Gedik Yat\u0131r\u0131m, Mavi Giyim i\u00e7in hedef fiyat\u0131n\u0131 69,00 TL\u2019den 63,20 TL\u2019ye revize ederken, \u201cEndeksin \u00dczerinde Getiri\u201d tavsiyesini korudu.<\/p>\n
Gedik Yat\u0131r\u0131m\u2019\u0131n Mavi Giyim \u015firket g\u00fcncelleme raporunda, sat\u0131\u015f hacmindeki toparlanman\u0131n karl\u0131l\u0131kta kademeli iyile\u015fmeyi destekledi\u011fi belirtildi. Raporda, 2\u00c726 sonu\u00e7lar\u0131n\u0131n reel talebin zay\u0131f seyretti\u011fi bir ortamda \u015firketin k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 koruyabildi\u011fine i\u015faret etti\u011fi ifade edildi.<\/p>\n
Rapora g\u00f6re, TMS 29 kapsam\u0131nda Mavi Giyim\u2019in gelirleri 12,6 milyar TL ile b\u00fcy\u00fck \u00f6l\u00e7\u00fcde yatay kal\u0131rken, FAV\u00d6K y\u00fczde 2,4 art\u0131\u015fla 2,0 milyar TL\u2019ye y\u00fckseldi. FAV\u00d6K marj\u0131 42 baz puan artarak y\u00fczde 15,6 seviyesine \u00e7\u0131kt\u0131. Net k\u00e2r ise y\u00fczde 53 seviyesindeki efektif vergi oran\u0131n\u0131n etkisiyle 263 milyon TL olarak ger\u00e7ekle\u015fti.<\/p>\n
Gedik Yat\u0131r\u0131m, \u015firket y\u00f6netiminin 2026 y\u0131l\u0131 reel gelir b\u00fcy\u00fcmesi beklentisini y\u00fczde 5 art\u0131\/eksi 1 seviyesinden d\u00fc\u015f\u00fck tek haneli daralma ile yatay seyir aral\u0131\u011f\u0131na \u00e7ekti\u011fini aktard\u0131. Buna kar\u015f\u0131l\u0131k y\u00fczde 18,0 art\u0131\/eksi 0,5 FAV\u00d6K marj\u0131, net nakit pozisyonu, yat\u0131r\u0131m harcamalar\u0131 ve ma\u011faza a\u00e7\u0131l\u0131\u015f hedeflerinin korundu\u011fu belirtildi.<\/p>\n
Raporda, T\u00fcrkiye\u2019de benzer ma\u011faza sat\u0131\u015flar\u0131n\u0131n 2\u00c726\u2019da reel olarak y\u00fczde 0,6 geriledi\u011fi, i\u015flem say\u0131s\u0131n\u0131n y\u00fczde 3,5 artt\u0131\u011f\u0131 ve reel sepet b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fcn y\u00fczde 3,9 darald\u0131\u011f\u0131 kaydedildi.<\/p>\n
Benzer ma\u011faza sat\u0131\u015f adedinin y\u00fczde 5,8, yeni ma\u011fazalar dahil T\u00fcrkiye toplam perakende sat\u0131\u015f adedinin ise y\u00fczde 7,3 artt\u0131\u011f\u0131 belirtildi. Mavi\u2019nin 2026\u2019n\u0131n ilk yar\u0131s\u0131nda m\u00fc\u015fteri taban\u0131na 682 bin yeni m\u00fc\u015fteri ekledi\u011fi ve aktif Kartu\u015f \u00fcye say\u0131s\u0131n\u0131 6,2 milyon seviyesinde korudu\u011fu aktar\u0131ld\u0131.<\/p>\n
Gedik Yat\u0131r\u0131m, 2\u00c726\u2019daki i\u015flem ve adet b\u00fcy\u00fcmesinin yan\u0131 s\u0131ra g\u00fc\u00e7l\u00fc nakit d\u00f6n\u00fc\u015f\u00fcm\u00fc ve \u00fc\u00e7\u00fcnc\u00fc \u00e7eyre\u011fin ba\u015f\u0131ndaki operasyonel g\u00f6stergelerin toparlanma beklentisini destekledi\u011fini bildirdi.<\/p>\n
Rapora g\u00f6re, Mavi\u2019nin TMS 29 kapsam\u0131nda br\u00fct k\u00e2r marj\u0131 2\u00c726\u2019da 246 baz puan artarak y\u00fczde 52,8\u2019e y\u00fckseldi. \u015eirketin kendi tan\u0131m\u0131na g\u00f6re FAV\u00d6K 2,1 milyar TL\u2019ye ula\u015f\u0131rken FAV\u00d6K marj\u0131 70 baz puan art\u0131\u015fla y\u00fczde 16,4 oldu.<\/p>\n
Buna kar\u015f\u0131l\u0131k amortisman hari\u00e7 faaliyet giderlerinin sat\u0131\u015flara oran\u0131n\u0131n yakla\u015f\u0131k 200 baz puan y\u00fckseldi\u011fi belirtildi. Gedik Yat\u0131r\u0131m, FAV\u00d6K marj\u0131n\u0131n 2026\u2019da y\u00fczde 18,2, 2027\u2019de ise y\u00fczde 18,4 seviyesinde ger\u00e7ekle\u015fmesini bekliyor.<\/p>\n
