{"id":65102,"date":"2026-04-13T13:25:09","date_gmt":"2026-04-13T13:25:09","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/13\/dogus-otomotiv-doas-bilanco-yorumu\/"},"modified":"2026-04-13T13:25:09","modified_gmt":"2026-04-13T13:25:09","slug":"dogus-otomotiv-doas-bilanco-yorumu","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/13\/dogus-otomotiv-doas-bilanco-yorumu\/","title":{"rendered":"Do\u011fu\u015f Otomotiv (DOAS) bilan\u00e7o yorumu"},"content":{"rendered":"

Do\u011fu\u015f Otomotiv Servis ve Ticaret A.\u015e. (DOAS) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 27 \u015eubat g\u00fcn\u00fc kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o<\/a> sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi.<\/p>\n

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Do\u011fu\u015f Otomotiv Servis ve Ticaret A.\u015e. hisse haberleri \u2013 DOAS hisse yorumu<\/h2>\n

\u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cGer\u00e7ekle\u015fen Rakamlar ve Tahminler<\/strong>:<\/em> Zay\u0131f 4\u00c725 sonu\u00e7lar\u0131.<\/em>\u00a0Piyasan\u0131n ve bizim net kar beklentilerinin aksine (\u0130\u015f Yat\u0131r\u0131m: 1,56 milyar TL; Piyasa: 1,70 milyar TL), Do\u011fu\u015f Otomotiv, 4\u00c724\u2019deki 1,64 milyar TL net kar rakam\u0131na k\u0131yasla, 4\u00c725\u2019de 2,13 milyar TL konsolide net zarar bildirdi. Yurti\u00e7i otomotiv pazar\u0131ndaki agresif rekabet nedeniyle br\u00fct kar marj\u0131ndaki d\u00fc\u015f\u00fc\u015f ve artan finansal giderler, 4\u00c725\u2019de zarar\u0131n ba\u015fl\u0131ca nedenleriydi. Net kar tahminimizdeki sapma, beklentimizin alt\u0131nda ger\u00e7ekle\u015fen faaliyet performans\u0131, tahminimizden y\u00fcksek di\u011fer faaliyet giderleri ve parasal kazan\u00e7 tahminimizin aksine kaydedilen parasal zararlardan kaynakland\u0131. 4\u00c725\u2019de kaydedilen net zarar rakam\u0131 2025 net kar\u0131n\u0131 y\u0131ll\u0131k bazda h d\u00fc\u015f\u00fc\u015fle 3,14 milyar TL\u2019ye ta\u015f\u0131d\u0131.
\u00c7eyrekte \u00d6ne \u00c7\u0131kanlar<\/strong>: Sat\u0131\u015f hacminin alt\u0131nda zay\u0131f\u00a0ciro \u00fcretimi.<\/em>\u00a0Do\u011fu\u015f Otomotiv, 4\u00c725\u2019de beklentilerin alt\u0131nda ve sat\u0131\u015f hacmindeki b\u00fcy\u00fcmenin alt\u0131nda, y\u0131ll\u0131k bazda %2 d\u00fc\u015f\u00fc\u015fle 77,48 milyar TL konsolide net sat\u0131\u015f geliri elde etti. \u015eirketin 2025 y\u0131l\u0131 konsolide sat\u0131\u015f geliri ise y\u0131ll\u0131k bazda %4 art\u0131\u015fla 255,78 milyar TL\u2019ye ula\u015ft\u0131. Skoda sat\u0131\u015flar\u0131 hari\u00e7 tutuldu\u011funda, \u015firketin toplam toptan sat\u0131\u015f hacmi 2025\u2019de y\u0131ll\u0131k\u00a0 art\u0131\u015fla 163 bin araca ula\u015ft\u0131. 