Financials Vestel Beyaz Esya Sanayi ve Ticaret

Equities

VESBE

TREVEST00017

Appliances, Tools & Housewares

Market Closed - Borsa Istanbul Other stock markets 16:09:55 26/04/2024 BST			5-day change	1st Jan Change
21.82 ^TRY	+1.21%		-0.37%	+36.38%

04-06	Vestel Beyaz Esya Sanayi ve Ticaret A.S. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Vestel Beyaz Esya Sanayi ve Ticaret A.S. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Capitalization ¹	4,104	7,767	12,608	22,048	34,912	-	-
Enterprise Value (EV) ¹	4,104	9,198	13,830	22,048	34,912	34,912	34,912
P/E ratio	7.22 x	5.83 x	2.33 x	15.5 x	5.06 x	4.81 x	-
Yield	-	3.5%	5.58%	-	9.72%	10.2%	-
Capitalization / Revenue	0.59 x	0.83 x	0.78 x	0.7 x	0.47 x	0.37 x	0.28 x
EV / Revenue	0.59 x	0.83 x	0.78 x	0.7 x	0.47 x	0.37 x	0.28 x
EV / EBITDA	4.78 x	4.25 x	5.07 x	7.6 x	3.12 x	2.45 x	1.72 x
EV / FCF	12.8 x	143 x	17 x	-19 x	8.13 x	8.36 x	-
FCF Yield	7.79%	0.7%	5.88%	-5.27%	12.3%	12%	-
Price to Book	2.27 x	-	2.58 x	3.49 x	2.17 x	1.71 x	-
Nbr of stocks (in thousands)	1,600,000	1,600,000	1,600,000	1,600,000	1,600,000	-	-
Reference price ²	2.565	4.854	7.880	13.78	21.82	21.82	21.82
Announcement Date	11/02/20	15/02/21	28/02/22	17/02/23	-	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Net sales ¹	6,968	9,409	16,178	31,387	73,585	94,618	126,885
EBITDA ¹	858.7	1,829	2,488	2,900	11,176	14,255	20,295
EBIT ¹	601.2	1,529	2,104	2,389	9,242	10,164	-
Operating Margin	8.63%	16.24%	13%	7.61%	12.56%	10.74%	-
Earnings before Tax (EBT) ¹	564.6	1,332	1,217	1,101	6,543	7,049	-
Net income ¹	568.1	1,331	1,519	1,424	6,972	7,261	-
Net margin	8.15%	14.15%	9.39%	4.54%	9.47%	7.67%	-
EPS ²	0.3551	0.8324	3.380	0.8900	4.310	4.540	-
Free Cash Flow ¹	319.9	54.29	741.2	-1,161	4,294	4,176	-
FCF margin	4.59%	0.58%	4.58%	-3.7%	5.83%	4.41%	-
FCF Conversion (EBITDA)	37.25%	2.97%	29.79%	-	38.42%	29.3%	-
FCF Conversion (Net income)	56.31%	4.08%	48.81%	-	61.58%	57.51%	-
Dividend per Share ²	-	0.1700	0.4400	-	2.120	2.220	-
Announcement Date	11/02/20	15/02/21	28/02/22	17/02/23	-	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2022 Q2	2022 Q3	2023 Q1
Net sales ¹	3,923	-	8,226	9,788
EBITDA ¹	395.8	-	291.1	707.6
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-
Net income ¹	278	693	173.5	414.8
Net margin	7.09%	-	2.11%	4.24%
EPS	-	0.4300	-	-
Dividend per Share	-	-	-	-
Announcement Date	20/10/21	05/08/22	31/10/22	02/05/23

¹TRY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2024	2025	2026
Net Debt	-	1,431	1,222	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.7826 x	0.4911 x	-	-	-	-
Free Cash Flow ¹	320	54.3	741	-1,161	4,294	4,176	-
ROE (net income / shareholders' equity)	31.4%	51.5%	36.8%	25.4%	60.3%	54.3%	-
ROA (Net income/ Total Assets)	11.8%	20.2%	13.5%	7.17%	19%	19.8%	-
Assets ¹	4,834	6,607	11,210	19,860	36,630	36,765	-
Book Value Per Share ²	1.130	-	3.060	3.950	10.00	12.80	-
Cash Flow per Share ²	0.3900	-	3.060	1.280	4.990	5.320	-
Capex ¹	298	520	634	3,202	2,769	3,468	3,914
Capex / Sales	4.27%	5.53%	3.92%	10.2%	3.76%	3.66%	3.08%
Announcement Date	11/02/20	15/02/21	28/02/22	17/02/23	-	-	-

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 Vestel Beyaz Esya Sanayi ve Ticaret

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

21.82 TRY

Average target price

29.2 TRY

Spread / Average Target

+33.81%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Household Appliances

	1st Jan change	Capi.
VESTEL BEYAZ ESYA SANAYI VE TICARET	+36.38%	1.08B
GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI	+22.79%	28.64B
BEIJING ROBOROCK TECHNOLOGY CO., LTD.	+35.11%	6.93B
HISENSE HOME APPLIANCES GROUP CO., LTD.	+81.37%	6.43B
WHIRLPOOL CORPORATION	-22.31%	5.17B
ECOVACS ROBOTICS CO., LTD.	+0.22%	3.3B
ARÇELIK ANONIM SIRKETI	+30.89%	3.14B
RINNAI CORPORATION	+2.91%	3.06B
SHANGHAI FLYCO ELECTRICAL APPLIANCE CO., LTD.	-0.02%	3.04B
HANGZHOU ROBAM APPLIANCES CO., LTD.	+4.27%	2.96B

Household Appliances