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Anadolu Efes Retreats as Earnings Miss Estimates: Istanbul Mover

Anadolu Efes Biracilik & Malt Sanayii AS (AEFES) fell the most in more than three weeks after Turkey’s biggest brewer reported earnings that missed estimates.

Anadolu Efes retreated as much as 1.5 percent, the biggest intraday decline since Feb. 26, to 27.20 liras and traded at 27.40 liras as of 3:52 p.m. in Istanbul. Almost 136,000 shares were traded, about half of the stock’s three-month daily average, according to data compiled by Bloomberg. The Istanbul Stock Exchange National 100 index dropped 0.4 percent, extending this week’s loss to 1.2 percent.

Net income rose 78 percent to 606.9 million liras ($334 million) in 2012, the Istanbul-based company said in a filing with the Istanbul Stock Exchange after the market closed yesterday. The figure missed the 660.3 million-lira average estimate of 16 analysts surveyed by Bloomberg. Net income for the fourth quarter, at 25 million liras, also missed market estimates, Melda Agirdas, an analyst at Ekspres Invest in Istanbul, said in a research report.

While domestic operations were “strong and in line with forecasts” in the fourth quarter, the earnings before interest, taxes, depreciation and amortization margin of international operations was “lower than anticipated,” Agirdas said. That was “the main reason behind the miss,” the analyst said.

A market share loss of 4 percentage points last year, down to 82.6 percent, showed competition was also strong, Agirdas, who has a hold recommendation and a price target of 28.7 liras for the stock, said.

Anadolu Efes, which is 24 percent owned by SABMiller Plc (SAB), trades at 20.1 times estimated 12-month earnings, according to data compiled by Bloomberg. That compares with 17.4 for Heineken NV (HEIA) of the Netherlands, 16 for South Africa’s Distell Group Ltd. (DST) and 18.2 for U.K.’s Diageo Plc. (DGE)

Three of 24 analysts recommend buying the shares, while 18 say hold and three recommend selling, according to data compiled by Bloomberg.

To contact the reporter on this story: Taylan Bilgic in Istanbul at tbilgic2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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