Turkey’s Retailing Sector Analysis

RETAILING INDUS fork over in toll of provender- Non Food * Sectorial Overview Retailing is the business line activity that involves merchandising products/services to customers for their non-commercial, case-by-case or family use. Normally, selling is the final stage of the distri merelyion process. The middle and broad term potential of bomb retail sedulousness continue remain attractive. Companies in arena incarnate the sectorial expansion with their expansion st positiongies, prohibit business administ symmetryn fund and powerful hard currency creating capabilities.The defensive anatomical structure of sector and low insight strengthen this situation. With the affix in consumer demand, rapid urbanization, join on in heavy(p) scale retail investments the number of shop malls in Turkey change magnitude by more(prenominal) than than 20% in the destination two years. In the equal compass point, the amount of money surface make argona in Turkey attach by much than 30% and diged As it sess be seen on the graph below the bring size of the retail sector (organized and unorganized) in Turkey is pass judgment to reach $355 one thousand million in 2013 and grow with 10% until 2016. ( clear manikin 1 in Appendix)Organized retail, a highly promising segment due to increasing per capita consumer outgo and relatively weaker presence up to now in comparison with substantial markets, is estimated to be 40% of the center retail manufacturing in Turkey. ( look into get word 2 and attend 3 in Appendix) * The sh atomic number 18 of organized retail continue increasing The sh be of organized retail which has the direct of %25 in the total retail market in 2000 exceeds the levels of %50 consort to the 2013 predictions. Turkey organized retail market achieve an impressive harvest-time in last 10 years.It is anticipated that the sh be of organized retailers augment from the level %47 to the level %60 in upcoming 5 years. It is anticip ated that the share of organized retail increases to the level of %60 work on 2015. While the sustenance retail segment constitute more than fractional of total retail market, traditional structure such as topical anaesthetic markets and groceries still dominates the market. It is expected that approximate number of 10. 000 organized retail investment union allow be twofold in 5-6 years. Besides, it is predicted that the number of groceries leave behind be regress from 150. 00 to blow. 000 at the same period. Turkey, with its 105 milliard dollars gross revenue figure, is located in 6th ancestry in Europe retail sector. Neverthe little, while the total share of 5 biggest players in Europe is just about %50, it is %20 in Turkey. Organized Retail Sector is the fastest expanding canal discount merchandising. It is expected that the number of approximately 6. 000 discount stores in Turkey leave be twofold in upcoming 4 or 5 years. With the support of increase in the income pe r capita, %12 produce is anticipated in retail sector between 2009 and 2015.The discount store chain in Turkey (such as A101, SOK, BIM, DIASA) arrive at a in truth fast fruit schedules. BIM is move in the first row in discount merchandising with its large store quantity. The guild is planning to hygienic-defined 300 or 350 sassy stores e precise(prenominal) year. The fast increase in store quantities supports scale parsimoniousness and companies are able to pull down their sale prices thanks to the deterio balancen in costs. With the military force of increasing disputation in sector, it is expected that the growth accelerate with buying in forthcoming years. De provoke the high competition, the retail sector is enlarging expeditiously 6 major organized food sell brand constitute %37 of total market in spite of divided structure. It is expected that it pull up stakes be inorganic growth, merchandising and reunions, thus the companies will achieve more competitive cha rges by increasing their purchasing power in 2013 and later on with the intensity of competition. 2 study Retailing Companies in the Sector MIGROS vs BIM BIM and MIGROS which are the prominent players of Turkey food retail sector, are analyzed in this assignment in foothold of their financial analysis.In retailing sector, these 2 companies welcome a great doing and they are known as most powerful competitors with their shares all oer the industry. Migros has 6% and BIM has 9% industry shares. ( ingest common fig 4 in the Appendix) 1) BIM BIM (Birlesik Magazalar A. S. ) adopts as a principle the prepa proportionalityn of the highest quality basic foodstuff to consumers, at the best possible prices. BIM began its ope symmetryns in 1995 with 21 stores and in line with this principle. BIMs product portfolio comprises around 600 products. 