{"id":63600,"date":"2026-03-17T12:51:26","date_gmt":"2026-03-17T12:51:26","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/03\/17\/turk-traktor-ttrak-2025-4-ceyrek-bilanco-yorumu\/"},"modified":"2026-03-17T12:51:26","modified_gmt":"2026-03-17T12:51:26","slug":"turk-traktor-ttrak-2025-4-ceyrek-bilanco-yorumu","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/03\/17\/turk-traktor-ttrak-2025-4-ceyrek-bilanco-yorumu\/","title":{"rendered":"T\u00fcrk Trakt\u00f6r (TTRAK) 2025 4. \u00e7eyrek bilan\u00e7o yorumu"},"content":{"rendered":"

T\u00fcrk Trakt\u00f6r ve Ziraat Makineleri A.\u015e. (TTRAK) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 9 \u015eubat g\u00fcn\u00fc kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o<\/a> sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, Deniz Yat\u0131r\u0131m Menkul K\u0131ymetler A.\u015e.\u2019den geldi.<\/p>\n

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ttrak t\u00fcrktrakt\u00f6r<\/figcaption><\/figure>\n

T\u00fcrk Trakt\u00f6r ve Ziraat Makineleri A.\u015e. hisse haberleri \u2013 TTRAK hisse yorumu<\/h2>\n