2025 y\u0131l\u0131nda y\u0131ll\u0131k 0,2 y\u00fczde puan art\u0131\u015fla ,1 pazar pay\u0131na ula\u015fan Do\u011fu\u015f Otomotiv, Stellantis\u2019in ard\u0131ndan yurti\u00e7i hafif ara\u00e7 pazar\u0131nda 2. s\u0131rada yer ald\u0131. \u015eirket, 2025 y\u0131l\u0131nda y\u0131ll\u0131k 0,4 y\u00fczde puan art\u0131\u015fla ,9 pazar pay\u0131yla yurti\u00e7i binek ara\u00e7 pazar\u0131nda lider, y\u0131ll\u0131k 0,4 y\u00fczde puan d\u00fc\u015f\u00fc\u015fle %8,3 pazar pay\u0131yla yurti\u00e7i hafif ticari ara\u00e7 pazar\u0131nda ise 4. s\u0131rada yer ald\u0131.
Br\u00fct kar marj\u0131nda \u200b\u200bdaralma.<\/em>\u00a0<\/strong>\u015eirketin br\u00fct kar marj\u0131, i\u00e7 pazardaki yo\u011fun rekabet ve sat\u0131\u015f kar\u0131mas\u0131ndaki de\u011fi\u015fiklik nedeniyle 4\u00c725\u2019de y\u0131ll\u0131k 4,2 y\u00fczde puan d\u00fc\u015f\u00fc\u015fle ,6\u2019ya geriledi. Faaliyet giderleri\/sat\u0131\u015f oran\u0131 4\u00c725\u2019de y\u0131ll\u0131k 2,5 y\u00fczde puan d\u00fc\u015f\u00fc\u015fle %8,7\u2019ye y\u00fckseldi. Beklentilerin 3 alt\u0131nda kalan FAV\u00d6K rakam\u0131, 4\u00c725\u2019de y\u0131ll\u0131k 5 d\u00fc\u015f\u00fc\u015fle 2,36 milyar TL olarak ger\u00e7ekle\u015firken, FAV\u00d6K marj\u0131 4\u00c724\u2019deki %4,6\u2019ya k\u0131yasla 4\u00c725\u2019de %3,0\u2019e geriledi. FAV\u00d6K rakam\u0131, 2025 t\u00fcm y\u0131l\u0131nda y\u0131ll\u0131k\u00a0 3 d\u00fc\u015f\u00fc\u015fle 14,72 milyar TL\u2019ye ula\u015ft\u0131 ve 2024\u2019teki %8,9\u2019a k\u0131yasla 2025\u2019te %5,8\u2019lik bir marj kaydetti.
Bor\u00e7lulukta art\u0131\u015f.<\/em>\u00a0<\/strong>\u015eirketin net bor\u00e7 pozisyonu, 2024 y\u0131l sonundaki 3,52 milyar TL\u2019den 2025 y\u0131l sonu itibar\u0131yla 25,18 milyar TL\u2019ye y\u00fckseldi. Net Bor\u00e7\/FAV\u00d6K oran\u0131, 2024\u2019teki 0,2x\u2019ten 2025\u2019te 1,7x\u2019e \u00e7\u0131kt\u0131. Serbest nakit ak\u0131\u015f\u0131, zay\u0131f faaliyet performans\u0131 ve artan stoklar nedeniyle i\u015fletme sermayesi ihtiyac\u0131ndaki art\u0131\u015ftan dolay\u0131 2024\u2019teki pozitif 15,1 milyar TL\u2019den 2025\u2019te negatif 14,2 milyar TL\u2019ye geriledi. Finansal giderler 4\u00c725\u2019de net faiz giderlerindeki art\u0131\u015f ve kur fark\u0131 zararlar\u0131 nedeniyle \u00a0y\u0131ll\u0131k bazda 10 kattan fazla artt\u0131. FAV\u00d6K\/net faiz giderleri oran\u0131 2024\u2019teki 94,2x\u2019ten 2025\u2019te 4,6x\u2019e d\u00fc\u015ft\u00fc. \u015eirketin a\u011f\u0131rl\u0131kl\u0131 ortalama bor\u00e7lanma maliyetleri 2024\u2019teki P,28\u2019e k\u0131yasla 2025\u2019te P,14 olarak ger\u00e7ekle\u015fti.
