FROTO Automotive
🏢 Company Profile
Manufacturing and assembly of trucks, minibuses, pickups and passenger cars, parts production, sales and import-export (Transit, Ranger and engines).
- FORD DEUTSCHLAND ENGINEERING GMBH — 41.04%
- KOÇ HOLDİNG ANONİM ŞİRKETİ — 39.32%
- Last quarter (2026/6): sales 427069180000 TL, net profit margin 2.4% (thin)
- Sales growth: YoY %+-11.5 (contraction).
- Net profit growth: YoY -39.8% (contraction).
- Owners' Equity Growth: YoY %+9.0 (increase)
- Asset turnover 4.5 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 93.8% (high leverage); total liabilities (short+long) / owners' equity 173%.
- Net financial debt 111981980000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 1.3 — balanced liquidity.
- Current ratio (TradingView balance sheet section) 1.3 — balanced liquidity.
- Multiples: P/E 8.8 · P/B 1.5 · EV/EBITDA 7.9 · dividend yield 13.0.
- 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 | 489.2 mlr TL | Total Debt | 310.0 mlr TL |
| Current Assets | 238.9 billion TL | Equity | 179.2 mlr TL |
| Financial Debt | 168.0 billion TL | Net Profit | 10.3 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 | 427.1 (- 11.5% YoY) | 10.3 (- 39.8% YoY) | 2.4% | 489.2 | 179.2 | 168.0 | 93.8% |
| 2026/3 | 192.4 (- 8.6% YoY) | 5.5 (- 35.2% YoY) | 2.9% | 458.6 | 164.4 | 163.1 | 99.2% |
| 2025/12 | 978.4 (+ 25.6% YoY) | 40.0 (- 21.3% YoY) | 4.1% | 530.8 | 183.7 | 192.1 | 104.6% |
| 2025/9 | 582.4 (+ 8.0% YoY) | 22.4 (- 34.6% YoY) | 3.8% | 428.4 | 158.8 | 152.3 | 95.9% |
| 2025/6 | 482.7 (+ 48.1% YoY) | 17.2 (- 19.1% YoY) | 3.6% | 417.2 | 140.5 | 147.6 | 105.1% |
| 2025/3 | 210.6 (+ 22.8% YoY) | 8.5 (- 31.5% YoY) | 4.0% | 378.8 | 124.8 | 138.7 | 111.1% |
| 2024/12 | 778.8 | 50.9 | 6.5% | 427.7 | 150.8 | 162.0 | 107.4% |
| 2024/9 | 539.4 | 34.2 | 6.3% | 314.9 | 101.4 | 129.3 | 127.6% |
| 2024/6 | 326.0 | 21.2 | 6.5% | 278.4 | 87.3 | 113.6 | 130.0% |
| 2024/3 | 171.5 | 12.4 | 7.2% | 265.2 | 89.9 | 89.2 | 99.2% |
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) 851.62 billion TL, EBITDA 47.10 billion TL — EBITDA margin 5.5% (low EBITDA margin).
- Net profit margin 3.5% (thin net profit margin).
- EV/EBITDA 7.5 — reasonable EV/EBITDA.
- Net financial debt 111.98 billion TRY (46% of market cap).
- Current ratio 1.28 — balanced liquidity.
- Dividend yield 9.7%.
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: +4.0%
| Market value | 236.5 mlr TL |
| Equity (2026/6) | 179.2 mlr TL |
| Net profit (last 12 months) | 33.2 mlr TL |
| P/E (last 12 months) | 7.1 |
| P/B | 1.32 |
| ROE (last 12 months) | 18.5% |
| Financial debt / equity | 94% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 47.1 mlr TL |
| EBITDA margin | 5.5% |
| EV / EBITDA | 7.5 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Automotive sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | positive |
| Score | +2 |
| 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) | SELL |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | SELL |
| Wave Trend (indicator) | BUY |
| Channel position | 29% |
| Trend strength (r) | -0.81 |
| Score | 1 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- Ford Otosan's 10.77 billion TL dividend decision — Haber 7 · 29.10
- KAP *** FORD OTOMOTİV SANAYİ A.Ş. *** FROTO *** Announcement Regarding General Assembly Proceedings — Yeni Şafak · 27.10
- Ford Otosan's 10.77 billion TL dividend proposal — EKOTÜRK · 27.10
- Ford Otosan will submit 10.77 billion TL cash dividend distribution for approval — hibya.com · 27.10
- Ford Otosan's 10.8 billion lira dividend proposal — Foreks.com · 27.10
📋 KAP Notifications
- 23 October 14:36 — Circuit Breaker Notification on a Share Basis→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- October 19 18:29 — Financial Calendar→
- September 29 20:35 — Special Situation Disclosure (General)→
- September 23 14:33 — Default Transaction→
- 23 September 12:12 — Default Transaction→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Ford Otosan, on September 23, 2026, is trading at 78.50 TL with a 0.88% decline. Medium and long-term EMA sequence is in SELL position; Wave Trend BUY, short-term WAIT — chart at 1/4 SELL level. Channel position at 59%, trend strength (r) -0.49, pricing within a weak downtrend. While the stock tests a critical support 2% away from the 60-day low of 77.10 TL, it's 21% below its peak of 99.50 TL; the 1.1% daily decline in the automotive sector is consistent with the pressure on the stock.
🌍 Macroeconomic Evaluation
Automotive sector is among the most sensitive areas to interest rate paths: as the CBRT's easing cycle relaxes vehicle loans, a recovery in domestic passenger and commercial demand is expected; however, current tight conditions continue to pressure the domestic market. Inflation falling to 31.5% provides predictability on the cost side, while the trajectory of USD/TL and EUR/TL directly affects the export-oriented revenue structure; the real appreciation of TL is the main risk limiting competitiveness. Signs of commercial vehicle demand bottoming out in Europe and fleet renewal cycles provide a supportive ground for Ford Otosan's export volume in the second half of 2026. Electric commercial vehicle investments are feeding the medium-term growth story. The 1.1% daily decline in the sector index shows that demand concerns are dominant in the short term. Main risks; delay in European demand, real appreciation of TL, and tight financing conditions in the domestic market.
🧾 Balance Sheet Evaluation
Ford Otosan recorded an 11.5% decline in sales and a 39.8% drop in net profit in the first half of 2026; had a weak period in the second quarter with 234.6 billion TL sales (-13.8%) and 4.8 billion TL net profit (-44.2%). Quarterly net margin at 2.1% is below the 3.6% in the first half of the previous year; cooling domestic demand and model transition costs are pressuring profitability. The company, which generated 922.8 billion TL revenue and 33.2 billion TL net profit in the last four quarters, has a market cap of ~276 billion TL; with P/E ~8.3x, P/B ~1.5x and EV/EBITDA ~9.0x, close to global automotive thresholds, below historical averages. Although financial debt/equity at 93.8% appears high, this is largely a cyclical structure dependent on financing export receivables; net debt ~112 billion TL is ~2.6x EBITDA and within manageable limits. ROE at 18.5% is below inflation but above sector average; the company's high dividend distribution tradition (double-digit yields in past years) is an important anchor for long-term investors. Normalization in the European commercial vehicle market and new model exports form a recovery ground for the second half. In summary, Ford Otosan is not expensive on a multiple basis but profitability is at a bottom point; valuation is based on the assumption that margins and export volumes will recover.
This section is manually updated; for informational purposes only, not investment advice.