Reported Earnings • May 11
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₺109.2b (up 31% from 1Q 2025). Net income: ₺1.60b (up 54% from 1Q 2025). Profit margin: 1.5% (up from 1.3% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Upcoming Dividend • May 06
Upcoming dividend of ₺4.56 per share Eligible shareholders must have bought the stock before 13 May 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Turkish dividend payers (2.7%). Lower than average of industry peers (2.6%). Announcement • Apr 02
Migros Ticaret A.S. to Report Q1, 2026 Results on Jul 05, 2026 Migros Ticaret A.S. announced that they will report Q1, 2026 results at 12:35 PM, GTB Standard Time on Jul 05, 2026 Announcement • Mar 19
Migros Ticaret A.S., Annual General Meeting, Apr 13, 2026 Migros Ticaret A.S., Annual General Meeting, Apr 13, 2026. Location: ataturk mahallesi turgut ozal bulvari no:7 34758, atasehir /istanbul (migros ticaret a.s. genel, mudurluk binasi), istanbul Turkey Reported Earnings • Mar 09
Full year 2025 earnings: Revenues in line with analyst expectations Full year 2025 results: Revenue: ₺412.8b (up 41% from FY 2024). Net income: ₺6.47b (up 2.6% from FY 2024). Profit margin: 1.6% (down from 2.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Consumer Retailing industry in Asia. Announcement • Jan 06
Migros Ticaret A.S. to Report Q4, 2025 Results on Mar 04, 2026 Migros Ticaret A.S. announced that they will report Q4, 2025 results on Mar 04, 2026 New Risk • Nov 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.5% Last year net profit margin: 2.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.5% net profit margin). Reported Earnings • Nov 09
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺106.9b (up 44% from 3Q 2024). Net income: ₺3.95b (up 25% from 3Q 2024). Profit margin: 3.7% (down from 4.2% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Consumer Retailing industry in Asia. Announcement • Sep 16
Migros Ticaret A.S. to Report Q3, 2025 Results on Nov 06, 2025 Migros Ticaret A.S. announced that they will report Q3, 2025 results on Nov 06, 2025 Major Estimate Revision • Aug 19
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₺43.24 to ₺35.49 per share. Revenue forecast steady at ₺384.4b. Net income forecast to grow 59% next year vs 16% growth forecast for Consumer Retailing industry in Turkey. Consensus price target broadly unchanged at ₺771. Share price fell 10% to ₺487 over the past week. Announcement • Jul 02
Migros Ticaret A.S. to Report Q2, 2025 Results on Aug 12, 2025 Migros Ticaret A.S. announced that they will report Q2, 2025 results on Aug 12, 2025 Upcoming Dividend • May 21
Upcoming dividend of ₺6.90 per share Eligible shareholders must have bought the stock before 28 May 2025. Payment date: 30 May 2025. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Turkish dividend payers (3.4%). Lower than average of industry peers (2.0%). Major Estimate Revision • May 18
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ₺46.05 to ₺35.50 per share. Revenue forecast steady at ₺382.6b. Net income forecast to grow 91% next year vs 19% growth forecast for Consumer Retailing industry in Turkey. Consensus price target broadly unchanged at ₺776. Share price was steady at ₺529 over the past week. Reported Earnings • May 09
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₺78.4b (up 38% from 1Q 2024). Net income: ₺981.2m (down 27% from 1Q 2024). Profit margin: 1.3% (down from 2.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 132% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 29
Migros Ticaret A.S. to Report Q1, 2025 Results on May 07, 2025 Migros Ticaret A.S. announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺449, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Consumer Retailing industry in Asia. Total returns to shareholders of 969% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺226 per share. Announcement • Mar 21