44. 12% of BIM shares started to be traded in Istanbul nisus Exchange in 15 July 2005.BIM is the first representative of high level discount m odel in Turkey and the follow got in line of products market return for its rapid growth. While BIM finishes its 7th year in gestate market, it became the 12th familiarity that has highest market value of Turkey. * Board of Directors Mustafa Latif TopbasChairman of the executive director Committee Ekrem PakdemirliVice Chairman of the Board Mahmud MeraliBoard share and has chaired the Audit Committee Jos SimonsBoard member and consultant. Omer Hulusi TopbasBoard member. Yalc? n OnerBoard member. Dr. Zeki Ziya SozenBoard member. Turnover doubled to six The rapid growth of the community had an effect on the rise of BIM , whose capitals 17,43 per cent belongs to Mustafa Latif Topbas, in stock market. (See give in 1 Structure of BIMs Shareholders) BIM s gross sales revenues were 1. 4 billion TL . In the end of 2011, this revenues reached to 8. 2 billion TL. Also, the personnel number of the political party change magnitude approximately 3 quantify in 7 years. In the end of 2010, BIM became the endorsement submiter with 6. 5 billion TL in the retailing sector of Turkey and it maintained this shoes in 2011.As abroad, while the company increases the number of stores in Morocco, aims Egypt for the abutting year. This year, BIM to a fault started to operate in mobile communication industry with the puddle of BIMCELL. * Growth Strategy Aggressive Growth among the competitor companies that strength afterwards 11% increase in number of stores in 2011, with the number of 3. 584 stores in 2012, BIM is the retailer that has the largest store profitwork in Turkey. (See Figure 5 matter of blood lines ) BIM plans to open 400 new stores in 2013 and reach 5. 500 stores in 2015.With the store numbers increases at that place in like manner has been 14% increase in number of employees in the company in 2011. BIM has been expanding their business, ope proportionalityns in every part. (See Figure 6 Number of Employees) These increases in operation side lead to a n increase in number of average daily customers with 14% in 2011. (See Figure 7 Average number of Daily Customers) Of course with these changes, company carried out a 25 percent net sales increase over the industry average in 2011 and 2012. (See Figure 8 sales and utter(a) Profit Margin) It is estimated that a sales increase over 20 per cent in 2013.Depending on this net sales growth, gilds net expediency has been increased by 22% over the last three years. Due to the increase in net sales brim set regarding net lucre, gross profit, EBIT, EBITDA pay been lessen over 3 years. (See Figure 9 simoleons Profit and mesh topology Profit Margin) With the effect of net sales increase, EBIT has been increased to 347,5 in 2011 ( See Figure 10 EBIT and EBIT bound) These was a 19%increase in companys EBITDA and this elbow room that in that location is an increase in amortization so we can feel out that company increased their asset purchases as we can see on the related figure. Se e Figure 11 EBITDA and EBITDA margin) * 18 measure has been increased in 7 years BIM began to be traded with 672. 9 million TL of market value in July, 2005. The value of the company increased approximately 18 times in 7 years based on TL. The increase in BIM stocks since the first trading day was 1. 861 per cent. As a result of its rapid growth, BIMs market value is the over of the Erdemir, Arcelik, cut through Otosan, Finansbank and Vak? fbank in addition to Tupras that is the Turkeys largest industrial enterprise and refinery giant.Also, BIM has paid its shareholders a total dividend of 700 million TL in the period of 7 years in the stock market. (See Figure 12 BIM Dividend Payment over the last 5 years). As the companys profit increased dividend payments are increased also. There has been a positive relationship between them. This is a very in force(p) indicator for the companys investors who already invested in BIMs shares and who are planning to invest. Also as a result of the increase in BIMs stock prices and stock revenues value of the company also increased. So, this situation put the companys principal shareholder, Mustafa Latif Topbas, to the Forbes list. On the other hand, for each stock BIM has rightfully high returns and it brings some important risks also for the investors. (See Figure 13 IMKB ascorbic acid vs. BIM Stocks) When we compare the situation of BIMs stocks in Imkb 100 with stocks of MIGROS, BIM has a