MGROS Retail
🏢 Company Profile
Trade of all kinds of food and consumer goods and operation of shopping malls; serving in all 81 provinces of Turkey. Source: Midas company cards, 24.10.2026.
- MH PERAKENDECİLİK VE TİCARET ANONİM ŞİRKETİ — 49.18%
- MERRILL LYNCH INTERNATIONAL — 4.15%
- Last quarter (2026/6): sales 241298039000 TL, net profit margin 0.4% (thin)
- Sales growth: YoY %+4.5 (increase).
- Net profit growth: YoY -44.4% (contraction).
- Owners' Equity Growth: YoY %+5.3 (increase)
- Asset turnover 4.5 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 41.6% (moderate leverage); total liabilities (short+long) / owners' equity 166.2%.
- Net financial debt 6477262000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 0.8 — short-term liability pressure.
- Current ratio (TradingView balance sheet section) 0.8 — short-term liability pressure.
- Multiples: P/E 15.4 · P/B 1.0 · EV/EBITDA 12.2 · dividend yield 1.6.
- 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 | 241.3 (+ 4.5% YoY) | 1.1 (- 44.4% YoY) | 0.4% | 250.1 | 93.9 | 39.0 | 41.6% |
| 2026/3 | 109.2 (+ 6.4% YoY) | 1.6 (+ 19.3% YoY) | 1.5% | 229.7 | 89.2 | 36.5 | 41.0% |
| 2025/12 | 486.1 (+ 26.4% YoY) | 8.0 (- 7.0% YoY) | 1.6% | 246.8 | 94.1 | 37.4 | 39.8% |
| 2025/9 | 294.8 (+ 7.2% YoY) | 5.6 (- 23.0% YoY) | 1.9% | 195.4 | 76.4 | 30.9 | 40.5% |
| 2025/6 | 231.0 (+ 41.3% YoY) | 1.9 (- 27.6% YoY) | 0.8% | 178.9 | 67.4 | 27.6 | 40.9% |
| 2025/3 | 102.6 (+ 41.9% YoY) | 1.4 (- 22.8% YoY) | 1.3% | 162.4 | 64.4 | 25.4 | 39.3% |
| 2024/12 | 384.5 | 8.6 | 2.2% | 196.4 | 75.5 | 27.6 | 36.6% |
| 2024/9 | 275.0 | 7.3 | 2.7% | 135.2 | 54.4 | 18.5 | 34.0% |
| 2024/6 | 163.4 | 2.7 | 1.6% | 118.5 | 45.8 | 14.5 | 31.7% |
| 2024/3 | 72.3 | 1.7 | 2.4% | 105.5 | 42.8 | 12.6 | 29.5% |
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) 458.43 billion TL, EBITDA 8.17 billion TL — EBITDA margin 1.8% (low EBITDA margin).
- Net profit margin 1.3% (thin net profit margin).
- EV/FAVÖK 10.2 — reasonable EV/FAVÖK.
- Net financial debt 6.48 billion TL (9% of market value).
- Current ratio 0.80 — under short-term liability pressure.
- Dividend yield 1.9%.
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: -1.0%
| Market value | 76.7 bn TL |
| Equity (2026/6) | 93.9 mlr TL |
| Net profit (last 12 months) | 7.1 mlr TL |
| P/E (last 12 months) | 10.7 |
| P/B | 0.82 |
| ROE (last 12 months) | 7.6% |
| Financial debt / equity | 42% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 8.2 mlr TL |
| EBITDA margin | 1.8% |
| EV / EBITDA | 10.2 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Retail 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 AT THE BOTTOM |
| Channel position | 26% |
| Trend strength (r) | -0.91 |
| Score | 1 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- Are markets open on October 29? Are BİM, A101, ŞOK and Migros operating? — Kırşehir Çiğdem · 28.10
- Ata Yatırım has liquidated its branches! ASELS, TUPRS, DOAS, MGROS, FROTO... Price target for 35 stocks — Ekonomim · 28.10
- Are markets open in Bursa today? 28 October 2026 BİM, A101, ŞOK and Migros working hours — Bursada Bugün · 28.10
- Migros 25-27 Ekim 2026 current campaigns: buy 2 get 1 free and 40% deal — Headline News · 27.10
- KAP *** BORSA İSTANBUL BISTECH CIRCUIT BREAKER APPLICATION *** MGROS *** Share-Based Circuit Breaker Notification — Yeni Şafak · 23.10
- How much are whiskey prices? 2021 Migros whiskey prices! — Gıda Hattı · 23.10
📋 KAP Notifications
- 23 Ekim 16:54 — Announcement of Conversion to Traded Type→
- 23 October 15:39 — Circuit Breaker Notification on a Share Basis→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- October 21 17:11 — Announcement of Conversion to Traded Type→
- October 5 22:04 — Special Situation Disclosure (General)→
- October 5 09:25 — Public Disclosure Platform Announcement →
- October 2 08:59 — Share Purchase and Sale Notification→
- 30 September 16:02 — Share Purchase and Sale Notification→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Migros is trading at 535.50 TL with a 0.65% decline on September 23, 2026. Medium and long-term EMA sequence is in SELL position; Wave Trend is BUY, short-term WAIT — chart is at 1/4 SELL level. Channel position is at 76%, with trend strength (r) -0.90, continuing to seek a reaction within a strong downtrend. The stock is priced 10% above the 60-day low of 486.00 TL and 21% below the 60-day high of 678.00 TL; 60-day return is -20.0%, reflecting weak performance in the sector.
🌍 Macroeconomic Evaluation
The macro picture for organized food retail is sharp at both ends: inflation falling to 31.5% is trimming nominal revenue growth, but rising financing costs, the main pressure on Migros' net profit, can rapidly erode with interest rate cuts. As the Central Bank of the Republic of Turkey's easing path deepens, declining costs for credit cards and consumer finance also support basket size. Real wage increases and employment outlook are supporting domestic demand; discount channels are challenging pricing discipline through competition. USD/TL's level at 48.83 is balancing import input costs. In an environment where gold gram is at 6.786 TL, interest in defensive stocks with predictable cash flows continues. Main risks: delay in interest rate cuts, rigidity in rental costs, and margin pressure from competition.
🧾 Balance Sheet Evaluation
Migros increased sales by 4.5% in the first half of 2026; however, in the second quarter, it announced a net loss of 0.5 billion TL against sales of 132.1 billion TL, and first-half profit fell by 44.4%. The main drivers of the quarterly loss were increased net financing costs in a high-interest environment and margin pressure from rent/wage inflation. The company, which generated 496.4 billion TL in revenue and 7.1 billion TL in net profit over the last four quarters, has a market cap of ~96 billion TL; with P/E ~13.4x, P/B ~1.0x, and EV/EBITDA ~6.8x, it's in a reasonable range based on valuation multiples. EV/EBITDA being in single digits shows that the net profit pressure is essentially from financing costs, and operational profitability has been maintained. Financial debt/equity is 41.6%, net debt ~6.5 billion TL is only ~0.4 times EBITDA; the balance sheet is solid and carries high sensitivity to interest rate cuts directly impacting profitability. ROE is 7.6%, low; with potential for recovery from interest rate easing. 2.8% dividend yield is reasonable. In summary, Migros is one of the most leveraged defensive stories in the interest rate cut cycle; while the operational side is solid, net profit is on a recovery path entirely dependent on the normalization of financing costs.
This section is manually updated; for informational purposes only, not investment advice.