Wood and Company - Haci Omer Sabanci Holding A.S. (SAHOL) WOOD Flash â€“ Sabanci Holding: coverage under review

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Wood and Company

Research Team

WOOD Flash â€“ Sabanci Holding: coverage under review

We have decided to put our coverage of Sabanci Holding under review, effective immediately. We caution against using the forecasts, ratings and price target guidance issued previously on the stock.

06/02/2020 4 EN

Underlying

Haci Omer Sabanci Holding A.S.

Hace Omer Sabanci Holding is the holding company of Sabanci Group. Co. is organized under seven strategic business units: Banking, Tire, Tire Reinforcement Materials and Automotive, Retail, Cement, Energy, and Insurance. Co.'s other activities consists of tourism facilities management, information technology and telecommunication services, and tobacco production and distribution. Co. operates in 18 countries and exports products to Europe, the Middle East, Asia, North Africa, North and South America. Co. has partnerships with international companies such as Ageas, Aviva, Bridgestone, Carrefour, Citigroup, Dia, Heidelberg Cement, International Paper, Philip Morris and Verbund.

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TRASAHOL91Q5 Istanbul Stock Exchange Turkey

Provider

Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

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Analysts

Research Team

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Including Sabanci Holding to our model portfolio, while removing Turkish Airlines: We are including Sabanci Holding to our model portfolio, while removing Turkish Airlines. Sabanci Holding: We are including Sabanci Holding to our model portfolio. Sabanci shares have underperformed the BIST-100 by 7% and one of its main valuation components (40.75% stake in Akbank, 31% of CNAV) by 20% YTD, with its discount to CNAV deteriorating by c. 6 pps to 43% vs. the respective YTD, three- and 10-year averages of 38%, 55% and 50%. Shares are trading at FY23E/24E P/Es of 3.1x/2.5x (vs a 10-year median of ...

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Sabanci Holding - NAV Update & 2Q Results Review

12-month TP up by 35%, to TL72.3/share; maintain Buy: We are increasing our 12M TP for Sabanci Holding (Sabanci) by 35%, to TL72.3/share, implying 21% potential upside on a 12-month horizon. The TP revision is primarily based on 1) incorporation of an updated macro deck; 2) a lower discount to Sabanci’s target NAV (TNAV) by 5pps, to 25%, considering the improved risk perception regarding Turkey related to the rapid improvement in Turkey’s CDs; 3) updated valuation and estimates for Enerjisa , and 4) valuation update for Sabanci’s unlisted subsidiaries. Sabanci is trading at a spot discount of ...

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Haci Omer Sabanci Holding A.S.: 1 director

A director at Haci Omer Sabanci Holding A.S. bought 5,225,000 shares at 44.755TRY and the significance rating of the trade was 97/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules....

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March 3, 2023 March 3, 2023 1 EN

WOOD Daily: CZ Banks; ALARABIA AB; GEV CP; EME Macro/Strategy Weekly; CAR PW

HEADLINES: • Czech banks: special sector levy headlines continue to flow NEGATIVE • Al Arabia Outdoor Advertising: 1Q24 interim financial results POSITIVE • GEVORKYAN: 1Q24 – strong set of results, with EBITDA up 24% yoy, 17% above our estimate POSITIVE • EME Macro/Strategy: macro all-in-one (13-19 May) • Inter Cars: 25% yoy 1Q24E EBITDA decline, on top line and FX-related gross margin weakness (due on 22 May) • Short News (DAT, OTE)

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Alessio Chiesa ... (+2)

Alessio Chiesa
Raffaella Tenconi

EME Macro/Strategy: macro all-in-one (13-19 May)

Last week's macro news flow in our region was driven by Georgia: despite the widespread protests, parliament passed the contentious "foreign agent" law, followed by the presidential veto over the weekend, which is likely to be overruled by Georgian Dream, the ruling party. Romania's GDP growth presented mixed signals, with a modest uptick in the adjusted annual growth, but a slowdown in unadjusted terms, suggesting cautious optimism for future rate cuts by the NBR. Poland's economic growth decelerated slightly, affected by weak consumer spending, although our projections remain positive. The i...

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Peter Palovic

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WOOD Flash – GEVORKYAN: 1Q24 – strong set of results, with EBITDA up 24% yoy, 17% above our estimate

On 15 May, GEVORKYAN reported better-than-expected results, with EBITDA of EUR 7.3m (+24% yoy), a 17% beat vs. our estimate of EUR 6.2m. The revenues were up by 31% yoy, at EUR 24.2m, a 10% beat vs. our expectations. Management has reiterated its guidance for 2024E but, if the 2Q24E results are above the company’s plan, it could upgrade its guidance. In 1Q24, GEVORKYAN delivered an EBITDA margin of 30%, 2ppts higher than we anticipated. For 2024E, we are more conservative on the operating profitability and we expect a 28% EBITDA margin, while the company is guiding for 30%. If delivered succes...

May 17, 2024 May 17, 2024 1 EN

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