Adese Gayrimenkul Yatirim (IBSE:ADESE) - Share price, News & Analysis

ADESE fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	0/6
Past Performance	2/6
Financial Health	6/6
Dividends	0/6

ADESE Stock Overview

Adese Gayrimenkul Yatirim A.S. operates in the real estate investment sector.

Rewards

Trading at 80.8% below our estimate of its fair value

Became profitable this year

Risk Analysis

High level of non-cash earnings

Shareholders have been substantially diluted in the past year

Does not have meaningful revenue (TRY64M)

Does not have a meaningful market cap (TRY776M)

Adese Gayrimenkul Yatirim Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Adese Gayrimenkul Yatirim
Historical stock prices
Current Share Price	₺0.77
52 Week High	₺1.83
52 Week Low	₺0.62
Beta	0.013
1 Month Change	-10.47%
3 Month Change	6.94%
1 Year Change	-57.46%
3 Year Change	-46.90%
5 Year Change	-56.50%
Change since IPO	-56.42%

Shareholder Returns

	ADESE	TR Consumer Retailing	TR Market
7D	-3.8%	-2.4%	-0.9%
1Y	-57.5%	19.9%	24.6%

Return vs Industry: ADESE underperformed the TR Consumer Retailing industry which returned 19.9% over the past year.

Return vs Market: ADESE underperformed the TR Market which returned 24.6% over the past year.

Price Volatility

Is ADESE's price volatile compared to industry and market?
ADESE volatility
ADESE Average Weekly Movement	6.2%
Consumer Retailing Industry Average Movement	5.5%
Market Average Movement	6.6%
10% most volatile stocks in TR Market	9.0%
10% least volatile stocks in TR Market	5.3%

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

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

About the Company

Founded	Employees	CEO	Website
1991	29	Murad Gök	https://www.adese.com.tr

Adese Gayrimenkul Yatirim A.S. operates in the real estate investment sector. It engages in the operation and management of shopping malls and entertainment centers. The company was formerly known as Adese Alisveris Merkezleri Ticaret A.S.

Adese Gayrimenkul Yatirim Fundamentals Summary

How do Adese Gayrimenkul Yatirim's earnings and revenue compare to its market cap?
ADESE fundamental statistics
Market Cap	₺776.16m
Earnings (TTM)	₺404.69m
Revenue (TTM)	₺63.54m

1.9x

P/E Ratio

12.2x

P/S Ratio

Is ADESE overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
ADESE income statement (TTM)
Revenue	₺63.54m
Cost of Revenue	₺11.50m
Gross Profit	₺52.04m
Other Expenses	-₺352.65m
Earnings	₺404.69m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.40
Gross Margin	81.90%
Net Profit Margin	636.89%
Debt/Equity Ratio	2.9%

How did ADESE perform over the long term?

See historical performance and comparison

Valuation

Is Adese Gayrimenkul Yatirim undervalued compared to its fair value and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: ADESE (TRY0.77) is trading below our estimate of fair value (TRY4)

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

Price To Earnings Ratio

PE vs Industry: ADESE is good value based on its PE Ratio (1.9x) compared to the TR Consumer Retailing industry average (13.1x).

PE vs Market: ADESE is good value based on its PE Ratio (1.9x) compared to the TR market (10.2x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ADESE's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: ADESE is good value based on its PB Ratio (0.4x) compared to the TR Consumer Retailing industry average (6.9x).

Future Growth

How is Adese Gayrimenkul Yatirim 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

18.7%

Forecasted Consumer Retailing 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 Adese Gayrimenkul Yatirim 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.

Past Performance

How has Adese Gayrimenkul Yatirim performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

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

36.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ADESE has a high level of non-cash earnings.

Growing Profit Margin: ADESE became profitable in the past.

Past Earnings Growth Analysis

Earnings Trend: ADESE's earnings have grown significantly by 36.1% per year over the past 5 years.

Accelerating Growth: ADESE has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: ADESE has become profitable in the last year, making it difficult to compare its past year earnings growth to the Consumer Retailing industry (9.5%).

Return on Equity

High ROE: ADESE's Return on Equity (19.5%) is considered low.

Financial Health

How is Adese Gayrimenkul Yatirim's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

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

Financial Position Analysis

Short Term Liabilities: ADESE's short term assets (TRY555.8M) exceed its short term liabilities (TRY72.5M).

Long Term Liabilities: ADESE's short term assets (TRY555.8M) exceed its long term liabilities (TRY268.7M).

Debt to Equity History and Analysis

Debt Level: ADESE has more cash than its total debt.

Reducing Debt: ADESE's debt to equity ratio has reduced from 47% to 2.9% over the past 5 years.

Debt Coverage: ADESE's debt is well covered by operating cash flow (69.1%).

Interest Coverage: ADESE earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

Dividend

What is Adese Gayrimenkul Yatirim 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
Future Dividend Coverage

Dividend Yield vs Market

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

High Dividend: Unable to evaluate ADESE'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 ADESE's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if ADESE'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 ADESE has not reported any payouts.

Next Steps

Explore strong dividend paying companies in the Consumer Retailing industry.

Management

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

9.3yrs

Average board tenure

CEO

Murad Gök

no data

Tenure

Mr. Murad Yavuz Gök serves as General Manager of Adese Gayrimenkul Yatirim A.S. (formerly known as Adese Alisveris Merkezleri Ticaret A.S.).

Board Members

Experienced Board: ADESE's board of directors are considered experienced (9.3 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 been substantially diluted in the past year, with total shares outstanding growing by 300%.

Data	Last Updated (UTC time)
Company Analysis	2022/05/15 00:00
End of Day Share Price	2022/05/13 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31