Halk REIT. Bloomberg: HLGYO TI OUTPERFORM. Reuters: HLGYO IS. An overlooked REIC with a premium portfolio
|
|
- Marilynn Flowers
- 7 years ago
- Views:
Transcription
1 Equity / Mid Cap. / Real Estate Investment Trust Halk REIT Bloomberg: HLGYO TI Reuters: HLGYO IS An overlooked REIC with a premium portfolio Investment Positives Turkey s third largest listed REIC. In 2012 company generated TL25mn rental income from its buildings, mainly rented to Halk Bank, Turkey s first runner-up state bank. With the completion of the projects at hand, rental revenues are projected to reach TL45mn level in 2014 and further grow to TL268mn in 2017 when Istanbul Finance Centre (IFC) Project is completed. Rental revenues from Halkbank is estimated to account 50% of the total in Istanbul Finance Centre Project predominates company s portfolio. IFC is conceived to be an international finance hub comprising of banks and regulatory bodies such as BRSA and CMB. Halk REIT is developing 239K sqm area in IFC comprising of two office towers to be rented to Halk Bank and three additional buildings to be rented to third parties. The project will be developed on the land with an appraisal value of TL495mn, expected to generate TL210mn annual rental income when completed in The company plans TL650mn investment for the project with 239K sqm leasable space. Project s appraisal value is estimated to be TL2.4bn at the time of completion. Projects to be developed in the near term. In the short term company plans to develop a hotel project, two residential projects and a banking operational centre namely Dedeman Park Levent, Referans Bakirkoy, Eskisehir Odunpazari and Kocaeli Sekerpinar projects. Halk Bank share purchase program to serve as a downside protection. Halk REIT s parent company Halk Bank has launched a share purchase program back in May 2013 and has purchased 2.8% of Halk REIT s share to date. We think continuing share purchases may limit the downside at the stock. Existing building portfolio consists of 22 Halk Bank office building with total appraisal value of TL424mn, accounting for 36% of total NAV. Most valuable ones are located in İstanbul, Ankara and Izmir. Largest operational assets are Istanbul Halkbank Finance Tower, İstanbul Salipazari Building and İstanbul Karaköy Building with TL159mn,TL38mn and TL25mn appraisal values, respectively. Initiating Coverage OUTPERFORM Upside Potential 58% Stock Data TL US$ Price at Month Target Price Mcap (mn) Float Mcap (mn) No. of Shares Outstanding 674 mn Free Float (%) Avg.Daily Volume (3M, mn) Market Data TL BIST ,715 US$ Spot Rate US$ 12-Month Forw ard Price Performance (%) 1 Mn 3 Mn 12 Mn TL -3-6 n.a US$ n.a Relative to BIST n.a Price / Relative Price TL 06/09/2013 * Including dividend yield Relative HLGYO Relative to BIST Week Range (Close TL) Investment Negatives Any inconvenience at the IFC Project is the main downside risk for the company. IFC land accounts for %42 of company s NAV. Depending on macro environment in 2017, occupancy rates and rental incomes from IFC may be lower than forecasted. The fact that 42% of the leasable space at IFC will be rented by Halk Bank limits the risks. Company is not expected to pay dividends until the end of heavy capital expenditures in Emre Sezan, CFA esezan@isyatirim.com.tr Outlook and Valuation At the current Mcap the stock offers 58% upside potential to our 12-month target price of TL1.8/share and trades at 34% discount to its NAV. Please refer to important disclaimer at the end of this report. 1
2 Valuation We have valued Halk REIT through sum of the parts analysis in which we have valued each asset through a separate DCF. Accordingly, we have come up with a target Mcap of TL1,225mn, implying a fruitful 58% upside. We have used a TL based risk free rate of 9%, equity risk premium of 6%, beta of 0.92 and a cost of debt of 10% which yielded a WACC of 13.8%. As REICs are currently exempt from corporate tax, no corporate tax is calculated for the company throughout the forecast horizon. We conservatively assume US$37 (converted at 2.0TL/USD) per month per square rent for IFC Project that is equal to Halkbank Finance Tower s current rate which is located in the same district. Figure 1: Sum of The Parts Revenue Projections (TLmn) Rental Income Istanbul Atasehir Land Kocaeli Sekerpinar Land Dedeman Park Levent Hotel Buildings to rent Total Rental Income Residential Sale Income Referans Bakirkoy Project Eskişehir Odunpazarı Project Total Sale Income Total Income Capex Istanbul Atasehir Land Kocaeli Sekerpinar Land Dedeman Park Levent Hotel Referans Bakirkoy Project Eskişehir Odunpazarı Project Expenses Rental COGS OPEX FCF PV of FCF Terminal Value g 1% TV 2146 PV of TV 760 Net Cash Position (2Q13) 142 Cash 156 Financial Investment 6 ST Debt 3 LT Debt 16 Target Mcap Total PV of FCF 237 PV of TV 760 Net Cash/(Debt) 142 Equity Value 1225 Current Mcap 775 Upside 58% Target Price
