BEYAZ FILO OTO KIRALAMA

Financials Beyaz Filo Oto Kiralama

Equities

BEYAZ

TREBFOK00014

Corporate Financial Services

Market Closed - Borsa Istanbul Other stock markets 08:39:46 14/05/2024 pm IST			5-day change	1st Jan Change
27.64 ^TRY	-9.61%		+9.08%	+41.60%

15/03	Beyaz Filo Oto Kiralama A.S. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Beyaz Filo Oto Kiralama A.S. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	272.1	315	1,015	873.3	1,837	1,946
Enterprise Value (EV) ¹	276.4	381.1	1,006	832.2	1,832	1,677
P/E ratio	293 x	21.8 x	26.9 x	22.9 x	20.8 x	25 x
Yield	-	-	0.89%	1.94%	1.67%	-
Capitalization / Revenue	0.45 x	0.41 x	0.78 x	0.59 x	0.62 x	0.19 x
EV / Revenue	0.45 x	0.49 x	0.77 x	0.57 x	0.61 x	0.16 x
EV / EBITDA	23.9 x	15.6 x	20.8 x	22.6 x	22.7 x	5.7 x
EV / FCF	3.59 x	-4.04 x	15.2 x	24.7 x	-25.4 x	5.67 x
FCF Yield	27.8%	-24.8%	6.58%	4.05%	-3.94%	17.6%
Price to Book	2.54 x	2.62 x	6.55 x	4.4 x	5.93 x	2.86 x
Nbr of stocks (in thousands)	99,688	99,688	99,688	99,688	99,688	99,688
Reference price ²	2.730	3.160	10.18	8.760	18.43	19.52
Announcement Date	04/03/19	02/03/20	19/02/21	01/03/22	20/02/23	15/03/24

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	610.2	775.6	1,300	1,471	2,979	10,431
EBITDA ¹	11.55	24.36	48.31	36.87	80.84	294.3
EBIT ¹	9.299	21.78	47.44	35.75	77.55	280.4
Operating Margin	1.52%	2.81%	3.65%	2.43%	2.6%	2.69%
Earnings before Tax (EBT) ¹	1.052	18.62	47.8	51.14	94.94	131.5
Net income ¹	0.9299	14.47	37.75	38.05	88.24	77.9
Net margin	0.15%	1.87%	2.9%	2.59%	2.96%	0.75%
EPS ²	0.009328	0.1451	0.3790	0.3820	0.8850	0.7810
Free Cash Flow ¹	76.96	-94.38	66.2	33.72	-72.09	295.5
FCF margin	12.61%	-12.17%	5.09%	2.29%	-2.42%	2.83%
FCF Conversion (EBITDA)	666.05%	-	137.03%	91.45%	-	100.42%
FCF Conversion (Net income)	8,275.87%	-	175.38%	88.61%	-	379.39%
Dividend per Share	-	-	0.0903	0.1700	0.3082	-
Announcement Date	04/03/19	02/03/20	19/02/21	01/03/22	20/02/23	15/03/24

¹TRY in Million²TRY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	4.21	66.1	-	-	-	-
Net Cash position ¹	-	-	8.55	41.1	5.59	269
Leverage (Debt/EBITDA)	0.364 x	2.714 x	-	-	-	-
Free Cash Flow ¹	77	-94.4	66.2	33.7	-72.1	296
ROE (net income / shareholders' equity)	0.87%	12.7%	27.4%	21.5%	34.7%	12%
ROA (Net income/ Total Assets)	2.58%	5.88%	8.5%	5.31%	5.26%	7.87%
Assets ¹	36.06	246.1	443.9	717.3	1,677	989.7
Book Value Per Share ²	1.080	1.210	1.550	1.990	3.110	6.830
Cash Flow per Share ²	0.1300	0.4800	0.6600	0.6000	2.200	5.020
Capex ¹	1.22	3.72	16.4	25.7	18.4	21.2
Capex / Sales	0.2%	0.48%	1.26%	1.75%	0.62%	0.2%
Announcement Date	04/03/19	02/03/20	19/02/21	01/03/22	20/02/23	15/03/24

¹TRY in Million²TRY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Commercial Leasing

	1st Jan change	Capi.
BEYAZ FILO OTO KIRALAMA	+41.60%	9.46Cr
INDIAN RAILWAY FINANCE CORPORATION LIMITED	+58.33%	2.28TCr
BOC AVIATION LIMITED	+4.02%	568.54Cr
GATX CORPORATION	+13.43%	481.18Cr
TOKYO CENTURY CORPORATION	-2.26%	469.89Cr
QNB FINANS FINANSAL KIRALAMA	+39.67%	452.04Cr
CHINA DEVELOPMENT BANK FINANCIAL LEASING CO., LTD.	+74.10%	396.47Cr
FUYO GENERAL LEASE CO., LTD.	+3.14%	249.16Cr
MIZUHO LEASING COMPANY, LIMITED	+13.84%	171.83Cr
GENERTEC UNIVERSAL MEDICAL GROUP COMPANY LIMITED	+12.69%	124.45Cr

Commercial Leasing

Stock Market
Equities
BEYAZ Stock
Financials Beyaz Filo Oto Kiralama

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