Source: Bloomberg: As of 29 December 2017 (in TL)
Ticker Name Price Revenue Market Cap P/E
Consumer Staples (11 members)
BIMAS BIM Birlesik Magazalar AS 78.10 23,415,968,256 23,711,160,320 28.2
AEFES Anadolu Efes Biracilik Ve Malt Sanayii 24.20 12,343,846,912 14,328,947,712 --
ULKER Ulker Biskuvi Sanayi AS 19.67 4,811,560,960 6,727,139,840 22.3
CCOLA Coca-Cola Icecek AS 34.22 8,239,806,080 8,704,568,320 338.5
MGROS Migros Ticaret AS 27.56 14,222,545,152 4,906,506,752 10.1
ECILC EIS Eczacibasi Ilac ve Sinai ve Finansal 4.41 1,020,457,984 3,021,996,544 16.9
TATGD Tat Gida Sanayi AS 5.31 1,026,993,200 722,160,000 14.0
KIPA Kipa Ticaret AS 2.58 2,362,565,952 3,438,319,616 --
BIZIM Bizim Toptan Satis Magazalari AS 7.70 2,753,484,672 462,000,000 --
BANVT Banvit Bandirma Vitaminli Yem Sanayii AS 21.42 2,393,346,560 2,142,505,088 9.1
CRFSA CarrefourSA Carrefour Sabanci Ticaret Me 5.58 4,453,235,328 3,905,999,872 --
Consumer Discretionary (21 members)
ARCLK Arcelik AS 21.52 19,660,869,632 14,541,671,424 14.8
MAVI Mavi Giyim Sanayi Ve Ticaret AS 58.00 1,307,933,696 2,880,106,496 57.5
VESTL Vestel Elektronik Sanayi ve Ticaret AS 7.57 11,010,300,160 2,539,404,032 --
KORDS Kordsa Teknik Tekstil AS 7.67 2,343,323,808 1,492,038,016 9.9
Ratio Analysis
Performance Measures:
Market Value Added= 𝑀𝑎𝑟𝑘𝑒𝑡 𝑉𝑎𝑙𝑢𝑒 𝑜𝑓 𝐸𝑞𝑢𝑖𝑡𝑦 − 𝐵𝑜𝑜𝑘 𝑉𝑎𝑙𝑢𝑒 𝑜𝑓 𝐸𝑞𝑢𝑖𝑡𝑦
𝑀𝑎𝑟𝑘𝑒𝑡 𝑉𝑎𝑙𝑢𝑒 𝑜𝑓 𝐸𝑞𝑢𝑖𝑡𝑦
Market-to-Book Ratio=
𝐵𝑜𝑜𝑘 𝑉𝑎𝑙𝑢𝑒 𝑜𝑓 𝐸𝑞𝑢𝑖𝑡𝑦
Profitability Measures:
𝐴𝑓𝑡𝑒𝑟−𝑡𝑎𝑥 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐼𝑛𝑐𝑜𝑚𝑒
Return on Asset (ROA) (book version) = 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒
Return on Asset (ROA) (project version) = 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
𝐴𝑓𝑡𝑒𝑟−𝑡𝑎𝑥 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐼𝑛𝑐𝑜𝑚𝑒
Return on Capital (ROC)(book version)= 𝐿𝑜𝑛𝑔−𝑡𝑒𝑟𝑚 𝐷𝑒𝑏𝑡+𝐸𝑞𝑢𝑖𝑡𝑦
𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒
Return on Capital (ROC) (project version)= 𝐿𝑜𝑛𝑔−𝑡𝑒𝑟𝑚 𝐷𝑒𝑏𝑡+𝐸𝑞𝑢𝑖𝑡𝑦
𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒
Return on Equity (ROE)= 𝐸𝑞𝑢𝑖𝑡𝑦
𝐴𝑓𝑡𝑒𝑟−𝑡𝑎𝑥 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐼𝑛𝑐𝑜𝑚𝑒
Operating Profit Margin= 𝑆𝑎𝑙𝑒𝑠
𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒
Net Profit Margin= 𝑆𝑎𝑙𝑒𝑠
Efficiency Measures:
𝑆𝑎𝑙𝑒𝑠
Asset Turnover= 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 𝑎𝑡 𝑡ℎ𝑒 𝑆𝑡𝑎𝑟𝑡 𝑜𝑓 𝑌𝑒𝑎𝑟
𝑆𝑎𝑙𝑒𝑠
Receivables Turnover= 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 𝑎𝑡 𝑡ℎ𝑒 𝑆𝑡𝑎𝑟𝑡 𝑜𝑓 𝑌𝑒𝑎𝑟
𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠 𝑎𝑡 𝑡ℎ𝑒 𝑆𝑡𝑎𝑟𝑡 𝑜𝑓 𝑌𝑒𝑎𝑟
Average Collection Period (days)= 𝐷𝑎𝑖𝑙𝑦 𝑆𝑎𝑙𝑒𝑠
𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑
Inventory Turnover= 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑎𝑡 𝑡ℎ𝑒 𝑆𝑡𝑎𝑟𝑡 𝑜𝑓 𝑌𝑒𝑎𝑟
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑖𝑒𝑠 𝑎𝑡 𝑡ℎ𝑒 𝑆𝑡𝑎𝑟𝑡 𝑜𝑓 𝑌𝑒𝑎𝑟
Days in Inventory= 𝐷𝑎𝑖𝑙𝑦 𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑𝑠 𝑆𝑜𝑙𝑑
Leverage Measures:
𝐿𝑜𝑛𝑔−𝑡𝑒𝑟𝑚 𝐷𝑒𝑏𝑡
Long-term Debt Ratio= 𝐿𝑜𝑛𝑔−𝑡𝑒𝑟𝑚 𝐷𝑒𝑏𝑡+𝐸𝑞𝑢𝑖𝑡𝑦
𝐿𝑜𝑛𝑔−𝑡𝑒𝑟𝑚 𝐷𝑒𝑏𝑡
Long-term Debt-to-Equity Ratio= 𝐸𝑞𝑢𝑖𝑡𝑦
𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
Total Debt Ratio= 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
𝐸𝐵𝐼𝑇
Times Interest Earned= 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑃𝑎𝑦𝑚𝑒𝑛𝑡𝑠
𝐸𝐵𝐼𝑇+𝐷𝑒𝑝𝑟𝑒𝑐𝑖𝑎𝑡𝑖𝑜𝑛
Cash Coverage Ratio= 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑃𝑎𝑦𝑚𝑒𝑛𝑡𝑠
Liquidity Measures:
𝑁𝑒𝑡 𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙
Net Working Capital to Assets= 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠
Current Ratio= 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
𝐶𝑎𝑠ℎ+𝑀𝑎𝑟𝑘𝑒𝑡𝑎𝑏𝑙𝑒 𝑆𝑒𝑐𝑢𝑟𝑖𝑡𝑖𝑒𝑠+𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒𝑠
Quick Ratio= 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
𝐶𝑎𝑠ℎ+𝑀𝑎𝑟𝑘𝑒𝑡𝑎𝑏𝑙𝑒 𝑆𝑒𝑐𝑢𝑟𝑖𝑡𝑖𝑒𝑠
Cash Ratio= 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
Growth Rate:
Growth rate = (1- Dividend payout Ratio) * ROE
𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑𝑠
Dividend Payout Ratio= 𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠
