TAB Gıda - Target Price Update

Following the strong 2Q25 financial results, we are updating our forecasts for TABGD in line with our expectations and raising our 12-month target price per share from TRY 241.00 (TRY 236.20 after dividend distribution) to TRY 290.00, while maintaining our BUY recommendation. Since we initiated coverage of TABGD with a BUY recommendation on April 16, the stock has delivered a 28% return, outperforming the BIST 100 Index by 16.3%. In addition, the company distributed a gross dividend of TRY 3.50. Our new target price implies a 37% upside potential. The main catalysts of our valuation are: i) Market share gains and customer-focused pricing strategy, ii) Upward revisions in expectations, and iii) A successful business model and leading position. Based on our 2025 estimates, the company is trading at 17.2x P/E and 5.3x EV/EBITDA multiples.