{"id":7670,"date":"2025-11-25T07:45:54","date_gmt":"2025-11-25T07:45:54","guid":{"rendered":"https:\/\/www.mallandmotto.com\/?p=7670"},"modified":"2025-11-25T07:45:54","modified_gmt":"2025-11-25T07:45:54","slug":"global-menkul-degerler-cimsa-cimsa-icin-arastirma-raporu-yayinladi","status":"publish","type":"post","link":"https:\/\/www.mallandmotto.com\/index.php\/2025\/11\/25\/global-menkul-degerler-cimsa-cimsa-icin-arastirma-raporu-yayinladi\/","title":{"rendered":"Global Menkul De\u011ferler, \u00c7imsa (CIMSA) \u0130\u00e7in Ara\u015ft\u0131rma Raporu Yay\u0131nlad\u0131"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>Y\u00fcksek hizmet standartlar\u0131yla sermaye piyasalar\u0131n\u0131n geli\u015fimine katk\u0131da bulunan Global Menkul De\u011ferler, yat\u0131r\u0131mc\u0131lar i\u00e7in \u00f6nemli bir rehber niteli\u011finde olan \u015firket raporlar\u0131 haz\u0131rlamaya devam ediyor. Global Menkul De\u011ferler Ara\u015ft\u0131rma Birimi, \u00c7imsa (CIMSA) i\u00e7in yay\u0131mlad\u0131\u011f\u0131 ara\u015ft\u0131rma raporunda, hisse i\u00e7in \u201cAL\u201d tavsiyesi vererek hisse ba\u015f\u0131na 72,80 TL hedef fiyat ile %71 getiri potansiyeline i\u015faret etti.<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>\u015eirket raporunda, \u00c7imsa\u2019n\u0131n y\u00fcksek katma de\u011ferli \u00fcr\u00fcn portf\u00f6y\u00fc, co\u011frafi \u00e7e\u015fitlili\u011fi, y\u00fcksek d\u00f6viz bazl\u0131 geliri ve yenilenebilir enerji yat\u0131r\u0131mlar\u0131 sayesinde sekt\u00f6rde ayr\u0131\u015ft\u0131\u011f\u0131; bu do\u011frultuda uzun vadeli de\u011fer yaratma potansiyelinin g\u00fc\u00e7l\u00fc oldu\u011fu vurgulanm\u0131\u015ft\u0131r.\u00c7imsa, beyaz \u00e7imentoda d\u00fcnyada ikinci; kalsiyum al\u00fcminat \u00e7imentosunda (CAC) ilk \u00fc\u00e7 \u00fcretici aras\u0131ndad\u0131r. Yurt d\u0131\u015f\u0131 yat\u0131r\u0131mlar\u0131n h\u0131zlanmas\u0131yla 2021\u2019de \u0130spanya Bu\u00f1ol tesisinin devral\u0131nmas\u0131 sonucu beyaz \u00e7imento kapasitesi 600 bin ton artm\u0131\u015f; 2024\u2019te \u0130rlanda Mannok sat\u0131n al\u0131m\u0131yla 1,2 milyon ton gri \u00e7imento kapasitesi ve yap\u0131 malzemeleri segmenti portf\u00f6ye eklenerek d\u00f6viz bazl\u0131 gelir pay\u0131n\u0131 %70 seviyesine ta\u015f\u0131m\u0131\u015ft\u0131r. ABD Houston\u2019da 2019\u2019da devreye al\u0131nan 300 bin ton beyaz \u00e7imento \u00f6\u011f\u00fctme tesisi, 4\u00c725\u2019te 600 bin ton gri \u00e7imento \u00f6\u011f\u00fctme kapasitesiyle geni\u015fletilmi\u015ftir. \u015eirket, 2026\u2019da CAC kapasitesini 131 bin tondan 60 bin ton art\u0131\u015fla 191 bin tona \u00e7\u0131karmay\u0131 hedeflemektedir.Yenilenebilir tarafta, Eski\u015fehir GES projesi 1\u00c725\u2019te faaliyete ge\u00e7erek Eski\u015fehir fabrikas\u0131n\u0131n elektrik ihtiyac\u0131n\u0131n yakla\u015f\u0131k %15\u2019ini kar\u015f\u0131lamaktad\u0131r. Raporda, Eski\u015fehir At\u0131k Is\u0131 Geri Kazan\u0131m (AIGK) tesisinin 2026\u2019da devreye al\u0131nmas\u0131n\u0131n beklendi\u011fi; bu yat\u0131r\u0131m\u0131n fabrikan\u0131n enerji ihtiyac\u0131n\u0131n yakla\u015f\u0131k %25\u2019ini kar\u015f\u0131layarak enerji maliyetlerinde kal\u0131c\u0131 iyile\u015fme sa\u011flayaca\u011f\u0131n\u0131n \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc ifade edilmi\u015ftir. Bu ad\u0131mlar, kapasiteyi art\u0131r\u0131rken \u00fcr\u00fcn portf\u00f6y\u00fcn\u00fc de zenginle\u015ftirerek k\u00e2rl\u0131l\u0131\u011f\u0131 desteklemektedir.