Financials Zorlu Enerji Elektrik Üretim

Equities

ZOREN

TRAZOREN91L8

Electric Utilities

Market Closed - Borsa Istanbul Other stock markets 11:09:59 2024-05-03 EDT			5-day change	1st Jan Change
6.59 ^TRY	-2.23%		-0.90%	+55.79%

04-03	Zorlu Enerji Elektrik Üretim A.S. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
02-22	Zorlu Enerji Decides to Apply the Capital Markets Board for an Initial Public Offering of Unit Zorlu Yenilenebilir Enerji	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	3,260	5,540	4,150	17,775	21,150	32,950	-
Enterprise Value (EV) ¹	3,260	5,540	4,150	17,775	21,150	32,950	32,950
P/E ratio	-23.6 x	74.9 x	-41.5 x	178 x	-	110 x	-
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	0.39 x	0.65 x	0.36 x	0.59 x	0.78 x	0.79 x	0.67 x
EV / Revenue	0.39 x	0.65 x	0.36 x	0.59 x	0.78 x	0.79 x	0.67 x
EV / EBITDA	1.79 x	3.05 x	1.93 x	3.85 x	3.26 x	4.39 x	3.71 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	2,000,000	2,000,000	2,500,000	2,500,000	5,000,000	5,000,000	-
Reference price ²	1.630	2.770	1.660	7.110	4.230	6.590	6.590
Announcement Date	20-03-09	21-02-18	22-03-07	23-03-08	24-04-03	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	8,361	8,579	11,635	30,067	27,282	41,854	49,388
EBITDA ¹	1,820	1,817	2,154	4,612	6,478	7,512	8,890
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income ¹	-138.7	73.85	-86.45	111.4	10,921	162	265
Net margin	-1.66%	0.86%	-0.74%	0.37%	40.03%	0.39%	0.54%
EPS ²	-0.0690	0.0370	-0.0400	0.0400	-	0.0600	-
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	20-03-09	21-02-18	22-03-07	23-03-08	24-04-03	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q3	2022 Q4
Net sales ¹	2,766	4,207	7,791	10,224
EBITDA ¹	670.9	444.3	-	808.9
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-
Net income ¹	-31.57	-31.16	-	22.05
Net margin	-1.14%	-0.74%	-	0.22%
EPS	-	-	0.0200	-
Dividend per Share	-	-	-	-
Announcement Date	21-11-04	22-03-07	22-11-04	23-03-08

¹TRY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-6.58%	3.5%	-1.98%	0.93%	-	0.7%	1.2%
ROA (Net income/ Total Assets)	-0.77%	0.37%	-0.3%	0.22%	-	0.3%	0.5%
Assets ¹	17,920	20,068	28,418	51,426	-	54,000	53,000
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	20-03-09	21-02-18	22-03-07	23-03-08	24-04-03	-	-

¹TRY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Zorlu Enerji Elektrik Üretim

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

6.59 TRY

Average target price

4.8 TRY

Spread / Average Target

-27.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
ZORLU ENERJI ELEKTRIK ÜRETIM	+55.79%	1.04B
NEXTERA ENERGY	+15.48%	141B
SOUTHERN COMPANY	+8.17%	82.38B
IBERDROLA, S.A.	-2.49%	77.91B
DUKE ENERGY CORPORATION	+3.32%	76.61B
ENEL S.P.A.	-7.13%	67.83B
CONSTELLATION ENERGY CORPORATION	+66.70%	58.67B
AMERICAN ELECTRIC POWER COMPANY, INC.	+9.09%	46.52B
DOMINION ENERGY, INC.	+9.36%	42.85B
GE VERNOVA INC.	0.00%	42.16B

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