AEFES Food & Beverage
🏢 Company Profile
Beer-malt activities in Turkey, Russia, Ukraine, Kazakhstan, Moldova and Georgia; 5th largest beer producer in Europe, 10th largest in the world. 50.3% partner of Coca-Cola İçecek.
- AG ANADOLU GRUBU HOLDİNG ANONİM ŞİRKETİ — 43.05%
- AB INBEV HARMONY LİMİTED — 24.00%
- Last quarter (2026/6): sales 154294387000 TL, net profit margin 9.1% (normal)
- Sales growth: YoY %+4.8 (increase).
- Net profit growth: YoY +1.1% (increase).
- Owners' Equity Growth: YoY %+7.0 (increase)
- Asset turnover 1.4 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 42.1% (moderate leverage); total liabilities (short+long) / owners' equity 96.4%.
- Net financial debt 65655268000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 1.0 — balanced liquidity.
- Current ratio (TradingView balance sheet section) 1.0 — balanced liquidity.
- Multiples: P/E 11.4 · P/B 0.9 · EV/EBITDA 6.2 · dividend yield 1.9.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
📋 Announced Financial Statements· manually added financial table summary · last pull: 2026-09-23
| Period | Sales Revenues (mlr TL) | Net Profit (mlr TL) | Profit Margin | Total Assets (mlr TL) | Equity (mlr TL) | Financial Debt (mlr TL) | Financial Debt / Equity |
|---|---|---|---|---|---|---|---|
| 2026/6 | 154.3 (+ 4.8% YoY) | 14.1 (+ 1.1% YoY) | 9.1% | 495.8 | 252.4 | 106.2 | 42.1% |
| 2026/3 | 62.4 (+ 7.6% YoY) | 4.5 (- 6.8% YoY) | 7.2% | 445.6 | 235.8 | 96.6 | 41.0% |
| 2025/12 | 287.2 (- 5.2% YoY) | 20.4 (- 33.2% YoY) | 7.1% | 487.0 | 257.9 | 109.5 | 42.5% |
| 2025/9 | 188.6 (- 21.2% YoY) | 20.1 (- 34.4% YoY) | 10.7% | 412.4 | 212.7 | 98.9 | 46.5% |
| 2025/6 | 147.2 (+ 1.2% YoY) | 13.9 (- 17.0% YoY) | 9.5% | 394.9 | 193.9 | 101.5 | 52.3% |
| 2025/3 | 58.0 (- 3.5% YoY) | 4.9 (- 31.7% YoY) | 8.4% | 357.8 | 181.9 | 94.3 | 51.8% |
| 2024/12 | 302.8 | 30.6 | 10.1% | 461.0 | 222.2 | 103.0 | 46.3% |
| 2024/9 | 239.3 | 30.7 | 12.8% | 350.2 | 171.6 | 73.5 | 42.9% |
| 2024/6 | 145.5 | 16.8 | 11.5% | 341.5 | 158.1 | 74.0 | 46.8% |
| 2024/3 | 60.2 | 7.1 | 11.8% | 304.3 | 146.6 | 67.6 | 46.1% |
Income statement items (sales revenues and net profit) are cumulative from the beginning of the year; balance sheet items are period-end balances. Source: İş Yatırım financial statements (based on KAP announcements).
🔎 Fundamental Analysis Summary · automatic
- Revenue (TTM) 274.00 billion TL, EBITDA 48.25 billion TL — EBITDA margin 17.6% (solid EBITDA margin).
- Net profit margin 3.6% (thin net profit margin).
- EV/FAVÖK 5.9 — low EV/FAVÖK — cheap region.
- Net financial debt 65.66 billion TL (70% of market value).
- Current ratio 1.03 — balanced liquidity.
- Dividend yield 2.1% (2.1).
Rule-based summary: It is generated from İş Yatırım financial statements (TTM) and TradingView base data with fixed thresholds; no LLM, no hallucination risk. It is not investment advice.
