Analyst Meeting Notes-SOKM (Tacirler Yatırım )

We attended SOKM's investor presentation, where the company's Q4
2023 financial results were evaluated, along with its current operations
and future outlook. SOKM stands out with its digital transformation
and innovative retail approaches, approaching its 2023 targets and
supporting strategic plans that underpin its growth expectations for
2024.
Key takeaways of the meeting
The Cepte ŞOK business model... It is an innovative retail solution offered
on the company's mobile platform and is a significant part of the company's
digital transformation. With low investment and operational costs, and by
utilizing existing stores, the supply chain, and warehouses, the brand's cost
efficiency is increased, while customer access is expanded through an
enlarged distribution network and delivery capacity in 81 provinces. Cepte
ŞOK, which offers its customers a variety of order and payment options and
reinforces its sustainability commitment with 100% electric vehicles and
couriers, enhances customer loyalty and market position, positively
impacting the company's growth rate and revenue streams.
The ŞOK 2.0 concept design... As part of a strategy to increase customer
satisfaction, expand market share, and boost revenues, a new store concept
has been envisioned, and the interior design and product presentation have
been updated to be more premium.
Results close to 2023 targets... The company's turnover for 2023 increased
by 79.7% on an annual basis, reaching 17,958 mn TL, in line with the target
of an 80% increase. While a target range of 7.5% to 8% was set for EBITDA
margin, the actual figure recorded was 7%, slightly below the lower limit of
the target. Regarding investments, while approximately 2.5 bn TL was
planned, the investments made amounted to 2 bn TL, which is 20% below
the target. While aiming to open 750 new stores, approximately 90% of this
goal was achieved with 674 new stores opened; however, considering 230
stores closed due to an earthquake, the net change in stores amounted to
444.
2024 outlook... For the year 2024, the company forecasts a 65% increase
in net sales, including a 5% deviation allowance. A target of 6% has been
set for the EBITDA margin, with a tolerance of 0.5% considered. Regarding
investments, it is expected that between 2.5% and 3% of the company's
turnover will be allocated to investments. These targets can be considered
as part of the company's ongoing growth strategy

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