MODEL PORTFOLIO UPDATE (GEDIK YATIRIM) KORDSA REPORTED TL1.1BN NET LOSS IN 2024, DOWN FROM TL183MN TL NET PROFIT IN 2023, WITH WORSENING IN BOTH TIRE AND COMPOSITE REINFORCEMENT OPERATIONS. EBITDA WAS DOWN BY 14% Y/Y, WITH THE NET DEBT/EBTDA CLIMBING FROM 5.5X TO 8.5X. THE TIRE BUSINESS WAS HIT BY CONTINUED CAPACITY SURPLUS & PRICE PRESSURE FROM FAR EAST WHILE THE COMPOSITE BUSINESS WAS NEGATIVELY AFFECTED FROM THE PRODUCT SHIFT TO NON-AEROSPACE INDUSTRY AND SLOWDOWN IN EU AUTOMOTIVE MARKET. THE RELATIVELY STABLE COURSE OF USD AGAINST LOCAL CURRENCIES AS WELL AS THE FALL IN EUR/USD RATES ALSO HAD A NEGATIVE IMPACT ON PROFIT MARGINS. AS THE OUTLOOK FOR YEAR 2025 DOES NOT SEEM TO BE PROMISING FOR KORDSA GIVEN THE CURRENT DEMAND AND MACROECONOMIC CONDITIONS WE DECIDED TO REMOVE KORDSA FROM OUR MODEL PORTFOLIO. GEDIK YATIRIM MENKUL DEGERLER A.S. WWW.GEDIK.COM *** YASAL UYARI BURADA YER ALAN YATIRIM BILGI, YORUM VE TAVSIYELER YATIRIM DANISMANLIGI KAPSAMINDA DEGILDIR.YATIRIM DANISMANLIGI HIZMETI ARACI KURUMLAR, PORTFOY YONETIM SIRKETLERI, MEVDUAT KABUL ETMEYEN BANKALAR ILE MUSTERI ARASINDA IMZALANACAK YATIRIM DANISMANLIGI SOZLESMESI CERCEVESINDE SUNULMAKTADIR.BURADA YER ALAN YORUM VE TAVSIYELER, YORUM VE TAVSIYEDE BULUNANLARIN KISISEL GORUSLERINE DAYANMAKTADIR.BU GORUSLER MALI DURUMUNUZ ILE RISK VE GETIRI TERCIHLERINIZE UYGUN OLMAYABILIR.BU NEDENLE, SADECE BURADA YER ALAN BILGILERE DAYANILARAK YATIRIM KARARI VERILMESI BEKLENTILERINIZE UYGUN SONUCLAR DOGURMAYABILIR. 05.03.2025 08:35:59