Sok Marketler: Discount Retailer With Online Delivery Business in Turkey

Mesut Ellialtioglu of Talas Turkey Value Fund presented his investment thesis on Sok Marketler (Turkey: SOKM) at Best Ideas 2022.

Thesis summary:

Sok Marketler is one of the top three hard discount retailers in Turkey. It has ~9,000 retail stores and has been expanding into online delivery throughout Turkey since 2018.

Sok completed an IPO in 2018 with a valuation of US$1.5 billion. Net cash inflow from the IPO was US$532 million. The company has been debt free while growing the store base by 12% over the past four years.

Based on estimated 2022 revenue of US$3.4 billion and net profit of US$85 million, the shares recently traded at eight times annual earnings.

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About the instructor:

Mesut Ellialtioglu, the Fund’s Turkey Investment Officer, has 23 years of Turkey focused equity research and fund management experience and focuses on value investing opportunities in the Turkish equity market.

Prior to forming Talas Capital with Mr. Matthew Peterson, Mr. Ellialtioglu worked with Bankers Trust Company as an associate, Korfez Securities (Garanti Bank) as Co-Head of Research, UB Ulusal Securities (formerly SAMBA Saudi American Bank) as Managing Director for research and asset management, Kent Securities as Head of Asset Management, and ABN AMRO Asset Management Turkey as Chief Investment Officer.

Mr. Ellialtioglu graduated with BS in Economics degree from the Wharton School of Business of the University of Pennsylvania in 1993.

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