Stock data
| Market cap. | TRY60.1m |
| Last close | 0.69TRY |
| High / Low (52 weeks) | 1.1TRY / 0.6TRY |
| Stock market listing | IS |
| Forecast net debt (TRYm) | 102.4 |
| Forecast gearing ratio (%) | 65 |
| Team | Consumer |
| Sector | Travel & Leisure |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (11.54) | (9.21) | (41.03) |
| Relative * | (7.92) | (6.2) | (33.6) |
* % Relative to local index
Other companies covered in sector
| Y/E Mar | Revenue (TRYm) | EBITDA (TRYm) | PBT (TRYm) | EPS (fd) (Kr) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 45.6 | 7.0 | 5.4 | 3.90 | 17.7 | 2.7 |
| 2011A | 55.8 | (0.4) | (3.3) | (6.20) | N/A | N/A |
| 2012E | 71.5 | 3.1 | (7.4) | (9.21) | N/A | N/A |
| 2013E | N/A | N/A | N/A | N/A | N/A | N/A |
Last updated on 18/04/2012
Latest research
Growth pains
Update | Travel & Leisure | 30/03/2012
Surprising volatility
Update | Travel & Leisure | 25/08/2011
Room for growth
Outlook | Travel & Leisure | 12/05/2011
Investment summary
Marti Otel is in transition with its array of potentially exciting projects necessarily coming at a price. The year just ended has unfortunately continued to frustrate, with higher than expected SG&A, financial costs and real estate delays obscuring bumper returns from resort hotels. While core trading remains strong, the much-heralded breakthrough in profit in the current period is reliant on key new ventures, particularly a five-star full service hotel in Istanbul (due to open in June), which read well but arguably require greater visibility.
Last updated on 23/04/2012
Industry outlook
Turkey is proving to be a strong beneficiary of the re-shaping of programmes by tour operators in response to the unrest in North Africa. This development complements the tour operators’ strategic move away from the mature commodity package to higher margin differentiated/unique holidays for which Turkey, and indeed Marti, with its upscale offering, are well suited. Foreign visitors to Turkey were up by 10% in 2011.
Last updated on 23/04/2012
Key management
| Ozge Kozer, CFO |
Company address
| İnönü Caddesi Devres Han No:50/3 Gümüşsuyu İSTANBUL Turkey View website |
