# OYAK Yatırım, Akçansa #AKCNS hisseleri için tavsiyesini açıkladı

- Bağlantı: https://www.borsatek.com/oyak-yatirimdan-akcns-hisseleri-icin-tavsiye/
- Yayımlanma: 2025-02-17T13:37:19+03:00
- Yazar: Haber Merkezi

OYAK Yatırım, [Akçansa ](https://www.borsatek.com/halk-yatirim-akcansa-akcns-icin-hedef-fiyat-ve-tavsiyesini-acikladi-109160h/)#
AKCNS hisseleri için hedef fiyatını 222.8 TL, tavsiyesini “endekse paralel getiri”
olarak korudu.

[OYAK Yatırım](https://www.oyakyatirim.com.tr/)‘ın sınırlı bir yükseliş beklediğini(%
6) ifade ettiği Akçansa #AKCNS hisseleri için yayımladığı rapor şöyle:

**Weak results on price pressures and low sales**

Akcansa announced 24YE net profit of TL1,672mn (-51.1% y/y) and an EBITDA of TL3,774mn(-
28.7% y/y), indicating a decent margin of 17.5% (2023: 19.6%, y/y: -2.1bps). Akcansa’s
net sales was dropped to TL21,614mn in 2024 (- 20% y/y) mainly on curbed demand 
through high prices and low exports, while total cement and derivatives sales volume
increased by 2% y/y.

**Pricing pressure continues**

Both domestic and international sales of Akcansa dropped in 2024. In fact, domestic
sales dropped to TL17,070mn (- 17.8% y/y), while even more drastic drop occurred
in export sales with TL4,429mn (-27.6% y/y). Although sales volumes in cement and
derivatives increased by 2%, sales revenues declined due to pricing quotas resulted
in below-inflationary price increase in domestic, a slight shift from cement to 
clinker in domestic market in 4Q24, foreign competitors’ pricing advantages and 
embargo imposed to Israel.

**EBITDA retreats despite lower costs**

The drop in costs was mainly due to low energy prices y/y. 20.2% increase in direct
labour expenses and 7.6% increase in amortization, on the other hand, softened the
slide in COGS. Despite COGS declining by 14.2% y/y, the decline in sales weighed
negatively on operating profitability and led to a y/y weak margin.

![#AKCNS](https://i1.wp.com/www.borsatek.com/app/uploads/2025/02/image-31.png)

**Net profit decrease on weak EBITDA, financial and deferred tax loss**

Beside falling sales revenues, the other reasons for the decline in net earnings
are financial loss of TL14mn (2023: +TL243mn), deferred tax loss of TL522mn (2023:
+TL49mn) and monetary loss which increased to TL77mn (2023: TL29mn, y/y: +167.4%).

**25E estimates, TP and rating maintained**

Our 2025 net income, EBITDA and revenues estimates are TL2,346mn, TL4,992mn and 
25,070mn respectively. Our target price of TL222.80/share, implying a limited upside
of 6%. Akcansa trades fully on 25E P/E of 17.1x and EV/EBITDA of 7.7x.