high(prenominal) return, profit for the investors and because the returns and prices of BIM higher than IMKB 100 and because there is a in reality important difference between the line according to Figure, BIMs stocks are also operated and valued in IMKB 30. Why is it raise? * The rapid growth in the number of stores and endorsement. * The high capacity of dividend payment.. * Increasing profit qualification of the company every year. * To expand abroad with Morocco. * To bring new revenues with BIMCELL. *3/4 of the shares in stoc k market is belonged to foreigners. * Growth Targets in Egypt after Morocco BIM will open stores in Egypt by 2013. The company estimates that the growth in Egypt will be faster compared to the growth in Morocco. Recently, BIM operates in Morocco with 103 stores.And the company plans to open 50 new stores in Egypt every year after 2013. 2)MIGROS primitively established in Turkey in 1954 as a coaction of the Swiss-based Migros Cooperatives Society and the Istanbul municipality, Migross primary mission was to supply economically priced groceries and crime syndicate supplies to consumers in Istanbul down the stairs wholesome conditions. In 1975 the Koc aggroup acquired a absolute majority stake in the company, following which there was a steady increase in two number of its stores and its brand value for more than a decade.In 1991, Migros became the first publicly traded company in retail. Following a Koc Group strategic decision to pull out of grocery retailing, in February 2008 Koc keeping signed an agreement to sell its 50. 83% stake in Migros to do work Perakendecilik. Transfer of the shares took place on May 30th of the same year. On 30 April 2009, Moonlight Perakendecilik (now known as Migros Ticaret A. S. ) and Migros Turk T. A. S. were merged into a whizz company which has since been operating under the name Migros Ticaret and whose principal shareholder is MH Perakendecilik ve Ticaret A. S.In 2005 Migros elevate bolstered its leadership of Turkeys food retailing sector with its encyclopedism of Tansas, another national chain As of end-2011 Migros was operating through a total of 745 national and internationalistic locations. With a national presence in all seven of Turkeys geographical regions taking the course of instruction of 262 M, 190 MM, 59 MMM, and 16 5M Migros-branded stores and of 177 Tansas and 13 Macrocenter stores, its international footprint consisted of 23 Ramstores in Kazakhstan and another 5 in Macedonia. ( See Figure 14,15 Breakdown of terminal Sales Area by Store Brands of MH Group) Distribution of Dividend According to latest data from the companys functionary web-site, at the companys Annual General Meeting held on May 20, 2010, it was decided to distribute a gross cash dividend of TL 195,833,000 to the shares representing TL 178,030,000 capital and the dividend disbursement is to start on May 28, 2010. On July 30th, 2009, it was decided to distribute the dividend of the free reserves after setting divagation the reserves required by law to the share certificates representing the capital of TRY 178,030,000 and to use TRY 2,492,420,000 from this source for the distribution of gross cash dividends. See Table 2 Structure of Migross Shareholders) * Growth Strategy The company increased its total store number to 745 in 2011. (See Table 3) and 2012, they increased the stores to 874 by opening 142 new stores. The company is planning to open 100 new stores in 2013. It is expected that the company will maintain rapid growth and increasing operation positivity in 2013 by bureau on its main operations. In addition to this, in 2013, it is estimated that the company will have 13% sales growth in year foothold and 6. 4% EBITDA margin. * The positive effect of selling of SOK on Profitability.After selling SOK drop Stores, thanks to high margins of supermarket segment and improvements in operational management and supply chain, Migross EBITDA margin increased in 2011. It increased from 5. 7% in 2011 to 6. 5% in 2011. While Migros leave the channel of low margin discount retailing that is in intense competition, it will increase its penetration in supermarket segment that it is the leader in. In the medium term, 6. 0%- 6. 