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Koc Holding A.S. Unsponsored ADR Class B (KHOLY)
:KHOLY
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Koc Holding A.S. Unsponsored ADR Class B
(OTC:KHOLY)
Rating:55Neutral
Price Target:
$20.00
▼(-2.96%Downside)
Koc Holding A.S. Unsponsored ADR Class B (KHOLY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.32B
Dividend Yield4.42%
Average Volume (3M)141.00
Price to Earnings (P/E)228.9
Beta (1Y)0.20
Revenue Growth-0.74%
EPS Growth-102.18%
CountryUS
Employees130,760
SectorIndustrials
Sector Strength92
IndustryConglomerates
Share Statistics
EPS (TTM)-0.07
Shares Outstanding371,424,930
10 Day Avg. Volume423
30 Day Avg. Volume141
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.42
Price to Sales (P/S)0.00
P/FCF Ratio2.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$19.50Price Target Upside-5.39% Downside
Rating ConsensusHold
Number of Analyst Covering1
Koc Holding A.S. Unsponsored ADR Class B Business Overview & Revenue Model
Company DescriptionKoç Holding A.S. is one of Turkey's largest and most influential conglomerates, operating across a diverse range of sectors including energy, automotive, consumer durables, and finance. The company is headquartered in Istanbul and plays a pivotal role in the Turkish economy, with a broad portfolio that includes renowned brands and partnerships. Koç's core products and services span from energy production and distribution to manufacturing and financial services, serving both domestic and international markets.
How the Company Makes MoneyKoç Holding A.S. generates revenue through a multifaceted business model encompassing several key sectors. In the energy sector, the company earns money from the production, refining, and distribution of petroleum products and natural gas. Its automotive division manufactures and sells vehicles under various brand partnerships, contributing significantly to its income. The consumer durables sector, which includes appliances and electronics, is another major revenue stream. Additionally, Koç's financial services arm provides banking and insurance products, further diversifying its income sources. Strategic partnerships and joint ventures with global companies enhance its market reach and profitability, while its diverse business operations help mitigate risks associated with economic fluctuations.
Koc Holding A.S. Unsponsored ADR Class B Earnings Call Summary
Earnings Call Date:Apr 30, 2025
(Q3-2024)
| % Change Since: 12.62%|
Next Earnings Date:Aug 14, 2025
Earnings Call Sentiment Neutral
The earnings call presented mixed results with strong performance in the energy segment and an improved net cash position, but significant challenges were noted in the finance, automotive, and export sectors. The NAV discount reduction is a positive, yet the consolidated net loss and negative finance segment contribution weigh heavily on the overall outlook.Q3-2024 Updates
Positive Updates
Strong Performance in Energy Segment
The Energy segment's contribution to Koç Holding's consolidated net income was strong, supported by higher sales and lower energy expenses. Tüpras international sales volume was up by 24% year-on-year.
Net Cash Position Improvement
Koç Holding's net cash position improved to $853 million at the end of September 2024 from $795 million at the end of 2023.
International Revenue Growth
International revenues constituted 29% of total revenues, with a notable increase of 22% year-on-year in Arçelik's international revenues, primarily due to inorganic growth from Whirlpool's contribution.
NAV Discount Reduction
Koç Holding's average NAV discount improved to approximately 22% in 2024, better than the 31% average in 2023.
Negative Updates
Negative Contribution from Finance Segment
The Finance segment's contribution to net income was negative due to monetary losses from inflation accounting affecting Yapi Kredi's financials.
Domestic Auto Market Decline
The domestic auto market saw a decrease of 1% year-on-year and Koç Holding's market share in the domestic market decreased around 6 percentage points.
Weakness in Turkish Export Markets
TürkTraktör's revenues decreased by 16% due to a 10% lower volume, and Tofas witnessed a 33% decrease in export volumes.
Consolidated Net Loss
Koç Holding reported a consolidated net loss of around TRY 1.9 billion in the first 9 months of 2024.
