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MGROS Tacirler Investment Company Report

September 2023

We are revising our expectations upwards for Migros, after the strong performance in the first half of the year. We are increasing our target price for Migros <MGROS TI> from 228.00 TL per share to 623.00 TL per share and we maintain our BUY recommendation. Our 12M target price offers 68% upside potential. We think Migros will continue to grow in light of increased customer traffic in online and physical stores, ongoing store rollouts, high operating leverage and strong cash position. We have a constructive outlook for the rest of the year with a strong operational performance in 6M23 and the competitive price strategy implemented in the inflationary period. In our valuation, we calculate that Migros will increase its net income in the 2023T period by 62% YoY and its 2024T period net profit by 60% YoY. MGROS trades at 16.1x P/E multiplier in our 2023E and 10.1x P/E in our 2024E forecasts.

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