{"id":41746,"date":"2025-03-24T10:51:37","date_gmt":"2025-03-24T10:51:37","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2025\/03\/24\/sok-marketler-sokm-2024-4-ceyrek-bilanco-yorumu\/"},"modified":"2025-03-24T10:51:37","modified_gmt":"2025-03-24T10:51:37","slug":"sok-marketler-sokm-2024-4-ceyrek-bilanco-yorumu","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2025\/03\/24\/sok-marketler-sokm-2024-4-ceyrek-bilanco-yorumu\/","title":{"rendered":"\u015eok Marketler (SOKM) 2024 4. \u00e7eyrek bilan\u00e7o yorumu"},"content":{"rendered":"

\u015eok Marketler Ticaret A.\u015e. (SOKM) 2024 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o sonras\u0131 \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi. Kurum de\u011ferlendirmesinde \u015fu ifadeleri kulland\u0131;<\/p>\n

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\u015eok Marketler Ticaret A.\u015e. hisse haberleri<\/h2>\n

Buna g\u00f6re \u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde;<\/p>\n

\u015eok Marketler, UMS-29 kapsam\u0131nda 2024 y\u0131l\u0131 finansallar\u0131n\u0131 a\u00e7\u0131klad\u0131. Konsolide bazda, y\u0131lsonu beklentilerine yak\u0131n bir \u015fekilde, y\u0131l\u0131 %4,7 reel gelir b\u00fcy\u00fcmesi ile kapatan \u015eirket, 2024 y\u0131l\u0131nda UMS-29 kapsam\u0131nda 202,2 milyar TL ciroya ula\u015fm\u0131\u015ft\u0131r. \u015eirket 4\u00c724\u2019te y\u0131ll\u0131k bazda %7,3 art\u0131\u015fla 50,6 milyar TL ciro kaydetmi\u015ftir. M\u00fc\u015fteri trafi\u011fi 2024 y\u0131l\u0131nda yatay seyrederken, hem ayn\u0131 ma\u011faza G\u00fcnl\u00fck Ortalama Sat\u0131\u015flar hem de ayn\u0131 ma\u011faza G\u00fcnl\u00fck Ortalama Sepet B\u00fcy\u00fckl\u00fc\u011f\u00fc\u2019ndeki enflasyonun \u00fczerindeki b\u00fcy\u00fcme reel ciro b\u00fcy\u00fcmesinin arkas\u0131ndaki nedenler olarak g\u00f6z\u00fckmektedir.<\/p>\n

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Konsolide br\u00fct kar marj\u0131 24 y\u0131l\u0131n\u0131n tamam\u0131nda 1,4 puan azalarak ,3\u2019e gerilerken, \u015eirket 4\u00c724\u2019te br\u00fct kar marj\u0131nda 0,5 puanl\u0131k bir iyile\u015fme kaydetmeyi ba\u015farm\u0131\u015ft\u0131r. Operasyonel giderler 2024 y\u0131l\u0131nda \u00f6nemli \u00f6l\u00e7\u00fcde k\u00f6t\u00fcle\u015ferek y\u0131ll\u0131k bazda oran\u0131nda artm\u0131\u015f ve \u00f6zellikle y\u00fcksek asgari \u00fccret zamm\u0131 ve y\u00fcksek personel devir oran\u0131ndan etkilenen personel giderleri nedeniyle sat\u0131\u015flar\u0131n ,3\u2019\u00fcne (23 y\u0131l\u0131nda sat\u0131\u015flar\u0131n \u2019si) ula\u015fm\u0131\u015ft\u0131r. B\u00f6ylece, FAV\u00d6K \u00f6nemli bir daralma ile 4mn TL\u2019ye gerilerken, FAV\u00d6K marj\u0131 da 23 y\u0131l\u0131ndaki %2,7\u2019nin aksine %0 civar\u0131nda ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n

\u015eirket sene ba\u015f\u0131nda %2,5 olarak a\u00e7\u0131klad\u0131\u011f\u0131 FAV\u00d6K beklentisini 3. \u00e7eyrekte 0,5 ( \/- %0,5) olarak revize etmi\u015fti. Y\u0131lsonu marj rakam\u0131 beklentinin alt s\u0131n\u0131r\u0131n\u0131 yakalam\u0131\u015f gibi g\u00f6r\u00fcnse de marjlar a\u00e7\u0131s\u0131ndan \u015eirket olumsuz bir y\u0131l\u0131 geride b\u0131rakt\u0131.\u00a0 \u00c7eyreksel bazda bak\u0131ld\u0131\u011f\u0131nda, 2. ve 3. \u00e7eyreklerde dibe vuran marjlar\u0131n son \u00e7eyrekte bir miktar canland\u0131\u011f\u0131 g\u00f6r\u00fcl\u00fcyor. 4\u00c723\u2019e k\u0131yasla 4\u00c724\u2019te operasyonel giderlerdeki iyile\u015fmeyle birlikte br\u00fct marj 0,5 puan artarken, FAV\u00d6K marj\u0131 4\u00c723\u2019teki %2,3 seviyesinden 4\u00c724\u2019te %3,5\u2019e y\u00fckseldi. Ancak bu art\u0131\u015f\u0131n temel olarak enflasyondaki d\u00fc\u015f\u00fc\u015f sebebiyle UMS-29\u2019un marjlar \u00fczerindeki negatif etkisinin hafiflemesinden kaynakland\u0131\u011f\u0131 s\u00f6ylenebilir.<\/p>\n

