Turkey - AGHOL - A Major Consumer Play With Deep Discount
We are initiating our coverage on Anadolu Grubu Holding with a BUY rating and a target price of TL38.5/share. Anadolu Grubu Holding, established in 1950, is generating value through its consumer oriented strategy and substantial FMCG portfolio. Anadolu Grubu is trading at 37% discount to its NAV (vs 38% 3Y historical average), which is unfair considering the high share of listed assets, a defensive asset portfolio and the sharp drop in leverage on the back of strong FCF generation in recent years. We expect this discount to narrow going forward. Furthermore, the stock trades at 4.0x 2021E EV/EBITDA multiple with 52% discount to its 3-year historical EV/EBITDA multiple of 8.5x.Yazicilar Holding is a holding company. Co., through its subsidiaries, operates in four segments: automotive; financial service; retailing; and other. Co.'s automotive segment offers passenger vehicles, commercial vehicles, generators, and spare and component parts. Co.'s financial services segment including banking, leasing, brokerage, and investment banker services. The Retailing segment offers stationery, chain restaurant management, food, information technologies and tourism. Co.'s other segment is engaged in trade, asset management and energy.
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