Company Guidance
During the Q3 2024 earnings call for Koç Holding, executives provided detailed financial guidance and performance metrics across various segments. The company reported a net cash position of $853 million by September 2024, with $1.6 billion in gross cash, 87% of which is held in hard currency. The dividend income for the first nine months was approximately TRY 29.7 billion ($903 million), with expectations to reach $1.2 billion by year-end. Koç Holding's diversified portfolio demonstrated resilience, with 29% of revenues from international sales and 48% in hard currency. Key performance indicators highlighted a 3.8% growth in Turkey's economy in H1 2024, though domestic demand slowed in Q3, contributing to disinflation efforts. The automotive segment experienced a 6% decrease in market share, while the energy segment's net income contribution remained strong, backed by higher sales and reduced energy expenses. Meanwhile, the finance segment faced challenges due to monetary losses and inflation-adjusted financials, although Yapi Kredi's net fees and commissions grew by 132% year-on-year. Looking ahead, Polat Sen projected challenges due to ongoing monetary tightening but expressed confidence in the group's strategic agility and prudent risk management to navigate the evolving economic landscape.Koc Holding A.S. Unsponsored ADR Class B Financial Statement Overview
Summary
Koc Holding A.S. demonstrates robust revenue growth and cash flow generation, with a strong asset base. However, challenges in profitability in the latest period, reflected by a negative net income, and increased leverage could pose risks going forward.Income Statement
The revenue showed strong growth over the years, peaking at a significant figure in 2024 before a slight decline in TTM. Gross and EBIT margins have been healthy but declined in TTM. However, net profit turned negative in TTM, impacting the overall profitability.70
Positive
Balance Sheet
The company has maintained a stable equity base with a manageable debt level, although the debt-to-equity ratio increased in TTM. The equity ratio remains healthy, indicating a strong asset base relative to liabilities.65
Positive
Cash Flow
Operating cash flow has been strong, showing consistent growth, and free cash flow improved significantly in TTM. The cash flow stability supports operations despite the pressure on net income.75
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 153.52B | 2.32T | 1.60T | 901.86B | 346.69B | 183.78B |
| Gross Profit | 21.58B | 327.83B | 376.65B | 226.84B | 80.06B | 44.33B |
| EBITDA | 10.74B | 143.77B | 322.60B | 142.16B | 35.24B | 19.89B |
| Net Income | 4.39B | 1.31B | 72.23B | 118.22B | 26.18B | 12.63B |
Balance Sheet | ||||||
| Total Assets | 144.71B | 3.91T | 2.86T | 1.58T | 1.02T | 630.10B |
| Cash, Cash Equivalents and Short-Term Investments | 36.31B | 575.01B | 486.29B | 306.72B | 207.25B | 113.25B |
| Total Debt | 61.99B | 879.32B | 670.38B | 378.55B | 286.29B | 181.81B |
| Total Liabilities | 100.68B | 3.05T | 2.18T | 1.34T | 899.45B | 542.03B |
| Stockholders Equity | 32.51B | 528.63B | 404.73B | 149.35B | 63.64B | 46.34B |
Cash Flow | ||||||
| Free Cash Flow | 13.25B | 18.38B | 270.74B | 87.88B | 38.14B | 12.18B |
| Operating Cash Flow | 19.02B | 116.31B | 339.02B | 115.48B | 50.66B | 20.21B |
| Investing Cash Flow | -5.96B | -121.37B | -165.46B | -86.42B | -53.60B | 12.84B |
| Financing Cash Flow | -3.02B | 9.60B | -17.42B | -5.56B | 10.20B | -10.85B |
Koc Holding A.S. Unsponsored ADR Class B Technical Analysis
Positive
20.61
Price Trends
18.95
Positive
19.77
Positive
22.33
Negative
Market Momentum
0.38
Negative
62.56
Neutral
95.39
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KHOLY, the sentiment is Positive. The current price of 20.61 is above the 20-day moving average (MA) of 19.07, above the 50-day MA of 18.95, and below the 200-day MA of 22.33, indicating a neutral trend. The MACD of 0.38 indicates Negative momentum. The RSI at 62.56 is Neutral, neither overbought nor oversold. The STOCH value of 95.39 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KHOLY.
Koc Holding A.S. Unsponsored ADR Class B Peers Comparison
Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $3.74B | 16.48 | 110.90% | 0.90% | -3.38% | 26.22% | |
70 Neutral | $3.39B | 12.97 | 9.63% | 3.13% | -25.50% | -45.13% | |
65 Neutral | $778.19M | 3.63 | 24.14% | ― | 5.83% | 72.33% | |
65 Neutral | $10.89B | 15.56 | 5.22% | 1.87% | 3.09% | -26.84% | |
55 Neutral | $10.32B | 228.85 | -0.35% | 4.42% | -0.74% | -102.18% | |
50 Neutral | $495.81M | ― | -4.98% | 15.17% | 6.77% | 9.95% | |
48 Neutral | $4.88B | ― | -26.60% | 22.37% | -11.56% | -44.04% |
* Industrials Sector Average
Performance Comparison
KHOLY
Koc Holding A.S. Unsponsored ADR Class B
20.61
-12.99
-38.66%
CODI
Compass Diversified Holdings
6.43
-15.57
-70.77%
GFF
Griffon
78.30
11.91
17.94%
IEP
Icahn Enterprises
9.36
-4.68
-33.33%
MDU
Mdu Resources Group
16.56
2.83
20.61%
SPLP
Steel Partners Holdings
40.62
4.62
12.83%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.