reports
Moody's Ratings downgrades Erdemir's national scale rating to A3.tr
Moody's Ratings (Moody's) has today downgraded to A3.tr from A1.tr the national scale long-term corporate family rating (NSR) of Eregli Demir ve Celik Fabrikalari T.A.S. (Erdemir). The company's B2 global scale long-term corporate family rating, B2-PD probability of default rating, B2 senior unsecur...
Moody's Ratings downgrades Erdemir's national scale rating to A3.tr
Moody's Ratings (Moody's) has today downgraded to A3.tr from A1.tr the national scale long-term corporate family rating (NSR) of Eregli Demir ve Celik Fabrikalari T.A.S. (Erdemir). The company's B2 global scale long-term corporate family rating, B2-PD probability of default rating, B2 senior unsecur...
- Koray Pamir
- Zekai Unal
Erdemir - Reserved view on steel ops; gauging upside on gold mining po...
Conservative view on steel operations mainly due to weak FCF outlook, placing gold mining prospect into perspective, maintain Hold: We have updated our valuation (blended target 6.0x FY25E–FY26E EV/EBITDA (net debt adjusted)) and estimates for Erdemir, raising our 12M target price by 6% to TL30.1/share. This revision primarily reflects updated macro assumptions including FX and steel price forecasts. Our 12M TP implies a 26% upside potential yet remains below the 54% average upside across our no...
Moody's Ratings affirms Erdemir's B3 ratings; positve outlook
Moody's Ratings ("Moody's") has today affirmed Eregli Demir ve Celik Fabrikalari T.A.S.'s (Erdemir) long-term corporate family rating (CFR) of B3, probability of default rating (PDR) of B3-PD, and national scale long-term corporate family rating of A3.tr. We have also assigned a B3 instrument rating...
Moody's Ratings affirms Erdemir's B3 ratings; positve outlook
Moody's Ratings ("Moody's") has today affirmed Eregli Demir ve Celik Fabrikalari T.A.S.'s (Erdemir) long-term corporate family rating (CFR) of B3, probably of default rating (PDR) of B3-PD, and national scale long-term corporate family rating of A3.tr. We have also assigned a B3 instrument rating to...
- Koray Pamir
Erdemir
Revising estimates, Maintain Hold: We have updated our estimates for Erdemir and increased our 12M TP by 2%, to TL53.6/share, mainly led by the update of our macro assumptions, implying a 27% upside potential (vs. 28% upside potential of our coverage). Thus, we reiterate our Hold rating for the shares (downgraded from Buy on January 2022, underperformed the BIST-100 by 64% since). Regarding near term outlook, we are constructive of improvement in Erdemir’s sales volume in FY24 (estimate of 13% y...
- Research Team
Coverage discontinued (AEFES TI, AYGAZ TI, ENJSA TI, EREGL TI, TKFEN T...
Due to a change in analyst responsibilities, we are discontinuing our coverage of Anadolu Efes, Aygaz, Enerjisa Enerji, Erdemir, Tekfen Holding and Vestel Beyaz with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks.
- Koray Pamir
Erdemir
We have revised down our 12M TP for Erdemir by 8%, to TL40.0/share, mainly due to slightly lower EBITDA/tonne assumptions, implying 10% downside potential. Thus, we reiterate our Hold rating. We believe the following factors should prohibit a sustained outperformance in the near term 1) the recent strength in the share performance, particularly following the earthquakes, with a 7% outperformance over the past month and 13% YTD, increasing the share price performance gap vs. peers, 2) Potentially...
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