3 02/13 Halk REIT NAV Analysis NAV Analysis Halk REIT is currently trading at 34% discount to NAV, while the average discount of top ten biggest REICs is 35%, excluding Emlak REIC is 45%. Figure 2: NAV Peers Comparison (TLmn) NAV Mcap Landbank Projects Buildings Other Assets - Liabilities EKGYO 8,137 6,300-23% 43% 1.5% 35% 71% 2% -8% TRGYO 2,881 1,535-47% 10% 0.4% 16% 44% 65% -26% ISGYO 1, % 5% 0.2% 5% 24% 79% -7% HLGYO 1, % 5% 0.2% 43% 12% 36% 8% SAFGY 1, % 5% 0.2% 0% 112% 7% -20% VKGYO % 5% 0.2% 71% 0% 10% 19% SNGYO 1, % 4% 0.1% 29% 43% 32% -4% AKMGY % 4% 0.1% 0% 0% 99% 1% AKSGY % 3% 0.1% 27% 1% 81% -10% PAGYO % 2% 0.1% 0% 0% 100% 0% Top Ten REICs 19,592 12,654-35% 86% 3.1% Top Ten excl. EKGYO 11,454 6,354-45% 43% 1.6% All REICs 14,774 0% 3.6% BIST ,874 Discount/ Premium Mcap/ Mcap REICs Mcap/ Mcap BIST100 NAV Breakdown -20% Source: Companies, Is Investment Figure 3: NAV Time Series -22% -24% -26% -26% -28% -30% -31% -32% -34% -36% -38% -37% -40% Source: Company, Is Investment As mentioned Halk REIT is currently trading at 34% discount to its NAV. Since the IPO held on the 22 February 2013, the discount to NAV ranged in 26% to 37% averaging at 31%. 3
4 Figure 4: Portfolio Breakdown 39% 47% Lands Projects Buildings 13% Source: Company, Is Investment Land bank, buildings and projects consists of 47%, 39% and 13% of the portfolio respectively. Note that in the NAV calculation lands and projects are recorded at land appraisal value that disregards development profits. Hence the predominance of the lands and projects in the portfolio warrants a narrower discount to NAV compared to other REICs. Halk REIT is similar to Is REIT in terms of business model however weight of Halk REIT landbank is greater compared to Is REIT s therefore HALK REIT deserves narrower discount to NAV (HLGYO: -34%, ISGYO: -57%) Portfolio Highlight Halk REIT currently operates 22 office buildings consisting of Halkbank Branches and HQ, part of IFC and Kocaeli Sekerpinar Project are to be rented to Halkbank. Additionally company develops two residential projects (Eskisehir Odunpazari and Referans Bakirkoy) and a urban hotel project (Dedeman Park Levent). Istanbul Finance Centre (IFC) Project IFC Project which is recorded at land value makes 46% of company portfolio. IFC is conceived to be an international finance hub housing banks and regulatory bodies such as BRSA and CMB. Halk REIT is developing 239K sqm area in IFC comprising of two office towers and three additional buildings to be rented to Halk Bank and third parties. The project will be developed on the TL495mn worth of land and expected to generate TL210mn annual rental income when completed in The company plans TL650mn investment for the project with 239K sqm leasable space. Halk Bank will rent %42 sqm of the total leasable area of 239 sqm. Project s appraisal value is estimated to be TL2.4bn at the completion. Halkbank Finance Tower Halkbank s headquarter with TL159mn appraisal value makes 15% of company s portfolio. Building is located in IFC and has 23 floors, with 13.7K sqm leasable area. Referans Bakirkoy Project Project s appraisal value is TL90.5mn which corresponds to 8% of the portfolio. Company develops 326 units project under revenue sharing model with Biskon Yapı. Company s share is TL90.5mn and project is expected to be completed in 2Q14. Dedeman Park Levent Dedeman Park is urban hotel project with an appraisal value of TL53.8mn (5% of the total portfolio). Halk REIT has signed 10 year lease agreement with Dedeman Group. Project expected to generate c.a. EUR4mn annual rental income when completed in 3Q14. Istanbul Salipazari Building Halbank s second valuable office building, Istanbul Salipazarı Building s latest appraisal value is TL37.6mn corresponding to 3.5% of portfolio. 4
5 Rental Yields Rental Yields Halk REIT 2012 rental yield based on appraisal value is 6.7% versus Is REIT s average rental yield of 7.7% and Is REIT s office buildings yield of %9.8. Figure 5: Rental Yield 9% 8% 7% 8.2% 8.3% 8.3% 8.4% 7.8% 6.7% 6.8% 6.9% 6.6% 6.7% 6% 5% 4% 3% Rental Yield (based on cost) Rent Yield (based on appraisal value) 2% 1% 0% 1Q12 2Q12 3Q12 4Q12 1Q13 Source: Company Figure 6: Rental Yield Comparison Market implied Rental Yield (Rent Income/(Mcap+Cap-ex) 2013T 2014T 2015T 2016T 2017T HLGYO 3.8% 5.0% 5.4% 5.7% 16.6% ISGYO 14.8% 14.9% 15.2% 14.3% 14.7% Source: Is Investment Shareholder Structure Currently Halkbank owns 74.7% of Halk REIT, while the 25% is floated at the BIST. The Company went public in February 2013 at an Mcap of TL894.4mn. Figure 7: Shareholder Structure 25% 0% Halkbank Other Free Float 75% Source: Company 5
6 Financing of the new projects Company has scheduled ca TL775mn capital expenditure for the next four year period. During company is expected to generate ca TL231mn EBITDA to add to TL250mn IPO proceed. Remaining of the cap-ex is expected to be debt financed. Additionally company is expected to bear TL42mn net financial expenses for the four year period. Note that company is not expected to pay dividends until the end of heavy capital expenditures in As the company is planning to determine IFC s rent in TL we have assumed the company to borrow in TL terms and bear 10% interest for the investment. Figure 8: Scheduled Capital Expenditure & Financing 2013E 2014E 2015E 2016E 2017E Istanbul Atasehir Land Kocaeli Sekerpinar Land Dedeman Park Levent Hotel Referans Bakirkoy Project Eskişehir Odunpazarı Project Total Capex Net Cash/ (Debt) Interest Income / (Expenses) Rental Income EBITDA Net Debt/EBITDA -270% -6% 565% 565% 68% Source: Is Investment 6
