3\u00c720\u00a0Finansal Sonu\u00e7lar\u0131<\/strong><\/p>\n \u015eirketin a\u00e7\u0131klanan son finansal sonu\u00e7lar\u0131 2020\/09\u00a0d\u00f6nemine aittir. Bu sonu\u00e7lar itibariyle \u015firketin:<\/p>\n \u2013<\/strong> Net sat\u0131\u015flar\u0131 3. \u00e7eyrekte bir evvelki \u00e7eyre\u011fe nazaran %38,1 art\u0131\u015f g\u00f6stermi\u015ftir. Ge\u00e7en y\u0131l\u0131n birebir \u00e7eyre\u011fine nazaran %29,4 art\u0131\u015fla 6.1 milyar TL olmu\u015ftur. 2020 y\u0131l\u0131n\u0131n birinci 9 ay\u0131nda ge\u00e7en y\u0131l\u0131n birebir devrine nazaran net sat\u0131\u015flar\u0131 %8,9 art\u0131\u015fla 15 milyar TL d\u00fczeyinde ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n \u2013<\/strong> FAV\u00d6K\u2019\u00fc 3. \u00e7eyrekte bir evvelki \u00e7eyre\u011fe nazaran %26,3 art\u0131\u015f g\u00f6stermi\u015ftir. Ge\u00e7en y\u0131l\u0131n t\u0131pk\u0131 \u00e7eyre\u011fine nazaran % 62,1 art\u0131\u015fla 3.4 milyar TL olmu\u015ftur. 2020 y\u0131l\u0131n\u0131n birinci 9 ay\u0131nda ge\u00e7en y\u0131l\u0131n t\u0131pk\u0131 devrine nazaran %26,4 art\u0131\u015fla 8.7 milyar TL d\u00fczeyinde ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n \u2013<\/strong> FAV\u00d6K marj\u0131 3. \u00e7eyrekte bir evvelki \u00e7eyre\u011fe nazaran 523 baz puan d\u00fc\u015f\u00fc\u015f g\u00f6stermi\u015ftir. Ge\u00e7en y\u0131l\u0131n birebir \u00e7eyre\u011fine nazaran 1.129 baz puan art\u0131\u015fla %56,0 olmu\u015ftur. 2020 y\u0131l\u0131n\u0131n birinci 9 ay\u0131nda ge\u00e7en y\u0131l\u0131n birebir periyoduna nazaran 799 baz puan art\u0131\u015fla %57,8 d\u00fczeyinde ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n \u2013<\/strong> Net kar\u0131 3. \u00e7eyrekte bir evvelki \u00e7eyre\u011fe nazaran %55,53 art\u0131\u015f g\u00f6stermi\u015ftir. Ge\u00e7en y\u0131l\u0131n birebir \u00e7eyre\u011fine nazaran %69,1 art\u0131\u015fla 1.6 milyar TL olmu\u015ftur. 2020 y\u0131l\u0131n\u0131n birinci 9 ay\u0131nda ge\u00e7en y\u0131l\u0131n t\u0131pk\u0131 periyoduna nazaran net kar\u0131 %32,5 art\u0131\u015fla 3.8 milyar TL d\u00fczeyinde ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n \u2013<\/strong> Net borcu 3. \u00e7eyrekte bir evvelki \u00e7eyre\u011fe nazaran %7,2 art\u0131\u015fla 325.3 milyar TL olmu\u015ftur.<\/p>\n Sonu\u00e7:<\/strong><\/p>\n Holding, 3\u00c720\u2019de 1.612 mn TL net kar (kons: 1.150 mn TL) a\u00e7\u0131klam\u0131\u015ft\u0131r. Holding\u2019in net kar\u0131 beklentilerin epey \u00fczerinde gelmi\u015ftir. Beklentilerin \u00fczerinde gelen kar say\u0131s\u0131 bir evvelki \u00e7eyre\u011fe nazaran \u00e7abucak hemen t\u00fcm segmentlerdeki iyile\u015fme ile desteklenmi\u015ftir. Brisa\u2019n\u0131n g\u00fc\u00e7l\u00fc performans\u0131n\u0131n takviyesiyle sanayi segmenti net kar katk\u0131s\u0131 y\u0131ll\u0131k %236 art\u0131\u015f kaydetmi\u015ftir. Perakende segmenti, Teknosa\u2019daki g\u00fc\u00e7l\u00fc performans sayesinde konsolide net kara olumlu katk\u0131 