Raporda, T\u00fcrkiye perakende ve \u00e7evrim i\u00e7i sat\u0131\u015flar\u0131n\u0131n a\u011fustos ay\u0131nda nominal olarak s\u0131ras\u0131yla y\u00fczde 25 ve y\u00fczde 30 b\u00fcy\u00fcd\u00fc\u011f\u00fc, perakende sat\u0131\u015flar\u0131n eyl\u00fcl\u00fcn ilk iki haftas\u0131nda ise y\u00fczde 24 artt\u0131\u011f\u0131 ifade edildi.<\/p>\n
Mavi\u2019nin UFRS 16 hari\u00e7 net nakit pozisyonunun 2026\u2019n\u0131n ilk yar\u0131s\u0131 sonunda 6,66 milyar TL oldu\u011fu belirtilen raporda, i\u015fletme faaliyetlerinden nakit ak\u0131\u015f\u0131n\u0131n 4,22 milyar TL\u2019ye, nakit d\u00f6n\u00fc\u015f\u00fcm oran\u0131n\u0131n ise y\u00fczde 90\u2019a ula\u015ft\u0131\u011f\u0131 kaydedildi.<\/p>\n
Gedik Yat\u0131r\u0131m, Mavi\u2019nin 2026 tahminlerine g\u00f6re 10,4x F\/K ve 2,4x FD\/FAV\u00d6K \u00e7arpanlar\u0131yla i\u015flem g\u00f6rd\u00fc\u011f\u00fcn\u00fc, bu \u00e7arpanlar\u0131n 2027\u2019de s\u0131ras\u0131yla 7,8x ve 1,8x seviyelerine gerilemesini bekledi\u011fini bildirdi.<\/p>\n
Raporda ayr\u0131ca 1 milyar TL tutar\u0131ndaki pay geri al\u0131m program\u0131 ile 2026 tahminine g\u00f6re y\u00fczde 4,3 temett\u00fc veriminin hissedar getirilerini destekleyen unsurlar aras\u0131nda yer ald\u0131\u011f\u0131 belirtildi.<\/p>\n
Gedik Yat\u0131r\u0131m\u2019\u0131n tahminlerine g\u00f6re Mavi Giyim\u2019in 2026 y\u0131l\u0131 net sat\u0131\u015flar\u0131n\u0131n 61,9 milyar TL, FAV\u00d6K\u2019\u00fcn\u00fcn 11,3 milyar TL ve net k\u00e2r\u0131n\u0131n 2,9 milyar TL olmas\u0131 bekleniyor. 2027 y\u0131l\u0131 i\u00e7in ise net sat\u0131\u015flar\u0131n 81,7 milyar TL, FAV\u00d6K\u2019\u00fcn 15,0 milyar TL ve net k\u00e2r\u0131n 3,9 milyar TL seviyesine y\u00fckselmesi \u00f6ng\u00f6r\u00fcl\u00fcyor.<\/p>\n
Raporda, Mavi Giyim hisselerinin 38,50 TL seviyesindeki fiyat\u0131 \u00fczerinden 63,20 TL hedef fiyat\u0131n y\u00fczde 64 y\u00fckseli\u015f potansiyeline i\u015faret etti\u011fi belirtildi.<\/p>\n
Gedik Yat\u0131r\u0131m, \u015firket a\u00e7\u0131s\u0131ndan ba\u015fl\u0131ca riskleri ise zay\u0131f reel talep, faaliyet giderlerindeki enflasyon, y\u00fcksek vergi y\u00fck\u00fc, b\u00fcy\u00fck ma\u011fazalar\u0131n art\u0131rabilece\u011fi stok ihtiyac\u0131 ve yurt d\u0131\u015f\u0131 operasyonlardaki zararlar olarak s\u0131ralad\u0131.<\/p>\n
<\/strong> \u0130stanbul, 23 Eyl\u00fcl (Hibya) \u2013 Gedik Yat\u0131r\u0131m, Mavi Giyim i\u00e7in hedef fiyat\u0131n\u0131 69,00 TL\u2019den 63,20 TL\u2019ye revize ederken, \u201cEndeksin \u00dczerinde Getiri\u201d tavsiyesini korudu.<\/p>\n","protected":false},"author":1,"featured_media":154988,"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-154987","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\/154987","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=154987"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/154987\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/154988"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=154987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=154987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=154987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"