
Originally Posted by
akcay
tofasa 280 liralık rapor çıkmış bilginize...
Sailing to new horizons with the acquisition of Stellantis Turkey
operations
We have revised our PT for TOASO shares to TL280.0/share from previous TL158.75/
share primarily on incorporating acquisition of Stellantis distribution company in Turkey
to our valuation, downward revisions in our cap-ex assumptions on new projects,
reflecting 4Q22 financials, updated macro assumptions and international peers’
multiples. We reiterate our BUY recommendation for TOASO shares, considering hefty
upside potential 45%. We believe that leadership in domestic auto market with a
market share over 30% driven by merger, created synergies reducing costs in domestic
operations, improved competitive advantage in domestic market, new generation
vehicle projects to enhance CUR in the mid-term, potential new projects offering
products to newly added brands will be value creative for TOASO in the medium term.
The stock trades premium with its 2023E EV/EBITDA of 7.6x and P/E of 10.5x with
respect to its global peers’ median multiples of 4.9x and 7.3x, but trades almost at par
to its 5 yr historic multiples of 7.7x and 10.0, respectively.
sabah seans acılmadan atmıstım umarım faydalanmışsınızdır...
Yatırım tavsiyesi değildir.
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