 (139'453) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'403'797 0.86 5'283 31.12.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 19'927'151 0.8 8'533'000 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 14'672'300 0.59 - 31.07.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8'862'910 0.35 - 31.05.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 6'717'621 0.27 (40'000) 31.01.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 5'128'342 0.21 (47'676) 31.01.2013 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 4'810'452 0.19 - 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'788'815 0.19 - 31.12.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 3'719'746 0.15 9'775 31.01.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'325'000 0.13 75'000 31.01.2013 Mutual Fund Manager
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 3'116'523 0.12 - 31.08.2012 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 3'022'189 0.12 3'022'189 30.09.2012 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 3'000'000 0.12 3'000'000 30.11.2012 Investment Advisor
JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 2'330'100 0.09 - 30.06.2012 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'300'846 0.09 800'846 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 2'259'000 0.09 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities NERGIS KASABALI buy 5 M 6 12 month 25.03.2013
FinansInvest MUGE DAGISTAN outperform 5 M 7 12 month 21.03.2013
BGC Partners CAGDAS DOGAN buy 5 M 7 12 month 19.03.2013
Seker Securities NESLIHAN KARAGOZ market perform 3 M 7 Not Provided 18.03.2013
HSBC TAMER SENGUN neutral 3 M 6 Not Provided 12.03.2013
Societe Generale ALAN WEBBORN sell 1 M 5 12 month 06.03.2013
Goldman Sachs DMITRY TREMBOVOLSKY neutral/neutral 3 M 5 12 month 26.02.2013
Eczacibasi Securities SERCAN SOYLU market perform 3 M 7 Not Provided 18.02.2013
Oyak Securities ALPAY DINCKOC underperform 1 M 5 Not Provided 15.02.2013
BNP Paribas Equity Research SADRETTIN BAGCI buy 5 M 7 12 month 15.02.2013
Garanti Yatirim Menkul Kiymetler RECEP DEMIR outperform 5 U 7 Not Provided 15.02.2013
Deutsche Bank KAZIM ANDAC hold 3 M 6 12 month 14.02.2013
Yatirim Finansman Securities ZUMRUT CAN outperform 5 M 6 12 month 14.02.2013
Erste Bank SEVDA SARP hold 3 M 5 12 month 06.02.2013
VTB Capital AKIN TUZUN hold 3 D 6 12 month 05.02.2013
ATA Invest DERYA GUZEL outperform 5 M 7 12 month 29.01.2013
Ak Investment HAKAN AYGUN market perform 3 M 6 12 month 29.01.2013
Ekspres Invest CIHAN SARAOGLU buy 5 U 7 Not Provided 29.01.2013
Credit Suisse ATES BULDUR neutral 3 D 6 Not Provided 25.01.2013
IS Investment & Securities BULENT SENGONUL market perform 3 D 6 Not Provided 25.01.2013
Renaissance Capital YAVUZ UZAY hold 3 M 5 Not Provided 21.01.2013
Global Menkul Degerler SEVGI ONUR market perform 3 M 6 Not Provided 21.01.2013
Morgan Stanley MAGDALENA STOKLOSA Equalwt/In-Line 3 N 6 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Tera Stock Brokers HASAN DEMIR neutral 3 M 4 Not Provided 19.10.2012
JPMorgan PAUL FORMANKO overweight 5 M 6 9 month 16.10.2012
Sardis Securities HAYDAR ACUN buy 5 M 4 Not Provided 07.09.2011
Marfin Analysis (ESN) NIKOS VENTOURIS buy 5 M 3 12 month 08.04.2009
Holdings By:
Turkiye Vakiflar Bankasi Tao ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Ulker Biskuvi Sanayi AS produces biscuits, wafers, chocolate bars, and chocolate
covered biscuits. The Company sells its products throughout Turkey and exports
to Europe, North America, Africa, Asia and the Middle East.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.03.2013) 14.00
52-Week Low (25.04.2012) 5.24
Daily Volume
13.65