Migros Ticaret A.S., Annual General Meeting, Apr 15, 2025 Migros Ticaret A.S., Annual General Meeting, Apr 15, 2025. Location: ataturk mahallesi turgut ozal, bulvari no:7 34758 atasehir /istanbul, migros ticaret a.s. genel mudurluk binasi), istanbul Turkey Major Estimate Revision • Mar 20
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₺387.1b to ₺379.1b. EPS estimate also fell from ₺54.03 per share to ₺41.86 per share. Net income forecast to grow 61% next year vs 16% growth forecast for Consumer Retailing industry in Turkey. Consensus price target of ₺779 unchanged from last update. Share price fell 8.6% to ₺491 over the past week. Reported Earnings • Mar 07
Full year 2024 earnings: Revenues exceed analyst expectations Full year 2024 results: Revenue: ₺293.8b (up 12% from FY 2023). Net income: ₺6.30b (down 50% from FY 2023). Profit margin: 2.1% (down from 4.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has increased by 135% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 15
Migros Ticaret A.S. to Report Q4, 2024 Results on Mar 05, 2025 Migros Ticaret A.S. announced that they will report Q4, 2024 results on Mar 05, 2025 Price Target Changed • Jan 08
Price target increased by 8.1% to ₺732 Up from ₺677, the current price target is an average from 12 analysts. New target price is 38% above last closing price of ₺532. Stock is up 46% over the past year. The company is forecast to post earnings per share of ₺37.42 for next year compared to ₺48.76 last year. Major Estimate Revision • Dec 12
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ₺250.3b to ₺272.1b. EPS estimate increased from ₺32.26 to ₺36.94 per share. Net income forecast to grow 163% next year vs 18% growth forecast for Consumer Retailing industry in Turkey. Consensus price target up from ₺677 to ₺723. Share price rose 3.6% to ₺521 over the past week. Price Target Changed • Dec 11
Price target increased by 9.3% to ₺723 Up from ₺661, the current price target is an average from 12 analysts. New target price is 37% above last closing price of ₺528. Stock is up 56% over the past year. The company is forecast to post earnings per share of ₺36.93 for next year compared to ₺48.76 last year. Major Estimate Revision • Nov 03
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₺40.31 to ₺32.26 per share. Revenue forecast steady at ₺275.7b. Net income forecast to grow 33% next year vs 18% growth forecast for Consumer Retailing industry in Turkey. Consensus price target of ₺677 unchanged from last update. Share price was steady at ₺416 over the past week. Major Estimate Revision • Oct 13
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₺45.20 to ₺37.79 per share. Revenue forecast steady at ₺274.1b. Net income forecast to grow 54% next year vs 18% growth forecast for Consumer Retailing industry in Turkey. Consensus price target broadly unchanged at ₺672. Share price fell 2.3% to ₺429 over the past week. Reported Earnings • Aug 21
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺64.3b (up 95% from 2Q 2023). Net income: ₺604.3m (down 60% from 2Q 2023). Profit margin: 0.9% (down from 4.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has increased by 141% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jul 26
Price target increased by 7.4% to ₺621 Up from ₺578, the current price target is an average from 13 analysts. New target price is 11% above last closing price of ₺562. Stock is up 96% over the past year. The company is forecast to post earnings per share of ₺63.44 for next year compared to ₺48.76 last year. Announcement • Jul 26
Migros Ticaret A.S. to Report Q2, 2024 Results on Aug 20, 2024 Migros Ticaret A.S. announced that they will report Q2, 2024 results on Aug 20, 2024 Announcement • Jul 25
Too Evrazia acquired Ramstore Kazakhstan LLP from Migros Ticaret A.S. (IBSE:MGROS) for $34.5 million. Too Evrazia acquired Ramstore Kazakhstan LLP from Migros Ticaret A.S. (IBSE:MGROS) for $34.5 million on July 23, 2024.
