BIGCHEFS analizi (Trive Yatırım Menkul Değerler )

BIGCHEFS stands out as a prominent restaurant and brand in Türkiye, renowned for its casual/luxury dining experience. Established in Ankara in 2007, the brand expanded internationally, inaugurating its 1st European branch in Frankfurt in 2019 and its 3rd European brand in Belgium, in March 2023. The company went public through an IPO in May 2023 and presently, the stock is trading significantly below its average multiples, with a P/E multiple of 18.42x versus 21.59x and on EV/EBITDA multiple of 9.65x versus 10.38x.
Türkiye’s fastest growing Full-service Restaurant
Full-service restaurants take the lead in the Turkish food service market, constituting the largest segment with a 40% share. The industry is transitioning from entry to growth, with chain restaurants like BIGCHEFS expanding to more locations. Increased accessibility and visibility contribute to capturing consumer attention and spending. Despite competitors reducing branches, BIGCHEFS has increased its branches and opened 13 within nine months period, totaling 105, and has a broader geographical presence across multiple cities.
Strategic Price Range
BIGCHEFS differentiates itself with a higher price index supported by the superior quality of its cuisine infused with modern, local flavors. The diverse menu caters to a wide spectrum of prices, making it appealing to customers from different segments and contributing to the expansion of the brand's customer base.
Fundamental and Relative undervaluation
Despite significant strengths in EBITDA margin, Net margin, and ROA/ROE metrics, BIGCHEFS is currently undervalued, as evident from a discount of 58% and 62% in key forward valuation multiples (P/E, EV/EBITDA) respectively. This suggests an unjustified valuation, supported by our fundamental analysis using the Discounted Free Cash Flows model.
Summary
BIGCHEFS, a popular brand in the full-service restaurant market, exhibits solid financial performance with above inflation top-line growth efficiently translated into bottom-line growth, a negative Net Debt/EBITDA, and above average ROA and ROE. Despite these strengths, it is undervalued, trading at low multiples compared to its market. A conservative fundamental valuation suggests an upside potential for investors.
 
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