2024 y\u0131l\u0131nda \u015firket, portf\u00f6y\u00fcndeki ma\u011fazalar\u0131 g\u00f6zden ge\u00e7irerek optimizasyon \u00e7al\u0131\u015fmalar\u0131na h\u0131z vermi\u015f ve yeni konsept Sok2.0 ma\u011fazalar\u0131na yat\u0131r\u0131m yapmaya ba\u015flam\u0131\u015ft\u0131. bu nedenle 2024, \u015firketin y\u00fcksek yat\u0131r\u0131m harcamalar\u0131 kaydetti\u011fi bir y\u0131l olarak \u00f6ne \u00e7\u0131karken Yat\u0131r\u0131m harcamalar\u0131\/Sat\u0131\u015flar 2023 y\u0131l\u0131nda %1,8 iken 2024 y\u0131l\u0131nda %2,6\u2019ya y\u00fckselmi\u015ftir.<\/p>\n

Temel olarak stoklardaki d\u00fc\u015f\u00fc\u015fe ba\u011fl\u0131 olarak net i\u015fletme sermayesi ihtiyac\u0131 iyile\u015fmi\u015f ve nakit d\u00f6n\u00fc\u015f\u00fcm d\u00f6ng\u00fcs\u00fc -4 g\u00fcnden -14 g\u00fcne gerilemi\u015ftir. \u00d6te yandan, Serbest Nakit Ak\u0131\u015f\u0131 (FCF) 2023 y\u0131l\u0131ndaki 16,2 milyar TL\u2019ye k\u0131yasla 2024 y\u0131l\u0131nda 13 milyar TL\u2019ye gerilemi\u015f ve FCF\/sat\u0131\u015flar oran\u0131 23 y\u0131l\u0131ndaki %8,4 seviyesinden 24 y\u0131l\u0131nda %6,4\u2019e d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/p>\n

Net Kar zay\u0131f ger\u00e7ekle\u015fti. Zay\u0131f FAV\u00d6K rakam\u0131na ek olarak, finansal giderlerdeki art\u0131\u015f (b\u00fcy\u00fck \u00f6l\u00e7\u00fcde POS nakit tahsilat giderlerindeki 6\u2019l\u0131k art\u0131\u015ftan kaynaklanan) ve parasal kazan\u00e7 pozisyonundaki d\u00fc\u015f\u00fc\u015f (y\u0131ll\u0131k bazda daha d\u00fc\u015f\u00fck enflasyon nedeniyle) net kar\u0131 daha da bask\u0131lam\u0131\u015f ve net kar 2024 y\u0131l\u0131n\u0131n tamam\u0131nda %0 net marj ile 61mn TL olarak ger\u00e7ekle\u015fmi\u015ftir (23 y\u0131l\u0131n\u0131n tamam\u0131nda %3,2 net marj ile 6,1 milyar TL). 4\u00c724\u2019te karl\u0131l\u0131k 4\u00c723\u2019teki -582mn TL\u2019den -162 mn TL\u2019ye y\u00fckselmi\u015ftir.<\/p>\n

