Financials Ford Otomotiv Sanayi

Equities

FROTO

TRAOTOSN91H6

Auto & Truck Manufacturers

Market Closed - Borsa Istanbul 16:09:57 19/04/2024 BST 5-day change 1st Jan Change
1,120 TRY +0.27% Intraday chart for Ford Otomotiv Sanayi -3.70% +51.45%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 24,862 44,215 83,552 184,052 259,498 393,019 - -
Enterprise Value (EV) 1 27,867 44,171 88,435 211,856 259,498 489,137 466,889 393,019
P/E ratio 12.7 x 10.5 x 9.49 x 9.89 x 5.29 x 6.26 x 6.34 x 3.35 x
Yield 4.4% 5.1% 5.46% 3.8% - 6.87% 8.99% -
Capitalization / Revenue 0.63 x 0.89 x 1.18 x 1.07 x 0.63 x 0.61 x 0.52 x 0.42 x
EV / Revenue 0.71 x 0.89 x 1.24 x 1.23 x 0.63 x 0.75 x 0.62 x 0.42 x
EV / EBITDA 8.32 x 8.36 x 9.34 x 10.7 x 6.08 x 8.96 x 6.56 x 4.14 x
EV / FCF 15.8 x 6.63 x 14 x 43.1 x - 19.1 x 13 x 4.47 x
FCF Yield 6.34% 15.1% 7.13% 2.32% - 5.25% 7.66% 22.4%
Price to Book 5.33 x 6.28 x 8.23 x 8.6 x - 7.42 x 5.37 x -
Nbr of stocks (in thousands) 350,910 350,910 350,910 350,910 350,910 350,910 - -
Reference price 2 70.85 126.0 238.1 524.5 739.5 1,120 1,120 1,120
Announcement Date 11/02/20 10/02/21 15/02/22 08/02/23 05/03/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 39,209 49,451 71,101 171,797 411,906 649,608 754,919 943,760
EBITDA 1 3,350 5,283 9,464 19,727 42,710 54,593 71,190 94,894
EBIT 1 2,574 4,367 8,410 17,832 36,646 52,070 65,568 83,942
Operating Margin 6.56% 8.83% 11.83% 10.38% 8.9% 8.02% 8.69% 8.89%
Earnings before Tax (EBT) 1 1,950 4,108 8,687 15,623 47,428 63,479 66,800 119,941
Net income 1 1,959 4,195 8,801 18,614 49,056 62,761 61,304 117,420
Net margin 5% 8.48% 12.38% 10.83% 11.91% 9.66% 8.12% 12.44%
EPS 2 5.580 11.95 25.08 53.04 139.8 178.8 176.6 334.6
Free Cash Flow 1 1,768 6,667 6,308 4,910 - 25,671 35,783 87,980
FCF margin 4.51% 13.48% 8.87% 2.86% - 3.95% 4.74% 9.32%
FCF Conversion (EBITDA) 52.78% 126.18% 66.65% 24.89% - 47.02% 50.26% 92.71%
FCF Conversion (Net income) 90.23% 158.93% 71.67% 26.38% - 40.9% 58.37% 74.93%
Dividend per Share 2 3.120 6.420 13.00 19.95 - 77.00 100.7 -
Announcement Date 11/02/20 10/02/21 15/02/22 08/02/23 05/03/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4
Net sales 1 18,871 25,444 27,876 32,854 45,657 60,939 66,302 73,553 86,106 185,945
EBITDA 1 2,036 4,358 2,971 4,149 5,001 7,754 6,715 8,449 11,253 16,294
EBIT 1,774 4,076 2,677 3,859 4,334 7,110 6,080 7,788 - -
Operating Margin 9.4% 16.02% 9.6% 11.75% 9.49% 11.67% 9.17% 10.59% - -
Earnings before Tax (EBT) - - - - 4,695 - 5,160 7,302 11,059 -
Net income 1 1,892 4,090 2,802 3,704 4,711 8,292 5,353 6,727 13,014 23,962
Net margin 10.03% 16.08% 10.05% 11.27% 10.32% 13.61% 8.07% 9.15% 15.11% 12.89%
EPS 5.390 11.66 - - - - 15.25 19.17 - -
Dividend per Share - - - - - - - - - -
Announcement Date 27/10/21 15/02/22 27/04/22 28/07/22 02/11/22 08/02/23 27/04/23 27/07/23 25/10/23 05/03/24
1TRY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,005 - 4,883 27,804 - 96,118 73,870 -
Net Cash position 1 - 43.2 - - - - - -
Leverage (Debt/EBITDA) 0.8971 x - 0.516 x 1.409 x - 1.761 x 1.038 x -
Free Cash Flow 1 1,768 6,667 6,308 4,910 - 25,671 35,783 87,980
ROE (net income / shareholders' equity) 45.8% 59.6% 102% 118% - 56.3% 92.8% 53.3%
ROA (Net income/ Total Assets) 13.2% 20.6% 26.2% 26.8% - 23.4% 20.4% 19%
Assets 1 14,795 20,377 33,571 69,423 - 268,209 300,781 618,000
Book Value Per Share 2 13.30 20.10 28.90 61.00 - 151.0 209.0 -
Cash Flow per Share 2 8.570 21.10 24.80 54.50 - 206.0 210.0 390.0
Capex 1 1,240 724 2,395 14,219 - 33,123 31,542 12,886
Capex / Sales 3.16% 1.46% 3.37% 8.28% - 5.1% 4.18% 1.37%
Announcement Date 11/02/20 10/02/21 15/02/22 08/02/23 05/03/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
1,120 TRY
Average target price
1,212 TRY
Spread / Average Target
+8.17%
Consensus
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