Ulker Biskuvi Sanayi AS


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4 articles for Ulker Biskuvi Sanayi AS

Ulker Biskuvi Sanayi AS: 2Q22 review – Weaker than expected bottomline

Realised TL649mn net loss, worse than our estimate of TL414mn net loss and consensus estimate of TL265mn net loss. We currently have “marketperform” rating for Ulker due to depressed valuation. However, there is no light at the end of the tunnel yet.
ATA Invest Cemal
Cemal Demirtas @ ATA Invest 18 August 2022

Ulker Biskuvi Sanayi AS: Bottomline weaker than expected due to Onem Gıda acquisition impact

Realised TL2mn net income, falling short of our estimate of TL38mn and consensus estimate of TL32mn net income. EBITDA margin of 16.9% was 60bps above our estimates and 40bps above consensus. In our view, this acquisition had dilutive impact on Ulker...
ATA Invest Cemal
Cemal Demirtas @ ATA Invest 5 November 2021

Ulker Biskuvi Sanayi AS: Weaker margins as expected but negatives are mostly priced in

Realised TL207mn net income, higher than our estimate of TL186mn but lower than consensus estimate of TL236mn net income. Deviation from our estimates could be attributed mostly to higher than expected other income of TL160mn for the fair value incre...
ATA Invest Cemal
Cemal Demirtas @ ATA Invest 16 August 2021

Ulker Biskuvi Sanayi AS: Slightly better than expected performance

Topline and EBITDA were above our estimates by 3.7% and 5%, respectively. Supported by 20.7% y/y increase in prices, domestic revenues increased by 26.9% y/y to TL1,560mn in 4Q20. EBITDA of TL440mn was 5.0% above both our estimate and consensus est. ...
ATA Invest Cemal
Cemal Demirtas @ ATA Invest 11 March 2021


Consumer Durables & Apparel
Ulker Biskuvi Sanayi AS produces biscuits, cakes, wafers, chocolate bars, and chocolate covered biscuits. The Company sells its products throughout Turkey and exports to Europe, North America, Africa, Asia and the Middle East.

Associated topics

Ulker Biskuvi Sanayi AS Turkey MENA Consumer Durables & Apparel Asia Consumer Discretionary Equity Cemal Demirtas Yıldız Holding Ulker 2Q21 NWC 2020 Onem