Too Evrazia completed the acquisition of Ramstore Kazakhstan LLP from Migros Ticaret A.S. (IBSE:MGROS) on July 23, 2024. New Risk • Jun 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.1% Last year net profit margin: 6.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Profit margins are more than 30% lower than last year (4.1% net profit margin). Reported Earnings • May 24
First quarter 2024 earnings released: EPS: ₺0.069 (vs ₺3.09 in 1Q 2023) First quarter 2024 results: EPS: ₺0.069. Revenue: ₺52.4b (up 93% from 1Q 2023). Net income: ₺1.24b (up 122% from 1Q 2023). Profit margin: 2.4% (up from 2.1% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Announcement • May 24
Migros Ticaret A.S. to Report Q1, 2024 Results on May 23, 2024 Migros Ticaret A.S. announced that they will report Q1, 2024 results on May 23, 2024 Upcoming Dividend • May 20
Upcoming dividend of ₺6.90 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 29 May 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Turkish dividend payers (2.0%). Higher than average of industry peers (1.1%). Major Estimate Revision • May 07
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from ₺242.1b to ₺267.7b. EPS estimate increased from ₺40.01 to ₺64.96 per share. Net income forecast to grow 33% next year vs 15% growth forecast for Consumer Retailing industry in Turkey. Consensus price target broadly unchanged at ₺535. Share price rose 4.2% to ₺461 over the past week. Announcement • Mar 22
Migros Ticaret A.S., Annual General Meeting, Apr 16, 2024 Migros Ticaret A.S., Annual General Meeting, Apr 16, 2024, at 11:00 Coordinated Universal Time. Location: The Migros Ticaret A.S. Head Office, Atatürk Mahallesi Turgut Özal Bulvari No: 7 34758 Atasehir/Istanbul, Istanbul Turkey Agenda: To consider Opening the meeting and determining the presiding committee; to consider Reading and deliberating the integrated annual report for 2023; to consider Reading the independent auditor's report concerning the Company's 2023 activities and accounts; to consider Reading, deliberating, and voting on the financial statements for 2023; to consider Approving the appointment of new Board member to the Board of Directors in accordance with Article 363 of the Turkish Commercial Code; to consider Discussing, approving, amending and approving, or rejecting the Board of Directors' proposal concerning dividend distribution; to consider Election of independent Board members and other members of the Board of Directors and determination of their terms of office; to consider Determining the fees and any kind of financial benefits including bonus, premium, attendance fee, etc. to be paid to the Board members; and to consider other matters. Reported Earnings • Mar 19
Full year 2023 earnings: Revenues exceed analyst expectations Full year 2023 results: Revenue: ₺181.7b (up 144% from FY 2022). Net income: ₺8.83b (up 244% from FY 2022). Profit margin: 4.9% (up from 3.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 25%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Consumer Retailing industry in Asia. Price Target Changed • Feb 27
Price target increased by 7.8% to ₺523 Up from ₺485, the current price target is an average from 14 analysts. New target price is 9.8% above last closing price of ₺477. Stock is up 233% over the past year. The company is forecast to post earnings per share of ₺26.34 for next year compared to ₺14.20 last year. Major Estimate Revision • Jan 24
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ₺24.74 to ₺29.34. Revenue forecast steady at ₺146.6b. Net income forecast to grow 24% next year vs 14% growth forecast for Consumer Retailing industry in Turkey. Consensus price target up from ₺468 to ₺484. Share price rose 8.1% to ₺400 over the past week. Buy Or Sell Opportunity • Jan 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.7% to ₺384. The fair value is estimated to be ₺319, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 55% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Price Target Changed • Nov 02
Price target increased by 7.2% to ₺445 Up from ₺415, the current price target is an average from 13 analysts. New target price is 23% above last closing price of ₺361. Stock is up 174% over the past year. The company is forecast to post earnings per share of ₺24.74 for next year compared to ₺14.20 last year. Price Target Changed • Oct 06
