PDF Report issued on the 02/25/2024

Tofas Türk Otomobil Fabrikasi Anonim Sirketi Company Profile

IST / TOASO / TRATOASO91H3

Business Summary Sector

Tofas Turk Otomobil Fabrikasi AS (Tofas) is a Turkey-based company, Consumer Cyclicals
which manufactures, exports and sells passenger cars and light
commercial vehicles under licenses of Fiat Chrysler Automobiles SpA Automobiles & Auto Parts
(Fiat). Tofas, which is a joint venture of Koc Holding AS and Fiat, also
produces various automotive spare parts used in its automobiles. Its Automobiles & Auto Parts
subsidiaries include: Koc Fiat Kredi Finansman AS, which offers consumer
financing and Fer Mas Oto Ticaret AS, which is engaged in the trading of Auto & Truck Manufacturers
automobiles and spare parts. Tofas's manufacturing facilities are located at
Bursa. Tofas undertakes the representation of the following brands in the Automobiles & Multi Utility Vehicles
domestic market: Fiat, Alfa Romeo, Lancia, Jeep, Maserati and Ferrari.

Income Statement Evolution

Financials
Sales 2024 * 162B Sales 2025 * 268B Capitalization 138B

Net income 2024 * 19.05B Net income 2025 * 24.09B EV / Sales 2024 * 0.81 x

Net cash position 2024 * 6.82B Net cash position 2025 * 5.58B EV / Sales 2025 * 0.49 x

P/E ratio 2024 * 7.79 x P/E ratio 2025 * 5.21 x Employees 6,025

Yield 2024 * 6.74% Yield 2025 * 10.1% Free-Float 24.56%

* Assessed data

Sales per Business

TRY in Million 2022 Weight 2023 Weight Delta

Spare Parts and Automobile 65,545 98.1 % 127,601 98.0 % +94.68%

Consumer Financing 1,248 1.9 % 2,653 2.0 % +112.65%

Managers
Sales per region
Managers Title
TRY in Million 2022 Weight 2023 Weight Delta
Cengiz Eroldu Chief Executive Officer
Turkey 66,793 100.0 % 130,254 100.0 % +95.01%
Fabrizio Renzi Director of Finance/CFO

Share class Giuseppe Masciocco Chief Tech/Sci/R&D Officer

Vote Quantity Free-Float Company-owned shares Total Float Zeki Erdal Simpek Chief Operating Officer
Stock A 1 500,000,000 122,781,288 ( 24.56 %) 0 24.56 % Ömer Özgür Çetinoglu Chief Tech/Sci/R&D Officer

Upcoming events Members of the board

2024-04-24 Q1 2024 Earnings Release (Projected) Members of the board Title

2024-07-23 Q2 2024 Earnings Release (Projected) Ömer Mehmet Koç Chairman

Temel Kamil Atay Director/Board Member

Past Events
Cengiz Eroldu Chief Executive Officer
2023-10-24 Q3 2023 Earnings Release
Sergio Duca Director/Board Member
2023-04-26 Q1 2023 Earnings Call
Neslihan Tonbul Director/Board Member

Shareholders
Name Equities %

189,280,000 37.856%

187,938,121 37.588%

1,445,843 0.289%

1,400,000 0.28%

1,342,000 0.268%

Company contact information

Büyükdere Caddesi Tofas Han, 145
34394, Istanbul
+90 212 275 33 90
http://www.tofas.com.tr

Disclaimer: SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

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 PDF Report issued on the 02/25/2024

Tofas Türk Otomobil Fabrikasi Anonim Sirketi Financials and Forecast

IST / TOASO / TRATOASO91H3

Income Statement Evolution Financial Ratios

Size 2024* 2025*

Capitalization (TRY) 138B -

Enterprise Value (EV) (TRY) 131B 132B

Valuation 2024* 2025*

P/E ratio 7,79x 5,21x

Capitalization / Revenue 0,85x 0,51x

EV / Revenue 0,81x 0,49x

EV / EBITDA 6,07x 4,19x

Yield 6,74% 10,1%

Price to Book 4,34x 2,76x

Profitability 2024* 2025*

Operating Margin 12,2% 11,4%

Net margin 12,2% 11,4%

Fiscal Period: December 2020 2021 2022 2024 2025 2026 ROA (Net income/ Total Assets) 25,2% 24,8%

Net sales 1 23 557 29 684 65 545 162 035 268 214 345 538 ROE (net income / shareholders'
70,0% 63,8%
equity)
1
EBITDA 3 026 5 794 11 270 21 577 31 514 50 147
Rate of Dividend 52.53% 52.43%
EBIT 1 2 267 4 595 9 751 19 693 30 590 41 086 * Assessed data
Operating Margin 9,62% 15,5% 14,9% 12,2% 11,4% 11,9%
Price Earning Ratio
Earnings before Tax (EBT) 1 1 831 3 512 8 562 17 844 25 218 -

Net income 1 1 784 3 281 8 562 19 054 24 089 -

Net margin 7,57% 11,1% 13,1% 11,8% 8,98% -

EPS 2 3,57 6,56 17,1 35,3 52,9 -

Free Cash Flow 1 676 1 558 11 189 -3 939 23 356 -

FCF margin 2,87% 5,25% 17,1% -2,43% 8,71% -

FCF Conversion (EBITDA) 22,3% 26,9% 99,3% - 74,1% -

FCF Conversion (Net income) 37,9% 47,5% 131% - 97,0% -

Dividend per Share 2 2,40 3,00 6,40 18,6 27,7 -

Announcement Date 02/03/21 02/03/22 02/02/23 - - -

1TRY in Million 2TRY Estimates

Balance Sheet Analysis

Annual profits - Rate of surprise

Disclaimer: SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

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 PDF Report issued on the 02/25/2024

