reports
- Erol Danis
- Koray Pamir
Model Portfolio Update
Recently upgraded to Buy following tangible underperformance & continued cash deployment in potentially value accretive ventures: In our recent note, we have upgraded Alarko to a Buy (from Hold) and increased our 12M TP for Alarko Holding up by 9% to TL164/s, led by: 1) the incorporation of an updated macro deck; 2) rolling our valuation metrics to FY24E from FY23E; 3) the update of valuations and estimates for unlisted subsidiaries; and 4) the incorporation of the valuation of Alarko’s agricult...
Alarko Holding: 1 director
A director at Alarko Holding sold 4,350,000 shares at 112.000TRY and the significance rating of the trade was 69/100. 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 clea...
- Koray Pamir
Alarko Holding
Upgrade to Buy following tangible underperformance and continued cash deployment in potentially value accretive ventures: We downgraded the shares to a Hold on 22 August 2023 following a 33% outperformance vs. the BIST-100 in the preceding three months. The shares have underperformed the BIST-100 by 33% and declined by 25% in USD since. We now revise up our 12M TP by 9% to TL164/s, led by: 1) the incorporation of an updated macro deck; 2) rolling our valuation metrics to FY24E from FY23E; 3) the...
- Koray Pamir
Alarko Holding
12M TP raised to TL128/share, downgrade to Hold following strong share performance: We raise our 12-month TP for Alarko Holding (Alarko) by 46%, to TL128/share, while downgrading our rating to Hold from Buy. The TP revision was driven by 1) incorporation of an updated macro deck; 2) rolling our valuation metrics to a blended FY23E and FY24E from FY23E; and 3) updated valuations and estimates for unlisted subsidiaries. Despite a higher TP, the strength of the share price performance and contracte...
- Duygun Kutucu
- Ece Mandaci
- Koray Pamir
Model Portfolio Update
Including Turkiye Sigorta and MLP Care to our model portfolio, while removing Alarko Holding: We are including Turkiye Sigorta and MLP Care to our model portfolio while removing Alarko Holding. Turkiye Sigorta: Turkiye Sigorta is a beneficiary from the rise in deposit rates. The company has TL21bn AUM as of Mar’23 and 41% of this was TL bank deposits. On the other hand, FX long position (excl. technical reserves) was TL3.4bn (USD176m) in 1Q23 and we estimate the company to book a significant FX...
- Duygun Kutucu
- Erol Danis
- Koray Pamir
Model Portfolio Update
Including Alarko Holding to our model portfolio, while removing Akbank: We are including Alarko Holding to our model portfolio while excluding Akbank . Alarko Holding shares have underperformed the BIST-100 by 17% and 33% in USD terms YTD. Following the tangible weakness in the shares, we believe the following factors could offer relative protection against potential volatility in the broader market: 1) Relatively defensive nature of its current NAV given the high weight of electricity generat...
- Koray Pamir
Alarko Holding - Initiation of Coverage
We are initiating coverage of Alarko Holding (“Alarko”) with a Buy rating and a 12M TP of TL12.0/s, implying 40% upside potential. Below are the key highlights of Alarko’s investment case: Shares underperformed the BIST-100 by 23% from its’ peak in March: Following a strong start to 2021, shares have underperformed the BIST-100 by 23% and declined by 28% in TL terms since. We believe the lack of a positive surprise in Alarko’s 2Q results and concerns regarding the 2H21 outlook (FY21 net income g...
- Erdem Kaylı
TURKEY CONGLOMERATES - Alarko Holding: Meeting notes
We met Alarko Holding’s (ALARK TI, Not Rated) management today to discuss their outlook for the company. As the largest revenue generator, Alarko Holding is well positioned in the power generation and distribution segments. With regard to power generation, the company has 1,539MW of total installed capacity, consisting of two hydro (86.6MW), one solar (51MW), one natural gas (82MW) and one imported coal-fired power plant (1,320MW) via Alarko Holding’s 50% subsidiary Cenal. As the cash cow of t...
- Kurthan Atmaca
TURKEY CONGLOMERATES - Alarko Holding: Investor day notes
Alarko Holding (ALARK TI, Not rated) hosted an investor day on 17 October 2019 to share information regarding its business and the financial outlook for its subsidiaries. Key takeaways: Alarko Holding currently has 1,539MW of total installed capacity, consisting of two hydro, one solar, one natural gas and one imported coal power plant. The company has a diversified portfolio with renewable sources, which account for c10% of its total energy capacity. Management plans to expand the company’s re...
- Selim Kunter
Turkey Morning Call - November 7, 2017
> Market comment > Foreigners sell a net $14 mln worth of equities in October > Vakif Bank slightly misses 3Q17 estimates due to lower NII > First unit at Alarko subsidiary Cenal's Karabiga plant comes online > BIM: Operating performance beats estimates > Air passenger traffic expands 12% y-o-y in October
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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