Industry: Snacking (Biscuits, Chocolates)
Defensiveness: Very defensive
Accessible listing: No, only Turkey
Concentration Risk: Low, large business in Saudi Arabia, Egypt, Kazakstan, and more.
Growth: Many growth acquisitions
Link: http://ulkerbiskuviinvestorrelations.com/
Quick note: Good company. One analysis can be found here https://www.youtube.com/watch?v=EoZ3QFBhxYk
Some related transactions with the holding company Yıldız Holding are not well received by the analysts. however nothing major. Recently looking to acquire a supplier of flour.
Holds 19.2% of Godiva Belgian chocolates.
Ulker Biskuvi Sanayi AS, formerly Ulker Gida Sanayi ve Ticaret AS, is a Turkey-based food manufacturer, specializing in cookies, crackers, chocolate covered cookies and wafers. The Company offers products under such brand names, Potibor, Cizi, Krispi, Haylayf, Mavi Yesil, Hanimeller, Bebe Biscuits, Biskrem, Krim Kraker, Probis, Cokoprens, As Kraker, Basak, Ikram and Canpare, among many others. Ulker Biskuvi Sanayi AS 's products are mainly exported to the Middle East, Russia and Central Asian Republics, as well as to Europe. The Company’s subsidiaries include Istanbul Gida Dis Ticaret AS, Atlas Gida Pazarlama Sanayi ve Ticaret AS, Birlesik Dis Ticaret AS, Ulker Cikolata Sanayi AS, Reform Gida Pazarlama Sanayi ve Ticaret AS and Sabourne Investments Ltd.
https://www.fitchratings.com/research/corporate-finance/fitch-affirms-ulker-idr-at-bb-outlook-stable-02-09-2021
good analysis of the financial impact of the recent Onem Gida acquisition
- Ulker had taken EUR debt last year I guess, that did not help
Last quarter:Volume was down in line with the market, 8% for biscuits. Value is up (inflation). Flat EBITDA due to commodities. but currency is down from last year. tough quarter.
49% of ebitda is international but challenged countries in the middle east (Egypt, S.A, UAE, Kazaksthan).
Lockdowns, commodity prices and harsh economy had negative impacts. still cash generating and very cheap
Improvement recorded in May.
Market doesnt like dealings (Investment of funds to and buying a subsidiary) with parent company Yldiz holdings.
Guidance 16% revenue growth (but remember in TRY)
Looks like a nice defensive holding given the cheap price and steady eddie growth rate.