Haci Ömer Sabanci Holding (IBSE:SAHOL) - Share price, News & Analysis

Q: What is the Fair Price of SAHOL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SAHOL (TRY18.14) is trading below our estimate of [[fair value]] (TRY27.16)

SAHOL fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	2/6
Past Performance	5/6
Financial Health	5/6
Dividends	5/6

SAHOL Stock Overview

Haci Ömer Sabanci Holding A.S. operates primarily in the finance, manufacturing, and trading sectors worldwide.

Rewards

Trading at 33.2% below our estimate of its fair value

Revenue is forecast to grow 31.45% per year

Earnings grew by 247.4% over the past year

Risk Analysis

Earnings are forecast to decline by an average of 0.9% per year for the next 3 years

Unstable dividend track record

Haci Ömer Sabanci Holding Competitors

Yapi ve Kredi Bankasi

IBSE:YKBNK

₺35.2b

Akbank T.A.S

IBSE:AKBNK

₺40.6b

Türkiye Is Bankasi

IBSE:ISCTR

₺52.0b

Turkiye Garanti Bankasi

IBSE:GARAN

₺56.6b

Price History & Performance

Summary of all time highs, changes and price drops for Haci Ömer Sabanci Holding
Historical stock prices
Current Share Price	₺18.14
52 Week High	₺22.42
52 Week Low	₺8.87
Beta	0.72
1 Month Change	-13.37%
3 Month Change	4.55%
1 Year Change	96.75%
3 Year Change	97.60%
5 Year Change	62.54%
Change since IPO	13,886.88%

Shareholder Returns

	SAHOL	TR Banks	TR Market
7D	-5.5%	-1.8%	-1.6%
1Y	96.7%	18.1%	50.3%

Return vs Industry: SAHOL exceeded the TR Banks industry which returned 20.6% over the past year.

Return vs Market: SAHOL exceeded the TR Market which returned 53.1% over the past year.

Price Volatility

Is SAHOL's price volatile compared to industry and market?
SAHOL volatility
SAHOL Average Weekly Movement	6.5%
Banks Industry Average Movement	6.0%
Market Average Movement	6.0%
10% most volatile stocks in TR Market	8.8%
10% least volatile stocks in TR Market	4.2%

Stable Share Price: SAHOL is not significantly more volatile than the rest of TR stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: SAHOL's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1967	64,001	Cenk Alper	https://www.sabanci.com

Haci Ömer Sabanci Holding A.S. operates primarily in the finance, manufacturing, and trading sectors worldwide. It operates through Banking, Financial Services, Industry, Building Materials, Energy, Retail, and Other segments. The company offers corporate and investment, private, commercial, SME, retail, and international banking services, as well as payment system and treasury transaction services; and asset management and financial leasing services.

Haci Ömer Sabanci Holding Fundamentals Summary

How do Haci Ömer Sabanci Holding's earnings and revenue compare to its market cap?
SAHOL fundamental statistics
Market Cap	₺37.01b
Earnings (TTM)	₺18.54b
Revenue (TTM)	₺50.89b

2.0x

P/E Ratio

0.6x

P/B Ratio

Is SAHOL overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
SAHOL income statement (TTM)
Revenue	₺50.89b
Cost of Revenue	₺1.01b
Gross Profit	₺49.89b
Other Expenses	₺31.35b
Earnings	₺18.54b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 11, 2022

Earnings per share (EPS)	9.08
Gross Margin	98.02%
Net Profit Margin	36.42%
Debt/Equity Ratio	165.9%

How did SAHOL perform over the long term?

See historical performance and comparison

Dividends

4.1%

Current Dividend Yield

8%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is SAHOL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SAHOL?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for SAHOL. This is calculated by dividing SAHOL's market cap by their current preferred multiple.
What is SAHOL's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	₺37.01b

SAHOL key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	-2.3x

Price to Earnings Ratio vs Peers

How does SAHOL's PE Ratio compare to its peers?

SAHOL PE Ratio vs Peers

The above table shows the PE ratio for SAHOL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	2.4x
YKBNK Yapi ve Kredi Bankasi	2.2x	-3.1%	₺35.2b
AKBNK Akbank T.A.S	2.2x	6.6%	₺40.6b
ISCTR Türkiye Is Bankasi	2.2x	n/a	₺52.0b
GARAN Turkiye Garanti Bankasi	3.1x	-3.2%	₺56.6b
SAHOL Haci Ömer Sabanci Holding	2x	-0.9%	₺37.0b

Forward PE

Price-To-Earnings vs Peers: SAHOL is good value based on its Price-To-Earnings Ratio (2x) compared to the peer average (2.4x).