Price target increased by 12% to ₺357 Up from ₺318, the current price target is an average from 14 analysts. New target price is 15% below last closing price of ₺419. Stock is up 285% over the past year. The company is forecast to post earnings per share of ₺21.99 for next year compared to ₺14.20 last year. Major Estimate Revision • Aug 09
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ₺131.6b to ₺142.9b. EPS estimate increased from ₺20.20 to ₺22.96 per share. Net income forecast to grow 20% next year vs 16% growth forecast for Consumer Retailing industry in Turkey. Consensus price target up from ₺246 to ₺303. Share price rose 11% to ₺333 over the past week. Price Target Changed • Aug 03
Price target increased by 14% to ₺268 Up from ₺235, the current price target is an average from 15 analysts. New target price is 14% below last closing price of ₺312. Stock is up 439% over the past year. The company posted earnings per share of ₺14.20 last year. Reported Earnings • Aug 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺33.0b (up 106% from 2Q 2022). Net income: ₺1.50b (up 240% from 2Q 2022). Profit margin: 4.6% (up from 2.8% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Price Target Changed • Jul 24
Price target increased by 7.9% to ₺246 Up from ₺228, the current price target is an average from 15 analysts. New target price is 12% below last closing price of ₺278. Stock is up 423% over the past year. The company is forecast to post earnings per share of ₺20.20 for next year compared to ₺14.20 last year. Price Target Changed • Jul 20
Price target increased by 8.6% to ₺242 Up from ₺223, the current price target is an average from 15 analysts. New target price is 8.7% below last closing price of ₺265. Stock is up 414% over the past year. The company is forecast to post earnings per share of ₺20.29 for next year compared to ₺14.20 last year. Price Target Changed • Jul 18
Price target increased by 7.7% to ₺235 Up from ₺218, the current price target is an average from 15 analysts. New target price is 7.6% below last closing price of ₺254. Stock is up 404% over the past year. The company is forecast to post earnings per share of ₺20.29 for next year compared to ₺14.20 last year. Announcement • Jul 06
Migros Ticaret A.S. to Report Q2, 2023 Results on Aug 02, 2023 Migros Ticaret A.S. announced that they will report Q2, 2023 results on Aug 02, 2023 Upcoming Dividend • May 23
Upcoming dividend of ₺2.61 per share at 1.6% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 01 June 2023. Trailing yield: 1.6%. Lower than top quartile of Turkish dividend payers (3.9%). Lower than average of industry peers (1.9%). Reported Earnings • May 05
First quarter 2023 earnings released: EPS: ₺3.09 (vs ₺0.88 in 1Q 2022) First quarter 2023 results: EPS: ₺3.09 (up from ₺0.88 in 1Q 2022). Revenue: ₺27.2b (up 122% from 1Q 2022). Net income: ₺560.0m (up 254% from 1Q 2022). Profit margin: 2.1% (up from 1.3% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 129% per year but the company’s share price has only increased by 79% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 04
Consensus revenue estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ₺121.9b to ₺135.4b. EPS estimate unchanged from ₺21.50 at last update. Consumer Retailing industry in Turkey expected to see average net income growth of 13% next year. Consensus price target broadly unchanged at ₺200. Share price was steady at ₺173 over the past week. Price Target Changed • Mar 08
Price target increased by 8.4% to ₺179 Up from ₺165, the current price target is an average from 15 analysts. New target price is 21% above last closing price of ₺148. Stock is up 248% over the past year. The company is forecast to post earnings per share of ₺21.58 for next year compared to ₺14.20 last year. Major Estimate Revision • Mar 07
Consensus EPS estimates increase by 27% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ₺16.98 to ₺21.58. Revenue forecast unchanged at ₺109.9b. Net income forecast to grow 76% next year vs 15% growth forecast for Consumer Retailing industry in Turkey. Consensus price target up from ₺165 to ₺171. Share price was steady at ₺145 over the past week. Reported Earnings • Mar 02
Full year 2022 earnings released Full year 2022 results: Revenue: ₺74.5b (up 105% from FY 2021). Net income: ₺2.57b (up ₺2.21b from FY 2021). Profit margin: 3.4% (up from 1.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Retailing industry in Asia. Price Target Changed • Mar 01