7 10/06 17/06 21/06 01/07 08/07 12/07 18/07 24/07 30/07 05/08 13/08 19/08 23/08 29/08 05/09 Halk REIT Summary of Key Financials (TL mn) Income Statement (TL mn) 2011A* 2012A* 2013E 2014E 2015E Revenues EBITDA Net income Cash Flow Statement (TL mn) Net Income Depreciation & Amortisation Change in Working Capital 0 (37) (13) 18 (1) Cash Flow from Operations 31 (24) Capital Expenditure Free Cash Flow (467) (140) (58) (72) (260) Balance Sheet (TL mn) Tangible Fixed Assets ,160 Cash & equivalents Total assets ,219 Short-term debt Total Debt Total equity Ratios Net debt/ebitda (x) EBITDA Margin Net Margin Valuation Metrics EV/Sales (x) 26.5x 6.4x 16.6x EV/EBITDA (x) 30.6x 9.6x 19.0x EV/IC (x) 1.1x 0.9x 0.7x P/E (x) 24.5x 8.6x 24.5x FCF yield (%) -7% -9% -34% Dividend yield (%) 0% 0% 0.0% 0.0% 0% *based on average Mcap during the year Company Overview Halk GYO A.Ş., w as established in 2010, that invests in real estates, real estate based rights, real estate projects and capital market instruments. Shareholder Structure 25.0% 0.0% 75.0% Turkiye Halk Bankasi A.S Other Floating Other Foreign Ownership (%) Foreign Share (%) 3M Average This report has been prepared by İş Yatırım Menkul Değerler A.Ş. (İş Investment) solely for the information of clients of İş Investment. Opinions and estimates contained in this material are not under the scope of investment advisory services. Investment advisory services are given according to the investment advisory contract, signed between the intermediary institutions, portfolio management companies, investment banks and the clients. Opinions and recommendations contained in this report reflect the personal views of the analysts who supplied them. The investments discussed or recommended in this report may involve significant risk, may be illiquid and may not be suitable for all investors. Investors must make their decisions based on their specific investment objectives and financial positions and with the assistance of independent advisors, as they believe necessary. The information presented in this report has been obtained from public institutions, such as Istanbul Stock Exchange (ISE), Capital Market Board of Turkey (CMB), Republic of Turkey, Prime Ministry State Institute of Statistics (SIS), Central Bank of the Republic of Turkey (CBT); various media institutions, and other sources believed to be reliable but no independent verification has been made, nor is its accuracy or completeness guaranteed. All information in these pages remains the property of İş Investment and as such may not be disseminated, copied, altered or changed in any way, nor may this information be printed for distribution purposes or forwarded as electronic attachments without the prior written permission of İş Investment. ( This research report can also be accessed by subscribers of Capital IQ, a division of Standard & Poor's. 7
Marti Otel. Martı REIT OUTPERFORM MARKETPERFORM. 01 November 2010. Equity / Small Cap. / Tourism. Upside Potential* 38%
Equity / Small Cap. / Tourism 01 November 2010 Marti Otel Bloomberg: MARTI TI Reuters: MARTI IS Equity / Small Cap. / Real Estate Investment Trust Martı REIT Bloomberg: MRGYO TI REIT IPO unlocks the value
More informationEmlak Konut REIT. Equity / Large Cap. / Real Estate Investment Trust. Bloomberg: EKGYO TI OUTPERFORM. Reuters: EKGYO IS.
Equity / Large Cap. / Real Estate Investment Trust Emlak Konut REIT Bloomberg: EKGYO TI Reuters: EKGYO IS 01/06/2012 Company Report OUTPERFORM Upside Potential* 42% Good entry point for the long term investors
More informationAksa Enerji OUTPERFORM. 07 September 2011. Massive cut in 2011 production target more than priced in... Upside Potential* 80%
Equity / Mid Cap. / Utilities 07 September 2011 Bloomberg: AKSEN TI Massive cut in 2011 production target more than priced in... We have revised our valuation for reflecting the changes in the company
More informationPetkim. MARKETPERFORM (Previous: U.R) Upside Potential 6% Most of the future prospects are priced in. Equity / Mid Cap. / Petroleum and Energy
Equity / Mid Cap. / Petroleum and Energy Petkim Company Update Most of the future prospects are priced in Petrochemical margins improving but demand is weak due to anticipation on further price reduction.
More informationTupras OUTPERFORM (M) 15 February 2010. Strong 2009 results on refining side...
Equity / Large Cap. / Petroleum and Energy 15 February 2010 Bloomberg: TUPRS TI Strong 2009 results on refining side... Reuters: TUPRS IS released its 2009 year end tax purpose financials. The main differences
More informationAk Enerji OUTPERFORM (M) 11 February 2010
Equity / Mid Cap. / Utilities 11 February 2010 Bloomberg: AKENR TI New hydro plants offset the negative impact of lower DUY prices... Revisions in our natural gas price and electricity tariffs estimates
More informationAnadolu Sigorta OUTPERFORM. 08 April 2009. Leading the market with solid premium growth. *Upside Potential 71% Equity / Small Cap. / Insurance.