Tofas Türk Otomobil Fabrikasi Anonim Sirketi Analysts' Consensus

IST / TOASO / TRATOASO91H3

Evolution of the average Target Price Consensus

Sell Buy

Mean consensus BUY

Number of Analysts 12

Last Close Price 275.5 TRY

Average target price 345.5 TRY

Spread / Average Target +25.41%

High Price Target 436.2 TRY

Spread / Highest target +58.33%

Low Price Target 280 TRY

Spread / Lowest Target +1.63%

Consensus detail

Target Price consensus revisions : last 18 months

Consensus revision (last 18 months)

Revenue Revisions & EPS Revisions

Disclaimer: SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 3 / 6
 PDF Report issued on the 02/25/2024

Tofas Türk Otomobil Fabrikasi Anonim Sirketi Sector and Competitors

IST / TOASO / TRATOASO91H3

Sector Comparison

Sector: Auto & Truck Manufacturers Ratings

1st Jan Investor ESG
Capi.
change Rating Refinitiv

+31.19%
TOFAS TÜRK OTOMOBIL FABRIKASI ANONIM4SIR
434 M $ A-

PORSCHE AG +3.45% 81 471 M $ -

FERRARI N.V. +22.94% 74 988 M $ B+

BYD COMPANY LIMITED -13.62% 71 872 M $ B-

MARUTI SUZUKI INDIA LTD +11.97% 43 760 M $ B-

KIA CORPORATION +18.40% 35 161 M $ C+

+10.13%
SAIC MOTOR CORPORATION LIMITED 23 567 M $ B-
-12.83% COMPANY
CHONGQING CHANGAN AUTOMOBILE 17 746 M $ C

FORD OTOMOTIV SANAYI +36.98% 11 442 M $ A-

-7.44%
GUANGZHOU AUTOMOBILE GROUP 10 276 M $
CO., LTD. B

YUTONG BUS CO.,LTD. +30.42% 5 316 M $ C+

YULON MOTOR COMPANY LTD.-4.81% 2 393 M $ - A-

-0.44%
BAIC MOTOR CORPORATION LIMITED 2 325 M $ B-

CHINA MOTOR CORPORATION +7.08% 2 119 M $ - C

+23.28%LTD.
JIANGLING MOTORS CORPORATION, 2 046 M $ -

-7.18%
ZHEJIANG CFMOTO POWER CO.,LTD 1 984 M $ -

ZOTYE AUTOMOBILE CO., LTD -18.12% 1 710 M $ - -

Disclaimer: SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 4 / 6
 PDF Report issued on the 02/25/2024

Tofas Türk Otomobil Fabrikasi Anonim Sirketi Technical Analysis

IST / TOASO / TRATOASO91H3

Daily chart Technical analysis trends

Short Term Mid-Term Long Term

Trend Bullish Neutral Neutral

Resistance 282.90 303.00 300.70

Spread/Res. -2.62% -9.08% -8.38%

Spread/Supp. +10.20% +33.74% +52.89%

Support 250.00 206.00 180.20

Basic data
Number of securities 499 999 998

Capitalization (TRY) 137 631 795 561

Capitalization (USD) 4 433 808 294

Free-Float 24.56 %

Performance
1 day +3.57%

1 week +6.99%

Current month +11.81%

1 month +17.23%

3 months +14.79%

6 months +4.99%

Current year +31.19%

Weekly chart

Disclaimer: SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 5 / 6
 PDF Report issued on the 02/25/2024

Tofas Türk Otomobil Fabrikasi Anonim Sirketi Summary

IST / TOASO / TRATOASO91H3

Summary
Investor Rating
• The company has strong fundamentals. More than 70% of companies have a lower mix of growth, profitability, debt
and visibility. Trading Rating
• According to Refinitiv, the company's ESG score for its industry is good.
ESG Refinitiv A-
Strengths Financials
• Analysts expect a sharply increasing business volume for the group, with high growth rates in the coming years. Sales growth
• The equity is one of the most attractive in the market with regard to earnings multiple-based valuation. Earnings Growth
• The company shows low valuation levels, with an enterprise value at 0.81 times its sales. EBITDA / Sales
• The company is one of the best yield companies with high dividend expectations. Profitability
• Over the past year, analysts have regularly revised upwards their sales forecast for the company. Finances
• For the last twelve months, analysts have been gradually revising upwards their EPS forecast for the upcoming fiscal
year. Valuation
P/E ratio
Weaknesses EV / Sales
• In relation to the value of its tangible assets, the company's valuation appears relatively high. Price to Book
• The sales outlook for the group was lowered in the last twelve months. This change in forecast points out a decline in Price to Free Cash Flow -
activity as well as pessimistic analyses of the company. Yield
• For the last four months, earnings estimated by analysts have been revised downwards with respect to the next two
Momentum
years.
1 year Revenue revision
• Over the past four months, analysts' average price target has been revised downwards significantly.
4 months Revenue revision
• Prospects from analysts covering the stock are not consistent. Such dispersed sales estimates confirm the poor
7 days Revenue revision
visibility into the group's activity.
1 year EPS revision
4 months EPS revision
Ratings chart - Surperformance
Consensus
Analyst Opinion
Potential Price Target
4m Target Price Revision
4m Revision of opinion
12m Revision of opinion

Business Predictability
Analyst Coverage
Divergence of Estimates
Divergence of analysts'
opinions
Divergence of Target Price
Earnings quality

Environment
Emissions
Innovation
Use of resources

Social
Social commitment
Human Rights
Product liability
Human Resources

Governance
CSR Strategy
Management
Shareholders

Controversy
Controversy

Disclaimer: SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
https://www.marketscreener.com
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may
contain inaccuracies, errors or omissions.

Page 6 / 6