Gedik Yat\u0131r\u0131m, TAB G\u0131da\u2019ya ili\u015fkin yay\u0131mlad\u0131\u011f\u0131 \u015firket g\u00fcncelleme raporunda, \u015firketin hedef fiyat\u0131n\u0131 423,70 TL\u2019den 405,60 TL\u2019ye revize etti.<\/p>\n
Raporda, TAB G\u0131da i\u00e7in \u201cEndeksin \u00dczerinde Getiri\u201d tavsiyesi korunurken, i\u015flem adedindeki b\u00fcy\u00fcme, dijital kanallar\u0131n yayg\u0131nla\u015fmas\u0131, franchise restoranlar\u0131n artan pay\u0131 ve nakit ak\u0131\u015f\u0131ndaki iyile\u015fmenin \u015firketin yeni d\u00f6nem performans\u0131n\u0131 destekledi\u011fi belirtildi.<\/p>\n
Gedik Yat\u0131r\u0131m analizine g\u00f6re TAB G\u0131da\u2019n\u0131n 2\u00c726\u2019da gelirleri reel olarak y\u00fczde 10,6 artarak 16,2 milyar TL\u2019ye, FAV\u00d6K\u2019\u00fc ise y\u00fczde 9,9 y\u00fckseli\u015fle 3,7 milyar TL\u2019ye ula\u015ft\u0131. FAV\u00d6K marj\u0131 y\u00fczde 22,5 seviyesinde ger\u00e7ekle\u015firken, i\u015flem adedi y\u00fczde 10, teslimat i\u015flem adedi ise y\u00fczde 24 artt\u0131.<\/p>\n
Raporda, TAB G\u0131da\u2019n\u0131n 2\u00c726\u2019da y\u0131ll\u0131k y\u00fczde 10 art\u0131\u015fla 72,8 milyon i\u015flem ger\u00e7ekle\u015ftirdi\u011fi, sistem genelindeki sat\u0131\u015flar\u0131n ise nominal olarak y\u00fczde 42 y\u00fckselerek 22,4 milyar TL\u2019ye \u00e7\u0131kt\u0131\u011f\u0131 kaydedildi.<\/p>\n
Gedik Yat\u0131r\u0131m, \u015firketin fiyat-de\u011fer dengesini g\u00f6zeten men\u00fc yap\u0131s\u0131n\u0131n, hane halk\u0131 sat\u0131n alma g\u00fcc\u00fc \u00fczerindeki bask\u0131ya ra\u011fmen m\u00fc\u015fteri ziyaret s\u0131kl\u0131\u011f\u0131n\u0131n korunmas\u0131na katk\u0131 sa\u011flad\u0131\u011f\u0131n\u0131 belirtti. \u015eirket y\u00f6netiminin 2026 y\u0131l\u0131 sonu i\u00e7in yakla\u015f\u0131k y\u00fczde 10 restoran b\u00fcy\u00fcmesi, y\u00fczde 8-10 reel gelir art\u0131\u015f\u0131 ve yatay FAV\u00d6K marj\u0131 beklentisini korudu\u011fu aktar\u0131ld\u0131.<\/p>\n
Analizde, karl\u0131l\u0131k tahminlerini destekleyen temel unsurun yaln\u0131zca fiyat art\u0131\u015flar\u0131 olmad\u0131\u011f\u0131, i\u015flem adedindeki s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcmenin de \u00f6nemli rol oynad\u0131\u011f\u0131 ifade edildi.<\/p>\n
TAB G\u0131da\u2019da dijital kanallar\u0131n sat\u0131\u015flar i\u00e7indeki pay\u0131n\u0131n 2026\u2019n\u0131n ilk yar\u0131s\u0131nda ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki y\u00fczde 46\u2019dan y\u00fczde 56\u2019ya y\u00fckseldi\u011fi belirtildi. Teslimat kanal\u0131n\u0131n sat\u0131\u015flardaki pay\u0131 y\u00fczde 31 olurken, self-servis sipari\u015f ekranlar\u0131n\u0131n penetrasyonu yakla\u015f\u0131k y\u00fczde 75\u2019e ula\u015ft\u0131.<\/p>\n
Rapora g\u00f6re self-servis ekranlardan verilen sipari\u015flerde ortalama sepet tutar\u0131, kasa sipari\u015flerine k\u0131yasla yakla\u015f\u0131k y\u00fczde 20 daha y\u00fcksek ger\u00e7ekle\u015fiyor. \u015eirket, 2026\u2019n\u0131n ilk yar\u0131s\u0131nda 78 restoran a\u00e7arak toplam restoran say\u0131s\u0131n\u0131 2.100\u2019e \u00e7\u0131kard\u0131. \u0130kinci \u00e7eyrekteki yeni restoran a\u00e7\u0131l\u0131\u015flar\u0131n\u0131n yar\u0131s\u0131 ise franchise restoranlardan olu\u015ftu.<\/p>\n