Equity / Small Cap. / Insurance 08 April 2009 Bloomberg: ANSGR TI Reuters: ANSGR IS Leading the market with solid premium growth Turkish Association of Insurance and Reinsurance Companies (TSRSB) disclosed
More informationTAV Airports Holding. OUTPERFORM (Previous: O.P) Upside Potential 18% Equity / Large Cap. / Airlines&Ground Handling Services 23/09/2014
Equity / Large Cap. / Airlines&Ground Handling Services TAV Airports Holding Company Update Not leaving Istanbul Important strategic move by TAV While investors had been discussing the completion time
More informationBoyner Magazacilik. Bloomberg: BOYNR TI OUTPERFORM. Reuters: BOYNR IS. Full synergies to be seen in 2013. Equity / Mid Cap.
Equity / Mid Cap. / Retail Trade Boyner Magazacilik Bloomberg: BOYNR TI Reuters: BOYNR IS Full synergies to be seen in 2013 OUTPERFORM recommendation is maintained with a revised target price. We are revising
More informationZorlu Enerji. Bloomberg: ZOREN TI OUTPERFORM. Reuters: ZOREN IS. Diversified & Profitable Generation Portfolio. Equity / Mid Cap.
Equity / Mid Cap. / Utilities Zorlu Enerji Bloomberg: ZOREN TI Reuters: ZOREN IS Diversified & Profitable Generation Portfolio We maintain our OUTPERFORM recommendation while revising our price target
More informationAksa Enerji Outperform (Maintained)
01.14 03.14 05.14 07.14 09.14 11.14 01.15 03.15 05.15 May 26, 2015 Outperform (Maintained) Turkey - Equity - Company Update On the verge of a new era s commissioning of the Company s first lignite power
More informationAlarko Holding. Bloomberg: ALARK TI OUTPERFORM. Reuters: ALARK IS. Favorable combination of energy and contracting. Equity / Mid Cap.
Equity / Mid Cap. / Construction Alarko Holding Bloomberg: ALARK TI Reuters: ALARK IS Favorable combination of energy and contracting New contracts to be added to the backlog in 2013. The total backlog
More informationZorlu Enerji. Bloomberg: ZOREN TI OUTPERFORM. Reuters: ZOREN IS. Equity / Mid Cap. / Utilities. Company Update. Upside Potential* 25% 09/04/2013
Equity / Mid Cap. / Utilities Zorlu Enerji Bloomberg: ZOREN TI Reuters: ZOREN IS A new chapter with new assets *excludes dividend yield Better off after the asset swap, OUTPERFORM reiterated. In late Stock
More informationCorporate bond issuance news
Corporate bond issuance news 101 17.03.2014 Corporate bond issuances New applications for corporate bond issuances are as follows: Application to the Capital Markets Board Com pany Type of instrument Nominal
More informationCorporate bond issuance news
Corporate bond issuance news 108 05.05.2014 Corporate bond issuances There were no new applications and no approvals for corporate bond issuances last week: New issuances this week as follows: Notes to
More information2008 2009 2010E 2011E
INDEKS Turkey - Equity - Information Technology 11 January 2011 Current Price / Mcap: TL2.70 / US$96mn INDEKS 11 January 2011 Price Performance (TL) 3.0 2.6 2.2 1.8 1.4 1.0 01.10 02.10 03.10 04.10 05.10
More informationTurk Traktor OUTPERFORM. 23 February 2011. Generous dividends, solid balance sheet. Upside Potential* 20% Equity / Mid Cap. / Automotive & Parts
Equity / Mid Cap. / Automotive & Parts Initiating Coverage 23 February 211 Bloomberg: TTRAK TI Generous dividends, solid balance sheet Leader in Turkish agricultural industry Thanks to its presence in
More informationAlarko Holding. Equity / Mid Cap. / Construction OUTPERFORM. Bloomberg: ALARK TI Reuters: ALARK IS 01.06.2012
Equity / Mid Cap. / Construction Alarko Holding Bloomberg: ALARK TI Reuters: ALARK IS Recent additions to the backlog bring upside Outperform recommendation maintained. We did go over our estimates for
More informationCorporate bond issuance news
Corporate bond issuance news 107 28.04.2014 Corporate bond issuances New applications for corporate bond issuances are as follows: Application to the Capital Markets Board Company Type of instrument Nominal
More informationENKA INSAAT. Equity Research COMPANY UPDATE BUY. 2013 remains promising, BUY maintained. TURKEY / Contracting 15 January 2013
Equity Research COMPANY UPDATE TURKEY / Contracting 15 January 2013 ENKA INSAAT BUY (MAINTAINED) 2013 remains promising, BUY maintained Possible catalysts underway. Since our upgrade last October, Enka
More informationInvestor Presentation June 30, 2012
Investor Presentation June 30, 2012 Leasing Sector in Turkey 3 ADVANTAGES OF LEASING 1 % VAT on selected machinery. (Finance Ministry decree dated 27/12/2011) Expertise on SMEs, consultancy and know-how
More informationBDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates
8/11/1 8/1/11 8/3/11 8/5/11 8/7/11 8/9/11 8/11/11 8/1/12 8/3/12 8/5/12 8/7/12 8/9/12 MATELAN Research Preview Note Price as of 9/11/12: 8.69 12 November 212 Company / Sector Fair Value Recommendation BDI
More informationFSA Note: Summary of Financial Ratio Calculations
FSA Note: Summary of Financial Ratio Calculations This note contains a summary of the more common financial statement ratios. A few points should be noted: Calculations vary in practice; consistency and
More informationMATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES
MATELAN Research Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES 2/5/12 2/7/12 2/9/12 2/11/12 2/1/13 2/3/13 2/5/13 2/7/13 2/9/13
More informationDeutsche Wohnen AG.» Investor Presentation. September 2010
Deutsche Wohnen AG» Investor Presentation September 21 1 » Agenda 1 2 3 4 Introduction to Deutsche Wohnen Portfolio Overview and Operations Financial Highlights Guidance and Strategic Objectives 2 » 1
More informationINDEKS BILGISAYAR Market Outperformer (Initiation) IT Products Distribution
INDEKS BILGISAYAR Market Outperformer (Initiation) IT Products Distribution January 24, 2013 Bora Tezguler +90 212 334 9467 bora.tezguler@akyatirim.com.tr Apple deal to enhance top line, real estate project
More informationAK ENERJI Turkey - Equity - Utilities
AK ENERJI Turkey - Equity - Utilities Outperform AK ENERJI Current Price / Mcap: TL3.40 27 January / US$881mn 2011 27 January 2011 2011-end TP / Mcap: TL4.60 / US$1,235mn Initiation of Coverage Price Performance