<strong>G\u00fc\u00e7l\u00fc Bilan\u00e7o, K\u00fcresel \u00d6l\u00e7ekte B\u00fcy\u00fcyen Faaliyet Alan\u0131, D\u00fc\u015f\u00fck Kald\u0131ra\u00e7 ve Cazip De\u011ferleme ile Desteklenen Yat\u0131r\u0131m G\u00f6r\u00fcn\u00fcm\u00fc&nbsp;<\/strong>Global Menkul De\u011ferler, \u00c7imsa\u2019n\u0131n Mannok ve Bu\u00f1ol yat\u0131r\u0131mlar\u0131yla Avrupa\u2019da, Houston tesisiyle ise Kuzey Amerika\u2019da g\u00fc\u00e7lenen konumuna dikkat \u00e7ekmekte; y\u00fcksek katma de\u011ferli \u00fcr\u00fcn portf\u00f6y\u00fc ve co\u011frafi olarak \u00e7e\u015fitlenen gelir yap\u0131s\u0131n\u0131n \u015firketin uzun vadeli s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc destekledi\u011fini belirtmektedir. Global Menkul De\u011ferler\u2019in beklentilerine g\u00f6re sat\u0131\u015f gelirleri 2025\u2019te 45,47 milyar TL\u2019ye, 2026\u2019da 58,26 milyar TL\u2019ye ula\u015facak; FAV\u00d6K\u2019\u00fcn ise s\u0131ras\u0131yla 8,17 milyar TL ve 11,21 milyar TL seviyelerinde ger\u00e7ekle\u015fmesi \u00f6ng\u00f6r\u00fclmektedir. Net k\u00e2r\u0131n 2025\u2019te 3,43 milyar TL\u2019ye, 2026\u2019da ise 5,56 milyar TL\u2019ye y\u00fckselmesinin beklendi\u011fi ifade edilmektedir.Ayr\u0131ca \u015firketin Net Bor\u00e7\/FAV\u00d6K oran\u0131n\u0131n 2024 sonunda 2,38x, 2025 sonunda 2,64x ve 2026\u2019da 2,48x seviyesinde ger\u00e7ekle\u015fmesinin \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc; \u00c7imsa\u2019n\u0131n 2026 tahminlerine g\u00f6re 5,5x FD\/FAV\u00d6K ve 7,2x F\/K \u00e7arpanlar\u0131yla global benzerlerine k\u0131yasla s\u0131ras\u0131yla %33 ve %46 iskontolu i\u015flem g\u00f6rd\u00fc\u011f\u00fc vurguland\u0131.<strong>Riskler ve katalistler<\/strong>Raporda&nbsp;<strong>riskler<\/strong>; petrokok maliyetlerinde art\u0131\u015f, talepte zay\u0131f seyir ve rekabet bask\u0131s\u0131 olarak s\u0131ralanm\u0131\u015ft\u0131r.&nbsp;<strong>Katalistler<\/strong>&nbsp;ise yurt i\u00e7i ve yurt d\u0131\u015f\u0131 \u00e7imento talebindeki art\u0131\u015f, d\u00fc\u015f\u00fck petrokok fiyatlar\u0131 ve t\u00fcketime ba\u011fl\u0131 \u00fcr\u00fcn fiyat ayarlamalar\u0131 olarak de\u011ferlendirilmi\u015ftir.<\/td><\/tr><tr><td><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Y\u00fcksek hizmet standartlar\u0131yla sermaye piyasalar\u0131n\u0131n geli\u015fimine katk\u0131da bulunan Global Menkul De\u011ferler, yat\u0131r\u0131mc\u0131lar i\u00e7in \u00f6nemli bir rehber niteli\u011finde olan \u015firket raporlar\u0131 haz\u0131rlamaya devam ediyor. Global Menkul&hellip;<\/p>\n","protected":false},"author":6,"featured_media":7671,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":["post-7670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arastirma"],"_links":{"self":[{"href":"https:\/\/www.mallandmotto.com\/index.php\/wp-json\/wp\/v2\/posts\/7670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mallandmotto.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mallandmotto.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mallandmotto.com\/index.php\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mallandmotto.com\/index.php\/wp-json\/wp\/v2\/comments?post=7670"}],"version-history":[{"count":1,"href":"https:\/\/www.mallandmotto.com\/index.php\/wp-json\/wp\/v2\/posts\/7670\/revisions"}],"predecessor-version":[{"id":7672,"href":"https:\/\/www.mallandmotto.com\/index.php\/wp-json\/wp\/v2\/posts\/7670\/revisions\/7672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mallandmotto.com\/index.php\/wp-json\/wp\/v2\/media\/7671"}],"wp:attachment":[{"href":"https:\/\/www.mallandmotto.com\/index.php\/wp-json\/wp\/v2\/media?parent=7670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mallandmotto.com\/index.php\/wp-json\/wp\/v2\/categories?post=7670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mallandmotto.com\/index.php\/wp-json\/wp\/v2\/tags?post=7670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}