Gedik Yat\u0131r\u0131m, bu i\u015f karmas\u0131n\u0131n \u015firketin eri\u015fimini ve operasyonel kapasite kullan\u0131m\u0131n\u0131 desteklerken sermaye yo\u011funlu\u011funun kademeli olarak azalmas\u0131na katk\u0131 sa\u011flad\u0131\u011f\u0131n\u0131 de\u011ferlendirdi.<\/p>\n
Raporda, TAB G\u0131da\u2019n\u0131n serbest nakit ak\u0131\u015f\u0131n\u0131n 2026 y\u0131l\u0131nda 296 milyon TL, 2027\u2019de 2,3 milyar TL ve 2028\u2019de 4,3 milyar TL seviyesine y\u00fckselmesinin beklendi\u011fi kaydedildi.<\/p>\n
Gedik Yat\u0131r\u0131m\u2019\u0131n tahminlerine g\u00f6re \u015firketin 2026 y\u0131l\u0131 net sat\u0131\u015flar\u0131n\u0131n 67 milyar TL, FAV\u00d6K\u2019\u00fcn\u00fcn 13,8 milyar TL ve net k\u00e2r\u0131n\u0131n 4,3 milyar TL olmas\u0131 bekleniyor. 2027 i\u00e7in ise net sat\u0131\u015f tahmini 91,4 milyar TL, FAV\u00d6K tahmini 18,8 milyar TL ve net k\u00e2r tahmini 7,2 milyar TL olarak a\u00e7\u0131kland\u0131.<\/p>\n
Gedik Yat\u0131r\u0131m\u2019\u0131n TL bazl\u0131 indirgenmi\u015f nakit ak\u0131\u015f\u0131 modelinde TAB G\u0131da i\u00e7in 82,2 milyar TL firma de\u011ferine ve 80,4 milyar TL \u00f6zkaynak de\u011ferine ula\u015f\u0131ld\u0131. Hisse ba\u015f\u0131na adil de\u011fer 307,60 TL olarak hesaplan\u0131rken, bu de\u011ferin 12 ay ileri ta\u015f\u0131nmas\u0131yla 405,60 TL hedef fiyata ula\u015f\u0131ld\u0131.<\/p>\n
17 Eyl\u00fcl 2026 kapan\u0131\u015f fiyat\u0131 231,50 TL olarak belirtilen TABGD i\u00e7in raporda y\u00fczde 75 potansiyel getiri hesapland\u0131.<\/p>\n
Gedik Yat\u0131r\u0131m, i\u015flem adedindeki s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme, restoran a\u00e7\u0131l\u0131\u015f planlar\u0131n\u0131n ger\u00e7ekle\u015ftirilmesi, yeni restoranlarda franchise pay\u0131n\u0131n y\u00fckselmesi, kiosk ve teslimat kanallar\u0131n\u0131n kullan\u0131m\u0131n\u0131n artmas\u0131 ile FAV\u00d6K marjlar\u0131n\u0131n korunmas\u0131n\u0131 \u015firket a\u00e7\u0131s\u0131ndan \u00f6ne \u00e7\u0131kan kataliz\u00f6rler aras\u0131nda s\u0131ralad\u0131.<\/p>\n
Raporda t\u00fcketici sat\u0131n alma g\u00fcc\u00fc, girdi maliyetlerindeki enflasyon, franchise s\u00f6zle\u015fmelerinin yenilenmesi, kira y\u00fck\u00fcml\u00fcl\u00fckleri, yat\u0131r\u0131m harcamalar\u0131, i\u015fletme sermayesi ihtiyac\u0131 ve kredi kart\u0131 komisyonlar\u0131 ise ba\u015fl\u0131ca risk unsurlar\u0131 olarak g\u00f6sterildi.<\/p>\n
<\/strong> \u0130stanbul, 18 Eyl\u00fcl (Hibya) – Gedik Yat\u0131r\u0131m, TAB G\u0131da\u2019ya ili\u015fkin yay\u0131mlad\u0131\u011f\u0131 \u015firket g\u00fcncelleme raporunda, \u015firketin hedef fiyat\u0131n\u0131 423,70 TL\u2019den 405,60 TL\u2019ye revize etti.<\/p>\n","protected":false},"author":1,"featured_media":151827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[4,1,10,9],"tags":[],"class_list":["post-151826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dunya","category-ekonomi","category-otomobil","category-manset"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/151826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/comments?post=151826"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/151826\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/151827"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=151826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=151826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=151826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"