52-Week High % Change -2.14% Dividend Yield -
52-Week Low % Change 160.50% Beta 0.66
% 52 Week Price Range High/Low 97.72% Equity Float -
Shares Out 31.12.2012 342.0 Short Int -
4'668.30 1 Yr Total Return 181.92%
Total Debt 1'500.95 YTD Return 41.30%
Preferred Stock 0.0 Adjusted BETA 0.664
Minority Interest 122.3 Analyst Recs 13
Cash and Equivalents 1'270.69 Consensus Rating 3.077
Enterprise Value 5'020.86
Average Volume 5 Day 343'417
ULKER TI EQUITY YTD Change - Average Volume 30 Day 447'311
ULKER TI EQUITY YTD % CHANGE - Average Volume 3 Month 411'460
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'412.2 1'506.5 1'523.5 1'798.8 2'340.6 1'798.8 2'340.6 2'545.5 2'747.1 680.0 552.0
0.85x 1.00x 1.24x 1.21x 1.56x 4.41x 4.92x 1.99x 1.82x - -
94.8 143.5 66.8 77.4 218.3 77.4 218.3 268.7 316.7 - -
12.60x 10.55x 28.22x 28.09x 16.75x 28.09x 16.75x 18.68x 15.85x - -
15.7 102.9 184.8 657.0 167.0 657.0 167.0 193.1 228.3 - -
30.14x 9.24x 7.99x 2.21x 19.79x 2.21x 18.13x 24.64x 20.34x - -
EBITDA 218.27 Long-Term Rating Date -
EBIT 170.52 Long-Term Rating -
Operating Margin 7.29% Long-Term Outlook -
Pretax Margin 10.40% Short-Term Rating Date -
Return on Assets 5.73% Short-Term Rating -
Return on Common Equity 17.04%
Return on Capital 10.43% EBITDA/Interest Exp. 3.49
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 2.84
Net Debt/EBITDA 1.05
Gross Margin 21.5% Total Debt/EBITDA 6.88
EBITDA Margin 9.3%
EBIT Margin 7.3% Total Debt/Equity 156.8%
Net Income Margin 7.1% Total Debt/Capital 58.2%
Asset Turnover 0.80
Current Ratio 1.98 Net Fixed Asset Turnover 4.39
Quick Ratio 1.63 Accounts receivable turnover-days 92.24
Debt to Assets 47.55% Inventory Days 34.59
Tot Debt to Common Equity 156.77% Accounts Payable Turnover Day 87.39
Accounts Receivable Turnover 3.97 Cash Conversion Cycle 39.44
Inventory Turnover 10.58
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Ulker Biskuvi Sanayi ASPrice/Volume
Valuation Analysis
183'215.00
Current Price (3/dd/yy) Market Data
'
.
1
3
5
-'
-.
-1
-3
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
YILDIZ HOLDING AS n/a Research 113'049'151 33.06 - 30.09.2009 Corporation
DYNAMIC GROWTH FUND n/a Research 71'369'033 20.87 - 30.09.2009 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'926'219 1.15 - 26.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'148'926 0.63 - 31.07.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'516'165 0.44 1'253'794 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 1'260'146 0.37 818'401 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'020'528 0.3 - 31.12.2012 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 884'724 0.26 475'978 30.11.2012 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 833'404 0.24 734'828 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 783'481 0.23 1'979 25.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 730'279 0.21 - 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 714'414 0.21 4'115 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 709'216 0.21 49'508 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 467'124 0.14 983 26.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 431'488 0.13 - 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 301'963 0.09 (135'163) 28.09.2012 Investment Advisor
SEB n/a ULT-AGG 210'191 0.06 210'191 31.12.2012 Unclassified
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 204'042 0.06 1'804 25.03.2013 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 174'000 0.05 - 31.01.2013 Investment Advisor
JUPITER GLOBAL ACTIV Multiple Portfolios MF-AGG 171'000 0.05 (61'000) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Burgan Securities ECE MANDACI sell 1 M 10 12 month 25.03.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 21.03.2013
