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AYGA

Aygaz IBSE:AYGAZ Stock Report

Last Price

₺46.90

Market Cap

₺10.3b

7D

-1.0%

1Y

114.1%

Updated

03 Oct, 2022

Data

Company Financials +
AYGAZ fundamental analysis
Snowflake Score
Valuation2/6
Future Growth1/6
Past Performance5/6
Financial Health3/6
Dividends3/6

AYGAZ Stock Overview

Aygaz A.S., together with its subsidiaries, purchases and delivers liquid petroleum gas (LPG) to retailers for distribution to customers in Turkey.

Aygaz Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Aygaz
Historical stock prices
Current Share Price₺46.90
52 Week High₺64.83
52 Week Low₺20.99
Beta0.70
1 Month Change8.26%
3 Month Change-5.91%
1 Year Change114.09%
3 Year Change196.99%
5 Year Change132.81%
Change since IPO419,286.57%

Recent News & Updates

Shareholder Returns

AYGAZTR Gas UtilitiesTR Market
7D-1.0%-3.9%3.1%
1Y114.1%-7.6%106.7%

Return vs Industry: AYGAZ exceeded the TR Gas Utilities industry which returned -7.3% over the past year.

Return vs Market: AYGAZ exceeded the TR Market which returned 95.8% over the past year.

Price Volatility

Is AYGAZ's price volatile compared to industry and market?
AYGAZ volatility
AYGAZ Average Weekly Movement10.0%
Gas Utilities Industry Average Movement4.8%
Market Average Movement6.8%
10% most volatile stocks in TR Market9.8%
10% least volatile stocks in TR Market4.6%

Stable Share Price: AYGAZ is more volatile than 90% of TR stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: AYGAZ's weekly volatility (10%) has been stable over the past year, but is still higher than 75% of TR stocks.

About the Company

FoundedEmployeesCEOWebsite
19611,623Gökhan Tezelhttps://www.aygaz.com.tr

Aygaz A.S., together with its subsidiaries, purchases and delivers liquid petroleum gas (LPG) to retailers for distribution to customers in Turkey. The company operates through three segments: Gas and Petroleum Products, Electricity, and Other. It also manufactures LPG cylinders, LPG tanks, valves, and other supplementary materials; and cylinder-hood sets and hoses, regulators, small cylinder gas devices, barbecues, and patio heaters.

Aygaz Fundamentals Summary

How do Aygaz's earnings and revenue compare to its market cap?
AYGAZ fundamental statistics
Market Cap₺10.31b
Earnings (TTM)₺1.78b
Revenue (TTM)₺26.46b

5.8x

P/E Ratio

0.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
AYGAZ income statement (TTM)
Revenue₺26.46b
Cost of Revenue₺24.61b
Gross Profit₺1.85b
Other Expenses₺69.05m
Earnings₺1.78b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)8.10
Gross Margin6.99%
Net Profit Margin6.73%
Debt/Equity Ratio89.2%

How did AYGAZ perform over the long term?

See historical performance and comparison

Dividends

1.5%

Current Dividend Yield

8%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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 AYGAZ?

Other financial metrics that can be useful for relative valuation.

AYGAZ 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/Revenue0.5x
Enterprise Value/EBITDA22x
PEG Ratio-0.1x

Price to Earnings Ratio vs Peers

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

AYGAZ PE Ratio vs Peers
The above table shows the PE ratio for AYGAZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average15.9x
BASGZ Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi
27.8xn/a₺10.8b
ODAS Odas Elektrik Üretim Sanayi Ticaret
8.3x1.4%₺9.4b
ENJSA Enerjisa Enerji
8.6x15.5%₺21.4b
AYDEM Aydem Yenilenebilir Enerji
18.9xn/a₺10.5b
AYGAZ Aygaz
5.8x-57.8%₺10.3b

Price-To-Earnings vs Peers: AYGAZ is good value based on its Price-To-Earnings Ratio (5.8x) compared to the peer average (15.9x).