Deniz Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cDe\u011ferlendirme: Olumsuz;<\/em> T\u00fcrk Trakt\u00f6r, 4\u00c725\u2019te 12.909 milyon TL gelir (Konsens\u00fcs: 12.488 milyon TL \/ Deniz Yat\u0131r\u0131m: 12.511 milyon TL), 743 milyon TL FAV\u00d6K (Konsens\u00fcs: 930 milyon TL \/ Deniz Yat\u0131r\u0131m: 704 milyon TL) ve 502 milyon TL net zarar a\u00e7\u0131klad\u0131 (Konsens\u00fcs: 4 milyon TL kar \/ Deniz Yat\u0131r\u0131m: 58 milyon TL zarar). 4\u00c725 finansallar\u0131nda, parasal kazan\u00e7\/kay\u0131p kalemi alt\u0131nda 550 milyon TL\u2019lik olumlu etki olu\u015ftu.
\u25a0 Bilan\u00e7oda olumlu okudu\u011fumuz detaylar
\u2713 Beklentilerin \u00fczerinde gelen sat\u0131\u015f geliri, net bor\u00e7 pozisyonunda gerileme.
\u25a0 Bilan\u00e7oda olumsuz okudu\u011fumuz detaylar
\u2713 Br\u00fct karl\u0131l\u0131k ve FAV\u00d6K marj\u0131nda gerileme, net zarar pozisyonu.
\u25a0 Bilan\u00e7oya dair k\u0131sa de\u011ferlendirmemiz
\u2192 4\u00c725 d\u00f6neminde a\u00e7\u0131klanan finansal sonu\u00e7lar\u0131nda has\u0131lat\u0131n beklentilerin \u00fczerinde ger\u00e7ekle\u015fmesine kar\u015f\u0131n y\u0131ll\u0131k bazda daralman\u0131n devam etmesi ve zay\u0131flayan operasyonel karl\u0131l\u0131\u011f\u0131 olumsuz olarak de\u011ferlendirmekteyiz. Zorlu seyreden yurt i\u00e7i talep dinamiklerinin etkisi ile 2025 y\u0131l\u0131 genelinde ivme kaybeden yurt i\u00e7i sat\u0131\u015flar\u0131na kar\u015f\u0131n, \u015eirket\u2019in, ihracat taraf\u0131 ile desteklenen sat\u0131\u015f hacminin beklentilerle uyumlu ger\u00e7ekle\u015fmesini ise \u00f6nemli buluyoruz. Ancak, genel \u00e7er\u00e7evede sekt\u00f6r ko\u015fullar\u0131n\u0131 ve 2025 y\u0131l\u0131 finansallar\u0131n\u0131 birlikte de\u011ferlendirdi\u011fimizde, mevcut g\u00f6r\u00fcn\u00fcm\u00fcn olumsuz oldu\u011fu kanaatindeyiz.
\u25a0 T\u00fcrk Trakt\u00f6r, 4\u00c725\u2019te y\u0131ll\u0131k bazda 1 azal\u0131\u015fla 12.909 milyon TL sat\u0131\u015f geliri kaydetti. Sekt\u00f6rde devam eden zorlu ko\u015fullar ve rekabet ortam\u0131 ile bask\u0131lanan br\u00fct kar marj\u0131 bu d\u00f6nemde 3,4 puan geriledi. 2025 y\u0131l\u0131nda sat\u0131\u015f geliri 53.837 milyon TL ile 2024 y\u0131l\u0131na k\u0131yasla P gerileme kaydetti.
\u25a0 FAV\u00d6K 4\u00c725\u2019te y\u0131ll\u0131k ` azal\u0131\u015fla 743 milyon TL seviyesinde ger\u00e7ekle\u015firken, FAV\u00d6K marj\u0131 4,2 puan azal\u0131\u015fla %5,8 oldu. Faaliyet giderlerinde gerilemenin pozitif etkisine kar\u015f\u0131n br\u00fct karl\u0131l\u0131kta g\u00f6zlenen belirgin gerileme FAV\u00d6K\u2019te bask\u0131 unsuru oldu.
\u25a0 \u015eirket, 4\u00c725 d\u00f6neminde 502 milyon TL net zarar a\u00e7\u0131klad\u0131 (3\u00c725: 296 milyon TL net kar, 4\u00c724: 413 milyon TL net kar). Bu d\u00f6nemde net finansman giderinde g\u00f6zlenen y\u0131ll\u0131k P art\u0131\u015f net karl\u0131l\u0131\u011f\u0131n bask\u0131lanmas\u0131nda etkili oldu. \u015eirket, 4\u00c725\u2019te 297 milyon TL net di\u011fer gelir (4\u00c724: 275 milyon TL net di\u011fer gelir), 1.158 milyon TL net finansman gideri (4\u00c724: 771 milyon TL net finansman gideri) ve 213 milyon TL vergi gideri (4\u00c724: 484 milyon TL vergi gideri) kaydetti. Enflasyon muhasebesi nedeniyle parasal kazan\u00e7\/kay\u0131p kalemi alt\u0131nda 550 milyon TL\u2019lik olumlu etki olu\u015ftu.
