Summary: Anadolu Efes Biracilik ve Malt Sanayii AS

1678 word report published Dec 30, 2011

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Abstract:

The rating on Turkey-based beverage group Anadolu Efes Biracilik ve Malt Sanayii AS (Anadolu Efes) reflects Standard&Poor's Ratings Services' assessment of the group's business risk profile as fair and its financial risk profile as intermediate. The group's business risk is constrained by its exposure to volatile emerging-market economies and tough competition in the important Russian market. This is mitigated by its dominant position in the Turkish market and record of profitable growth across the entire franchise. Our view of the group's financial risk takes into account its sound capital structure, together with increasingly positive discretionary cash flow generation. At the same time, the group's relatively shallow debt maturity profile, high levels of unhedged foreign currency, and floating interest

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RESEARCH Ratings Definitions PDF Summary: Anadolu Efes Biracilik ve Malt Sanayii AS Publication date: 30-Dec-2011 Primary Credit Analyst: Anton Geyze, Moscow (7) 495-783-4134; anton_geyze@standardandpoors.com Secondary Contact:...

Report Type:

Summary

Ticker:

AEFES@TI

Issuer:

Anadolu Efes Biracilik ve Malt Sanayii AS

Sector:

Global Issuers

Country:

Turkey

Region:

Europe, Middle East, Africa

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Anadolu Efes Biracilik ve Malt Sanayii AS $400.00
Dominant position in the established and growing Turkish beer market. Superior profitability in Turkey, with resilience to inflation and tax duty increases. Sound capital structure. Exposure to volatile emerging market economies. Lower operating ...
Summary: Anadolu Efes Biracilik ve Malt Sanayii AS $175.00
The rating on Turkey-based beverage group Anadolu Efes Biracilik ve Malt Sanayii AS (Anadolu Efes) reflects its business exposure to volatile emerging-market economies. This is mitigated by its dominant position in the Turkish market and record ...
Turkish Beverage Group Anadolu Efes Upgraded To 'BB+' On Continuous Discretionary Cash Flow Generation; Outlook Positive $100.00
Turkish beverage group Anadolu Efes has proven a sustainable discretionary cash flow generation capacity. We have therefore revised our assessment of Anadolu Efes' financial risk profile assessment to "intermediate" from "significant". We are ...
Research Update: Turkish Beverage Group Anadolu Efes Upgraded To 'BB+' On Continuous Discretionary Cash Flow Generation; Outlook Positive $175.00
Turkish beverage group Anadolu Efes has proven a sustainable discretionary cash flow generation capacity. We have therefore revised our assessment of Anadolu Efes' financial risk profile assessment to "intermediate" from "significant". We are ...
Anadolu Efes Biracilik ve Malt Sanayii AS $400.00
Dominant position in the established and growing Turkish beer market. Superior profitability in Turkey, resilient to inflation and tax duty increases. Sound capital structure. Exposure to volatile emerging market economies. Low operating margins ...
Summary: Anadolu Efes Biracilik ve Malt Sanayii AS $175.00
The rating on Turkey-based beverage group Anadolu Efes Biracilik ve Malt Sanayii AS (Anadolu Efes) reflects its business exposure to volatile emerging-market economies, partly mitigated by its dominant position in the Turkish market and track ...
Turkish Beverage Group Anadolu Efes Biracilik ve Malt Sanayii Outlook Revised To Positive; Affirmed At 'BB' $100.00
Turkish beverage group Anadolu Efes Biracilik ve Malt Sanayii has demonstrated increased cash flow conversion capability amid modest leverage and an improving operating environment in Turkey. We are revising the outlook on Anadolu Efes to positive ...
Research Update: Turkish Beverage Group Anadolu Efes Biracilik ve Malt Sanayii Outlook Revised To Positive; Affirmed At 'BB' $175.00
Turkish beverage group Anadolu Efes Biracilik ve Malt Sanayii has demonstrated increased cash flow conversion capability amid modest leverage and an improving operating environment in Turkey. We are revising the outlook on Anadolu Efes to positive ...

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