More informationINVESTMENT PORTFOLIO of İŞ GAYRİMENKUL YATIRIM ORTAKLIGI A.Ş. (ISGYO) as of 30.06.2014
INVESTMENT PORTFOLIO of İŞ GAYRİMENKUL YATIRIM ORTAKLIGI A.Ş. (ISGYO) as of 30.06.2014 REAL ESTATE PORTFOLIO TRY % Office Buildings 849.551.000 37% Istanbul Is Towers 496.600.000 Ankara Is Tower 100.000.000
More informationTrxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3
Siddharth Rajeev, B.Tech, MBA, CFA Analyst November 5, 2015 Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Sector/Industry: E-commerce Market Data (as of November 5, 2015) Current Price $1.15 Fair
More informationYear-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14
This research is intended for UK institutional investors only and market professionals. It is not intended for retail customers and any retail customer should seek professional, independent advice before
More informationINTERVIEWS - FINANCIAL MODELING
420 W. 118th Street, Room 420 New York, NY 10027 P: 212-854-4613 F: 212-854-6190 www.sipa.columbia.edu/ocs INTERVIEWS - FINANCIAL MODELING Basic valuation concepts are among the most popular technical
More informationSOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com.
SOHO China (410) Company update Buy Nov 20, 2009 4 Acquisitions within 6 Months Purchase Nexus Centre in Beijing. SOHO China announced to acquire Nexus Centre in Beijing. Total GFA is 103,340 sqm. Total
More informationGlobal Yatirim Holding AS
Company Fundamentals\Company Profile A Wright Investors' Service Research Report: Global Yatirim Holding AS 440 Wheelers Farms Road Milford, CT 06461 U.S.A. COMPANY PROFILE Figures in Turkish Liras Wright
More information2008 annual results. Presentation on 18 February 2009
2008 annual results Presentation on 18 February 2009 1 2008: Continued growth Sustained business activity Lettings up by 9% in a market down 14%, including the pre-letting of two buildings under construction
More informationEquity Analysis and Capital Structure. A New Venture s Perspective
Equity Analysis and Capital Structure A New Venture s Perspective 1 Venture s Capital Structure ASSETS Short- term Assets Cash A/R Inventories Long- term Assets Plant and Equipment Intellectual Property
More informationDATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015
BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) 12.50 EUR (12.50 EUR ) Close 15/09/2015 9.75 EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price
More informationReal Estate Asset Management Company
Real Estate Asset Management Company 1 Index RE-PIE Asset Management Company Summary Top Management Real Estate Investment Fund Alternatives For Real Estates in Capital Markets Global REIF Market REIF
More informationVALUATION CA Bhavik Shah 16 May 2015
VALUATION CA Bhavik Shah 16 May 2015 Presentation Overview Valuation Concept Purpose of Valuation Principal Methods of Valuation Net Assets Value (NAV) Method Price to Book Multiple (P/B) Method Price
More informationPark Elek. Madencilik
Equity / Mid Cap. / Utilities Park Elek. Madencilik Bloomberg: PRKME TI Reuters: PRKME IS Breathless growth to continue We are initiating our coverage for Park Elektrik with OUTPERFORM recommendation and
More informationMARKET COMMENTARY. Canadian Real Estate Companies and REITs December 2013. 2013 Horizon Kinetics LLC
Canadian Real Estate Companies and REITs 2013 Horizon Kinetics LLC In their continued search for yield, many investors have turned to Real Estate Investment Trusts ( REITs ). These companies pay out a
More informationEquity / Small Cap. / Transportation Reysas OUTPERFORM Re-initiating Coverage
Equity / Small Cap. / Transportation Reysas 02/04/2014 OUTPERFORM Re-initiating Coverage (Previous: U.R) Grows with warehousing Upside Potential 32% Re-initiation of coverage for Reysas Logistics and initiation
More informationInvestor Presentation December 31, 2013
Investor Presentation December 31, 2013 Leasing Sector in Turkey 3 LEASING 1 % VAT on selected machinery. (Finance Ministry decree dated 27/12/2011) New Leasing Law approved(13/12/2012,law no: 6361). Product
More informationHow To Understand The Turkish Economy
BRSA Bank Only Macro Outlook Q1 GDP growth at 3.2%, mostly backed by net exports. Budget deficit was TRY 6.7 billion in H1 12, one third of Latest GDP figure is supportive of the soft landing the government
More informationREIT valuation. Real estate finance
REIT valuation Real estate finance (a) Basics Basics Real Estate Investment Trusts 1. buy, sell and hold real estate assets on behalf of a diffuse shareholder base 2. manage these and other assets 3. are
More informationUnderstanding and Implementing the Income Approach
Understanding and Implementing the Income Approach Charles A. Wilhoite, Managing Director, Willamette Management Associates Daniel M. Lynn, Principal, Deloitte Financial Advisory Services, LLP September
More informationDOGUS OTOMOTIV AUTOMOTIVE BUY
28 Mar 2007 EQUITY RESEARCH DOGUS OTOMOTIV AUTOMOTIVE BUY Adding value via differentiation! We initiate coverage of DOAS with a BUY rating. Our DCF driven price target is TRY8.1 per share, implying 31%
More informationENTREPRENEURIAL FINANCE: Strategy Valuation and Deal Structure
ENTREPRENEURIAL FINANCE: Strategy Valuation and Deal Structure Chapter 9 Valuation Questions and Problems 1. You are considering purchasing shares of DeltaCad Inc. for $40/share. Your analysis of the company
More informationCanadian Tire: Value Under the Hood
Canadian Tire: Value Under the Hood May 2006 Pershing Square Capital Management, L.P. Disclaimer Pershing Square Capital Management's ("Pershing") analysis and conclusions regarding Canadian Tire Corporation
More informationEvaluation of Google and Apple
Xing Chen & Yuanyuan Pan FIN 5190---Special Topics: Financial Modeling Prof. Michael D. Boldin Final Project Evaluation of Google and Apple Overview of project and modeling objectives The objective of
More informationFinancial Statement Analysis!
