COMPANY REPORT: AKFEN YENILENEBILIR ENERJI (IS YATIRIM) IN LINE WITH THE DOWNWARD REVISION OF THE COMPANY`S EXPECTAOONS, WE ARE LOWERING OUR TARGET PRICE FROM TL 34.62 TO TL 27.14 AND CONONUE TO RECOMMEND BUYING WITH A 75% UPSIDE POTENOAL. DOWNWARD REVISION OF EXPECTAOONS. CURRENT MARKET CONDIOONS, HIGH-VARIANCE CAPACITY FACTORS EXPERIENCED AT HYDROELECTRIC POWER PLANTS, AND PRODUCOON LEVELS HItNG ROCK BO?OM HAVE LED TO A REVISION OF COMPANY EXPECTAOONS IN LINE WITH CHANGING FEASIBILITY STUDIES FOR RELATED PROJECTS. IN THIS CONTEXT, THE INSTALLED CAPACITY EXPECTAOON FOR 2028 HAS DECREASED FROM 1,202 MW TO 1,197 MW, THE REVENUE EXPECTAOON HAS DECREASED FROM $236 MILLION TO $218 MILLION, AND THE EBITDA EXPECTAOON HAS DECREASED FROM APPROXIMATELY $167 MILLION TO $141 MILLION. HYDROPOWER CAPACITY FACTORS PLAYED AN IMPORTANT ROLE IN THE CHANGING EXPECTAOONS. HYDRO CAPACITY FACTORS, WHICH HAVE BEEN QUITE VOLAOLE SINCE LAST YEAR, HAVE SUPPRESSED THE COMPANY`S TOTAL ELECTRICITY PRODUCOON. ALTHOUGH THE COMPANY`S SHARE OF HYDROELECTRIC PRODUCOON HAS DECREASED OVER THE YEARS DUE TO POR?OLIO DIVERSIFICAOON, THE COMPANY PREFERS TO BE MORE CAUOOUS IN ITS EXPECTAOONS. WHILE LOWERING ITS PRODUCOON ESOMATES SLIGHTLY, THE COMPANY REVISED ITS FORWARD-LOOKING ELECTRICITY PRICE EXPECTAOON TO $75. THE STRONG PERFORMANCE OF THE TURKISH LIRA HAS PUT PRESSURE ON MARGINS. THE COMPANY`S COST ITEMS ARE DENOMINATED IN TL, WHILE ITS ELECTRICITY SALES ARE DENOMINATED IN USD, WHICH HAS PUT PRESSURE ON MARGINS. AS A RESULT, MARGINS NARROWED IN THE FIRST QUARTER RESULTS, WHILE REVENUE AND EBITDA ITEMS REMAINED BELOW LAST YEAR`S LEVELS IN REAL TERMS DUE TO INFLAOON EXCEEDING THE USD/TRY EXCHANGE RATE. SIMILAR MARGIN LEVELS APPEAR TO BE MAINTAINED IN FORWARD-LOOKING EXPECTAOONS. IS YATIRIM MENKUL DEGERLER A.S. WWW.ISYATIRIM.COM.TR *** 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. 29.05.2025 09:42:50