Price target increased by 8.1% to ₺169 Up from ₺156, the current price target is an average from 15 analysts. New target price is 18% above last closing price of ₺144. Stock is up 280% over the past year. The company is forecast to post earnings per share of ₺11.00 for next year compared to ₺1.98 last year. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺138, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 18x in the Consumer Retailing industry in Asia. Total returns to shareholders of 474% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺96.11 per share. Price Target Changed • Jan 24
Price target increased by 8.6% to ₺156 Up from ₺144, the current price target is an average from 15 analysts. New target price is approximately in line with last closing price of ₺151. Stock is up 266% over the past year. The company is forecast to post earnings per share of ₺10.83 for next year compared to ₺1.98 last year. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 15% share price gain to ₺146, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 18x in the Consumer Retailing industry in Asia. Total returns to shareholders of 468% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺113 per share. Announcement • Jan 07
Migros Ticaret A.S. to Report Q4, 2022 Results on Feb 28, 2023 Migros Ticaret A.S. announced that they will report Q4, 2022 results at 5:30 PM, GTB Standard Time on Feb 28, 2023 Major Estimate Revision • Dec 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ₺9.14 to ₺10.73. Revenue forecast steady at ₺72.3b. Net income forecast to grow 77% next year vs 14% growth forecast for Consumer Retailing industry in Turkey. Consensus price target up from ₺144 to ₺152. Share price rose 3.4% to ₺135 over the past week. Price Target Changed • Dec 16
Price target increased to ₺152 Up from ₺139, the current price target is an average from 16 analysts. New target price is 13% above last closing price of ₺135. Stock is up 200% over the past year. The company is forecast to post earnings per share of ₺10.73 for next year compared to ₺1.98 last year. Price Target Changed • Nov 23
Price target increased to ₺144 Up from ₺134, the current price target is an average from 16 analysts. New target price is 11% above last closing price of ₺129. Stock is up 195% over the past year. The company is forecast to post earnings per share of ₺10.95 for next year compared to ₺1.98 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Baris Tan was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 10
Consensus EPS estimates increase by 45% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ₺68.3b to ₺71.6b. EPS estimate increased from ₺7.65 to ₺11.08 per share. Net income forecast to grow 60% next year vs 17% growth forecast for Consumer Retailing industry in Turkey. Consensus price target of ₺134 unchanged from last update. Share price was steady at ₺133 over the past week. Reported Earnings • Nov 05
Third quarter 2022 earnings: Revenues exceed analyst expectations Third quarter 2022 results: Revenue: ₺21.8b (up 122% from 3Q 2021). Net income: ₺806.7m (up 417% from 3Q 2021). Profit margin: 3.7% (up from 1.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 27%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Consumer Retailing industry in Asia. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 15% share price gain to ₺137, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Consumer Retailing industry in Asia. Total returns to shareholders of 547% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺105 per share. Price Target Changed • Oct 26
Price target increased to ₺118 Up from ₺109, the current price target is an average from 16 analysts. New target price is 5.6% below last closing price of ₺125. Stock is up 259% over the past year. The company is forecast to post earnings per share of ₺7.65 for next year compared to ₺1.98 last year. Price Target Changed • Oct 14
Price target increased to ₺109 Up from ₺102, the current price target is an average from 15 analysts. New target price is approximately in line with last closing price of ₺108. Stock is up 247% over the past year. The company is forecast to post earnings per share of ₺7.52 for next year compared to ₺1.98 last year. Announcement • Oct 01