BNP Paribas Equity Research KENAN COSGUNER hold 3 M 11 12 month 08.03.2013
Ak Investment BERTUG TUZUN market underperform 2 D 11 12 month 07.03.2013
HSBC BULENT YURDAGUL overweight 5 M 12 Not Provided 19.02.2013
Ekspres Invest MELDA AGIRDAS Under Review #N/A N/A M #N/A N/A Not Provided 22.01.2013
BGC Partners ERDEM HAFIZOGLU hold 3 M 8 12 month 02.01.2013
Oyak Securities ANIL CAN YILDIRIM market perform 3 M 10 Not Provided 20.12.2012
IS Investment & Securities ESRA SUNER market perform 3 M 10 Not Provided 17.12.2012
Goldman Sachs MATIJA GERGOLET Buy/Neutral 5 U 13 12 month 10.12.2012
JPMorgan MUNEEZA HASAN neutral 3 M 8 9 month 12.11.2012
FinansInvest GAYE ABIDIN Under Review #N/A N/A M #N/A N/A Not Provided 17.08.2012
ATA Invest ONDER ZORBA market perform 3 M #N/A N/A Not Provided 20.07.2012
Global Menkul Degerler TEAM COVERAGE Under Review #N/A N/A M 5 Not Provided 11.04.2012
Holdings By:
Ulker Biskuvi Sanayi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Vestel Elektronik Sanayi ve Ticaret A.S. manufactures air conditioners,
refrigerators, monitors, televisions, portable satellite receivers, personal
computers, and television tuners. The Company produces the Digital Media
Player TV, which plays CDs, DVDs, and memory cards. Vestel markets its products
worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (06.04.2012) 2.32
52-Week Low (02.11.2012) 1.73
Daily Volume
1.98
52-Week High % Change -15.09% Dividend Yield -
52-Week Low % Change 14.45% Beta 0.85
% 52 Week Price Range High/Low 45.76% Equity Float -
Shares Out 30.09.2012 335.5 Short Int -
664.20 1 Yr Total Return -12.39%
Total Debt 795.25 YTD Return 4.76%
Preferred Stock 0.0 Adjusted BETA 0.854
Minority Interest 141.9 Analyst Recs 5
Cash and Equivalents 487.92 Consensus Rating 2.600
Enterprise Value 1'571.64
Average Volume 5 Day 2'306'463
VESTL TI EQUITY YTD Change - Average Volume 30 Day 1'424'703
VESTL TI EQUITY YTD % CHANGE - Average Volume 3 Month 2'059'265
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
4'627.0 4'693.9 4'644.9 5'290.0 6'976.6 6'281.5 7'708.1 8'056.5 9'053.5 2'494.0 -
0.16x 0.14x 0.31x 0.28x 0.15x 0.93x 0.63x 0.15x 0.13x - -
63.3 389.0 514.5 335.7 619.5 640.2 189.9 303.8 522.0 39.0 -
11.86x 1.68x 2.77x 4.34x 1.71x 2.27x 8.01x 5.17x 3.01x - -
18.0 (408.1) 74.1 38.4 (35.4) 33.2 (79.4) 22.3 64.9 (17.0) -
25.61x - 11.77x 21.30x - 21.74x 0.00x 14.14x 4.60x - -
EBITDA 619.48 Long-Term Rating Date 22.12.2008
EBIT 438.27 Long-Term Rating B-
Operating Margin 6.28% Long-Term Outlook STABLE
Pretax Margin -0.18% Short-Term Rating Date -
Return on Assets -1.57% Short-Term Rating -
Return on Common Equity -7.86%
Return on Capital - EBITDA/Interest Exp. 6.48
Asset Turnover 1.52% (EBITDA-Capex)/Interest Exp. 4.87
Net Debt/EBITDA 4.35
Gross Margin 18.0% Total Debt/EBITDA 5.51
EBITDA Margin 2.5%
EBIT Margin 0.2% Total Debt/Equity 80.3%
Net Income Margin -0.5% Total Debt/Capital 41.3%
Asset Turnover 1.52
Current Ratio 1.06 Net Fixed Asset Turnover 9.73
Quick Ratio 0.67 Accounts receivable turnover-days 82.07
Debt to Assets 15.42% Inventory Days 84.84
Tot Debt to Common Equity 80.32% Accounts Payable Turnover Day 138.87
Accounts Receivable Turnover 4.46 Cash Conversion Cycle 15.54
Inventory Turnover 4.31
Fiscal Year Ended
Vestel Elektronik Sanayi ve Ticaret ASPrice/Volume
Valuation Analysis
1'274'145.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
-
.
.
0
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
.!' 9
1!' 9
3!' 9
5!' 9
-'!' 9
-.!' 9
-1!' 9
-3!' 9
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2!''
-'!''
-2!''
.'!''
.2!''
0'!''
02!''
1'!''
12!''