\u25a0 Y\u0131l sonu itibariyle \u015eirket\u2019in 8.744 milyon TL net bor\u00e7 pozisyonu bulunmaktad\u0131r (Eyl\u00fcl 2025: 11.240 milyon TL net bor\u00e7 pozisyonu). Ayn\u0131 d\u00f6nemde net bor\u00e7\/FAV\u00d6K rasyosu ise 1,8x oldu (Eyl\u00fcl 2025: 1,8x net bor\u00e7\/FAV\u00d6K).
\u25a0 2025 y\u0131l\u0131 sonunda 2.126 milyon TL yat\u0131r\u0131mlardan kaynakl\u0131 nakit \u00e7\u0131k\u0131\u015f\u0131 g\u00f6r\u00fcld\u00fc.
\u25a0 2025 y\u0131l geneline bak\u0131ld\u0131\u011f\u0131nda sat\u0131\u015f gelirleri 53.837 milyon TL ile \u00f6nceki y\u0131la k\u0131yasla P gerilemi\u015ftir. \u015eirket\u2019in 2025 y\u0131l\u0131nda trakt\u00f6r \u00fcretimi A azalm\u0131\u015f, yurt i\u00e7i sat\u0131\u015flar\u0131 P oran\u0131nda daral\u0131rken, ihracatta gerileme ile daha s\u0131n\u0131rl\u0131 ger\u00e7ekle\u015fmi\u015ftir. \u015eirket\u2019in y\u0131l sonu beklentileri yurt i\u00e7i sat\u0131\u015flar\u0131n 15.500-17.000 band\u0131nda, ihracat\u0131n ise 10.000-12.000 adet olarak ger\u00e7ekle\u015fmesi y\u00f6n\u00fcnde revize edilmi\u015fti. Adet bazl\u0131 sat\u0131\u015flar incelendi\u011finde, 2025 y\u0131l\u0131n\u0131n beklentiler do\u011frultusunda ger\u00e7ekle\u015fti\u011fi g\u00f6zlenmektedir. Buna kar\u015f\u0131n, pazar genelinde izlenen fiyatlama ve rekabet ko\u015fullar\u0131 has\u0131lat \u00fczerinde bask\u0131 olu\u015fturmaktad\u0131r.
\u25a0 \u015eirket, 2026 y\u0131l\u0131na ait beklentilerini payla\u015ft\u0131. Buna g\u00f6re; i) T\u00fcrkiye toplam trakt\u00f6r pazar\u0131 a\u00e7\u0131s\u0131ndan b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fcn 27 bin \u2013 33 bin adet ii) T\u00fcrk Trakt\u00f6r i\u00e7in 11 bin 500 \u2013 14 bin 500 yurt i\u00e7i sat\u0131\u015f\u0131 iii) T\u00fcrk Trakt\u00f6r i\u00e7in 11 bin \u2013 13 bin 500 yurt d\u0131\u015f\u0131 sat\u0131\u015f\u0131 iv) 75- 100 milyon Dolar yat\u0131r\u0131m harcamas\u0131 olmas\u0131 y\u00f6n\u00fcndedir.
\u25a0 \u015eirket, finansal sonu\u00e7lar\u0131n ard\u0131ndan temett\u00fc teklifini payla\u015fm\u0131\u015f olup, genel ekonomik ve sekt\u00f6rel konjonkt\u00fcr ile nakit ve finansman politikalar\u0131 dikkate al\u0131narak k\u00e2r pay\u0131 da\u011f\u0131t\u0131lmamas\u0131 y\u00f6n\u00fcndeki \u00f6nerisini pay sahiplerinin onay\u0131na sunacakt\u0131r. Beklentimiz, \u015eirket\u2019in temett\u00fc da\u011f\u0131t\u0131m\u0131 y\u00f6n\u00fcnde bir karar almas\u0131 y\u00f6n\u00fcnde bulunuyordu.
\u25a0 Genel de\u011ferlendirme:<\/em> Hisse, y\u0131l ba\u015f\u0131ndan itibaren BIST 100 endeksinin %5 gerisinde performans g\u00f6stermi\u015ftir. Geriye d\u00f6n\u00fck 12 ayl\u0131k verilere g\u00f6re hisse 133,7x F\/K ve 14,0x FD\/FAV\u00d6K \u00e7arpanlar\u0131ndan i\u015flem g\u00f6rmektedir. 2026 y\u0131l\u0131na ili\u015fkin beklentilerimiz \u015eirket\u2019in 65.533 milyon TL ciro, 6.922 milyon TL FAV\u00d6K ve 1.728 milyon TL net kar a\u00e7\u0131klamas\u0131 y\u00f6n\u00fcnde bulunuyor.\u201d
\u27a2 Raporun tamam\u0131n\u0131 PDF olarak g\u00f6r\u00fcnt\u00fclemek i\u00e7in a\u015fa\u011f\u0131daki dosyay\u0131 indirebilirsiniz.<\/p>\n

<\/object>1770704510563_DenizYatrmStratejiveAratrmaTTRAK425BilanoDeerlendirme12884<\/a>\u0130ndir<\/a><\/div>\n

Kaynak: <\/strong>Deniz Yat\u0131r\u0131m Ara\u015ft\u0131rma<\/em><\/p>\n

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