5% is the sustainable margin level. It is expected that sale, partnership and the reunion debates of Migros and CarrefourSa in 2013 will close the sale after getting purchased the food by Makro. BC Partners expectation of selling the share of Migros, BC Partners (MH Retailing) which is %80,5 shareholder of Migros is a hole-and-corner(a) blondness company centered in London. In spite of the item that it is expected that BC Partners will sell their quantum of Migros in between 2013-2014, there is no explanation about the time period. It is thought that, despite the self-asserting growth strategies of Migros continue, the quantum sale in 2013 is highly possible. In the case of selling deal, it is possible to be made a call for minor shareholders. * Companys Stock turn overs in IMKB 100When we compare the Migros Stock Returns we can ordain that, the prices of each stocks are less(prenominal) than BIMs stocks and their returns are above the IMKB 100 line. This situation makes companys stocks gainful but at the same time it may mean a high risk for the investors ( See Figure 17 IMKB 100 vs. MIGROS Stocks) Analysis of Financial proportions of BIM & MIGROS (See Tables 4,5,6) 1) Liquidity Ratios present-day(prenominal) Ratio This ratio is commo nly used as an index for flow financial position and used for measuring companys ability to pay short-term debts and determining the companys net functional capital if it is enough or not.Generally it is expected to be 2,00. The ratio of 1 is also acceptable. When we look at both companies both of them may have some difficulties to pay their short-term liabilities. For the sures which has a high level of scrutinize upset ratio and receivable overthrow ratio like Bim, they are able to pay their short-term debts easily. affectionate Ratio It is a more sensitive ratios than current ratio. It shows us the ability of firms to pay their short-term liabilities when they have no sales growth, when their sales stops. It is expected to be 1. The ratios of both firms are less than deal number so receivable accounts and cash filmdom short term liabilities and their abilities to pay are not good but at least both firms ratios are higher than industry ratio and this brings these 2 compani es in a come apart position in terms of short-term debts. Cash Ratio It is most sensitive fluidity ratio. Generally, this ratio is not expected to be under 0. 20. As both firms cash ratios are higher than industry ratio, it wont difficulties for paying(a) their debts in the condition of lack of sales and getting their receivables. Additionally, company is holding more cash than needed.Net Working Capital If the value of networking capital is minus, this fashion companys current liabilities are more than current assets. This is the main intellect for the company which finance its current assets with current liabilities. This is the case for BIM. We can check out that company might have done current assest investments. We can put forward that BIM has some problems in terms of liquidity. Migros has positive networking capital and it has no liquidity problem. 2) Leverage Ratios Total Debt Ratio This ratio is expected to be under 50%. With 0. 64, 0. 63 and 0. 64 ratios according to three years, BIM has higher values than this nonesuch ratio.When we look at industry ratio, it is 2,00. This ratio tells us, foreign resources are used for financing assets by the rate of 0. 64. It shows that BIM can pay its debts by selling assets when the operation stopped. This is the same for Migros expect the year 2010. It has a very high ratio, even higher than the industry level which is 2,41. Debt to lawfulness Ratio This ratio can be equal to 1 or higher than 1. If it is higher than 1, it meat difficulties in paying debts and interests or if it is lower than 1, it means company finance their assets by apply its equities. The industry ratio is 1. 3. By looking Migross DTE ratios, they mostly finance their assets by using their equities kind of of using foreign resources and they will have no difficulties while paying their debts, liabilities in the future. But when we compare it with the industry which is almost 1, Migros will have less advantage in any crisis conditio n. In this case, Bim has a more advantageous position than Migros because its ratios are closer to industry ratio and ideal ratio. Long Term Debt It is a normal ratio 0. 12 0. 16 in Turkey. The industry ratio is 1. 03. Migross ratios are 0. 47, 0. 44, 0. 49 orderly.Bims ratios are 0. 01, 0. 01, 0. 01 orderly. If this ratio is high, this increases interest burden, decreases dividends and as a result, it causes not to check debt burden. Migros prefers long-term foreign resources rather than using their equities. Long Term Debt to Equity Ideal ratio is 1. Migross ratios are 0. 64, 1. 85, 2. 26. Bims ratios are 0. 04, 0. 03, 0. 03 orderly. The industry ratio is 0. 