ASTOR Energy & Petrochemicals
🏢 Company Profile
Production of power and distribution transformers, medium voltage switching products and compact transformer substations; products exported to more than 90 countries (Ankara-Sincan OIZ facilities). Source: Midas company cards, 24.10.2026.
- FERİDUN GEÇGEL — 37.25% ( voting 62.68%)
- ENVER GEÇGEL — 20.00% ( voting 11.90%)
- Last quarter (2026/6): sales 19214635242 TL, net profit margin 24.2% (high)
- Sales growth: YoY %+7.5 (increase).
- Net profit growth: YoY +87.7% (increase).
- Owners' Equity Growth: YoY %+14.0 (increase)
- Asset turnover 1.3 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 13.6% (low leverage); total liabilities (short+long) / owners' equity 61.1%.
- Net financial debt 4863023705 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 2.0 — strong liquidity.
- Current ratio (TradingView balance sheet section) 2.0 — strong liquidity.
- Multiples: P/E 18.7 · P/B 4.3 · EV/EBITDA 14.3 · dividend yield 1.1.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
| Total Assets | 70.6 mlr TL | Total Debt | 26.8 mlr TL |
| Current Assets | 47.9 billion TL | Equity | 43.8 mlr TL |
| Financial Debt | 5.9 billion TL | Net Profit | 4.6 mlr TL |
📋 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 | 19.2 (+ 7.5% YoY) | 4.6 (+ 87.7% YoY) | 24.2% | 70.6 | 43.8 | 5.9 | 13.6% |
| 2026/3 | 9.3 (+ 13.0% YoY) | 1.8 (+ 52.6% YoY) | 19.5% | 58.6 | 38.4 | 6.5 | 16.8% |
| 2025/12 | 41.6 (+ 19.3% YoY) | 9.0 (+ 37.3% YoY) | 21.7% | 59.7 | 39.2 | 5.4 | 13.9% |
| 2025/9 | 22.2 (- 10.3% YoY) | 4.8 (+ 3.0% YoY) | 21.5% | 43.8 | 29.3 | 4.7 | 16.0% |
| 2025/6 | 17.9 (+ 15.6% YoY) | 2.5 (+ 43.0% YoY) | 13.8% | 38.2 | 26.2 | 3.4 | 13.1% |
| 2025/3 | 8.2 (+ 2.5% YoY) | 1.2 (+ 50.4% YoY) | 14.5% | 34.5 | 23.8 | 3.1 | 12.9% |
| 2024/12 | 34.8 | 6.6 | 18.9% | 40.0 | 27.3 | 2.5 | 9.3% |
| 2024/9 | 24.7 | 4.6 | 18.7% | 27.8 | 18.3 | 1.5 | 8.4% |
| 2024/6 | 15.5 | 1.7 | 11.2% | 23.0 | 16.5 | 1.1 | 6.5% |
| 2024/3 | 8.0 | 0.8 | 9.9% | 21.7 | 14.7 | 1.0 | 6.6% |
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) 39.24 billion TL, EBITDA 13.15 billion TL — EBITDA margin 33.5% (high EBITDA margin).
- Net profit margin 25.9% (high net profit margin).
- EV/EBITDA 12.7 — EV/EBITDA high — premium is being priced in.
- Net financial debt 4.86 billion TRY (3% of market cap).
- Current ratio 2.01 — strong liquidity.
- Dividend yield 1.2%.
