Risk factor
Very high price volatility
Profitability factor
Undervalued vs peers
About
Türkiye Sise Ve Cam Fabrikalari A.S. (TKKYY) operates as a leading international manufacturer and supplier of a broad spectrum of glass products. Its market reach extends across numerous territories, including its home country Turkey, the United States, Russia, Ukraine, Georgia, and the wider European continent. The company structures its extensive operations into six key divisions: Architectural, Automotive, Glassware, Glass Packaging, Chemicals, and Other Services. TKKYY's diverse product portfolio features a comprehensive range of architectural glass, such as flat, patterned, mirror, laminated, coated, and solar power glass, along with specialized glass components for white goods and various home appliances. The company also provides automotive glass, including advanced encapsulated solutions designed for light and heavy-duty commercial vehicles, and various glass solutions for energy applications. Beyond manufacturing, TKKYY actively designs, produces, and distributes a wide selection of glassware. Furthermore, it serves as a significant producer of glass packaging tailored for multiple industries, including food, beverages, pharmaceuticals, and cosmetics. The company also engages in retail, offering an array of glass, ceramic, porcelain, wood, and steel tableware, kitchenware, and home decoration items. These products are marketed under the "Life" and "Boutique" concepts through its 51 Pasabahçe stores located in Turkey and international markets, complemented by a robust online sales presence. In its chemical segment, TKKYY manufactures and supplies essential products like soda ash, various chromium chemicals, glass fiber, and other raw materials. Its specific chemical offerings include vitamin K3 derivatives, sodium dichromate, basic chromium sulfate, and sodium metabisulfite, which cater to vital sectors such as food, textiles, mining, water treatment, construction chemicals, and leather. Additionally, TKKYY maintains interests in mining operations, extracting key raw materials such as silica sand, feldspar, limestone, dolomite, kaolin, and quartzite. Its business activities further encompass the generation and sale of electricity, as well as the wholesale and retail distribution of natural gas. The company is also committed to environmental sustainability through glass recycling and waste collection initiatives, alongside the production and trading of soda goods. Complementing its industrial operations, TKKYY provides financial and investment services, as well as acting as an insurance agency. Founded in 1935 and headquartered in Istanbul, Turkey, Türkiye Sise Ve Cam Fabrikalari A.S. functions as a subsidiary under the ownership of Türkiye Is Bankasi A.S.
Company Valuation
Based on key historical and expected multiples, the stock is undervalued relative to its peers. In particular, the stock is reasonably priced on P/E, 'cheap' on EV/EBITD.