Financials Aygaz

Equities

AYGAZ

TRAAYGAZ91E0

Oil & Gas Refining and Marketing

Market Closed - Borsa Istanbul Other stock markets 08:39:28 26/04/2024 pm IST			5-day change	1st Jan Change
181.2 ^TRY	0.00%		+1.06%	+34.22%

05/03	Aygaz A.S. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Aygaz A.S. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	3,852	4,395	6,732	21,013	29,673	39,828	-
Enterprise Value (EV) ¹	4,434	4,999	7,591	21,013	28,519	39,332	38,965
P/E ratio	14.1 x	-177 x	10 x	5.52 x	4.98 x	8.97 x	8.43 x
Yield	3.89%	3.41%	2.23%	-	-	1.93%	-
Capitalization / Revenue	0.38 x	0.43 x	0.42 x	0.56 x	0.46 x	0.53 x	0.46 x
EV / Revenue	0.43 x	0.49 x	0.48 x	0.56 x	0.44 x	0.52 x	0.45 x
EV / EBITDA	9.32 x	12 x	10.8 x	39.1 x	24.5 x	21.3 x	17 x
EV / FCF	8.75 x	19.6 x	124 x	-	7.15 x	23.2 x	18 x
FCF Yield	11.4%	5.1%	0.81%	-	14%	4.31%	5.57%
Price to Book	1.55 x	1.9 x	2.5 x	-	-	3.03 x	2.74 x
Nbr of stocks (in thousands)	2,19,801	2,19,801	2,19,801	2,19,801	2,19,801	2,19,801	-
Reference price ²	17.52	20.00	30.63	95.60	135.0	181.2	181.2
Announcement Date	12/02/20	11/02/21	16/02/22	08/02/23	04/03/24	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	10,211	10,145	15,893	37,507	64,835	75,316	86,902
EBITDA ¹	475.8	416.5	705.4	537.5	1,165	1,846	2,297
EBIT ¹	364.8	288.3	418	342.6	349.6	1,493	2,000
Operating Margin	3.57%	2.84%	2.63%	0.91%	0.54%	1.98%	2.3%
Earnings before Tax (EBT) ¹	305.6	31.04	697.3	4,498	5,466	4,902	5,288
Net income ¹	273.5	-24.89	670.1	4,733	5,954	4,435	4,732
Net margin	2.68%	-0.25%	4.22%	12.62%	9.18%	5.89%	5.45%
EPS ²	1.244	-0.1132	3.049	17.32	27.09	20.21	21.50
Free Cash Flow ¹	506.9	254.9	61.15	-	3,987	1,696	2,171
FCF margin	4.96%	2.51%	0.38%	-	6.15%	2.25%	2.5%
FCF Conversion (EBITDA)	106.52%	61.22%	8.67%	-	342.17%	91.88%	94.49%
FCF Conversion (Net income)	185.34%	-	9.13%	-	66.96%	38.23%	45.87%
Dividend per Share ²	0.6824	0.6824	0.6824	-	-	3.500	-
Announcement Date	12/02/20	11/02/21	16/02/22	08/02/23	04/03/24	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	4,768	5,723	6,413	9,557	10,522	11,016	12,434	9,715	14,280	28,405
EBITDA ¹	241.1	256.3	182.7	60.45	268.9	25.35	38.2	326	627.2	173.7
EBIT	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income ¹	336.4	149.4	200.9	1,049	1,538	1,901	687.3	724.4	2,422	2,120
Net margin	7.05%	2.61%	3.13%	10.97%	14.62%	17.25%	5.53%	7.46%	16.96%	7.46%
EPS	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	04/11/21	16/02/22	09/05/22	15/08/22	03/11/22	08/02/23	28/04/23	31/07/23	25/10/23	04/03/24

¹TRY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	582	604	859	-	-	-	-
Net Cash position ¹	-	-	-	-	1,154	496	863
Leverage (Debt/EBITDA)	1.224 x	1.449 x	1.218 x	-	-	-	-
Free Cash Flow ¹	507	255	61.2	-	3,987	1,696	2,171
ROE (net income / shareholders' equity)	11%	-1.04%	26.7%	-	17.8%	34.1%	29.1%
ROA (Net income/ Total Assets)	-	-0.48%	9.76%	-	12.9%	18.4%	12.2%
Assets ¹	-	5,174	6,864	-	45,980	24,105	38,787
Book Value Per Share ²	11.30	10.50	12.30	-	-	59.80	66.10
Cash Flow per Share ²	2.630	1.260	1.070	-0.5500	21.60	13.30	14.70
Capex ¹	70.9	22.7	174	-	771	655	803
Capex / Sales	0.69%	0.22%	1.09%	-	1.19%	0.87%	0.92%
Announcement Date	12/02/20	11/02/21	16/02/22	08/02/23	04/03/24	-	-

¹TRY in Million²TRY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Aygaz

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

181.2 TRY

Average target price

191.8 TRY

Spread / Average Target

+5.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

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