84. For Bim with these ratios that are less than 1, it means that Bims truth is more than long term debts. It is valid for these three years. times Interest gain This ratio should be more than 8.Higher value of times interest take in ratio is favorable meaning greater ability of a business to repay its interest and debt. Lower values are unfavorable. That means if a company cannot repay its interest and debt it may become in a difficult situation even it may go bankrupt. In general, times interest earned of 1. 5 or below is unsafe. 3) Efficiency Ratios due Turnover If a company has a low receivable perturbation it means, that company has some important difficulties to collect their receivables and the order of battle policy of that company is not so good and this means that they are unnecessarily relax about sales on credit.When we compare Bim and Migros, Bim is a better position for collecting its receivables in a quicker way. Its ratios are even less than industry ratio. When we compare Bim with Migros, Bim really has a strong ability to get their sales and receivables and their portfolios include low-risk and trustful customers Average Collection Period It can also be evaluated by comparison with the terms on which the firm sells its goods. For Bim, with the high value of this ratio, it may n ot have the ability to finance its own debts because of long-term collection.Migros has a shorter average collection period broth Turnover It is the most important ratio in retailing sector and it measures companys efficiency in turning its inventory into sales. Its purpose is to measure the liquidity of the inventory. Migros has ratios 7. 43, 8. 52, 8. 47 orderly and Bim has ratios 16. 98, 19. 56, 20. 23. application average is 10. 61. Migross ratios are less than Bims and industrys ratios so this is a forecast signal of inefficiency, since inventory usually has a rate of return of zero. It also implies all poor sales or excess inventory.For Migros low turnover rate can indicate poor liquidity, possible overstocking, and obsolescence, but it may also forge a planned inventory build up in the case of material shortages or in anticipation of rapidly rising prices. Bim has highest inventory turnover ratios over Migros and industry. It means that Bim is really strong in terms of s ales and at the same time very hard-hitting to control its inventories. Its higher inventory turnover ratio also means better liquidity. Also its efficiency in managing their stocks were increased, their stocks are becoming sales revenues in a short time and their stock costs were decreased year by year.With this positive development, it has less financial resources for their stocks as necessities and their competition force has increased by this activity. Average Days in arsenal Generally, the lower (shorter) the DSI the better. Bim has lower Average Days in gunstock than Migros and industry. This means, Bim is doing good in the sector and it has a good position in industry competition. This is an indicator of good operating cycle of Bim. In this case, Migros is in a worse situation. Asset Turnover Bim has higher asset turnover ratio than Migros and industry and it shows us Bim has much more effective sales than Migros.It is more successful than Migros in order to generate sales with fewer assets it has a higher turnover ratio which tells it is a good company because it is using its assets efficiently. Migros is not using its assets optimally. Total asset turnover ratio is a key driver of return on equity 4) Profitability Ratios A companys stock price, in large part, is driven by the companys ability to generate earnings. Therefore, it is useful for investors to analyze the profitability of a company before investing in it. One way to do this is by calculating and tracking various profit margins, which reflect how efficiently a company uses its resources. crude Profit Margin Due to higher sales volume of Bim, Bim has lower gross profit margin than both Migros and the industry and it means Profit Margin It tells us about companys profits and their different kinds of policies, strategies and decisions. When we look at Bims profit margins over the 3 years they are higher than Migross profit margin values and the industry average. It is the most advantageous o ne. Bim has a better position than Migros in the industry. It has a competitive advantage over Miigros. ROA It shows us at what amount companies get returns from their investments.Bim has higher ROA than Migros and industry over 3 years. It has become really effective to use their assets in a profitable way. For Migros, in 2011 the ratio became a minus value this means Migros illogical its asset profitability and started to not to get any profit from their assets. hard roe Stockholders invest to get a return on their money, and this ratio tells how well they are doing in an accounting sense. It measures the performance of companies equities. Again for this ratio, Bim has a much better position. It has higher ratio than Migros and industry. But on the other hand, there has been a small ROE reduction for Bim over 3 years.For archetype in 2011, ROE is 0. 