Valuation and Profitability · single source, last 12 months
Last 5 trading days return: -2.3%
| Market value | 93.4 mlr TL |
| Equity (2026/6) | 252.4 billion TRY |
| Net profit (last 12 months) | 20.6 billion TRY |
| P/E (last 12 months) | 4.5 |
| P/B | 0.37 |
| ROE (last 12 months) | 8.1% |
| Financial debt / equity | 42% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 48.3 billion TRY |
| EBITDA margin | 17.6% |
| EV / EBITDA | 5.9 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Food & Beverage sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | positive |
| Score | +1 |
| Channels | interest rate increase, domestic demand increase, commodity decrease |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | STRONG SELL |
| Short term (EMA 5-8-13-21) | SELL |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | SELL |
| Wave Trend (indicator) | SELL |
| Channel position | 12% |
| Trend strength (r) | -0.76 |
| Score | 0 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- Anadolu Efes, lost away differently — Sözcü Gazetesi · 29.10
- Anadolu Efes could not beat Hapoel Tel Aviv! — Cumhuriyet · 28.10
- Anadolu Efes, loss in Hapoel Tel Aviv away match — Hürriyet · 28.10
- Dimitris Itoudis: “Anadolu Efes Changed Team Structure And…” — Eurohoops · 27.10
- Anadolu Efes'in rival Hapoel Tel Aviv — T24 · 27.10
- Anadolu Efes won differently — Sözcü Gazetesi · 25.10
📋 KAP Notifications
- 26 Ekim 10:50 — Notification Regarding Capital Market Intermediary Transactions Outside Share (Interest-Bearing) →
- 23 Ekim 15:28 — Circuit Breaker Notification on a Share Basis→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- 20 October 17:28 — Company General Information Form→
- 20 October 17:28 — Export Document→
- 20 October 09:54 — Notification Regarding Export Ceiling→
- 7 October 16:38 — Share Capital Right Exercise Transaction - Cash Payment→
- 5 October 09:13 — BISTECH Share Market Trading System Announcement →
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
AEFES is trying to balance at 18.89 TL with a 0.32% premium in intraday trading on September 23, 2026. Scanning indicators; with short and medium-term EMA sequence and Wave Trend in SELL position, it indicates a 0/4 STRONG SELL view, only giving a long-term EMA WAIT signal. The regression channel position at 59% and trend strength (r) of -0.67 show that the direction is fragile downward. While the stock tries to hold just above the 60-day low of 18.25 TL, it is priced about 12% below the peak of 21.58 TL.
🌍 Macroeconomic Evaluation
On the macro front, the disinflation program continues: TUIK consumer inflation had fallen to 31.5% by early September, and the CBRT's tight stance is cooling domestic demand. While this picture pressures volumes in a relatively defensive category such as alcoholic beverages, the company's Russia and Ukraine operations and export revenues bring volatility to the balance sheet through the currency composition; although USD/TRY trading at 48.83 supports export revenues, the real appreciation trend of the TRY reduces the TRY equivalent of overseas profits. In an environment where gram gold has reached 6.786 TRY and risk appetite fluctuates, foreign investor interest in the beer/spirits sector is limited; this makes the valuation discount permanent. Special consumption tax hikes continue to add extra burden on the cost side, and pricing power is a critical balancing factor for the company. On the other hand, progress in the interest rate cut cycle is being monitored as the main macro catalyst that could revive interest in consumer stocks.
🧾 Balance Sheet Evaluation
Anadolu Efes increased its sales revenues by 4.8% annually in the first half of 2026; however, considering the 31.5% consumer inflation, this nominal increase corresponds to a real contraction of about 20%. The company, which announced 91.9 billion TL sales (+3.1% annually) and 9.5 billion TL net profit (+5.3%) in the second quarter of the year, had a quarterly net profit margin of 10.4%, above the last four-quarter average of 7.0; however, the first-half margin remained below the 9.5% of the same period last year, indicating that cost pressure continues. The company, which generated 294.3 billion TL sales and 20.6 billion TL net profit in the last four quarters, has a market value of approximately 111 billion TL at the current price. With this picture, the P/E ratio is ~5.4x, P/B ~0.4x and EV/EBITDA ~7.1x; such a low valuation compared to book value shows that the market has not fully priced the equity size revalued with inflation accounting. On the balance sheet side, the ratio of financial debt to equity is at a manageable level of 42%; ~66 billion TL net debt is only ~1.5 times EBITDA. Return on equity of 8.1% in the last four quarters is significantly below inflation; this reveals that profitability remained weak relative to asset size. The 1.8% dividend yield provides limited support. In summary, although AEFES looks cheap based on multiples, real contraction, weak ROE and structural volume pressure in the beer market form the justification for this discount; margin recovery and stronger profit contribution from international operations are needed for its valuation to improve.
This section is manually updated; for informational purposes only, not investment advice.