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: +17.7%
| Market value | 166.2 billion TL |
| Equity (2026/6) | 43.8 billion TL |
| Net profit (last 12 months) | 11.2 billion TL |
| P/E (last 12 months) | 14.8 |
| P/B | 3.79 |
| ROE (last 12 months) | 25.6% |
| Financial debt / equity | 14% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 13.1 billion TL |
| EBITDA margin | 33.5% |
| EV / EBITDA | 12.7 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Energy & Petrochemicals sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | negative |
| Score | -1 |
| Channels | interest rate increase, domestic demand increase, commodity decrease |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | SELL |
| Short term (EMA 5-8-13-21) | BEKLE |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | SELL |
| Wave Trend (indicator) | BUY |
| Channel position | 71% |
| Trend strength (r) | -0.95 |
| Score | 1 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- BofA sells 378 million TL worth of Astor Enerji — Paratic News · 28.10
- Astor Enerji’den 5 billion payment — Sabah · 24.10
- Astor Enerji'nin new decision about its owners! Measures lifted — Headline News · 23.10
- Astor Enerji owners' asset precaution lifted — Sözcü Newspaper · 23.10
- Measures regarding Astor Enerji's main shareholders were lifted — Bloomberght · 23.10
- Asset freeze on Astor Enerji's owners lifted! — Ekonomim · 23.10
📋 KAP Notifications
- 26 October 09:30 — New Business Relationship →
- 23 October 21:22 — Special Situation Disclosure (General)→
- 23 Ekim 16:54 — Announcement of Conversion to Traded Type→
- 23 October 12:22 — Circuit Breaker Notification on a Share Basis→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- 21 October 17:16 — Circuit Breaker Notification on a Share Basis→
- 19 Ekim 17:34 — Share Capital Right Exercise Transaction - Cash Payment→
- 19 Ekim 10:11 — Circuit Breaker Notification on a Share Basis→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Astor rose by 3.10% to 266.25 TL on September 23, 2026. However, as the medium-term EMA sequence remained in a SELL position and gave a WAIT signal for both short and long term, the chart is at a 1/4 SELL level; Wave Trend is on the BUY side. The channel position is at 23%, trading in the lower band of the channel, and the trend strength (r) is -0.28, which is still weak. While the stock reacted 11% above the 60-day low of 239.40 TL, it is priced 14% below the peak of 307.90 TL; for intraday strong buying to turn into a lasting trend, medium-term averages need to be gained.
🌍 Macroeconomic Evaluation
Energy transformation and grid investments structurally support transformer demand on a global scale; Astor is one of the leading representatives of this theme on BIST. The decline in domestic inflation to 31.5% and interest rate cut expectations could stimulate domestic market orders by facilitating the financing of investment expenditures. With USD/TL at 48.83, export revenues provide a currency advantage; modernization programs in European and Middle Eastern grids keep external demand alive. In contrast, price volatility in basic inputs such as copper and electrical steel creates risks on margins; the real appreciation trend of the TL could also limit export competitiveness. As the macro easing cycle deepens, there may be an increased orientation towards high-multiple growth stocks; Astor's net cash position provides an additional advantage in this scenario.
🧾 Balance Sheet Evaluation
In the first half of 2026, Astor increased its sales by 7.5% and raised its net profit by 87.7%; in the second quarter, it recorded a margin jump with 9.9 billion TL in sales and 2.8 billion TL in net profit (+120% annually). The quarterly net margin reached 28.5%, double the 13.8% in the first half of the previous year; improvement in product composition and normalization in financing costs support profitability. The company, which generated 42.9 billion TL in sales and 11.2 billion TL in net profit over the last four quarters, has a market value of ~265 billion TL; accordingly, P/E ~23.7x, P/B ~6.1x, EV/EBITDA ~20.4x. These multiples are above the BIST industrial average; the market is giving a significant premium for Astor's energy transformation-themed growth story and export potential. The balance sheet is strong: financial debt/equity is only 13.6 and the company has a net cash position of ~9.4 billion TL; this limits financing cost pressure in an interest rate cut environment. ROE is 25.6%, close to inflation and above the sector average. Key monitoring points; sustainability of the margin jump in 2Q, capacity utilization rates, and the trajectory of export orders. In summary, Astor's operational story is strong and its balance sheet is clean; however, current valuation multiples are pricing in a significant portion of the growth, making the stock sensitive to news flow.
This section is manually updated; for informational purposes only, not investment advice.