Migros Ticaret A.S. to Report Q3, 2022 Results on Nov 03, 2022 Migros Ticaret A.S. announced that they will report Q3, 2022 results on Nov 03, 2022 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 15% share price gain to ₺104, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Consumer Retailing industry in Asia. Total returns to shareholders of 406% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺120 per share. Major Estimate Revision • Sep 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ₺6.25 to ₺7.12. Revenue forecast steady at ₺67.2b. Net income forecast to grow 125% next year vs 15% growth forecast for Consumer Retailing industry in Turkey. Consensus price target up from ₺84.69 to ₺95.57. Share price rose 5.7% to ₺96.80 over the past week. Price Target Changed • Sep 21
Price target increased to ₺95.57 Up from ₺79.38, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of ₺98.00. Stock is up 198% over the past year. The company is forecast to post earnings per share of ₺6.25 for next year compared to ₺1.98 last year. Major Estimate Revision • Sep 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ₺5.50 to ₺6.25. Revenue forecast steady at ₺66.9b. Net income forecast to grow 102% next year vs 14% growth forecast for Consumer Retailing industry in Turkey. Consensus price target up from ₺77.51 to ₺82.69. Share price rose 12% to ₺91.85 over the past week. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 19% share price gain to ₺71.45, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the Consumer Retailing industry in Asia. Total returns to shareholders of 281% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺105 per share. Price Target Changed • Aug 11
Price target increased to ₺73.53 Up from ₺67.82, the current price target is an average from 11 analysts. New target price is 8.6% above last closing price of ₺67.70. Stock is up 84% over the past year. The company is forecast to post earnings per share of ₺3.13 for next year compared to ₺1.98 last year. Reported Earnings • Aug 11
Second quarter 2022 earnings: Revenues exceed analyst expectations Second quarter 2022 results: Revenue: ₺16.0b (up 90% from 2Q 2021). Net income: ₺440.8m (up ₺439.1m from 2Q 2021). Profit margin: 2.8% (up from 0% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Over the next year, revenue is forecast to grow 51%, compared to a 17% growth forecast for the industry in Turkey. Announcement • Jul 21
Migros Ticaret A.S. to Report Q2, 2022 Results on Aug 09, 2022 Migros Ticaret A.S. announced that they will report Q2, 2022 results on Aug 09, 2022 Price Target Changed • Jun 24
Price target increased to ₺68.17 Up from ₺63.58, the current price target is an average from 7 analysts. New target price is 33% above last closing price of ₺51.30. Stock is up 56% over the past year. The company is forecast to post earnings per share of ₺3.48 for next year compared to ₺1.98 last year. Major Estimate Revision • May 16
Consensus revenue estimates increase by 18% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ₺50.8b to ₺60.0b. EPS estimate increased from ₺3.04 to ₺4.08 per share. Net income forecast to grow 224% next year vs 14% growth forecast for Consumer Retailing industry in Turkey. Consensus price target up from ₺63.58 to ₺65.36. Share price fell 8.3% to ₺41.74 over the past week. Reported Earnings • May 10
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: ₺12.3b (up 60% from 1Q 2021). Net income: ₺82.2m (down 61% from 1Q 2021). Profit margin: 0.7% (down from 2.7% in 1Q 2021). Revenue exceeded analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 52%, compared to a 24% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Announcement • May 10
Migros Ticaret A.S. to Report Q1, 2022 Results on May 09, 2022 Migros Ticaret A.S. announced that they will report Q1, 2022 results on May 09, 2022 Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Non-Executive Independent Director Sevki Acuner was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 06
