WOOD Flash – Vestel Beyaz: share split – new price target at TRY 8.21/share
Following the CMB’s approval on 8 October, Vestel Beyaz’s earlier announced (board decision dated 20 August 2021) 742.10526% bonus issue, raising the number of outstanding shares from 190m to 1,600m, took place yesterday (25 October), with an adjustment in the stock price to TRY 50.5, from the TRY 6.00 close on 22 October. Therefore, we have adjusted our 12M price target (PT) of TRY 69.1/share for the Vestel Beyaz shares, to TRY 8.21/share, effective as of today. There are no changes in our earnings estimates or valuation for the company.Vestel Beyaz Esya Sanayi ve Ticaret AS (Vestel Beyaz Esya) is a Turkey-based manufacturer of home appliances, including no-frost, double door, and single door, refrigerators; washing machines with different capacities; air conditioners; ovens with different functions, and dishwashers. The Company operates production facilities in Manisa and Turkey. The Company's marketing and sales activities are carried out by two other group companies, Vestel Dayanikli Tuketim Mallari Pazarlama AS and Vestel Dis Ticaret AS. Vestel Beyaz Esya is a subsidiary of Vestel Group. In January 2014, Vestel Elektronik Sanayi ve Ticaret AS, increased its stake in the Company to 92.6%.
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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