Financial Statement Analysis! The raw data for investing Aswath Damodaran! 1! Questions we would like answered! Assets Liabilities What are the assets in place? How valuable are these assets? How risky
More informationOCTOBER 2014. Turkey Brokerage Industry 2014 SEMIANNUAL REVIEW
OCTOBER 2014 Turkey Brokerage Industry 2014 SEMIANNUAL REVIEW TURKISH BROKERAGE INDUSTRY 2014 SEMIANNUAL REVIEW Edited by Alparslan Budak Ekin Fıkırkoca-Asena Written by Gökben Altaş Serhat Tahsin İşler
More informationNET HOLDING. The Glow of Distant Lights INITIATING COVERAGE. Ratings & Actions. Target. Upside (Downside) 25%
TURKEY e.research@burgansecurities.com +90 212 317 2727 June 27, 2014 INITIATING COVERAGE NET HOLDING The Glow of Distant Lights We initiate coverage of with HOLD (L/T) and MARKETPERFORM (S/T) ratings
More informationAnadolu Sigorta OUTPERFORM. Insuring value. 05 July 2009. Upside Potential 53% Equity / Mid Cap. / Insurance. Company Report. Price / Relative Price
Equity / Mid Cap. / Insurance 05 July 2009 Bloomberg: ANSGR TI Insuring value Reuters: ANSGR IS Attractive valuation, a niche value play We value at TL1.61 per share, based on the sum-of-the-parts valuation
More information2015 First-Half Interim Results 25 August 2015
2015 First-Half Interim Results 25 August 2015 1 Disclaimer Potential investors and shareholders of the Company (the Potential Investors and Shareholders ) are reminded that information contained in this
More informationNEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015
EQUITY RESEARCH FY14 Update June 5 th, 2015 Weak FY14, but positive outlook thereafter NEUTRAL Current Share Price ( ): 3.4 Target Price ( ): 3.8 Enertronica 1Y Performance 120 Weak FY2014 figures, due
More informationUsing the Bloomberg terminal for data
Using the Bloomberg terminal for data Contents of Package 1.Getting information on your company Pages 2-31 2.Getting information on comparable companies Pages 32-39 3.Getting macro economic information
More informationReal Estate Modeling Quick Reference Real Estate Valuation
Real Estate Valuation Real Estate Valuation may refer to either (1) valuing individual properties or (2) valuing entire REITs. There s overlap with some of the methods, whereas other methods only apply
More informationA Primer on Valuing Common Stock per IRS 409A and the Impact of FAS 157
A Primer on Valuing Common Stock per IRS 409A and the Impact of FAS 157 By Stanley Jay Feldman, Ph.D. Chairman and Chief Valuation Officer Axiom Valuation Solutions 201 Edgewater Drive, Suite 255 Wakefield,
More informationINVESTMENT PORTFOLIO of İŞ GAYRİMENKUL YATIRIM ORTAKLIGI A.Ş. (ISGYO) as of 31.12.2014
INVESTMENT PORTFOLIO of İŞ GAYRİMENKUL YATIRIM ORTAKLIGI A.Ş. (ISGYO) as of 31.12.2014 TOTAL INVESTMENT PORTFOLIO TL % Office Buildings 941.933.600 32% Istanbul Is Towers 546.000.000 Ankara Is Tower 107.300.000
More informationBMD Securities, Inc. The First Islamic ETF, Participation Index and ETF Experience
IFN Islamic Finance News Roadshow Turkey 2012 6th December 2012 Istanbul Stock Exchange BMD Securities, Inc. The First Islamic ETF, Participation Index and ETF Experience Issuer: BMD Securities Brokerage
More informationTIP If you do not understand something,
Valuing common stocks Application of the DCF approach TIP If you do not understand something, ask me! The plan of the lecture Review what we have accomplished in the last lecture Some terms about stocks
More informationGujarat State Petronet Ltd. INR 135
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat
More informationAtrium Mortgage Investment Corporation (TSX: AI) Record Year / Shares at Attractive Entry Levels. Sector/Industry: Mortgage Investment Corporation
Siddharth Rajeev, B.Tech, MBA, CFA Analyst February 17, 2016 Atrium Mortgage Investment Corporation (TSX: AI) Record Year / Shares at Attractive Entry Levels Sector/Industry: Mortgage Investment Corporation
More informationOutlook for 2015 damped by new VAT ruling; turnaround assumed in 2016e. Outlook for 2015 dimmed by new EU VAT ruling
A cc or # $T ypcap$ 1628 1 0 4 2 Page 1/7 Equity flash Trading Update Entertainment Mybet Holding SE BUY (BUY) Target EUR 1.50 (EUR 1.60) Price (last closing price) : EUR 1.10 Upside : 36% Est. change
More informationKhambatta Securities Ltd.