Temett\u00fc teklifi ,7 getiriye i\u015faret ediyor.<\/em>\u00a0<\/strong>Do\u011fu\u015f Otomotiv bizim 6,68 milyar TL\u2019lik tahminimizle uyumlu, Genel Kuruluna 2026 y\u0131l\u0131nda iki e\u015fit taksitte \u00f6denmesi kayd\u0131yla \u00a0toplam 6,60 milyar TL br\u00fct temett\u00fc (hisse ba\u015f\u0131na 30,0 TL) da\u011f\u0131tmay\u0131 teklif edecek. Sunulacak toplam temett\u00fc \u00f6demesi ,7 getiriye i\u015faret.
De\u011ferleme \u00dczerindeki Etki ve G\u00f6r\u00fcn\u00fcm<\/strong>: Do\u011fu\u015f Otomotiv, 2025\u2019teki 1,41 milyon adede k\u0131yasla 2026 y\u0131l\u0131 i\u00e7in toplam yurti\u00e7i otomotiv (binek ara\u00e7 hafif ticari ara\u00e7 a\u011f\u0131r ticari ara\u00e7) pazar\u0131n\u0131n 1,1 milyon adedin \u00fczerinde (\u0130\u015f Yat\u0131r\u0131m: 1,4 milyon) ger\u00e7ekle\u015fmesini \u00f6ng\u00f6r\u00fcrken ve 2025\u2019teki ula\u015ft\u0131\u011f\u0131 toplam 163 bin sat\u0131\u015f adedine (Skoda hari\u00e7) \u00a0k\u0131yasla 2026 y\u0131l\u0131nda y\u0131ll\u0131k ( d\u00fc\u015f\u00fc\u015fle 117 bin adet toplam sat\u0131\u015f hacmi hedefliyor. \u015eirket 2026\u2019da 5,2 milyar TL\u2019lik yat\u0131r\u0131m \u00a0harcamas\u0131 b\u00fct\u00e7eliyor.
DOAS i\u00e7in hisse ba\u015f\u0131na hedef fiyat\u0131m\u0131z\u0131, esas olarak \u0130NA de\u011ferlememizin 3 ayl\u0131k ileriye ta\u015f\u0131nmas\u0131 ve g\u00fcncellenmi\u015f makro varsay\u0131mlar\u0131m\u0131z nedeniyle hafif\u00e7e y\u00fckselttik. DOAS hisseleri i\u00e7in \u201cTUT\u201d tavsiyemizi koruyoruz.
\u015eirketin zay\u0131f 2026 \u00f6ng\u00f6r\u00fcleri ve beklenti alt\u0131nda ger\u00e7ekle\u015fen 4\u00c725 sonu\u00e7lar\u0131n\u0131n \u00a0g\u00fc\u00e7l\u00fc temett\u00fc da\u011f\u0131t\u0131m\u0131 teklifini g\u00f6lgede b\u0131rakaca\u011f\u0131na d\u00fc\u015f\u00fcn\u00fcyor ve DOAS hisselerinin bug\u00fcn endeksin alt\u0131nda performans g\u00f6stermesini bekliyoruz.\u201d<\/p>\n

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\u27a2 Raporun tamam\u0131n\u0131 PDF olarak g\u00f6r\u00fcnt\u00fclemek i\u00e7in a\u015fa\u011f\u0131daki dosyay\u0131 indirebilirsiniz.<\/p>\n

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<\/object>DOAS_4C25_Kar-Analizi_010326<\/a>\u0130ndir<\/a><\/div>\n

Kaynak: <\/strong>\u0130\u015f Yat\u0131r\u0131m Ara\u015ft\u0131rma<\/em><\/p>\n

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