Gedik Yat\u0131r\u0131m\u2019\u0131n Astor Enerji\u2019ye ili\u015fkin benzer \u015firketler analizinde, T\u00fcrkiye\u2019de \u00f6l\u00e7ek a\u00e7\u0131s\u0131ndan kar\u015f\u0131la\u015ft\u0131r\u0131labilir halka a\u00e7\u0131k bir emsal bulunmad\u0131\u011f\u0131, bu nedenle de\u011ferlemenin k\u00fcresel transformat\u00f6r \u00fcreticileri \u00fczerinden yap\u0131ld\u0131\u011f\u0131 belirtildi. Analizde k\u00fcresel \u015firketlerin maj\u00f6r, orta \u00f6l\u00e7ekli ve k\u00fc\u00e7\u00fck \u00f6l\u00e7ekli olmak \u00fczere \u00fc\u00e7 grupta de\u011ferlendirildi\u011fi, ASTOR\u2019un piyasa de\u011feri ve i\u015f hacmi a\u00e7\u0131s\u0131ndan orta \u00f6l\u00e7ekli firmalar grubunda yer ald\u0131\u011f\u0131 aktar\u0131ld\u0131.<\/p>\n
ASTOR\u2019un FD\/FAV\u00d6K \u00e7arpan\u0131n\u0131n 2026 tahmininde 12,8x, 2027 tahmininde 8,4x oldu\u011fu, t\u00fcm gruplar\u0131n ortalamalar\u0131n\u0131n ise s\u0131ras\u0131yla 28,5x ve 21,6x seviyesinde bulundu\u011fu kaydedildi. Bu durumun yakla\u015f\u0131k y\u00fczde 55 ve y\u00fczde 61 iskontoya i\u015faret etti\u011fi belirtildi. \u015eirketin F\/K oranlar\u0131n\u0131n 2026 ve 2027 tahminlerinde s\u0131ras\u0131yla 19,7x ve 12,4x oldu\u011fu, t\u00fcm gruplar\u0131n ortalamalar\u0131n\u0131n 38,4x ve 30,1x seviyesinde bulundu\u011fu ifade edildi.<\/p>\n
F\/DD \u00e7arpanlar\u0131n\u0131n ise 2026 ve 2027 tahminlerinde s\u0131ras\u0131yla 4,8x ve 3,6x oldu\u011fu, t\u00fcm gruplar\u0131n ortalamalar\u0131n\u0131n 10,1x ve 8,0x seviyesinde ger\u00e7ekle\u015fti\u011fi aktar\u0131ld\u0131. \u0130skontonun 2027 tahminlerinde geni\u015flemesinin, \u015firketin yeni kapasitesinin devreye girmesiyle emsallerinin \u00fczerinde b\u00fcy\u00fcme kaydetmesinin beklenmesinden kaynakland\u0131\u011f\u0131 de\u011ferlendirildi.<\/p>\n
Gedik Yat\u0131r\u0131m analizinde, iskontonun en belirgin \u015fekilde orta \u00f6l\u00e7ekli firmalar grubunda ortaya \u00e7\u0131kt\u0131\u011f\u0131 belirtildi. Bu grubun 2027 tahmini \u00e7arpan ortalamalar\u0131n\u0131n 26,3x FD\/FAV\u00d6K, 35,9x F\/K ve 10,0x F\/DD oldu\u011fu, ASTOR\u2019un \u00fc\u00e7 \u00e7arpanda da y\u00fczde 64-68 aral\u0131\u011f\u0131nda iskontolu i\u015flem g\u00f6rd\u00fc\u011f\u00fc kaydedildi.<\/p>\n
K\u00fcresel maj\u00f6r oyuncularla kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda iskontonun y\u00fczde 49-54 band\u0131na geriledi\u011fi, daha k\u00fc\u00e7\u00fck \u00f6l\u00e7ekli \u00fcreticilerden olu\u015fan grupta ise FD\/FAV\u00d6K ve F\/K \u00e7arpanlar\u0131ndaki iskontonun s\u0131ras\u0131yla y\u00fczde 42 ve y\u00fczde 39, F\/DD \u00e7arpan\u0131ndaki iskontonun y\u00fczde 14 seviyesinde oldu\u011fu aktar\u0131ld\u0131.<\/p>\n
Analizde, ASTOR\u2019un kendisinden daha k\u00fc\u00e7\u00fck \u00fcreticilere k\u0131yasla dahi iskontolu fiyatlanmas\u0131n\u0131n mevcut \u00e7arpan fark\u0131n\u0131n yaln\u0131zca \u00f6l\u00e7ek kaynakl\u0131 olmayabilece\u011fine i\u015faret etti\u011fi belirtildi. \u0130skontonun geli\u015fmekte olan piyasa risk primi, jeopolitik risk alg\u0131s\u0131 ve Borsa \u0130stanbul\u2019da genel olarak d\u00fc\u015f\u00fck seyreden i\u015flem hacimlerinin yabanc\u0131 yat\u0131r\u0131mc\u0131 ilgisini s\u0131n\u0131rlamas\u0131 gibi yap\u0131sal unsurlarla a\u00e7\u0131klanabilece\u011fi de\u011ferlendirildi.<\/p>\n
S\u00f6z konusu unsurlar\u0131n \u015firketin g\u00fc\u00e7l\u00fc gelir b\u00fcy\u00fcmesini, geni\u015fleyen yurt d\u0131\u015f\u0131 sipari\u015f bakiyesini ve marj profilini tam olarak yans\u0131tmad\u0131\u011f\u0131 ifade edilirken, yap\u0131sal etkenlerin zamanla hafiflemesi ve yat\u0131r\u0131mc\u0131 taban\u0131n\u0131n derinle\u015fmesiyle mevcut \u00e7arpan fark\u0131n\u0131n kademeli olarak daralabilece\u011fi \u00f6ng\u00f6r\u00fcld\u00fc.<\/p>\n
<\/strong> \u0130stanbul, 21 Eyl\u00fcl (Hibya) – Astor Enerji’nin k\u00fcresel transformat\u00f6r \u00fcreticileriyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131 analizde, \u015firketin 2026 ve 2027 tahminlerinde emsal gruplara g\u00f6re iskontolu \u00e7arpanlarla i\u015flem g\u00f6rd\u00fc\u011f\u00fc belirtildi.<\/p>\n","protected":false},"author":1,"featured_media":153250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-153249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/153249","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=153249"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/153249\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/153250"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=153249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=153249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=153249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"