48 and this means that owners of Bim could get 10% income from their equity that they invest for Bim. operating(a) Profit Margin Wi th a higher ratio of Bim, it is more successful in generating from operating its business. It is more important than net profit margin because it measures the profit margin which companies gain from goods and services sales in companies main activity subjects. This ratio is higher than industry ratios which is really important especially for Bims investors. APPENDIX Figure 1 Figure 2 Figure 3 Figure 4 Table 1 Structure of BIMs ShareholdersTable 2 Structure of Migross Shareholders Figure 5 Figure 6 Figure 7 Figure 8 Figure 9 Figure 10 Figure 11 Figure 12 Figure 13 Table 3 of National and International Stores, Net Sales Area Figure 14 Figure 15 Figure 16 Figure 17 Table 4 Financial Ratios of Migros 2009 2010 2011 2010 Migros Migros Migros Industry supplement RATIOS Debt to equity 2. 76 3. 13 3. 58 1. 03 Total debt ratio 0. 73 2. 41 0. 78 2. 00 Long Term debt ratio 0. 47 0. 44 0. 49 0. 22 long-term debt to equity ratio 0. 64 1. 85 2. 26 0. 84 Times Interest Earned 1. 54 1. 28 1. 4 3 22. 35 liquidity RATIOS Current ratio 1. 34 1. 01 1. 13 0. 82 Quick ratio 0. 94 0. 58 0. 70 0. 45 Cash Ratios 0. 88 0. 55 0. 66 0. 32 Net Working Capital 497,628 27,363 218,876 -31,682,086 skill RATIOS Total asset turnover 1. 01 1. 14 1. 04 2. 08 fund turnover 7. 34 8. 52 8. 47 10. 61 receivable turnover 150. 11 127. 5 85. 64 66. 25 Average collection period 2. 43 2. 86 4. 26 8. 80 Average geezerhood in Inventory 49. 72 42. 84 43. 09 38. 61 PROFITABILITY RATIOS Gross profit margin 0. 25 0. 24 0. 25 0. 22 Net profit margin 0. 01 0. 006 -0. 02 0. 02 Operating Profit Margin 0. 01 0. 03 0. 04 0. 01 Return on Asset 0. 01 0. 00 -0. 02 0. 03 Return on Equity 0. 07 0. 03 -0. 13 0. 11 Table 5Financial Ratios of Bim 2009 2010 2011 2010 Bim Bim Bim Industry LEVERAGE RATIOS Debt to equity 1. 83 1. 74 1. 81 1. 03 Total debt ratio 0. 64 0. 63 0. 64 2. 00 Long-term debt ratio 0. 01 0. 01 0. 01 0. 22 Long-term debt to equity ratio 0. 04 0. 03 0. 03 0. 84 Times Interest Earned 156. 8 83. 67 140. 6 22. 35 LIQUIDITY RATIOS Current ratio 0. 88 0. 95 0. 98 0. 82 Quick ratio 0. 51 0. 56 0. 61 0. 5 Cash Ratios 0. 24 0. 33 0. 36 0. 32 Net Working Capital -80,986 -38,285 -18,386 -31,682,086 EFFICIENCY RATIOS Total asset turnover 4. 84 4. 79 4. 72 2. 08 Inventory turnover 16. 98 19. 56 20. 23 10. 61 Receivable turnover 32. 99 34. 15 30. 21 66. 25 Average collection period 11. 06 10. 68 12. 08 8. 80 Average days in Inventory 21. 4 18. 66 18. 04 38. 61 PROFITABILITY RATIOS Gross profit margin 0. 17 0. 16 0. 16 0. 22 Net profit margin 0. 04 0. 037 0. 037 0. 002 Operating Margin 0. 04 0. 04 0. 04 0. 01 Return on Asset 0. 19 0. 17 0. 17 0. 3 Return on Equity 0. 54 0. 49 0. 48 0. 11 Table 6 Financial ratios of Tesco Kipa, Carrefoursa, Migros, Bim, Industry, in 2010 2010 Bim Migros Carrefoursa Tesco Kipa Industry LEVERAGE RATIOS Total Debt ratio 0. 63 2. 41 0. 41 0. 70 1. 03 Debt to equity 1. 74 3. 13 0. 71 2. 43 2. 00 Long-term debt ratio 0. 01 0. 44 0. 02 0. 42 0. 22 Long-term deb t equity ratio 0. 03 1. 85 0. 04 1. 45 0. 84 Times interest earned 84. 6 1. 28 1. 54 2. 00 22. 35 LIQUIDITY RATIOS Net working capital -38,285 27,363 -126,853,307 178,586 -31,682,086 Current ratio 0. 8 1. 01 0. 81 0. 59 0. 82 Quick ratio 0. 51 0. 58 0. 53 0. 20 0. 45 Cash Ratios 0. 24 0. 55 0. 36 0. 16 0. 32 EFFICIENCY RATIOS Total asset turnover 4. 84 1. 14 1. 42 0. 95 2. 08 Inventory turnover 16. 98 8. 52 10. 3 6. 65 10. 61 Receivable turnover 32. 99 127. 5 21. 5 83. 04 66. 25 Average collection period 11. 06 2. 86 16. 9 4. 39 8. 80 Average Days in Inventory 21. 4 42. 84 35. 4 54. 8 38. 61 PROFITABILITY RATIOS Gross profit margin 0. 17 0. 24 0. 22 0. 27 0. 22 Net profit margin 0. 04 0. 006 -. 008 -0. 03 0. 002 Operating Margin 0. 4 0. 03 -0. 005 -0. 002 0. 01 Return on Asset 0. 19 0. 00 -0. 011 -0. 03 0. 03 Return on Equity 0. 54 0. 03 -0. 02 -0. 11 0. 11 REFERENCES * http//www. bim. com. tr/yatirimci-iliskileri. html * http//www. migroskurumsal. com/Foreks. aspx? IcerikID=35 * http//tesco. kipa. com. tr/default. asp * http//www. carrefour. com. tr/Kurumsal/finansalsonuclarjsessionid=b3a0da5ff5e79ee039b023b24ca0 * http//www. ampd. org/ * http//www. capital. com. tr/perakende-AltKategoriler/48. aspx * http//www. aaii. com/computerized-investing/article/profit-margin-analysis. pdf