Tab Gıda (TABGD) Company Report

We initiate coverage of TAB Gıda with a 12‑month target price of TL242,00 and assign a “BUY” recommendation, implying an upside potential of 46 %. The Company ranks among Turkey’s leading quick‑service restaurant (QSR) chains, operating global brands—Burger King, Popeyes, Arby’s, Sbarro and Subway—alongside domestic concepts such as Usta Dönerci and Usta Pideci.The key catalysts underpinning our valuation are: (I) A scalable franchise model that realises efficiency gains through cross‑brand collaboration; (II) Robust cash‑generation capacity supported by a negative working‑capital structure; (III) Digitalisation and technological optimisation initiatives that enhance operational efficiency; (IV) Cost advantages derived from an integrated supply chain; and (V) A defensive and sustainable growth model that preserves the Company’s strong competitive positioning. Based on our 2025 forecasts, TAB Gıda is trading at 14,1 x P/E and 4,2 x EV/EBITDA multiples.