Merko Gida Sanayi ve Ticaret AS

Merko Gida maintains a relatively strong liquidity position, with a current ratio of 2.61, indicating that it has more than double the current assets to cover its current liabilities. However, the company's liquidity is assessed as medium risk, primarily due to its negative net cash position after subtracting total debt. The company's price-to-book ratio of 1.25 suggests that the market values the company slightly above its book value, while the price-to-tangible-book ratio is identical, indicating no significant intangible asset premium.

In terms of profitability, Merko Gida reports a return on equity (ROE) of 8.28%, which is a measure of how effectively the company generates profit from shareholders' equity. The return on assets (ROA) is 3.31%, indicating that the company is generating a moderate return on its total assets. These metrics suggest that the company is profitable but not outperforming the industry median in terms of asset utilization.

The company's geographic and segment exposure is not explicitly detailed in the available data, but as a food processing company in Turkey, it is likely to be concentrated in the domestic market. The absence of detailed segment reporting limits the ability to assess revenue diversification across product lines or regions.

Merko Gida's growth trajectory is not clearly defined in the available data, but the company's free cash flow of 129,698,890 TRY indicates that it is generating positive cash from operations after capital expenditures. The company's capital expenditure of -26,391,630 TRY suggests that it is investing in its operations, which could support future growth.

The company's risk profile is characterized by a low dilution risk, with no significant dilution expected in the near term. However, the negative net cash position after subtracting total debt is a key flag that could impact the company's financial flexibility. The company's debt-to-equity ratio of 0.22 indicates a relatively low level of leverage, which is generally favorable for financial stability.

Recent events and filings do not provide specific details on the company's strategic initiatives or operational changes. The last actual EPS was reported at -0.26 TRY, and the last actual revenue was 55,797,000 TRY, suggesting a recent period of financial underperformance.

Cash conversion of 2.39 places the firm in the top quartile, outperforming the cohort median of 0.98.

A debt-to-equity ratio of 0.22 is lower than the cohort median of 0.32, suggesting a conservative leverage profile.

Dilution risk is assessed as low, providing reassurance to existing shareholders regarding potential equity value erosion.

The four-year revenue CAGR of -14.7% highlights a persistent and significant long-term downward trend in sales.

Medium liquidity and credit risk flags suggest potential challenges in meeting short-term obligations or securing financing.

Revenue TRY 155.1M, −66,3% YoY.

• ▍Revenue TRY 155.1M, −66,3% YoY

Revenue TRY 1.44B, +3,1% YoY; Operating income −84,0% YoY.

• ▍Revenue TRY 1.44B, +3,1% YoY
• ▍Operating income −84,0% YoY
• ▍Net income +226,7% YoY
• ▍Free cash flow +79,3% YoY
• ▍Net margin 26.3%

Revenue TRY 1.40B, −16,5% YoY; Operating income +166,7% YoY.

• ▍Revenue TRY 1.40B, −16,5% YoY
• ▍Operating income +166,7% YoY
• ▍Net income +126,7% YoY
• ▍Free cash flow +135,2% YoY
• ▍Net margin 8.3%

Revenue TRY 1.67B, +1 355,8% YoY; Operating income +3 821,4% YoY.

• ▍Revenue TRY 1.67B, +1 355,8% YoY
• ▍Operating income +3 821,4% YoY
• ▍Net income −22 856,3% YoY
• ▍Free cash flow −10 175,9% YoY
• ▍Net margin -25.9%

Revenue TRY 114.9M, +89,1% YoY; Operating income +243,8% YoY.

• ▍Revenue TRY 114.9M, +89,1% YoY
• ▍Operating income +243,8% YoY
• ▍Net income −67,0% YoY
• ▍Free cash flow −184,1% YoY
• ▍Net margin 1.7%