UMS-29 Hari\u00e7: <\/strong>\u015eirket 2024 y\u0131l\u0131nda f,5\u2019lik bir b\u00fcy\u00fcme kaydederek 178,3 milyar TL ciroya ula\u015fm\u0131\u015ft\u0131r. \u015eirket, hem ma\u011faza ba\u015f\u0131na ortalama sat\u0131\u015f hem de sepet b\u00fcy\u00fckl\u00fc\u011f\u00fc a\u00e7\u0131s\u0131ndan s\u0131ras\u0131yla X,7 ve Y,2 ile g\u00fc\u00e7l\u00fc LFL rakamlar\u0131 elde etti. \u00d6te yandan, trafik b\u00fcy\u00fcmesi ge\u00e7en y\u0131la k\u0131yasla %0,3 oran\u0131nda hafif bir d\u00fc\u015f\u00fc\u015f g\u00f6sterdi. Br\u00fct k\u00e2r marj\u0131 y\u0131ll\u0131k bazda 1,4 puan daralarak 2024 y\u0131l\u0131nda “,4\u2019e gerilemi\u015ftir.\u00a0 Faaliyet giderlerindeki keskin art\u0131\u015f, faaliyet gideri\/sat\u0131\u015f oran\u0131n\u0131 23 y\u0131l\u0131ndaki ,1 seviyesinden 24 y\u0131l\u0131nda ,1\u2019e y\u00fckseltmi\u015f ve FAV\u00d6K marj\u0131ndaki daralmay\u0131 derinle\u015ftirmi\u015ftir. UMS-29 olmadan, FAV\u00d6K y\u0131ll\u0131k bazda sadece %7 artm\u0131\u015f ve FAV\u00d6K marj\u0131 23 y\u0131l\u0131ndaki %6,7 seviyesinden 24 y\u0131l\u0131nda %4,3\u2019e gerilemi\u015ftir. Son olarak, zay\u0131f FAV\u00d6K \u00fcretimi nedeniyle, 2023 y\u0131l\u0131nda 2,5 milyar TL olan net kar 2024 y\u0131l\u0131nda 658 milyon TL\u2019ye gerilemi\u015f ve net kar marj\u0131nda %1,9\u2019luk bir d\u00fc\u015f\u00fc\u015fe yol a\u00e7m\u0131\u015ft\u0131r.<\/p>\n

4\u00c724\u2019te, ,5 civar\u0131ndaki yatay faaliyet gideri\/sat\u0131\u015f rakam\u0131na ra\u011fmen, br\u00fct kar marj\u0131ndaki %1,6\u2019l\u0131k daralma FAV\u00d6K marj\u0131n\u0131n 4\u00c724\u2019te %5,4\u2019e gerilemesine neden olmu\u015ftur (4\u00c723\u2019te %6,8). \u00d6te yandan, net kar marj\u0131 4\u00c724\u2019teki %0,6 seviyesinden %1,1\u2019e y\u00fckselmi\u015ftir.<\/p>\n

Net nakit:<\/strong> \u015eok Marketler\u2019in net nakit pozisyonu 3\u00c724 sonundaki 6.170 milyon TL\u2019ye k\u0131yasla 4\u00c724 sonunda UFRS-16 hari\u00e7 5.782 milyon TL\u2019ye gerilemi\u015ftir.<\/p>\n

Beklentiler: <\/strong>\u015eok Marketler 2025 y\u0131l\u0131 beklentilerini a\u00e7\u0131klad\u0131. \u015eirketin FAV\u00d6K marj\u0131 beklentisi ge\u00e7en y\u0131l\u0131n , bizim beklentimizin ise alt\u0131nda kal\u0131rken, \u015eirket 2025 y\u0131l\u0131 i\u00e7in (UMS-29 hari\u00e7) bizim beklentimize k\u0131yasla %0,5 daha y\u00fcksek bir FAV\u00d6K marj\u0131 beklemektedir.<\/p>\n

\u2022 UMS-29 Etkisi Olmadan:<\/strong>
o Sat\u0131\u015f B\u00fcy\u00fcmesi: 40% ( \/- 2.5%)
o FAV\u00d6K Marj\u0131: 4.5% ( \/-0.5%)
o Yat\u0131r\u0131m harcamalar\u0131\/Sat\u0131\u015flar: %2,5 ( \/- %0,5)
\u2022 UMS-29 kapsam\u0131nda:<\/strong>
o Sat\u0131\u015f B\u00fcy\u00fcmesi: %6 ( \/- %2)
o FAV\u00d6K Marj\u0131: %2 ( \/-%0,5)
o Yat\u0131r\u0131m harcamalar\u0131\/Sat\u0131\u015flar: %2,5 ( \/- %0,5)<\/p>\n

Yorum:<\/strong> \u015eok Marketler olduk\u00e7a zorlu ve zay\u0131f bir y\u0131l\u0131 geride b\u0131rakt\u0131. \u015eiddetli rekabet ve faaliyet giderleri taraf\u0131ndaki bask\u0131lar 2024 y\u0131l\u0131nda marjlar\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde bask\u0131lad\u0131. \u015eirket 2025 y\u0131l\u0131 i\u00e7in marjlarda biraz daha iyi bir seviye \u00f6ng\u00f6r\u00fcrken, ciro b\u00fcy\u00fcmesi konusunda \u00e7ok daha temkinli. Zay\u0131f net kar rakam\u0131 ve net nakit pozisyonundaki d\u00fc\u015f\u00fc\u015f sebebiyle sonu\u00e7lara olumsuz piyasa tepkisi g\u00f6r\u00fclebilir. Negatif.<\/p>\n

