The highest increase in the Istanbul Stock Exchange in recent years hoisted SASA 2022 2022th Quarter Balance Sheet Analysis / Sasa Stock Balance Sheet Analysis, interpreted by experts from investment institutions, according to the balance sheet announced by SASA share in 4
SASA 2022 4th Quarter Balance Sheet Analysis / Sasa Stock Balance Sheet Analysis
SASA 2022 4th Quarter Balance Sheet Analysis / Gedik Investment – (16.03.2023)
4Q22 Financial Results
The latest financial results of the company are for 2022/12. As a result of these results, the company's net sales decreased by 4% in the 16,5th quarter compared to the previous quarter. It was 22,4 billion TL with an increase of 7% compared to the same quarter of the previous year. In 2022, its net sales increased by 112,1% compared to the previous year and reached 31.1 billion TL. Its EBITDA decreased by 4% in the 53,5th quarter compared to the previous quarter. It was 62,4 million TL with a decrease of 642.8% compared to the same quarter of the previous year. In 2022, it was realized as 76,1 billion TL with an increase of 5.9% compared to the previous year. EBITDA margin decreased by 4 basis points in the 728th quarter compared to the previous quarter. It was 2.065%, down 9,2 basis points compared to the same quarter of the previous year. In 2022, it was realized as 389% with a decrease of 19,0 basis points compared to the previous year. Net profit increased by 4% in the 6,27th quarter compared to the previous quarter. In the same quarter of the previous year, it announced a net loss of TL 709.5 million. In 2022, net profit increased by 1.418,4% compared to the previous year and reached 10.6 billion TL. Net debt increased by 4% in the 18,9th quarter compared to the previous quarter and reached 25.3 billion TL.
Result: Company's sales revenue of 4 mn TL (yoy: +22%; QoQ: -7.023%), EBITDA of 22,4 mn TL (yoy: -16,5%; quarterly: -643%) in 62,4Q53,5 ) and TL2.581 mn net income (4Q21: -710 mn TL; QoQ: +6,3%). The company has no consensus expectations. The company's sales revenues in 4Q22 were up 22,4% year-on-year and down 16,5% quarter-on-quarter. In 2022, the company's product sales volume decreased to 1,18 million tons (2021: 1,23 million tons). Gross margin, which was 19,9% in the previous quarter, decreased to 11,6% (4Q21: 32,2%). Thus, the EBITDA margin also fell to 728%, shrinking by 9,2bps QoQ (yoy: -2.065bps). The company's EBITDA decreased by 62,4% compared to the previous year. Having recorded a net financial expense of TL 3 million in 22Q1.920, the company announced a net financial expense of TL 4 million in 22Q1.784. In addition, deferred tax income of 3.549 million TL contributed to the net profit. Thus, the company, which achieved a net profit of TL 2.429 million in the previous quarter and a net loss of TL 710 million in the same quarter of the previous year, announced a net profit of TL 4 million in 22Q2.581. The company's net debt increased by 18,9% quarter-on-quarter. The stock is trading with 12x FD/EBITDA according to the last 48,8 months data. We consider the impact of the financial results on the stock as neutral.
Source: Gedik Investment
SASA 2022 4th Quarter Balance Sheet Analysis / Acar Menkul – (16.03.2023)
SASA; Net sales decreased by 4% in the 16,5th quarter compared to the previous quarter.
It was 22,4 billion TL with an increase of 7% compared to the same quarter of the previous year. In 2022, its net sales increased by 112,1% compared to the previous year and reached 31.1 billion TL. Although its net profit increased by 4% in the 6,27th quarter compared to the previous quarter, it announced a net loss of 709.5 million TL in the same quarter of the previous year. In 2022, net profit increased by 1.418,4% compared to the previous year and reached 10.6 billion TL. Although its EBITDA decreased by 4% in the 53,5th quarter compared to the previous quarter, it decreased by 62,4% compared to the same quarter of the previous year and became 642.8 million TL. EBITDA increased by 2022% in 76,1 compared to the previous year and was realized as TL 5.9 billion. Net debt increased by 4% in the 18,9th quarter compared to the previous quarter and reached 25.3 billion TL. Net Profit Margin Annual Change is +2933 bps, Net Profit Margin Quarterly Change is +787 bps.
