# BOFA, üç BIST hissesi için hedef fiyat yükseltti 

- Bağlantı: https://www.borsatek.com/bofa-uc-bist-hissesi-icin-hedef-fiyat-yukseltti-109778h/
- Yayımlanma: 2024-06-20T14:50:12+03:00
- Yazar: Murat Ali Oral

Bank Of America tarafından yayınlanan değerlendirme raporunda BİM, Coca Cola İçecek
ve Anadolu Efes hisseleri için hedef fiyatlar yukarı çekildi. 

Söz konusu şirketlerin hisselerinde bir yıllık sürede yüzde 50 ila 60 oranında yükselişler
yaşanmış olmasına karşın çift haneli enflasyon sayesinde şirketlerin büyümesinin
olumlu bir zeminde devam edeceği öngörüldü. 

“Modellerimizi en son finansal tablo sonuçlarına ve TAS29 etkisine (enflasyon muhasebesi)
göre güncelliyoruz.” diyen BOFA, hedef fiyatın yukarı çekilmesinde beklenenden daha
güçlü gelen finansal sonuçların etkili olduğunu belirtti.

Buna göre, her üç şirketin hisseleri için “AL” tavsiyesi yinelenirken, BIM’in hedef
fiyatı 400 TL’den 600 TL’ye Coca Cola’nın 600 TL’den 1000 TL’ye ve Anadolu Efes’in
165 TL’den 285 TL’ye yükseltildi.

### 󠀁[**>>> HABERİN DEVAMI: BOFA’NIN DÖRT HİSSE İÇİN DEĞERLENDİRMESİ**](https://www.borsatek.com/bofa-uc-bist-hissesi-icin-hedef-fiyat-yukseltti-109778h-p2)󠁿

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**It’s all about the top-down outlook – keeping positive sector view**

Upgraded POs suggest 24-30% upside potential We update our models for the latest
results and the TAS29 impact (inflation accounting). Our PO upgrades (Exhibit 1)
reflect stronger-than-expected results and a higher terminal growth rate (10% vs
8% previously) as double-digit inflation will likely stay for longer Our new POs
imply 24-30% upside potential, and we reiterate our Buy ratings on BIM, CCI and 
Anadolu Efes. (1) We believe the rerating story will be key for the shares over 
the next 4-6 quarters as tighter economic policies bear fruit and normalise the 
broader risk profile. (2) The companies are navigating external headwinds well (
3-18% real revenue growth in 2023), gaining share, and are well positioned to capitalise
on further market formalisation (BIM) and structurally increasing per-capita consumption(
CCI).

BIM: nearly 5ppt share gain since 2019, and more to come Near term, we see BIM benefitting
from rising pressure on purchasing power (Exhibit 4) amid still high CPI. This bodes
well for further grocery market formalisation (Exhibits 9 10) as consumers shift
to cheaper organised players, and BIM’s volume/LfL growth and share gains (Exhibit
14). New store rollout should also be on track with recent years: our white-space
analysis (Exhibit 12) illustrates that pursuing the current expansion pace is feasible
over the medium run.

CCI: mid-single-digit volume growth, margin resilience Easy 2023 comps, a likely
strong tourism season in Türkiye (Exhibit 8), a possible macro recovery in Pakistan
and consolidation of Bangladesh should support 5% volume growth in 2024E. Coupled
with regular price adjustments and mix improvements (Exhibit 26), this suggests 
to us potential for double-digit real revenue growth this year. Margins should also
hold up well as favourable hedges are in place (Exhibit 24).

Efes: pending resolution in Russia, while Türkiye shines Pending negotiations with
Anheuser-Busch InBev regarding separation of a 50-50 JV in Russia continue to add
uncertainty, though may unlock much value, we think. Meanwhile, we are encouraged
by Efes’s progress in Türkiye, which may pose upside risks to mid term forecasts
given significant scope to regain lost market share (Exhibit 22).

1ppt lower CoE = 7-8% impact on estimated equity value Despite a 50-60% share price
rally YTD, market data (Exhibit 27), which coincides with feedback from some investors
we speak to, still suggests low positioning in Türkiye’s equities by foreign investors,
though a fair amount of interest as fundamentals are strong and clients see value
in the market. Consistent disinflation (potentially from Q3E, Exhibit 2) would be
key for sentiment to improve, we think. We estimate that each 1ppt decline in the
cost of equity for the three companies (we apply 25-32% now) would imply a c.7-8%
positive impact on our estimated fair equity values (Exhibits 39-41), all else equal.