Stock MGROS MIGROS TICARET
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Financials Migros Ticaret

Equities

MGROS

TREMGTI00012

Food Retail & Distribution

Market Closed - Borsa Istanbul
Other stock markets
 11:09:51 2024-06-07 am EDT 		5-day change 1st Jan Change
492.5 TRY -1.20% Intraday chart for Migros Ticaret +3.63% +47.01%
May. 23 Migros Ticaret A.S. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
May. 22 Colendi announced that it has received $65 million in funding from Citi Ventures, Inc., Finberg, Migros Ticaret A.S., Re-Pie Portfoy Yonetimi A.S., Hedef Holding A.S and other investors CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,385 7,749 6,869 26,524 60,653 89,169 - -
Enterprise Value (EV) 1 9,558 11,285 9,317 25,913 58,106 71,876 68,189 63,945
P/E ratio -8.9 x -19.3 x 19.2 x 10.3 x 6.87 x 7.73 x 8.33 x 5.07 x
Yield - - - - - 3.6% 3.61% 7.03%
Capitalization / Revenue 0.19 x 0.27 x 0.19 x 0.36 x 0.33 x 0.38 x 0.28 x 0.23 x
EV / Revenue 0.41 x 0.39 x 0.26 x 0.35 x 0.32 x 0.3 x 0.21 x 0.17 x
EV / EBITDA 4.49 x 5.07 x 2.82 x 4.34 x 18 x 8.53 x 3.08 x 3.15 x
EV / FCF 5.24 x 4.54 x 3.83 x 4.49 x 7.68 x 4.02 x 5.25 x 3.05 x
FCF Yield 19.1% 22% 26.1% 22.3% 13% 24.9% 19.1% 32.7%
Price to Book 13.7 x 249 x 12.8 x 6.56 x 1.68 x 8.51 x 4.65 x -
Nbr of stocks (in thousands) 181,054 181,054 181,054 181,054 181,054 181,054 - -
Reference price 2 24.22 42.80 37.94 146.5 335.0 492.5 492.5 492.5
Announcement Date 3/2/20 3/1/21 3/1/22 2/28/23 3/18/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 23,191 28,790 36,272 74,502 181,674 236,509 323,685 381,636
EBITDA 1 2,127 2,224 3,300 5,968 3,221 8,422 22,152 20,329
EBIT 1 1,321 1,381 2,393 4,790 -2,980 6,349 11,769 9,577
Operating Margin 5.7% 4.8% 6.6% 6.43% -1.64% 2.68% 3.64% 2.51%
Earnings before Tax (EBT) 1 -467.5 -220.7 225.5 1,908 10,792 13,184 13,135 20,263
Net income 1 -492.1 -403 358.9 2,570 8,829 7,727 10,316 13,384
Net margin -2.12% -1.4% 0.99% 3.45% 4.86% 3.27% 3.19% 3.51%
EPS 2 -2.720 -2.220 1.980 14.20 48.76 63.68 59.12 97.10
Free Cash Flow 1 1,824 2,483 2,435 5,778 7,570 17,898 12,999 20,935
FCF margin 7.87% 8.63% 6.71% 7.75% 4.17% 7.57% 4.02% 5.49%
FCF Conversion (EBITDA) 85.75% 111.66% 73.78% 96.81% 235.02% 212.5% 58.68% 102.98%
FCF Conversion (Net income) - - 678.44% 224.78% 85.75% 231.63% 126% 156.42%
Dividend per Share 2 - - - - - 17.73 17.78 34.64
Announcement Date 3/2/20 3/1/21 3/1/22 2/28/23 3/18/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1
Net sales 1 10,351 12,271 15,963 25,921 24,448 27,183 32,951 41,722 79,818 52,406
EBITDA 1 1,151 868.4 1,123 1,735 1,551 1,776 2,183 3,036 -3,774 653.5
EBIT 911.6 341.5 843.9 - - - - - - -
Operating Margin 8.81% 2.78% 5.29% - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - -
Net income 1 -8.35 82.21 444.2 367.2 1,164 560 1,500 2,174 4,595 1,242
Net margin -0.08% 0.67% 2.78% 1.42% 4.76% 2.06% 4.55% 5.21% 5.76% 2.37%
EPS -0.0400 0.4500 2.430 2.020 - - - - - -
Dividend per Share - - - - - - - - - -
Announcement Date 3/1/22 5/9/22 8/9/22 11/3/22 2/28/23 5/3/23 8/2/23 11/2/23 3/18/24 5/23/24
1TRY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 5,173 3,536 2,447 - - - - -
Net Cash position 1 - - - 611 2,547 17,293 20,981 25,224
Leverage (Debt/EBITDA) 2.432 x 1.59 x 0.7416 x - - - - -
Free Cash Flow 1 1,824 2,483 2,435 5,778 7,570 17,898 12,999 20,935
ROE (net income / shareholders' equity) -103% -210% 127% 110% 27.8% 54.8% 55.5% 45.8%
ROA (Net income/ Total Assets) -3.88% -2.76% 2.14% 9.43% 10.2% 7.27% 8.43% 7.9%
Assets 1 12,673 14,598 16,739 27,262 86,872 106,235 122,431 169,418
Book Value Per Share 2 1.770 0.1700 2.960 22.30 199.0 57.90 106.0 -
Cash Flow per Share 2 12.00 16.70 18.80 44.40 77.20 130.0 154.0 -
Capex 1 341 539 969 2,262 6,408 9,883 9,823 13,506
Capex / Sales 1.47% 1.87% 2.67% 3.04% 3.53% 4.18% 3.03% 3.54%
Announcement Date 3/2/20 3/1/21 3/1/22 2/28/23 3/18/24 - - -
1TRY in Million2TRY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Migros Ticaret

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
492.5 TRY
Average target price
564.5 TRY
Spread / Average Target
+14.61%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

1st Jan change Capi.
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Supermarkets & Convenience Stores
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