Usak Seramik Sanayi (IBSE:USAK) - Share price, News & Analysis

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

USAK (TRY2.92) is trading below our estimate of [[fair value]] (TRY18.5)

USAK fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	0/6
Past Performance	5/6
Financial Health	5/6
Dividends	0/6

USAK Stock Overview

Usak Seramik Sanayi A.S. engages in the production and sale of ceramics in Turkey, the United States, Germany, Italy, Canada, and internationally.

Rewards

Trading at 84.2% below our estimate of its fair value

Earnings grew by 261% over the past year

Risk Analysis

Does not have a meaningful market cap (TRY715M)

Usak Seramik Sanayi Competitors

Cuhadaroglu Metal Sanayi ve Pazarlama

IBSE:CUSAN

₺805.1m

Ege Seramik Sanayi ve Ticaret

IBSE:EGSER

₺2.7b

Ege Profil Ticaret ve Sanayi Anonim Sirketi

IBSE:EGPRO

₺3.1b

QUA Granite Hayal Yapi ve Ürünleri Sanayi Ticaret

IBSE:QUAGR

₺7.9b

Price History & Performance

Summary of all time highs, changes and price drops for Usak Seramik Sanayi
Historical stock prices
Current Share Price	₺2.92
52 Week High	₺3.10
52 Week Low	₺1.36
Beta	0.79
1 Month Change	52.88%
3 Month Change	88.39%
1 Year Change	56.15%
3 Year Change	167.89%
5 Year Change	-2.34%
Change since IPO	10,477.41%

Shareholder Returns

	USAK	TR Building	TR Market
7D	15.0%	4.4%	1.7%
1Y	56.2%	101.9%	91.1%

Return vs Industry: USAK underperformed the TR Building industry which returned 100.8% over the past year.

Return vs Market: USAK underperformed the TR Market which returned 80.7% over the past year.

Price Volatility

Is USAK's price volatile compared to industry and market?
USAK volatility
USAK Average Weekly Movement	6.6%
Building Industry Average Movement	5.6%
Market Average Movement	5.9%
10% most volatile stocks in TR Market	8.9%
10% least volatile stocks in TR Market	4.1%

Stable Share Price: USAK is not significantly more volatile than the rest of TR stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: USAK's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1972	522	Arslan Demir	https://www.usakseramik.com

Usak Seramik Sanayi A.S. engages in the production and sale of ceramics in Turkey, the United States, Germany, Italy, Canada, and internationally. It offers ceramic wall, floor, and granite tiles, as well as kerb, decor, and porcelain products. The company was formerly known as Usak Elektro Porselen Sanayi A.S and changed its name to Usak Seramik Sanayi A.S. in 1986.

Usak Seramik Sanayi Fundamentals Summary

How do Usak Seramik Sanayi's earnings and revenue compare to its market cap?
USAK fundamental statistics
Market Cap	₺715.40m
Earnings (TTM)	₺85.59m
Revenue (TTM)	₺907.44m

8.4x

P/E Ratio

0.8x

P/S Ratio

Is USAK overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
USAK income statement (TTM)
Revenue	₺907.44m
Cost of Revenue	₺729.25m
Gross Profit	₺178.19m
Other Expenses	₺92.59m
Earnings	₺85.59m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.35
Gross Margin	19.64%
Net Profit Margin	9.43%
Debt/Equity Ratio	37.5%

How did USAK perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for USAK. This is calculated by dividing USAK's market cap by their current preferred multiple.
What is USAK's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	₺715.40m

USAK 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	1.1x
Enterprise Value/EBITDA	5.9x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

USAK PE Ratio vs Peers

The above table shows the PE ratio for USAK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	7.8x
CUSAN Cuhadaroglu Metal Sanayi ve Pazarlama	6.6x	n/a	₺805.1m
EGSER Ege Seramik Sanayi ve Ticaret	5.9x	n/a	₺2.7b
EGPRO Ege Profil Ticaret ve Sanayi Anonim Sirketi	8.4x	n/a	₺3.1b
QUAGR QUA Granite Hayal Yapi ve Ürünleri Sanayi Ticaret	10.3x	n/a	₺7.9b
USAK Usak Seramik Sanayi	8.4x	n/a	₺715.4m

Price-To-Earnings vs Peers: USAK is expensive based on its Price-To-Earnings Ratio (8.4x) compared to the peer average (7.8x).

Price to Earnings Ratio vs Industry

How does USAK's PE Ratio compare vs other companies in the Asian Building Industry?

Price-To-Earnings vs Industry: USAK is good value based on its Price-To-Earnings Ratio (8.4x) compared to the TR Building industry average (8.4x)

Price to Earnings Ratio vs Fair Ratio

What is USAK'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.

USAK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8.4x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate USAK's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

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

Below Fair Value: USAK (TRY2.92) is trading below our estimate of fair value (TRY18.5)

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

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Usak Seramik Sanayi forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

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

15.2%

Forecasted Capital Goods industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Usak Seramik Sanayi has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Examine whether Usak Seramik Sanayi is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.

Past Performance

How has Usak Seramik Sanayi 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

55.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: USAK has high quality earnings.

Growing Profit Margin: USAK's current net profit margins (9.4%) are higher than last year (4.5%).

Past Earnings Growth Analysis

Earnings Trend: USAK's earnings have grown significantly by 55.7% per year over the past 5 years.

Accelerating Growth: USAK's earnings growth over the past year (261%) exceeds its 5-year average (55.7% per year).

Earnings vs Industry: USAK earnings growth over the past year (261%) exceeded the Building industry 214.2%.

Return on Equity

High ROE: USAK's Return on Equity (11.7%) is considered low.

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Financial Health

How is Usak Seramik Sanayi's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: USAK's short term assets (TRY1.1B) exceed its short term liabilities (TRY934.2M).

Long Term Liabilities: USAK's short term assets (TRY1.1B) exceed its long term liabilities (TRY122.2M).

Debt to Equity History and Analysis

Debt Level: USAK's net debt to equity ratio (34.7%) is considered satisfactory.

Reducing Debt: USAK's debt to equity ratio has reduced from 150% to 37.5% over the past 5 years.

Debt Coverage: USAK's debt is well covered by operating cash flow (55.5%).

Interest Coverage: USAK's interest payments on its debt are not well covered by EBIT (2.3x coverage).

Balance Sheet

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Dividend

What is Usak Seramik Sanayi current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate USAK's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate USAK's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if USAK's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if USAK's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as USAK has not reported any payouts.

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Management

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

2.9yrs

Average board tenure

CEO

Arslan Demir

no data

Tenure

Mr. Arslan Demir serves as General Manager at Usak Seramik Sanayii AS.

Board Members

Experienced Board: USAK's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.

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	2022/08/12 00:00
End of Day Share Price	2022/08/12 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31