reports
- Erol Danis
- Koray Pamir
Model Portfolio Update
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 aver...
- Koray Pamir
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 , an...
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 la...
- Koray Pamir
Sabanci Holding
Increasing 12M TP up by 30% to TRY40.90/sh, Maintain Buy: We are increasing our 12M TP for Sabanci Holding (“Sabanci”) by 30% to TRY40.90/sh, implying 22% potential upside. The upward TP revision is primarily driven by post 3Q TP updates for various subsidiaries, with changes in Akbank and Enerjisa Enerji Dagitim accounting for c.50% and c.10% of the change in Sabanci’s target price; with the remainder led primarily marking to market the valuation of the listed subsidiaries not under our cover...
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on August 26th, 2022; • KCHOL NAV discount has been 38%, 24 ppt below its 5Y median discount of 14%. KCHOL trades at 34% discount to its listed assets. • SAHOL NAV discount has been 30%, 6 ppt above its 5Y median discount of 36%. SAHOL trades at 11% discount to its listed assets. • AGHOL NAV discount has been 41%, 10 ppt below 3Y median discount of 31%. AGHOL trades at 44% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on August 12th, 2022; ·KCHOL NAV discount has been 39%, 25 ppt below its 5Y median discount of 14%. KCHOL trades at 36% discount to its listed assets. ·SAHOL NAV discount has been 21%, 15 ppt above its 5Y median discount of 36%. SAHOL trades at 6% discount to its listed assets. ·AGHOL NAV discount has been 29%, only 1 ppt above 3Y median discount of 30%. AGHOL trades at 35% discount to its listed assets.
- Koray Pamir
Sabanci Holding
Increasing 12M TP by 30% to TRY31.50/sh, implying 33% upside potential: We are increasing our 12M TP for Sabanci Holding (“Sabanci”) by 30% to TRY31.50/sh, implying 33% potential upside. The upward TP revision is primarily driven by a mechanical NAV update, incorporating updated macro estimates and the updated TPs for subsidiaries (particularly Enerjisa Uretim). We continue to apply a 30% holding discount to Sabanci’s target NAV (“TNAV”) vs. its spot discount of 34% and its five-year average dis...
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on August 5th, 2022; • KCHOL NAV discount has been 39%, 25 ppt below its 5Y median discount of 14%. KCHOL trades at 35% discount to its listed assets. • SAHOL NAV discount has been 25%, 11 ppt above its 5Y median discount of 36%. SAHOL trades at 11% discount to its listed assets. • AGHOL NAV discount has been 26%, 4 ppt above 3Y median discount of 30%. AGHOL trades at 32% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on July 29th, 2022; ·KCHOL NAV discount has been 40%, 26 ppt below its 5Y median discount of 14%. KCHOL trades at 37% discount to its listed assets. ·SAHOL NAV discount has been 29%, 7 ppt above its 5Y median discount of 36%. SAHOL trades at 14% discount to its listed assets. ·AGHOL NAV discount has been 31%, 1 ppt below 3Y median discount of 30%. AGHOL trades at 38% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on July 22nd, 2022; • KCHOL NAV discount has been 38%, 24 ppt below its 5Y median discount of 14%. KCHOL trades at 34% discount to its listed assets. • SAHOL NAV discount has been 28%, 8 ppt above its 5Y median discount of 36%. SAHOL trades at 13% discount to its listed assets. • AGHOL NAV discount has been 27%, 3 ppt above 3Y median discount of 30%. AGHOL trades at 35% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on June 24th, 2022; • KCHOL NAV discount has been 34%, 20 ppt below its 5Y median discount of 14%. KCHOL trades at 30% discount to its listed assets. • SAHOL NAV discount has been 35%, 5 ppt above its 5Y median discount of 40%. SAHOL trades at 12% discount to its listed assets. • AGHOL NAV discount has been 24%, 7 ppt below 3Y median discount of 31%. AGHOL trades