Source: Acar Menkul
SASA 2022 4th Quarter Balance Sheet Analysis / Integral Investment – (16.03.2023)
SASA – 4Q22 balance sheet analysis
Sasa Polyester (SASA) achieved a net profit of 2022 Billion TL in the last quarter of 2.5. Strong turnover, contribution from other operating income/expense balance and deferred tax income were effective in the net profit of the company. The company posted a loss of TL 4 million in 21Q709. In the last quarter of 2022, 3.5 Billion TL of deferred tax income was effective in the net profit of the company. The company's net profit margin increased by 2022 points quarterly to 7,9% in the last quarter of 36,7.
4% YoY increase in sales revenues in 22Q22…
The company's sales revenues increased by 4% year-on-year to TL 22 Billion in 22Q7. When we look at the breakdown of the company's quarterly sales on a ton basis, polyester chips sales decreased by 34% to 97.140 tons, polyester fiber sales decreased by 42% to 74.599 tons, polyester yarn sales increased by 1% to 43.701 tons, poy sales decreased by 25% to 38.563 tons and DMT sales decreased by 59% to 1.810 tons. took place as On a total ton basis, sales decreased by 30% compared to the same period of the previous year and amounted to 258.658 tons. The company's total polyester chips production, polyester fiber production, polyester yarn production, poy production and DMT production decreased by 18,4% to 349.187 tons.
642 Million TL EBITDA was achieved…
While the company's EBITDA was TL 4 Million in 22Q642, it decreased by 2021% compared to the same period of 62. The EBITDA margin of the company was realized as 2022% in the last 3 months of 9,1, decreasing by 20,6 points on an annual basis. High costs were effective in the company's declining EBITDA profit. When we look at the details of the costs, it is seen that the increased direct raw material and material costs, energy, labor and spare parts and maintenance costs are effective.
12-Month Results…
The company achieved a sales revenue of 2022 Billion TL in the whole of 31, increasing its turnover by 2021% compared to 112. In the 12M22 period, the company recorded an expense of TL 24,1 billion from the cost of sales item. Most of this cost consists of direct raw material and material expenses. The company's gross margin decreased by 12 points to 22% in 3,2M22,1. While the company achieved EBITDA of 5,9 billion TL in this period, the company's EBITDA amount was 2021 billion TL in 3,3. The company's EBITDA margin stood at 2022% in 19. As a result, the company achieved a net profit of TL 2022 billion at the end of 10,5, while the company's net profit margin was 34%. The company's 2021 year-end net profit was 697 million TL, with a net profit margin of 4,7%.
Increase in net debt and equity…
The company's net debt position increased by 19% to TL 25,2 billion in the last quarter, while its shareholders' equity increased by 25% to TL 16,4 billion. The company's net debt/EBITDA ratio continues to rise quarter-on-quarter. However, with the commissioning of the investments, we will be monitoring the future cash flows. For now, the company's net debt/EBITDA ratio is almost borderline at 3.6. The company's cash values decreased by 2021 billion TL compared to the end of 1,3 and became 803 million TL. While an inflow of 2,2 billion TL from operating activities and 9,9 billion TL from financing activities, a cash outflow of 14 billion TL was realized from investment activities.
Investments in 2023…
In Adana campus, where the existing production facilities are located, in support of the Petrochemical investment planned to be made in the Yumurtalık region of Adana; The PTA Production Facility Investment with an investment cost of approximately USD 1.096.000.000 and a capacity of 1.500.000 tons/year continues. This facility, which is planned to be commissioned in the third quarter of 2023, is expected to provide an additional annual EBITDA of 225 million USD at today's prices. The company decided to invest in a textile chips, bottle chips and pet chips production facility with an estimated investment cost of 150 million USD and an annual capacity of 330.000 tons, and this investment is planned to be commissioned in the fourth quarter of 2023. The annual contribution of this investment to the turnover is expected to be approximately 450 million USD with today's figures. As part of the company's responsibility to leave a green and clean world to future generations and its sustainability principles, it has been decided to install Solar Power Plants (GES) that will generate 28.000 MWh of energy annually on the roofs of the buildings in the Adana headquarters of the Company. Work on the investment, which is planned to be commissioned in the second quarter of 2023, continues.
Evaluation…
Although the company's sales increased due to the high inflation effect, decreases are observed on the production side when analyzed on a quarterly basis. Looking at the textile PMI data, it is confirmed that there is a contraction in the sector. We find the long-term investment theme of the company valuable, although we find the increasing costs, decline in margins and the ability to derive profit from deferred tax income negative.
Source: Integral Investment