Tansaş Market Report

17.10.2000 - 00:00 | Son Güncelleme :
Tansas upgraded to OUTPERFORM due to aggressive growth targets and cheap valuation Tansas, one of the leading food retailers in Turkey, has been growing
aggressively after its acquisition by Dogus Group in 1999. Number of
stores reached 171 in 1H2000 through new store openings and acquisitions,
generating USD 247 mn in sales.

Tansas management set 2000 year-end revenue target at USD 650 mn on 210
stores and 170,000 sqm net sales area. Revenues are targeted to more than double to USD 1.4-1.5 bn in 2001, approaching those of Turkey`s largest retail chain Migros.

However, Tansas` profits are expected to stay in red in the next 1-2 years
due to high operational and financial expenses due to heavy investments in
store openings and acquisitions. Furthermore, Tansas` indebtedness has
risen substantially as Dogus refrained from injecting additional capital
into the Company, apparently due to outgoing legal uncertainty. However,
Dogus has finally decided to inject fresh capital into Tansas.
Tansas announced IAS consolidated financial statements in 1H2000.
Company`s 95% subsidiary Tansas Tarim (fresh vegetable and fruit) and 90%
subsidiary Tarim Gida (bakery products) are consolidated in the below
figures:
Sales USD 247 mn
Loss from operations USD 4 mn
Net LossUSD 4.7 mn
The legal problem continues, but Dogus management expects Commercial Court to decide in its favor
Tansas` sale to Dogus Group was challenged by the ex-mayor of Izmir
Municipality, who accused current Municipality management for not meeting
certain procedures while making sales decision. Ex-mayor`s application was
accepted by Izmir Administrative Court and the Tansas` sale to Dogus was
cancelled.
The case is taken to Commercial Court, which Dogus management believes
will decide in its favor as it acted in good faith during the acquisition.
Dogus Group will inject USD 10 mn into Tansas by participating in its 400%
upcoming rights issue, which we think shows its confidence that the sale
contract will be upheld by the Commercial Court. Tansas will collect USD
18 mn in this rights issue, which it plans to use in financing its
investments.
Tansas trades at undervalued multiples
Despite above-mentioned aggressive growth targets, which we find quite
reachable, Tansas shares declined by 65% in USD terms since its
yearly-peak on Jan 19th, 2000, underperforming the ISE-100 index by 42%,
due mainly to legal problems regarding its sale to Dogus Group.
Tansas trades at an EV/Sales of 0.66 on our forecast 2000 revenues of USD
600 mn and offers an upside potential of 58% to a target market cap of USD
540 mn.
We think the possibility of an adverse court decision regarding the sale
has been priced in too strongly. We upgrade Tansas to OUTPERFORM due to
cheap valuation, strong growth prospects and the increasing possibility of
Dogus retaining ownership.

Bu haberi okuyanlar bunları da okudu
 
KAPANIŞLAR (BIST)
BUGÜN 1000 TL NE OLDU?
1.001 TL        
BORSA
1.002 TL        
DOLAR
999 TL        
EURO
1.002 TL        
ALTIN
 
bigpara

Copyright © 2024 Tüm hakları saklıdır.
Hürriyet Gazetecilik Matbaacılık A.Ş.

YASAL UYARI:
Piyasa verileri Foreks Bilgi İletişim Hizmetleri A.Ş. tarafından sağlanmaktadır. Üye girişi yapılan Canlı Borsa sayfaları haricinde Hisse senedi verileri 15 dk gecikmelidir. Tahvil-Bono-Repo özet verileri her durumda 15 dk gecikmelidir.

Burada yer alan yatırım bilgi, yorum ve tavsiyeleri yatırım danışmanlığı kapsamında değildir. Yatırım danışmanlığı hizmeti; aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı sözleşmesi çerçevesinde sunulmaktadır. Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanların kişisel görüşlerine dayanmaktadır. Bu görüşler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir. Bu nedenle, sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir. Bununla beraber gerek site üzerindeki, gerekse site için kullanılan kaynaklardaki hata ve eksikliklerden ve sitedeki bilgilerin kullanılması sonucunda yatırımcıların uğrayabilecekleri doğrudan ve/veya dolaylı zararlardan, kar yoksunluğundan, manevi zararlardan ve üçüncü kişilerin uğrayabileceği zararlardan dolayı Hürriyet Gazetecilik ve Matbaacılık A.Ş hiçbir şekilde sorumlu tutulamaz.

BIST isim ve logosu "Koruma Marka Belgesi" altında korunmakta olup izinsiz kullanılamaz, iktibas edilemez, değiştirilemez.

BIST ismi altında açıklanan tüm bilgilerin telif hakları tamamen BIST'e ait olup, tekrar yayınlanamaz.