Attractive Valuation Strong Buy Sector : Bank Private Target Price : Rs 284 Current Market Price : Rs 230 Market Cap : Rs 1,337 bn 52-week High/Low : Rs 393/216 Daily Avg. Volume : 13.88 mn Shares in issue
More informationG5 Entertainment. G5 Entertainment. Quarter Update Q3 15. Amended strategy and boosted profitability
Quarter Update Q3 15 Last updated on the 18/11/2015 Share Price Market Capitalisation Target Price 41.00 SEK 360.8m SEK 49.05 SEK Amended strategy and boosted profitability reported their third quarter
More informationInvestor Presentation DECEMBER 31, 2009
Investor Presentation DECEMBER 31, 2009 LEASING SECTOR IN TURKEY 3 ADVANTAGES OF LEASING Expertise on SMEs, consultancy and know-how support in addition to funding. Fast credit approvals -leased asset
More informationBASKET A collection of securities. The underlying securities within an ETF are often collectively referred to as a basket
Glossary: The ETF Portfolio Challenge Glossary is designed to help familiarize our participants with concepts and terminology closely associated with Exchange- Traded Products. For more educational offerings,
More informationFreeze Partnerships: Establishing the Preferred Rate
Freeze Partnerships: Establishing the Preferred Rate Aaron M. Stumpf, CPA/ABV astumpf@srr.com Brian A. Hock bhock@srr.com Overview n n n Partnership freezes involving related party transfers are generally
More informationINDEKS BILGISAYAR BUY. Real estate project is out, a significant value March 19, 2013. (previously N/R)
TL INDEKS BILGISAYAR BUY (previously N/R) Real estate project is out, a significant value March 19, 2013 We see 62% upside potential in Indeks shares Our SOTP valuation for Indeks Bilgisayar yields a 12M
More informationMouwasat Medical Services Company - Mouwasat
Recommendation Overweight Fair Value (SR) 92.00 Price as of 2 nd of March 2014 (SR) 81.75 Expected return 12.5% Company data Tadawul symbol 4002.SE 52- week high (SR) 94.00 52-week low(sr) 52.25 YTD change
More informationPresentation. 4Q2010 BRSA Results
Investor Presentation 4Q2010 BRSA Results 1 TSKB @ a Glance Ownership TSKB Credit Ratings (Dec 2010) İş Bank; 50.1% Free Float 41.6% Fitch LTFC Moody s LTFC BB+ Ba3 Corporate Governance Rating Vakıf Bank;
More informationCIMA F3 Course Notes. Chapter 11. Company valuations
CIMA F3 Course Notes Chapter 11 Company valuations Personal use only - not licensed for use on courses 144 1. Company valuations There are several methods of valuing the equity of a company. The simplest
More informationThis document may not be used, reproduced or sold without the authorisation of the Groupe HEC
Please send any questions on this case study to the author via the mail box on the web site www.vernimmen.com Pascal Quiry October 2010 This document may not be used, reproduced or sold without the authorisation
More information20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research
FIRST ERLIN Equity Research RATING Switzerland / Software Primary exchange: Frankfurt Q1 figures PRICE TARGET 1.10 loomberg: O5H GR Return Potential 37.3% ISIN: CH0022237009 Risk Rating High STRONG SALES
More informationForecasting and Valuation of Enterprise Cash Flows 1. Dan Gode and James Ohlson
Forecasting and Valuation of Enterprise Cash Flows 1 1. Overview FORECASTING AND VALUATION OF ENTERPRISE CASH FLOWS Dan Gode and James Ohlson A decision to invest in a stock proceeds in two major steps
More informationInvestor Presentation March 31, 2014
Investor Presentation March 31, 2014 Leasing Sector in Turkey 3 LEASING 1 % VAT on selected machinery. (Finance Ministry decree dated 27/12/2011) New Leasing Law approved(13/12/2012,law no: 6361). Product
More informationFundamentals Level Skills Module, Paper F9. Section A. Monetary value of return = $3 10 x 1 197 = $3 71 Current share price = $3 71 $0 21 = $3 50
Answers Fundamentals Level Skills Module, Paper F9 Financial Management December 2014 Answers Section A 1 A Monetary value of return = $3 10 x 1 197 = $3 71 Current share price = $3 71 $0 21 = $3 50 2
More informationInvestor Presentation 31 DECEMBER 2015
Investor Presentation 31 DECEMBER 2015 Leasing Sector in Turkey 3 LEASING VAT is %1 for various types of machinery. Operating Leases and Sale-and-lease back has been added to core product Finance Leases
More informationfor 2014 achieved but increased uncertainty due to reduced spending in the oil & gas industry 2014E figures: Underlying EBITDA above our expectations
A cc or # Targets $T ypcap$ 1628 1 0 4 2 Page 1/8 Equity flash Trading Update Alternative Energy BUY (BUY) Target EUR 6.50 (EUR 7.00) Price (last closing price) : 5.14 EUR Upside : 26% Est. change 2015e
More informationIn line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK
28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our
More informationAlternative asset management
DeA Capital Transformation continues Q215 results Investment companies DeA Capital s NAV per share at 30 June 2015 was 2.18, which compares to 2.15 at 31 March 2015 (after adjusting for the capital distribution