Price to Earnings Ratio vs Industry

How does AYGAZ's PE Ratio compare vs other companies in the Asian Gas Utilities Industry?

Price-To-Earnings vs Industry: AYGAZ is good value based on its Price-To-Earnings Ratio (5.8x) compared to the Asian Gas Utilities industry average (16.2x)


Price to Earnings Ratio vs Fair Ratio

What is AYGAZ'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.

AYGAZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.8x
Fair PE Ratio3.9x

Price-To-Earnings vs Fair Ratio: AYGAZ is expensive based on its Price-To-Earnings Ratio (5.8x) compared to the estimated Fair Price-To-Earnings Ratio (3.9x).


Share Price vs Fair Value

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

Below Fair Value: AYGAZ (TRY46.9) is trading above our estimate of fair value (TRY30.69)

Significantly Below Fair Value: AYGAZ 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: Target price is less than 20% higher than the current share price.


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Future Growth

How is Aygaz forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-57.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AYGAZ's earnings are forecast to decline over the next 3 years (-57.8% per year).

Earnings vs Market: AYGAZ's earnings are forecast to decline over the next 3 years (-57.8% per year).

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

Revenue vs Market: AYGAZ's revenue (18.9% per year) is forecast to grow faster than the TR market (16.4% per year).

High Growth Revenue: AYGAZ's revenue (18.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AYGAZ's Return on Equity is forecast to be low in 3 years time (10.7%).


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Past Performance

How has Aygaz 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


15.1%

Historical annual earnings growth

Earnings and Revenue History

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

Growing Profit Margin: AYGAZ's current net profit margins (6.7%) are higher than last year (3%).


Past Earnings Growth Analysis

Earnings Trend: AYGAZ's earnings have grown by 15.1% per year over the past 5 years.

Accelerating Growth: AYGAZ's earnings growth over the past year (416%) exceeds its 5-year average (15.1% per year).

Earnings vs Industry: AYGAZ earnings growth over the past year (416%) exceeded the Gas Utilities industry -0.2%.


Return on Equity

High ROE: AYGAZ's Return on Equity (42.7%) is considered outstanding.


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Financial Health

How is Aygaz's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: AYGAZ's short term assets (TRY6.3B) exceed its short term liabilities (TRY5.8B).

Long Term Liabilities: AYGAZ's short term assets (TRY6.3B) exceed its long term liabilities (TRY2.1B).


Debt to Equity History and Analysis

Debt Level: AYGAZ's net debt to equity ratio (50.5%) is considered high.

Reducing Debt: AYGAZ's debt to equity ratio has increased from 27.8% to 89.2% over the past 5 years.

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

Interest Coverage: AYGAZ's interest payments on its debt are well covered by EBIT (3x coverage).


Balance Sheet


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Dividend

What is Aygaz current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.46%

Current Dividend Yield

Dividend Yield vs Market

Aygaz Dividend Yield vs Market
How does Aygaz dividend yield compare to the market?
SegmentDividend Yield
Company (Aygaz)1.5%
Market Bottom 25% (TR)0.6%
Market Top 25% (TR)3.0%
Industry Average (Gas Utilities)2.9%
Analyst forecast in 3 Years (Aygaz)6.3%

Notable Dividend: AYGAZ's dividend (1.46%) is higher than the bottom 25% of dividend payers in the TR market (0.63%).

High Dividend: AYGAZ's dividend (1.46%) is low compared to the top 25% of dividend payers in the TR market (3.06%).


Stability and Growth of Payments

Stable Dividend: AYGAZ's dividends per share have been stable in the past 10 years.

Growing Dividend: AYGAZ's dividend payments have not increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (8.4%), AYGAZ's dividend payments are thoroughly covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: AYGAZ is paying a dividend but the company has no free cash flows.


