QNB Finans Finansal Kiralama (IBSE:QNBFL) - Share price, News & Analysis

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

QNBFL (TRY73.95) is trading above our estimate of [[fair value]] (TRY2.87)

QNBFL fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	0/6
Past Performance	3/6
Financial Health	2/6
Dividends	0/6

QNBFL Stock Overview

QNB Finans Finansal Kiralama AS provides financial leasing services in Turkey and internationally.

Rewards

Earnings have grown 23.8% per year over the past 5 years

Risk Analysis

Debt is not well covered by operating cash flow

Makes less than USD$1m in revenue (TRY-15M)

Profit margins (-1936.5%) are lower than last year

QNB Finans Finansal Kiralama Competitors

Türkiye Sinai Kalkinma Bankasi

IBSE:TSKB

₺9.8b

Is Finansal Kiralama Anonim Sirketi

IBSE:ISFIN

₺3.7b

Gelecek Varlik Yönetimi Anonim Sirketi

IBSE:GLCVY

₺1.8b

Türkiye Kalkinma ve Yatirim Bankasi

IBSE:KLNMA

₺27.2b

Price History & Performance

Summary of all time highs, changes and price drops for QNB Finans Finansal Kiralama
Historical stock prices
Current Share Price	₺73.95
52 Week High	₺108.70
52 Week Low	₺61.35
Beta	1.92
1 Month Change	14.92%
3 Month Change	9.15%
1 Year Change	-2.70%
3 Year Change	1,690.56%
5 Year Change	1,536.06%
Change since IPO	308,526.52%

Shareholder Returns

	QNBFL	TR Diversified Financial	TR Market
7D	2.9%	4.7%	2.8%
1Y	-2.7%	8.2%	80.7%

Return vs Industry: QNBFL underperformed the TR Diversified Financial industry which returned 8.2% over the past year.

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

Price Volatility

Is QNBFL's price volatile compared to industry and market?
QNBFL volatility
QNBFL Average Weekly Movement	4.0%
Diversified Financial Industry Average Movement	4.8%
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: QNBFL is less volatile than 75% of TR stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: QNBFL's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1990	120	Metin Karabiber	https://www.qnbfl.com

QNB Finans Finansal Kiralama AS provides financial leasing services in Turkey and internationally. The company offers finance leasing services for wind turbines and solar power plants, heavy machinery, automobiles, medical equipment, agricultural equipment, printing equipment, textile equipment, commercial vehicles, real estate, office equipment, manufacturing machines, and technological equipment. It serves corporations and self-employed professionals.

QNB Finans Finansal Kiralama Fundamentals Summary

How do QNB Finans Finansal Kiralama's earnings and revenue compare to its market cap?
QNBFL fundamental statistics
Market Cap	₺8.37b
Earnings (TTM)	₺295.02m
Revenue (TTM)	n/a

28.8x

P/E Ratio

-558.2x

P/S Ratio

Is QNBFL overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
QNBFL income statement (TTM)
Revenue	-₺15.23m
Cost of Revenue	₺23.56m
Gross Profit	-₺38.80m
Other Expenses	-₺333.82m
Earnings	₺295.02m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	2.57
Gross Margin	254.65%
Net Profit Margin	-1,936.48%
Debt/Equity Ratio	848.6%

How did QNBFL perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

0/6

Valuation Score 0/6

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 QNBFL?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for QNBFL. This is calculated by dividing QNBFL's market cap by their current preferred multiple.
What is QNBFL's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	₺8.37b

QNBFL 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	n/a

Price to Earnings Ratio vs Peers

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

QNBFL PE Ratio vs Peers

The above table shows the PE ratio for QNBFL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	11x
TSKB Türkiye Sinai Kalkinma Bankasi	4.6x	n/a	₺9.8b
ISFIN Is Finansal Kiralama Anonim Sirketi	6.3x	n/a	₺3.7b
GLCVY Gelecek Varlik Yönetimi Anonim Sirketi	8.7x	n/a	₺1.8b
KLNMA Türkiye Kalkinma ve Yatirim Bankasi	24.4x	n/a	₺27.2b
QNBFL QNB Finans Finansal Kiralama	28.8x	n/a	₺8.4b

Price-To-Earnings vs Peers: QNBFL is expensive based on its Price-To-Earnings Ratio (28.8x) compared to the peer average (11x).

Price to Earnings Ratio vs Industry

How does QNBFL's PE Ratio compare vs other companies in the Asian Diversified Financial Industry?

Price-To-Earnings vs Industry: QNBFL is expensive based on its Price-To-Earnings Ratio (28.8x) compared to the TR Diversified Financial industry average (12.1x)

Price to Earnings Ratio vs Fair Ratio

What is QNBFL'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.

QNBFL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	28.8x
Fair PE Ratio	n/a

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

Share Price vs Fair Value

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

Below Fair Value: QNBFL (TRY73.95) is trading above our estimate of fair value (TRY2.87)

Significantly Below Fair Value: QNBFL is trading above our estimate of fair value.

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 QNB Finans Finansal Kiralama 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

12.5%

Forecasted Diversified Financials 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 QNB Finans Finansal Kiralama 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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Take a look at our analysis of QNBFL’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.

Past Performance

How has QNB Finans Finansal Kiralama performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

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

23.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: QNBFL has high quality earnings.

Growing Profit Margin: QNBFL's current net profit margins (-1936.5%) are lower than last year .

Past Earnings Growth Analysis

Earnings Trend: QNBFL's earnings have grown significantly by 23.8% per year over the past 5 years.

Accelerating Growth: QNBFL's earnings growth over the past year (96.4%) exceeds its 5-year average (23.8% per year).

Earnings vs Industry: QNBFL earnings growth over the past year (96.4%) underperformed the Diversified Financial industry 103.2%.

Return on Equity

High ROE: Whilst QNBFL's Return on Equity (20.88%) is high, this metric is skewed due to their high level of debt.

Discover strong past performing companies

Financial Health

How is QNB Finans Finansal Kiralama's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

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

Financial Position Analysis

Short Term Liabilities: QNBFL's short term assets (TRY14.4B) exceed its short term liabilities (TRY6.6B).

Long Term Liabilities: QNBFL's short term assets (TRY14.4B) exceed its long term liabilities (TRY6.7B).

Debt to Equity History and Analysis

Debt Level: QNBFL's net debt to equity ratio (810.9%) is considered high.

Reducing Debt: QNBFL's debt to equity ratio has increased from 366% to 848.6% over the past 5 years.

Debt Coverage: QNBFL's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: Insufficient data to determine if QNBFL's interest payments on its debt are well covered by EBIT.

Balance Sheet

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Dividend

What is QNB Finans Finansal Kiralama 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 QNBFL's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

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

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

Discover strong dividend paying companies

Management

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

14.4yrs

Average management tenure

CEO

Metin Karabiber (61 yo)

6.17yrs

Tenure

Mr. Metin Karabiber has been General Manager at QNB Finans Finansal Kiralama AS since June 01, 2016. Mr. Karabiber has been Executive Vice President of Sme & Agricultural Banking of QNB Finansbank AS since...

Leadership Team

Experienced Management: QNBFL's management team is seasoned and experienced (14.4 years average tenure).

Board Members

Experienced Board: QNBFL's board of directors are not considered experienced ( 1.6 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	2022/06/30
Annual Earnings	2021/12/31