More informationDeutsche Wohnen AG.» Full Year Results 2009. Conference Call, 26 March 2010
Deutsche Wohnen AG» Full Year Results 2009 Conference Call, 26 March 2010 1 » Agenda 1. Results of the financial year 2009 2. Financial highlights 2009 3. Strategic objectives 4. Forecast 2 » 1 Results
More informationpotential of business still not fully exploited; PT raised to 64.00 Q3 2015 results vs. estimates IFRS Q3 15 Q2 15 qoq Q3 14 yoy Q3 15e delta
H y p o p or t A G # Scalability $T ypcap$ 1611 3 1 1 x 6519 2 Equity flash Quarterly earnings Financial Services Germany Hypoport AG Buy Target 64.00 EUR vs 57.00 EUR Price : 55.25 EUR Upside : 16 % Est.chg
More informationReturn on Equity has three ratio components. The three ratios that make up Return on Equity are:
Evaluating Financial Performance Chapter 1 Return on Equity Why Use Ratios? It has been said that you must measure what you expect to manage and accomplish. Without measurement, you have no reference to
More informationDeutsche Wohnen AG.» German Jour Fixe 1-1 Conference Merrill Lynch. London, 27 April 2010
Deutsche Wohnen AG» German Jour Fixe 1-1 Conference Merrill Lynch London, 27 April 2010 1 » Agenda 1. Deutsche Wohnen at a glance 2. Results of the financial year 2009 3. Financial highlights 2009 4. Strategic
More information2014 Half-year results Start of the acquisition phase
Press release 2014/07/23 2014 Half-year results Start of the acquisition phase The Board of Directors' meeting held on July 23, 2014 under the chairmanship of March Inch approved the half-yearly accounts
More informationExtraordinary General Meeting 7 october 2011
Extraordinary General Meeting 7 october 2011 DISCLAIMER Forward-looking statement (safe harbour) This presentation includes forward-looking statements (drawn up in accordance with the Private Securities
More informationINVESTMENT DICTIONARY
INVESTMENT DICTIONARY Annual Report An annual report is a document that offers information about the company s activities and operations and contains financial details, cash flow statement, profit and
More informationValuation approaches to Mergers & Acquisitions
Valuation approaches to Mergers & Acquisitions Sagar Gokani, Chief Manager M&A & IR, Piramal Healthcare Limited 7 th July 2012 Contents Approaches to Valuation Discounted Cash Flow Relative Valuation Valuing
More informationInvestor Presentation 31 MARCH 2015
Investor Presentation 31 MARCH 2015 Leasing Sector in Turkey 3 LEASING VAT is %1 for various types of machinery. New Leasing Law approved (13/12/2012,Law no:6361). Product differentiation; Operating Leases,
More informationZetaDisplay. Europe leads the way. EPaccess
EPaccess Media Sweden 22 November 213 Equity Research +46 8 463 8 analys@penser.se ZetaDisplay Europe leads the way Risk and Return Potential Return Potential Risk High High Risk Current Price 4,8 High/Low
More informationBorussia Dortmund GmbH & Co. KGaA
BANKHAUS LAMPE // 58 Borussia Dortmund GmbH & Co. KGaA There is still potential 28/01/2016 Buy (Buy) 5.00 EUR (5.00 EUR ) Close 25/01/2016 3.93 EUR Bloomberg: BVB GY WKN: 549309 Sector Share price performance
More informationPrivate drilling fluid technology service leader
21 March 2012 Equity Research Report Company Research Petroleum & Petrochemical Sichuan Renzhi Oilfield Technology Services (002629) Investment value analysis report Private drilling fluid technology service
More informationHHIF Lecture Series: Discounted Cash Flow Model
HHIF Lecture Series: Discounted Cash Flow Model Alexander Remorov University of Toronto November 19, 2010 Alexander Remorov (University of Toronto) HHIF Lecture Series: Discounted Cash Flow Model 1 / 18
More informationREAL ESTATE INVESTMENT TRUSTS (REITs)
UNDERSTANDING REAL ESTATE INVESTMENT TRUSTS (REITs) www.griffincapital.com KEY TERMS for ASSESSING REITS NET LEASE TRIPLE NET LEASE ABSOLUTE NET LEASE GAAP STRAIGHT-LINING FUNDS FROM OPERATIONS (FFO) MODIFIED
More informationCorporate bond issuance news
Corporate bond issuance news 100 10.03.2014 Corporate bond issuances New applications for corporate bond issuances are as follows: Application to the Capital Markets Board Company Type of instrument Nominal
More informationBorussia Dortmund GmbH & Co. KGaA
A cc or # $T ypcap$ 1628 1 0 4 2 Page 1/7 Equity flash Trading Update Entertainment BUY (BUY) Target EUR 6.00 (EUR 6.00) Price (last closing price) : EUR 4.07 Upside : 47% Est. change 2015e 2016e EPS -
More informationClosed-end fund update
a b Closed-end fund update Senior loan funds: Too early to Buy UBS Wealth Management Research / 29 May 2008 Lead Analyst Sangeeta Marfatia Highlights We provide an update on the senior loan funds in this
More informationCA IMMO H1 2011 RESULTS
CA IMMO H1 2011 RESULTS Dial In Details Thursday, August 25, 2011, 2 p.m. (CET) Dial In Numbers UK 00442030032666 USA 18669665335 Canada 18006080547 Austria 004326822056552 Switzerland 0041225927103 Germany
More information