at 35% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on June 17th, 2022; • KCHOL NAV discount has been 36%, 23 ppt below its 5Y median discount of 13%. KCHOL trades at 32% discount to its listed assets. • SAHOL NAV discount has been 38%, 2 ppt above its 5Y median discount of 40%. SAHOL trades at 17% discount to its listed assets. • AGHOL NAV discount has been 28% 3 ppt below 3Y median discount of 31%. AGHOL trades at 38% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on June 10th, 2022; • KCHOL NAV discount has been 37%, 24 ppt below its 5Y median discount of 13%. KCHOL trades at 33% discount to its listed assets. • SAHOL NAV discount has been 38%, 1 ppt above its 5Y median discount of 39%. SAHOL trades at 16% discount to its listed assets. • AGHOL NAV discount has been 32% 1 ppt below 3Y median discount of 31%. AGHOL trades at 42% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on June 3rd, 2022; • KCHOL NAV discount has been 35%, 22 ppt below its 5Y median discount of 13%. KCHOL trades at 31% discount to its listed assets. • SAHOL NAV discount has been 35%, 4 ppt above its 5Y median discount of 39%. SAHOL trades at 12% discount to its listed assets. • AGHOL NAV discount has been 34% 3 ppt below 3Y median discount of 31%. AGHOL trades at 44% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on May 27th, 2022; • KCHOL NAV discount has been 33%, 20 ppt below its 5Y median discount of 13%. KCHOL trades at 29% discount to its listed assets. • SAHOL NAV discount has been 31%, 8 ppt above its 5Y median discount of 39%. SAHOL trades at 5% discount to its listed assets. • AGHOL NAV discount has been 37%, 6 ppt below 3Y median discount of 31%. AGHOL trades at 46% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on May 20th, 2022; ·KCHOL NAV discount has been 32%, 19 ppt below its 5Y median discount of 13%. KCHOL trades at 28% discount to its listed assets. ·SAHOL NAV discount has been 31%, 8 ppt above its 5Y median discount of 39%. SAHOL trades at 6% discount to its listed assets. ·AGHOL NAV discount has been 36% 5 ppt below 3Y median discount of 31%. AGHOL trades at 46% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on May 13th, 2022; • KCHOL NAV discount has been 33%, 20 ppt below its 5Y median discount of 13%. KCHOL trades at 29% discount to its listed assets. • SAHOL NAV discount has been 34%, 5 ppt above its 5Y median discount of 39%. SAHOL trades at 10% discount to its listed assets. • AGHOL NAV discount has been 32% 1 ppt below 3Y median discount of 31%. AGHOL trades at 42% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on May 6th, 2022; • KCHOL NAV discount has been 34%, 21 ppt below its 5Y median discount of 13%. KCHOL trades at 30% discount to its listed assets. • SAHOL NAV discount has been 35%, 4 ppt above its 5Y median discount of 39%. SAHOL trades at 12% discount to its listed assets. • AGHOL NAV discount has been 30% 2 ppt above 3Y median discount of 32%. AGHOL trades at 40% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on April 22nd, 2022; • KCHOL NAV discount has been 35%, 22 ppt below its 5Y median discount of 13%. KCHOL trades at 31% discount to its listed assets. • SAHOL NAV discount has been 34%, 6 ppt above its 5Y median discount of 40%. SAHOL trades at 11% discount to its listed assets. • AGHOL NAV discount has been 30% 2 ppt below 3Y median discount of 32%. AGHOL trades at 41% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on April 8th, 2022; • KCHOL NAV discount has been 30%, 17 ppt below its 5Y median discount of 13%. KCHOL trades at 26% discount to its listed assets. • SAHOL NAV discount has been 36%, 3 ppt above its 5Y median discount of 39%. SAHOL trades at 14% discount to its listed assets. • AGHOL NAV discount has been 32% same as its 3Y median discount of 32%. AGHOL trades at 42% discount to its listed assets.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.