Stock data
| Market cap. | TRY66m |
| Last close | 0.60TRY |
| High / Low (52 weeks) | 1.1TRY / 0.6TRY |
| Stock market listing | IS |
| Forecast net debt (TRYm) | 24 |
| Forecast gearing ratio (%) | 17 |
| Team | Property |
| Sector | Property |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (10.45) | (13.04) | (46.9) |
| Relative * | (6.78) | (10.16) | (40.22) |
* % Relative to local index
Other companies covered in sector
| Y/E Mar | Revenue (TRYm) | EBITDA (TRYm) | PBT (TRYm) | EPS (Kr) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 10.0 | 2.1 | 1.8 | 3.3 | 18.2 | 3.2 |
| 2011A | 19.1 | 7.1 | 7.5 | 8.9 | 6.7 | N/A |
| 2012E | 20.4 | 1.4 | 1.1 | 1.0 | 60.0 | N/A |
| 2013E | N/A | N/A | N/A | N/A | N/A | N/A |
Last updated on 20/04/2012
Latest research
Building the foundations
Update | Property | 21/03/2012
Q1 figures on track
Update | Property | 26/08/2011
IPO underpins growth
Outlook | Property | 09/06/2011
Investment summary
We have updated forecasts to reflect Q3 results. These reflect deferred revenues for both the hotel and residential divisions, mainly due to construction delays. The core proposition, however, remains intact and underlying hotel performance solid. The first nine months saw progress towards medium-term targets: to build a 4,000 bed capacity, US$20m pa rental income hotel portfolio and secure latter phases of the Narin Park housing project in Çerkezköy, Istanbul's planned new corporate and residential hub. Despite recent recovery the shares trade well below end Q3 NAV/share of TRY1.26, which ignores any upside for completed schemes.
Last updated on 23/04/2012
Industry outlook
The portfolio (operating and planned) is diversified between hotel ownership and residential development. The part renovation of Myra was behind increases in room rates in 2011, with another 200 rooms ready for summer 2012. The hotels are in areas (Antalya) popular with Russians (last summer 43% of visitors were from Russia against just 6% from the UK).
Last updated on 23/04/2012
Key management
Company address
| İnönü Cad. Devres Han No.50/4 Gümüşsuyu Beyoğlu İstanbul Turkey View website |
