Financials Vakif Gayrimenkul Yatirim Ortakligi

Equities

VKGYO

TRAVKGYO91Q3

Commercial REITs

Delayed Borsa Istanbul 05:18:44 2024-07-03 am EDT 5-day change 1st Jan Change
2.03 TRY +2.01% Intraday chart for Vakif Gayrimenkul Yatirim Ortakligi -0.49% +12.15%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 447.7 568.1 1,665 1,600 7,271 5,339
Enterprise Value (EV) 1 680.6 902.8 1,240 1,073 6,510 4,556
P/E ratio 11 x 5.91 x 12 x 2.63 x 3.12 x 3.52 x
Yield - - - - - -
Capitalization / Revenue 2.35 x 25.9 x 21.4 x 16.1 x 2.86 x 5.53 x
EV / Revenue 3.57 x 41.2 x 16 x 10.8 x 2.56 x 4.72 x
EV / EBITDA 21.2 x -330 x -435 x 123 x 12.8 x -28.5 x
EV / FCF -17.8 x 73.6 x 2.23 x -5.84 x 28.8 x -1.81 x
FCF Yield -5.6% 1.36% 44.8% -17.1% 3.47% -55.1%
Price to Book 0.46 x 0.53 x 0.48 x 0.66 x 1.52 x 0.5 x
Nbr of stocks (in thousands) 491,670 491,670 983,339 1,966,678 1,966,678 2,950,000
Reference price 2 0.9107 1.155 1.693 0.8136 3.697 1.810
Announcement Date 2/25/19 2/17/20 2/12/21 2/9/22 2/21/23 5/9/24
1TRY in Million2TRY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 190.9 21.93 77.71 99.1 2,545 965.3
EBITDA 1 32.16 -2.74 -2.852 8.729 508.8 -159.9
EBIT 1 31.87 -3.177 -2.965 8.188 507.9 -163.7
Operating Margin 16.7% -14.49% -3.81% 8.26% 19.95% -16.96%
Earnings before Tax (EBT) 1 40.76 96.15 118.6 474.7 2,332 1,336
Net income 1 40.76 96.15 118.6 474.7 2,332 1,336
Net margin 21.35% 438.43% 152.6% 479.01% 91.63% 138.37%
EPS 2 0.0829 0.1956 0.1411 0.3094 1.186 0.5144
Free Cash Flow 1 -38.14 12.27 555.9 -183.7 225.9 -2,511
FCF margin -19.98% 55.93% 715.33% -185.38% 8.88% -260.13%
FCF Conversion (EBITDA) - - - - 44.41% -
FCF Conversion (Net income) - 12.76% 468.76% - 9.69% -
Dividend per Share - - - - - -
Announcement Date 2/25/19 2/17/20 2/12/21 2/9/22 2/21/23 5/9/24
1TRY in Million2TRY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 233 335 - - - -
Net Cash position 1 - - 425 527 761 784
Leverage (Debt/EBITDA) 7.24 x -122.2 x - - - -
Free Cash Flow 1 -38.1 12.3 556 -184 226 -2,511
ROE (net income / shareholders' equity) 4.24% 9.47% 9.46% 24.4% 64.7% 13.7%
ROA (Net income/ Total Assets) 1.4% -0.11% -0.08% 0.14% 5.61% -0.75%
Assets 1 2,913 -84,344 -150,881 350,323 41,595 -178,409
Book Value Per Share 2 2.000 2.160 3.500 1.240 2.430 3.660
Cash Flow per Share 2 0.2900 0 1.990 0.4300 0.4400 0.3000
Capex 1 0.06 0.01 0.08 0.11 0.73 5.99
Capex / Sales 0.03% 0.04% 0.1% 0.11% 0.03% 0.62%
Announcement Date 2/25/19 2/17/20 2/12/21 2/9/22 2/21/23 5/9/24
1TRY in Million2TRY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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