Anadolu Efes (AEFES) Company Report

We initiate coverage on Anadolu Efes with a 12-month target price of TL27.60, implying 53% upside potential, and assign a “BUY” recommendation to the stock. The key pillars of our investment thesis are: i) 2025 providing a cleaner and more comparable base following the deconsolidation of the Russian beer operations, ii) consolidated revenue growth supported by the contribution from Coca-Cola İçecek, and iii) an expected improvement in leverage metrics, supported by disciplined capital expenditures and positive free cash flow generation. Based on our 2026E estimates, the company trades at 9.0x P/E and 5.0x EV/EBITDA multiples.