Migros Ticaret A.S. (IBSE:MGROS) agreed to acquire an additional 50% stake in Paket Lojistik for approximately TRY 100 million. Migros Ticaret A.S. (IBSE:MGROS) agreed to acquire an additional 50% stake in Paket Lojistik for approximately TRY 100 million on April 1, 2022. The consideration will be paid in cash. Post-completion, Migros Ticaret A.S. will own 75% stake in Paket Lojistik. Major Estimate Revision • Mar 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₺3.40 to ₺2.81 per share. Revenue forecast steady at ₺53.1b. Net income forecast to grow 30% next year vs 12% growth forecast for Consumer Retailing industry in Turkey. Consensus price target up from ₺58.97 to ₺60.17. Share price was steady at ₺43.62 over the past week. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 16% share price gain to ₺42.14, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Consumer Retailing industry in Asia. Total returns to shareholders of 174% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺66.64 per share. Major Estimate Revision • Mar 08
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₺46.4b to ₺52.5b. EPS estimate unchanged from ₺2.51 at last update. Consumer Retailing industry in Turkey expected to see average net income growth of 14% next year. Consensus price target broadly unchanged at ₺58.97. Share price rose 9.5% to ₺39.70 over the past week. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: ₺36.3b (up 26% from FY 2020). Net income: ₺358.2m (up ₺762.2m from FY 2020). Profit margin: 1.0% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 45%, compared to a 22% growth forecast for the retail industry in Turkey. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 28
Price target increased to ₺58.68 Up from ₺54.46, the current price target is an average from 13 analysts. New target price is 43% above last closing price of ₺41.00. Stock is down 7.1% over the past year. The company is forecast to post earnings per share of ₺1.31 next year compared to a net loss per share of ₺2.23 last year. Major Estimate Revision • Jan 19
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from ₺1.35 to ₺1.16 per share. Revenue forecast steady at ₺35.4b. Net income forecast to grow 37% next year vs 22% growth forecast for Consumer Retailing industry in Turkey. Consensus price target of ₺54.90 unchanged from last update. Share price was steady at ₺42.46 over the past week. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 16% share price gain to ₺49.44, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the Consumer Retailing industry in Asia. Total returns to shareholders of 225% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺71.76 per share. Reported Earnings • Nov 07
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₺9.82b (up 28% from 3Q 2020). Net income: ₺156.0m (up ₺146.9m from 3Q 2020). Profit margin: 1.6% (up from 0.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 06
First quarter 2021 earnings released: EPS ₺0.012 (vs ₺0.75 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺7.69b (up 20% from 1Q 2020). Net income: ₺208.8m (up ₺345.1m from 1Q 2020). Profit margin: 2.7% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Mar 13
CITY PLAZA signed an agreement to acquire 99% stake in Ramstore Macedonia DOO for €39.2 million. CITY PLAZA signed an agreement to acquire 99% stake in Ramstore Macedonia DOO for €39.2 million on March 9, 2021. The transaction is subject to legal approval. Analyst Estimate Surprise Post Earnings • Mar 06
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 40%. Over the next year, revenue is forecast to grow 16%, compared to a 13% growth forecast for the Consumer Retailing industry in Turkey. Announcement • Mar 02
Migros Ticaret A.S. to Report Q4, 2020 Results on Mar 01, 2021 Migros Ticaret A.S. announced that they will report Q4, 2020 results on Mar 01, 2021 Is New 90 Day High Low • Feb 26
New 90-day low: ₺39.06 The company is down 5.0% from its price of ₺40.94 on 27 November 2020. The Turkish market is up 2.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺62.56 per share. Announcement • Feb 03
Migros in Talks to Sell Ramstore Macedonia's Owner to Skopje-Based City Plaza Migros Ticaret A.S. (IBSE:MGROS) said it has started negotiations to sell its wholly owned subsidiary Ramstore Bulgaria EAD, which owns a 99% stake in Ramstore Macedonia, to Skopje-based construction company City Plaza. "In line with our growth targets as well as our strategic focus in markets where we operate, Ramstore Macedonia operations have been re-evaluated," Migros said in a bourse filing on February 01, 2021. Is New 90 Day High Low • Jan 04
New 90-day high: ₺44.80 The company is up 6.0% from its price of ₺42.22 on 06 October 2020. The Turkish market is up 22% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Consumer Retailing industry, which is also up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺65.92 per share. 