'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COLLAR HOLDING NETHE n/a Research 216'067'402 64.41 125'546'898 22.08.2011 Corporation
COLLAR HOLDING PUBLI n/a Research 34'901'128 10.4 - 22.08.2011 Other
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'051'852 0.91 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'784'387 0.53 - 25.03.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 770'946 0.23 - 31.05.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 563'233 0.17 40'710 31.12.2012 Investment Advisor
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 437'260 0.13 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 350'814 0.1 - 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 274'384 0.08 - 30.06.2011 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 238'657 0.07 - 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 209'707 0.06 - 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 179'684 0.05 - 26.03.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 142'900 0.04 - 30.11.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 58'011 0.02 - 30.06.2012 Investment Advisor
ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 40'000 0.01 - 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 31'446 0.01 - 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 26'406 0.01 - 31.10.2012 Investment Advisor
FMR LLC n/a ULT-AGG 25'322 0.01 - 31.01.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 24'553 0.01 - 31.01.2013 Investment Advisor
UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG - 0 - 28.02.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Global Menkul Degerler ILKNUR UNSAL market perform 3 M 2 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
BGC Partners BARIS INCE hold 3 M 2 12 month 02.01.2013
Oyak Securities TEAM COVERAGE market perform 3 M 3 Not Provided 20.12.2012
Goldman Sachs ANTON FARLENKOV neutral/neutral 3 M 3 12 month 04.06.2012
FinansInvest TEAM COVERAGE neutral 3 M 3 12 month 10.11.2011
Holdings By:
Vestel Elektronik Sanayi ve Ticaret AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Yapi ve Kredi Bankasi AS offers retail and corporate banking, factoring,
leasing, asset and wealth management, capital markets, securities brokerage,
insurance services and pension products. The Group has interests in publishing,
real estate and telecommunications companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.01.2013) 5.90
52-Week Low (31.05.2012) 2.91
Daily Volume
5.52
52-Week High % Change -6.44% Dividend Yield -
52-Week Low % Change 89.69% Beta 1.40
% 52 Week Price Range High/Low 87.96% Equity Float -
Shares Out 31.12.2012 4'347.1 Short Int -
23'995.72 1 Yr Total Return 52.49%
Total Debt 27'412.93 YTD Return 6.15%
Preferred Stock 0.0 Adjusted BETA 1.398
Minority Interest 64.8 Analyst Recs 33
Cash and Equivalents 19'603.68 Consensus Rating 4.000
Enterprise Value -
Average Volume 5 Day 20'700'110
YKBNK TI EQUITY YTD Change - Average Volume 30 Day 24'102'780
YKBNK TI EQUITY YTD % CHANGE - Average Volume 3 Month 23'934'960
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
10'031.9 9'890.8 9'783.5 11'127.5 13'101.8 11'127.5 13'101.8 7'777.8 8'589.3 1'984.0 1'840.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'261.4 1'542.9 2'248.0 2'284.7 2'087.7 2'284.7 2'087.7 2'376.5 2'699.7 - -
6.55x 9.24x 9.40x 5.12x 10.83x 5.12x 10.83x 10.13x 8.78x - -
EBITDA - Long-Term Rating Date 22.02.2010
EBIT - Long-Term Rating BB
Operating Margin 34.10% Long-Term Outlook STABLE
Pretax Margin 34.32% Short-Term Rating Date 27.05.2004
Return on Assets 1.68% Short-Term Rating B
Return on Common Equity 14.63%
Return on Capital 5.11% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 171.6%
Net Income Margin 26.3% Total Debt/Capital 63.1%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 3.27
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 20.85% Inventory Days -
Tot Debt to Common Equity 171.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Yapi ve Kredi Bankasi ASPrice/Volume
Valuation Analysis
26'278'959.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
.
0
1
2
3
4
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
4'!' 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
-'!''
-2!''
.'!''
