TOASO Automotive
🏢 Company Profile
Motor vehicle assembly (450 thousand vehicles/year capacity); engine, spare parts and accessory manufacturing (Fiat, Jeep). Source: Midas company cards, 24.10.2026.
- STELLANTIS EUROPE SPA — 37.86%
- KOÇ HOLDİNG ANONİM ŞİRKETİ — 37.62%
- Last quarter (2026/6): sales 201797108000 TL, net profit margin 3.1% (thin)
- Sales growth: YoY %+60.6 (increase).
- Net profit growth: YoY +197.2% (increase).
- Owners' Equity Growth: YoY %+11.5 (increase)
- Asset turnover 4.0 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 107% (high leverage); total liabilities (short+long) / owners' equity 228.3%.
- Net financial debt 59356234000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 1.5 — balanced liquidity.
- Current ratio (TradingView balance sheet section) 1.5 — balanced liquidity.
- Multiples: P/E 10.6 · P/B 2.1 · EV/EBITDA 13.2 · dividend yield 7.6.
- 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 | 215.8 mlr TL | Total Debt | 150.1 mlr TL |
| Current Assets | 152.3 billion TL | Equity | 65.7 mlr TL |
| Financial Debt | 70.4 billion TL | Net Profit | 6.3 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 | 201.8 (+ 60.6% YoY) | 6.3 (+ 197.2% YoY) | 3.1% | 215.8 | 65.7 | 70.4 | 107.0% |
| 2026/3 | 95.1 (+ 200.3% YoY) | 3.0 (- 1.725.9% YoY) | 3.1% | 200.8 | 59.0 | 69.4 | 117.7% |
| 2025/12 | 376.1 (+ 138.9% YoY) | 9.8 (+ 43.9% YoY) | 2.6% | 204.3 | 70.7 | 63.2 | 89.4% |
| 2025/9 | 189.5 (+ 63.2% YoY) | 2.9 (- 56.3% YoY) | 1.5% | 146.1 | 52.8 | 38.4 | 72.7% |
| 2025/6 | 125.6 (+ 54.4% YoY) | 2.1 (- 63.8% YoY) | 1.7% | 140.8 | 48.2 | 35.9 | 74.5% |
| 2025/3 | 31.7 (- 31.9% YoY) | -0.2 (- 104.7% YoY) | %-0.6 | 104.6 | 45.0 | 29.7 | 66.0% |
| 2024/12 | 157.4 | 6.8 | 4.3% | 120.0 | 61.7 | 36.5 | 59.2% |
| 2024/9 | 116.1 | 6.7 | 5.8% | 86.6 | 44.1 | 18.9 | 42.9% |
| 2024/6 | 81.4 | 5.8 | 7.2% | 88.6 | 40.0 | 17.8 | 44.6% |
| 2024/3 | 46.5 | 3.9 | 8.3% | 94.6 | 35.7 | 16.3 | 45.5% |
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) 430.54 billion TL, EBITDA 14.47 billion TL — EBITDA margin 3.4% (low EBITDA margin).
- Net profit margin 3% (thin net profit margin).
- EV/EBITDA 12.0 — EV/EBITDA high — trading at a premium.
- Net financial debt 59.36 billion TL (52% of market value).
- Current ratio 1.50 — balanced liquidity.
- Dividend yield 8.7%.
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: +2.8%
| Market value | 109.9 billion TL |
| Equity (2026/6) | 65.7 billion TL |
| Net profit (last 12 months) | 14.0 billion TL |
| P/E (last 12 months) | 7.8 |
| P/B | 1.67 |
| ROE (last 12 months) | 21.3% |
| Financial debt / equity | 107% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 14.5 billion TL |
| EBITDA margin | 3.4% |
| EV / EBITDA | 12.0 |
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 AT THE BOTTOM |
| Channel position | 9% |
| Trend strength (r) | -0.60 |
| Score | 1 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- Fiat Doblo returned to Turkey: 5 models to be produced at Tofaş — DonanımHaber · 27.10
- Domestic production of Doblo started! New model announcement for Tofaş — Habertürk · 27.10
- Tofaş's 300 million $ K9 investment started production! — Motor1.com Türkiye · 26.10
- TOFAŞ's $300 Million K9 Project Started Production — Alomaliye · 26.10
- In the last 5 years, a 1 milyar dolarlık investment was made to Tofaş — Bloomberght · 26.10
- TOFAŞ’ın Bursa factory 300 milyon dolarlık investment: employment will be provided for 1000 people — Ekonomim · 26.10
📋 KAP Notifications
- 26 Ekim 10:09 — Corporate Governance Principles Compliance Rating →
- 23 Ekim 18:27 — Corporate Governance Principles Compliance Rating →
- 23 Ekim 15:40 — Circuit Breaker Notification on a Share Basis→
- 21 Ekim 18:20 — Financial Calendar→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- September 30 16:23 — Circuit Breaker Notification on a Share Basis→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Tofaş, on September 23, 2026, is trading at 279.00 TL with a 1.67% decline. With medium and long-term EMA sequence and Wave Trend SELL position; short-term HOLD — chart at 0/4 STRONG SELL level. Channel position at 63%, trend strength (r) -0.38 with a weak directional view. The stock is resting on critical support 1% above the 60-day 275.00 TL bottom, pricing 27% below the 380.50 TL peak; consistent with the 1.1% daily decline in the automotive sector.
🌍 Macroeconomic Evaluation
Automotive main industry, the most sensitive area to interest rate path: as TCMB's easing cycle relaxes auto loans, domestic market volumes are expected to recover; current tight conditions are suppressing demand and the sector index is down 1.1% intraday. Inflation falling to 31.5% reduces uncertainty delaying fleet replacement decisions; investment appetite of commercial customers is a critical variable for the second half. USD/TL and EUR/TL movements directly affect export revenues; TL's real appreciation trend is the main risk to monitor for competitiveness. Signs of bottoming in light commercial vehicle demand in Europe supports the export channel. Possible steps regarding scrap incentive and OTV regulations have additional catalyst potential for domestic demand. High dividend yield increases the relative appeal of the stock in a falling interest rate environment.
🧾 Balance Sheet Evaluation
Tofaş increased its sales by 60.6% and net profit by 197.2% in the first half of 2026; after the new model transition, it showed a normalized pace with 106.7 billion TL sales (+13.5%) and 3.3 billion TL net profit (+43.5%) in the second quarter. Quarterly net margin at 3.1% is above 1.7% in the first half of last year; volume growth and product composition drive profitability. The company, which generated 452.3 billion TL sales and 14.0 billion TL net profit in the last four quarters, has a market cap of ~140 billion TL; P/E ~10.0x and P/B ~2.1x, close to sector averages. On the Net Debt/EBITDA side, the multiple doesn't give healthy signals due to periodic fluctuations in EBITDA; evaluation is conducted on P/E and P/B axes. Financial debt/equity at 107.0% and net debt ~59.1 billion TL; the high ratio is essentially due to the cyclical nature of vehicle inventory financing. ROE at 21.3% is strong; dividend yield around 7.0% is among the highest in BIST-30 and compensates for the carrying cost of the stock. Export channel and competitive position in light commercial vehicles support the medium-term outlook. In summary, Tofaş; with strong ROE, high dividends and reasonable multiples, it draws a value+income focused profile; main risk is the slowdown in domestic demand affecting volumes.
This section is manually updated; for informational purposes only, not investment advice.