Price to Earnings Ratio vs Industry

How does SAHOL's PE Ratio compare vs other companies in the Asian Banks Industry?

Price-To-Earnings vs Industry: SAHOL is good value based on its Price-To-Earnings Ratio (2x) compared to the TR Banks industry average (3.1x)

Price to Earnings Ratio vs Fair Ratio

What is SAHOL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SAHOL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	2x
Fair PE Ratio	4.2x

Price-To-Earnings vs Fair Ratio: SAHOL is good value based on its Price-To-Earnings Ratio (2x) compared to the estimated Fair Price-To-Earnings Ratio (4.2x).

Share Price vs Fair Value

What is the Fair Price of SAHOL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SAHOL (TRY18.14) is trading below our estimate of fair value (TRY27.16)

Significantly Below Fair Value: SAHOL is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: SAHOL's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

Discover undervalued companies

Future Growth

How is Haci Ömer Sabanci Holding forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-0.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SAHOL's earnings are forecast to decline over the next 3 years (-0.9% per year).

Earnings vs Market: SAHOL's earnings are forecast to decline over the next 3 years (-0.9% per year).

High Growth Earnings: SAHOL's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SAHOL's revenue (31.5% per year) is forecast to grow faster than the TR market (14.7% per year).

High Growth Revenue: SAHOL's revenue (31.5% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SAHOL's Return on Equity is forecast to be low in 3 years time (18.1%).

Discover growth companies

Past Performance

How has Haci Ömer Sabanci Holding performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

30.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SAHOL has high quality earnings.

Growing Profit Margin: SAHOL's current net profit margins (36.4%) are higher than last year (23.3%).

Past Earnings Growth Analysis

Earnings Trend: SAHOL's earnings have grown significantly by 30.7% per year over the past 5 years.

Accelerating Growth: SAHOL's earnings growth over the past year (247.4%) exceeds its 5-year average (30.7% per year).

Earnings vs Industry: SAHOL earnings growth over the past year (247.4%) exceeded the Banks industry 159.8%.

Return on Equity

High ROE: Whilst SAHOL's Return on Equity (25.14%) is high, this metric is skewed due to their high level of debt.

Discover strong past performing companies

Financial Health

How is Haci Ömer Sabanci Holding's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

5/6

Financial Health Score 5/6

Asset Level
Allowance for Bad Loans
Low Risk Liabilities
Loan Level
Low Risk Deposits
Level of Bad Loans

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: SAHOL's Assets to Equity ratio (7.5x) is low.

Allowance for Bad Loans: SAHOL has a sufficient allowance for bad loans (104%).

Low Risk Liabilities: 64% of SAHOL's liabilities are made up of primarily low risk sources of funding.

Loan Level: SAHOL has an appropriate level of Loans to Assets ratio (49%).

Low Risk Deposits: SAHOL's Loans to Deposits ratio (89%) is appropriate.

Level of Bad Loans: SAHOL has a high level of bad loans (4.5%).

Discover healthy companies

Dividend

What is Haci Ömer Sabanci Holding current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

4.13%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: SAHOL's dividend (4.13%) is higher than the bottom 25% of dividend payers in the TR market (0.7%).

High Dividend: SAHOL's dividend (4.13%) is in the top 25% of dividend payers in the TR market (3.72%)

Stability and Growth of Payments

Stable Dividend: SAHOL's dividend payments have been volatile in the past 10 years.

Growing Dividend: SAHOL's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Earnings Coverage: With its low payout ratio (8.3%), SAHOL's dividend payments are thoroughly covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: SAHOL's dividends in 3 years are forecast to be well covered by earnings (15.3% payout ratio).

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.3yrs

Average management tenure

CEO

Cenk Alper (53 yo)

no data

Tenure

Mr. Cenk Alper served as Director at Enerjisa Enerji A.S. since May 12, 2021 until April 2022. He serves as Chief Executive Officer & Director at Haci mer Sabanci Holding A?and also served as it Industry...

Leadership Team

Experienced Management: SAHOL's management team is considered experienced (2.3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/07/05 00:00
End of Day Share Price	2022/07/05 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31