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Management

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

4.6yrs

Average management tenure


CEO

Gökhan Tezel

7yrs

Tenure

Mr. Gökhan Tezel has been General Manager at Aygaz Anonim Sirketi since October 2015 and served as its Assistant General Manager of Finance since December 1, 2009. Mr. Tezel began his career in 1993 as a f...


Leadership Team

Experienced Management: AYGAZ's management team is considered experienced (4.6 years average tenure).


Board Members

Experienced Board: AYGAZ's board of directors are considered experienced (7.6 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

What is the ownership structure of AYGAZ?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders10,4520.005%
Public Companies89,4250.04%
Institutions17,897,9878.1%
Private Companies66,577,65330.3%
General Public135,225,25061.5%

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


Top Shareholders

Top 25 shareholders own 38.48% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
24.52%
Liquid Petroleum Development Co
53,884,891TRY2.5b-3.57%no data
5.77%
Temel Ticaret Ve Yatirim AS
12,692,762TRY595.3m0%no data
4.53%
Yapi Kredi Portföy Yönetimi A.S.
9,959,345TRY467.1m-0.75%4.17%
0.89%
Tacirler Portföy Yönetimi AS
1,962,082TRY92.0m0%4.22%
0.87%
The Vanguard Group, Inc.
1,918,288TRY90.0m6.17%no data
0.6%
Azimut Portföy Yönetimi A.S.
1,321,218TRY62.0m-0.85%1.63%
0.35%
Pacific Investment Management Company LLC
774,297TRY36.3m-0.17%0.01%
0.23%
Dimensional Fund Advisors LP
500,782TRY23.5m0.03%no data
0.2%
First Trust Advisors LP
440,474TRY20.7m2.77%no data
0.12%
Eaton Vance Management
262,155TRY12.3m0%no data
0.1%
Lemanik Asset Management S.A.
229,325TRY10.8m0%0.56%
0.067%
Deutsche Asset & Wealth Management
146,533TRY6.9m0%no data
0.041%
Fiba Portföy Yönetimi A.S.
90,693TRY4.3m24.48%1.44%
0.041%
Koç Holding A.S.
89,425TRY4.2m-99.9%no data
0.038%
Fibabanka A.S., Asset Management Arm
84,416TRY4.0m-26.73%1.36%
0.038%
Is Asset Management
83,583TRY3.9m8.52%0.07%
0.024%
Caisse de dépôt et placement du Québec
52,703TRY2.5m0%no data
0.02%
Gedik Portfoy Yonetimi A.S.
43,960TRY2.1m-3.23%1.29%
0.006%
American Century Investment Management Inc
13,140TRY616.3k0%no data
0.0048%
Mustafa Koc
10,452TRY490.2k-99.9%no data
0.0036%
Northern Trust Global Investments
7,858TRY368.5k0%no data
0.0018%
BNY Mellon Asset Management
3,846TRY180.4k-98.91%no data
0.0013%
Garanti Asset Management Inc.
2,930TRY137.4k0%no data
0.00016%
Goldman Sachs Asset Management, L.P.
352TRY16.5k0%no data
0%
Avivasa Portföy Yönetimi A.S.
3TRY140.70%no data

Company Information

Aygaz A.S.'s employee growth, exchange listings and data sources


Key Information

  • Name: Aygaz A.S.
  • Ticker: AYGAZ
  • Exchange: IBSE
  • Founded: 1961
  • Industry: Gas Utilities
  • Sector: Utilities
  • Implied Market Cap: ₺10.309b
  • Shares outstanding: 219.80m
  • Website: https://www.aygaz.com.tr

Number of Employees


Location

  • Aygaz A.S.
  • BUeyUekdere Caddesi
  • No: 145/1 Zincirlikuyu
  • Sisli
  • 34394
  • Turkey


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AYGAZIBSE (Borsa Istanbul (BIST))YesOrdinary SharesTRTRYJun 1992

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/03 00:00
End of Day Share Price2022/10/03 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.