.2!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KOC FINANCIAL SERVIC n/a Research 3'555'712'396 81.8 - 08.01.2013 Unclassified
DODGE & COX Multiple Portfolios MF-AGG 133'779'068 3.08 - 29.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 28'212'029 0.65 (167'975) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'754'342 0.55 (184'875) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 15'438'880 0.36 - 31.07.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 8'671'900 0.2 1'826'200 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'861'497 0.13 470'000 31.01.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 5'767'425 0.13 - 31.05.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'237'053 0.1 (899) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 4'168'671 0.1 - 31.01.2013 Unclassified
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 4'085'000 0.09 977'500 28.09.2012 Mutual Fund Manager
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 3'392'028 0.08 - 30.06.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'701'691 0.06 (1'755'675) 31.12.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 2'660'000 0.06 67'000 31.01.2013 Mutual Fund Manager
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 2'596'894 0.06 - 28.02.2013 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 2'529'425 0.06 2'529'425 30.11.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 1'976'000 0.05 (38'000) 03.09.2012 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'722'000 0.04 322'000 31.01.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'459'978 0.03 - 31.01.2013 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 1'453'400 0.03 (85'200) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley MAGDALENA STOKLOSA Overwt/In-Line 5 M 5 12 month 27.03.2013
FinansInvest MUGE DAGISTAN underperform 1 M 5 12 month 27.03.2013
Seker Securities NESLIHAN KARAGOZ outperform 5 M 8 12 month 27.03.2013
Burgan Securities NERGIS KASABALI buy 5 M 7 12 month 27.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 26.03.2013
Barclays CRISTINA MARZEA equalweight 3 M 6 Not Provided 25.03.2013
BGC Partners CAGDAS DOGAN hold 3 M 6 12 month 19.03.2013
HSBC TAMER SENGUN neutral 3 M 6 Not Provided 12.03.2013
Societe Generale ALAN WEBBORN buy 5 M 6 12 month 06.03.2013
Goldman Sachs DMITRY TREMBOVOLSKY Sell/Neutral 1 M 4 12 month 26.02.2013
Eczacibasi Securities SERCAN SOYLU market perform 3 M 7 Not Provided 18.02.2013
Oyak Securities ALPAY DINCKOC market perform 3 U 6 Not Provided 15.02.2013
BNP Paribas Equity Research SADRETTIN BAGCI buy 5 M 6 12 month 15.02.2013
Yatirim Finansman Securities ZUMRUT CAN outperform 5 M 7 12 month 14.02.2013
Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS buy 5 M 6 12 month 13.02.2013
Keefe, Bruyette & Woods EKATERINA ISAEVA outperform 5 M 6 12 month 12.02.2013
VTB Capital AKIN TUZUN hold 3 U 6 12 month 05.02.2013
ATA Invest DERYA GUZEL outperform 5 M 7 12 month 29.01.2013
Ak Investment HAKAN AYGUN market perform 3 M 6 12 month 29.01.2013
Ekspres Invest CIHAN SARAOGLU buy 5 U 6 Not Provided 29.01.2013
Credit Suisse ATES BULDUR outperform 5 M 6 Not Provided 25.01.2013
Renaissance Capital YAVUZ UZAY hold 3 M 5 Not Provided 21.01.2013
Global Menkul Degerler SEVGI ONUR buy 5 M 7 Not Provided 21.01.2013
Deutsche Bank KAZIM ANDAC buy 5 M 6 12 month 16.01.2013
IS Investment & Securities BULENT SENGONUL outperform 5 M 7 Not Provided 18.12.2012
Garanti Yatirim Menkul Kiymetler RECEP DEMIR outperform 5 M 6 Not Provided 17.12.2012
Erste Bank SEVDA SARP accumulate 4 M 6 12 month 10.12.2012
Tera Stock Brokers HASAN DEMIR neutral 3 D 5 Not Provided 19.10.2012
JPMorgan PAUL FORMANKO overweight 5 M 6 9 month 16.10.2012
Equita SIM SpA GIOVANNI RAZZOLI hold 3 M 4 12 month 03.08.2012
Holdings By:
Yapi ve Kredi Bankasi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Zorlu Enerji Elektrik Uretim AS is an electrical utility. The Company operates
co-generation and duel-fuel natural gas and liquid fuel fired plants to generate
