EREGLI DEMIR VE ÇELIK FABRIKALARI T.A.S.

Financials Eregli Demir ve Çelik Fabrikalari T.A.S.

Equities

EREGL

TRAEREGL91G3

Iron & Steel

Market Closed - Borsa Istanbul Other stock markets 16:09:58 31/05/2024 BST			5-day change	1st Jan Change
47.94 ^TRY	-2.04%		-2.99%	+16.93%

05-10	Transcript : Eregli Demir ve Çelik Fabrikalari T.A.S., Q1 2024 Earnings Call, May 10, 2024
05-09	Eregli Demir ve Çelik Fabrikalari T.A.S. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,640	52,255	98,560	144,410	143,500	167,790	-	-
Enterprise Value (EV) ¹	28,650	45,311	92,047	158,804	143,500	245,943	262,556	268,421
P/E ratio	9.54 x	15.8 x	6.35 x	8.02 x	34.4 x	9.79 x	6.73 x	5.09 x
Yield	2.54%	12.4%	15.8%	-	-	6.56%	9.71%	12.7%
Capitalization / Revenue	1.15 x	1.63 x	1.44 x	1.13 x	0.97 x	0.72 x	0.6 x	0.57 x
EV / Revenue	1.04 x	1.41 x	1.35 x	1.24 x	0.97 x	1.06 x	0.94 x	0.91 x
EV / EBITDA	5.17 x	6.8 x	3.48 x	5.96 x	9.21 x	6.56 x	4.95 x	4.45 x
EV / FCF	3.7 x	8.76 x	12.8 x	14.7 x	-	-23.4 x	85.2 x	30.6 x
FCF Yield	27%	11.4%	7.84%	6.82%	-	-4.28%	1.17%	3.27%
Price to Book	1.04 x	1.31 x	1.2 x	-	-	0.7 x	0.69 x	0.55 x
Nbr of stocks (in thousands)	3,500,000	3,500,000	3,500,000	3,500,000	3,500,000	3,500,000	-	-
Reference price ²	9.040	14.93	28.16	41.26	41.00	47.94	47.94	47.94
Announcement Date	12/02/20	11/02/21	10/02/22	03/03/23	22/02/24	-	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,465	32,048	68,227	127,783	147,900	232,303	280,166	294,104
EBITDA ¹	5,537	6,665	26,468	26,655	15,573	37,465	53,056	60,281
EBIT ¹	4,388	5,140	24,416	23,161	10,201	29,395	42,677	49,408
Operating Margin	15.98%	16.04%	35.79%	18.13%	6.9%	12.65%	15.23%	16.8%
Earnings before Tax (EBT) ¹	5,067	5,658	23,917	22,112	8,837	24,055	37,430	49,815
Net income ¹	3,317	3,309	15,527	18,005	4,033	17,109	27,322	35,758
Net margin	12.08%	10.33%	22.76%	14.09%	2.73%	7.37%	9.75%	12.16%
EPS ²	0.9476	0.9455	4.436	5.144	1.192	4.898	7.122	9.420
Free Cash Flow ¹	7,748	5,171	7,219	10,837	-	-10,528	3,082	8,767
FCF margin	28.21%	16.13%	10.58%	8.48%	-	-4.53%	1.1%	2.98%
FCF Conversion (EBITDA)	139.93%	77.58%	27.27%	40.66%	-	-	5.81%	14.54%
FCF Conversion (Net income)	233.63%	156.26%	46.49%	60.19%	-	-	11.28%	24.52%
Dividend per Share ²	0.2300	1.850	4.450	-	-	3.145	4.653	6.104
Announcement Date	12/02/20	11/02/21	10/02/22	03/03/23	22/02/24	-	-	-

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	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	25,167	29,204	34,609	36,723	27,248	26,274	37,346	37,390	46,889	49,748	53,660	51,513	54,443	55,303	55,433
EBITDA ¹	9,579	9,764	10,851	5,365	674.4	1,389	3,823	5,228	5,132	7,517	7,318	7,913	9,299	10,377	10,199
EBIT ¹	8,853	8,982	9,965	4,391	-177.4	379.1	2,530	3,914	3,377	5,528	5,218	5,737	7,031	8,018	7,797
Operating Margin	35.18%	30.76%	28.79%	11.96%	-0.65%	1.44%	6.77%	10.47%	7.2%	11.11%	9.72%	11.14%	12.91%	14.5%	14.07%
Earnings before Tax (EBT) ¹	-	8,762	-	-	-737.6	-	1,260	4,926	2,665	6,363	2,795	3,134	4,308	6,301	5,937
Net income ¹	4,723	5,626	6,639	2,565	3,175	90.31	-3,999	41.37	7,901	5,601	1,874	2,102	2,889	4,225	3,981
Net margin	18.77%	19.26%	19.18%	6.98%	11.65%	0.34%	-10.71%	0.11%	16.85%	11.26%	3.49%	4.08%	5.31%	7.64%	7.18%
EPS ²	1.350	1.607	1.897	0.7328	0.9071	0.0258	-1.143	0.0118	2.298	1.666	0.5580	0.6250	0.8590	1.257	1.185
Dividend per Share ²	4.450	-	-	-	-	-	-	-	-	-	-	-	1.437	-	-
Announcement Date	10/02/22	27/04/22	09/08/22	26/10/22	03/03/23	02/05/23	09/08/23	26/10/23	22/02/24	09/05/24	-	-	-	-	-

¹TRY in Million²TRY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	14,394	-	78,153	94,766	100,631
Net Cash position ¹	2,990	6,944	6,513	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.54 x	-	2.086 x	1.786 x	1.669 x
Free Cash Flow ¹	7,748	5,171	7,219	10,837	-	-10,528	3,082	8,767
ROE (net income / shareholders' equity)	11.3%	9.44%	25.4%	-	-	8.82%	10.9%	10.3%
ROA (Net income/ Total Assets)	7.5%	6.32%	16.8%	-	-	5.4%	5.73%	7%
Assets ¹	44,227	52,333	92,218	-	-	316,836	476,543	510,835
Book Value Per Share ²	8.660	11.40	23.50	-	-	68.60	69.00	87.20
Cash Flow per Share ²	2.070	2.090	1.630	-	-	1.150	10.80	-
Capex ¹	1,408	2,145	3,862	11,388	-	34,892	24,690	25,825
Capex / Sales	5.13%	6.69%	5.66%	8.91%	-	15.02%	8.81%	8.78%
Announcement Date	12/02/20	11/02/21	10/02/22	03/03/23	22/02/24	-	-	-

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 Eregli Demir ve Çelik Fabrikalari T.A.S.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

47.94 TRY

Average target price

52.77 TRY

Spread / Average Target

+10.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Iron, Steel Mills & Foundries

	1st Jan change	Capi.
EREGLI DEMIR VE ÇELIK FABRIKALARI T.A.S.	+16.93%	5.21B
JSW STEEL LIMITED	+0.12%	25.69B
BAOSHAN IRON & STEEL CO., LTD.	+16.36%	20.68B
JINDAL STEEL & POWER LIMITED	+37.43%	12.35B
CHINA STEEL CORPORATION	-12.04%	11.14B
CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD	+7.48%	10.52B
INNER MONGOLIA BAOTOU STEEL UNION CO., LTD.	+5.48%	9.66B
BHARAT FORGE LIMITED	+25.53%	8.68B
TERNIUM S.A.	+1.67%	8.48B
JINDAL STAINLESS LIMITED	+38.70%	7.83B

Iron, Steel Mills & Foundries