\u0130\u015f Yat\u0131r\u0131m yasal uyar\u0131s\u0131<\/h3>\n

Burada yer alan bilgiler \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. taraf\u0131ndan bilgilendirme amac\u0131 ile haz\u0131rlanm\u0131\u015ft\u0131r. Yat\u0131r\u0131m bilgi, yorum ve tavsiyeleri yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kapsam\u0131nda de\u011fildir. Yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 hizmeti; arac\u0131 kurumlar, portf\u00f6y y\u00f6netim \u015firketleri, mevduat kabul etmeyen bankalar ile m\u00fc\u015fteri aras\u0131nda imzalanacak yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 s\u00f6zle\u015fmesi \u00e7er\u00e7evesinde sunulmaktad\u0131r. Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanlar\u0131n ki\u015fisel g\u00f6r\u00fc\u015flerine dayanmaktad\u0131r. Herhangi bir yat\u0131r\u0131m arac\u0131n\u0131n al\u0131m-sat\u0131m \u00f6nerisi ya da getiri vaadi olarak yorumlanmamal\u0131d\u0131r. Bu g\u00f6r\u00fc\u015fler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir. Bu nedenle, sadece burada yer alan bilgilere dayanarak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir. Burada yer alan fiyatlar, veriler ve bilgilerin tam ve do\u011fru oldu\u011fu garanti edilemez; i\u00e7erik, haber verilmeksizin de\u011fi\u015ftirilebilir. T\u00fcm veriler, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. taraf\u0131ndan g\u00fcvenilir oldu\u011funa inan\u0131lan kaynaklardan al\u0131nm\u0131\u015ft\u0131r. Bu kaynaklar\u0131n kullan\u0131lmas\u0131 nedeni ile ortaya \u00e7\u0131kabilecek hatalardan \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. sorumlu de\u011fildir. Bu i\u00e7eri\u011fe ili\u015fkin t\u00fcm telif haklar\u0131 \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019ye aittir. Bu i\u00e7erik, a\u00e7\u0131k iznimiz olmaks\u0131z\u0131n ba\u015fkalar\u0131 taraf\u0131ndan herhangi bir ama\u00e7la, k\u0131smen veya tamamen \u00e7o\u011falt\u0131lamaz, da\u011f\u0131t\u0131lamaz, yay\u0131mlanamaz veya de\u011fi\u015ftirilemez.<\/p>\n

Rota Borsa yasal uyar\u0131s\u0131<\/h3>\n

Burada yer alan yat\u0131r\u0131m bilgi, yorum ve tavsiyeleri yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kapsam\u0131nda de\u011fildir. Yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 hizmeti, arac\u0131 kurumlar, portf\u00f6y y\u00f6netim \u015firketleri, mevduat kabul etmeyen bankalar ile m\u00fc\u015fteri aras\u0131nda imzalanacak yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 s\u00f6zle\u015fmesi \u00e7er\u00e7evesinde sunulmaktad\u0131r. Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanlar\u0131n ki\u015fisel g\u00f6r\u00fc\u015flerine dayanmaktad\u0131r. Bu g\u00f6r\u00fc\u015fler, mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir. Bu nedenle sadece burada yer alan bilgilere dayan\u0131larak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir.<\/p>\n

Borsa ve halka arzlar ile ilgili geli\u015fmeleri en h\u0131zl\u0131 \u015fekilde \u00f6\u011frenmek ve Rotaborsa instagram hesab\u0131n\u0131 takip etmek i\u00e7in t\u0131klay\u0131n\u0131z.<\/mark><\/mark><\/a><\/strong><\/p>\n

\u015eok Marketler hisse FORUMU, hedef fiyatlar\u0131, hisse grafi\u011fi, hisse senedi fiyat\u0131, haber, analiz ve yorumlar\u0131 i\u00e7in t\u0131klay\u0131n\u0131z.<\/mark><\/a><\/mark><\/strong><\/em><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"

\u015eok Marketler Ticaret A.\u015e. (SOKM) 2024 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o sonras\u0131 \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi. Kurum de\u011ferlendirmesinde \u015fu ifadeleri kulland\u0131; \u015eok Marketler Ticaret A.\u015e. hisse haberleri Buna g\u00f6re \u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u015eok Marketler, UMS-29 kapsam\u0131nda 2024 y\u0131l\u0131 finansallar\u0131n\u0131 a\u00e7\u0131klad\u0131. Konsolide bazda, y\u0131lsonu […]<\/p>\n","protected":false},"author":1,"featured_media":41747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-41746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-borsa-haberleri"],"_links":{"self":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/41746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/comments?post=41746"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/41746\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/41747"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=41746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=41746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=41746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}