electricity and steam.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.03.2013) 1.57
52-Week Low (31.05.2012) 1.00
Daily Volume
1.56
52-Week High % Change -0.64% Dividend Yield -
52-Week Low % Change 56.00% Beta 0.88
% 52 Week Price Range High/Low 89.47% Equity Float -
Shares Out 30.06.2012 500.0 Short Int -
780.00 1 Yr Total Return 4.07%
Total Debt 2'097.50 YTD Return 35.65%
Preferred Stock 0.0 Adjusted BETA 0.881
Minority Interest 3.1 Analyst Recs 9
Cash and Equivalents 182.08 Consensus Rating 3.111
Enterprise Value 2'691.79
Average Volume 5 Day 12'095'340
ZOREN TI EQUITY YTD Change - Average Volume 30 Day 6'931'900
ZOREN TI EQUITY YTD % CHANGE - Average Volume 3 Month 9'916'691
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
667.0 547.4 434.0 444.9 525.2 444.9 525.2 822.7 928.6 - -
3.06x 4.07x 4.96x 5.26x - 20.51x 9.18x 2.87x 2.84x - -
92.4 133.9 48.9 18.6 - 18.6 107.5 167.1 197.8 - -
22.08x 16.62x 44.05x 126.02x - 126.02x 0.00x 16.11x 13.61x - -
(336.3) 97.9 (66.7) (407.4) 589.2 (407.4) 589.2 (22.7) 26.5 - -
- 6.50x - - 0.98x 0.00x 1.02x - - - -
EBITDA 18.55 Long-Term Rating Date -
EBIT -50.47 Long-Term Rating -
Operating Margin -11.34% Long-Term Outlook -
Pretax Margin -102.24% Short-Term Rating Date -
Return on Assets -4.92% Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 0.12
Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -1.10
Net Debt/EBITDA 15.84
Gross Margin 2.4% Total Debt/EBITDA 16.88
EBITDA Margin 21.4%
EBIT Margin -11.7% Total Debt/Equity -
Net Income Margin 112.2% Total Debt/Capital 106.7%
Asset Turnover 0.18
Current Ratio 0.64 Net Fixed Asset Turnover 0.23
Quick Ratio 0.23 Accounts receivable turnover-days 36.14
Debt to Assets 61.52% Inventory Days 3.54
Tot Debt to Common Equity - Accounts Payable Turnover Day 202.82
Accounts Receivable Turnover 10.13 Cash Conversion Cycle -145.11
Inventory Turnover 103.37
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Zorlu Enerji Elektrik Uretim ASPrice/Volume
Valuation Analysis
13'247'156.00
Current Price (3/dd/yy) Market Data
'''-----..
i -. S -. i -. e -. e -. S -. m -. l -. j -. U -. e -0 a -0 i -0!' 9
-'!' 9
.'!' 9
0'!' 9
1'!' 9
2'!' 9
3'!' 9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
.!''
1!''
3!''
5!''
-'!''
-.!''
'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ZORLU HOLDING AS n/a Research 115'897'744 23.18 - 11.12.2009 Holding Company
KORTEKS MENSUCAT AS n/a Research 49'425'110 9.89 - 11.12.2009 Corporation
ZORLU DIS TICARET n/a Research 11'593'105 2.32 - 11.12.2009 Corporation
BLACKROCK n/a ULT-AGG 1'956'308 0.39 - 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'702'656 0.34 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 993'721 0.2 136'782 31.12.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 624'600 0.12 - 31.01.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 299'054 0.06 - 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 34'289 0.01 - 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG - 0 - 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FinansInvest KORAY PAMIR neutral 3 M 2 12 month 27.03.2013
Seker Securities BURAK DEMIRBILEK outperform 5 M 2 12 month 27.03.2013
Oyak Securities UYGAR GEZER outperform 5 U 2 12 month 20.02.2013
BNP Paribas Equity Research KENAN COSGUNER reduce 2 M 1 12 month 29.01.2013
Ekspres Invest SELIM KUNTER hold 3 M 2 Not Provided 22.01.2013
Global Menkul Degerler SERCAN UZUN sell 1 M 2 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Garanti Yatirim Menkul Kiymetler KERIM GOKOZ not rated #N/A N/A M #N/A N/A Not Provided 04.01.2013
IS Investment & Securities ASLI OZATA KUMBARACI outperform 5 M 2 Not Provided 03.01.2013
HSBC LEVENT BAYAR neutral 3 M 1 Not Provided 07.12.2012
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 13.03.2012
BGC Partners ZEYNEP KARAMAN hold 3 M 2 12 month 06.01.2012
ATA Invest ERMAN TUTUNCUOGLU Under Review #N/A N/A M #N/A N/A Not Provided 23.12.2011
Holdings By:
Zorlu Enerji Elektrik Uretim AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Top Related