sa\u011flam\u0131\u015ft\u0131r. G\u00fc\u00e7 taraf\u0131nda ise finansman sarfiyatlar\u0131 nedeniyle \u00fcretim segmentindeki hafif d\u00fc\u015f\u00fc\u015f, da\u011f\u0131t\u0131m segmentindeki daha y\u00fcksek katk\u0131 ile telafi edilmi\u015f, net kar katk\u0131s\u0131 \u00e7eyreklik bazda yatay kalm\u0131\u015ft\u0131r. T\u00fcm segmentlerdeki g\u00fc\u00e7l\u00fc katk\u0131 ile Holding\u2019in banka d\u0131\u015f\u0131 kombine FAV\u00d6K\u2019\u00fc ise 3,2 milyar TL (2\u00c720: 2,5 milyar TL; 3\u00c719: 2,4 milyar TL) olmu\u015ftur. Da\u011f\u0131t\u0131m segmenti ve dolar bazl\u0131 tarifelerle geli\u015fim kaydeden \u00fcretim segmenti sayesinde g\u00fc\u00e7 segmenti FAV\u00d6K katk\u0131s\u0131 \u00e7eyreklik bazda %21 art\u0131\u015fla 1,8 milyar TL (toplam banka d\u0131\u015f\u0131 segmentin %56\u2019s\u0131) olarak ger\u00e7ekle\u015fmi\u015ftir. Sabanc\u0131 Holding NAD (net faal de\u011fer)\u2019ine nazaran %51 iskontolu s\u00fcre\u00e7 g\u00f6rmekte olup, son 2 y\u0131ll\u0131k ortalama %40 civar\u0131ndaki iskontosunun \u00fczerindedir. Finansal sonu\u00e7lar\u0131n pay \u00fczerindeki tesirini sonlu olumlu olarak k\u0131ymetlendiriyoruz.<\/p>\n \u00a0Sabanc\u0131 Holding(SAHOL)<\/strong><\/p>\n \u00a0\u00d6neri:\u00a0<\/strong>Al<\/strong><\/p>\n \u00a0Son Kapan\u0131\u015f:<\/strong>\u00a08,83<\/strong><\/p>\n \u00a0Hedef Fiyat:<\/strong>\u00a013,50<\/strong><\/p>\n \u00a0Potansiyel Getiri:<\/strong>\u00a0%53<\/strong><\/p>\n YASAL \u0130HTAR<\/b><\/p>\n Burada yer alan yat\u0131r\u0131m bilgi, yorum ve tavsiyeleri yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kapsam\u0131nda de\u011fildir. Yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 hizmeti, arac\u0131 kurumlar, portf\u00f6y idare \u015firketleri, mevduat kabul etmeyen bankalar ile m\u00fc\u015fteri ortas\u0131nda imzalanacak yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kontrat\u0131 \u00e7er\u00e7evesinde sunulmaktad\u0131r. Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanlar\u0131n \u015fahs\u00ee g\u00f6r\u00fc\u015flerine dayanmaktad\u0131r. Bu g\u00f6r\u00fc\u015fler, mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir. Bu nedenle, yaln\u0131zca burada yer alan bilgilere dayan\u0131larak yat\u0131r\u0131m karar\u0131 verilmesi, beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir.<\/p>\n Gedik Yat\u0131r\u0131m<\/strong><\/p>\n<\/p><\/div>\n Para Tahlil<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" 3\u00c720\u00a0Finansal Sonu\u00e7lar\u0131 \u015eirketin a\u00e7\u0131klanan son finansal sonu\u00e7lar\u0131 2020\/09\u00a0d\u00f6nemine aittir. Bu sonu\u00e7lar itibariyle \u015firketin: \u2013 Net sat\u0131\u015flar\u0131 3 …<\/p>\n","protected":false},"author":1,"featured_media":3786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[12,157,968,272,43],"class_list":["post-3785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-borsa","tag-artis","tag-baz","tag-holding","tag-net-kar","tag-yatirim"],"yoast_head":"\n