Mohnish Pabrai's Turkish Compounder : EFES

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📈Dive into the world of stock investing and financial analysis with this video, spotlighting the potential of Anadolu Efes as a lucrative long-term investment.
🌍Unlock the insights of renowned investor Mohnish Pabrai and discover why Anadolu Efes stands out in the beverage industry.
✔️Subscribe now for invaluable financial perspectives!
Correction: In the video, I erroneously mentioned Tuborg as an Efes brand. I apologize for the confusion. For those interested, here's a list of Efes Brands: www.anadoluefes.com/en/tablo/...
Mohnish's Full Video : • Mohnish Pabrai's Prese...
Turkshire Hathaway Substack's CCI Write-Up : turkshirehathaway.substack.co...
This publication’s content is for entertainment and educational purposes only. I am not a licensed investment professional. Nothing produced under the Lunch Investing brand should be thought of as investment advice. Do your own research. All content is subject to interpretation.
0:00 - Intro
00:39 - Business Model
02:03 - Mohnish's Analysis
08:10 - Financials
11:20 - Strengths & Weaknesses
#mohnishpabrai #efes #Lunchinvesting

Опубликовано:

31 май 2024

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Комментарии : 27

@wiserhappierricher3147 3 месяца назад

Am so glad you decided to do this! Have been discussing with you on Twitter and am glad it's out!

@lunchinvesting 3 месяца назад

Hey everyone, thank you for watching my video. I hope you found it informative and helpful. If you did, please give it a thumbs up and subscribe to my channel for more content like this. For detailed analysis on Turkish stocks and to support the channel, feel free to join my Patreon here : patreon.com/LunchInvesting?Link

@gakkos 2 месяца назад

I love Efes as an invester also as a drinker🍻

@berkaydalgakiran661 3 месяца назад

The Tuborg brand is owned by Türk Tuborg in Turkey and Carlsberg in Russia. Brands belonging to Efes are Miller, Becks, Bud etc.

@lunchinvesting 3 месяца назад

Thank you for the clarification, I've used a 3rd source for that and I was wrong, Tuborg is not an Efes brand. Here's Efes's brands for those curious : www.anadoluefes.com/en/tablo/727/brands

@kmukul 3 месяца назад

Thank you very much

@perpetualdividends6719 3 месяца назад

At 11:00, when you say this company is selling at 2X earnings, do you actually mean 2x revenue? Isnt the current PE 11?

@lunchinvesting 3 месяца назад

When you take away their share of CCI from their market cap, all's left is 9Billion and change, their annual earnings will be around 5 Billion from the brewery side. So the 2x earnings is for the brewery side, not the total company :) Also, thank you for watching!

@13rajeshk Месяц назад

Thanks for the great video, Eventhough the net income has increased, both companies are facing volume pressure and revenue pressure, what is your expected revenue growth rate in USD terms for 2024.

@lunchinvesting Месяц назад

Don't really have one for the year, I try to look 5 years ahead and it looks good but that's my opinion. Thanks for your interest on the channel :)

@abhishekyengaldas94 2 месяца назад

Thanks for making the video. I've been researching Efes myself for the past 3 weeks and finally decided to pull the trigger. What's the ticker symbol you own Efes stock? I see AEBZY on Fidelity but that doesnt match the 18$/4$ price you discussed in the video. The per share price of AEBZY shows 0.93$ on Fidelity. This is an ADR. Do you know at what cost Mohnish has bought the stock for? You've disclosed your position as well, what's your cost basis? Anywhere I can look at Hayder Acun portfolio at?

@lunchinvesting 2 месяца назад

I believe the AEBZY is not equal to 1 AEFES BIST shares, you have to call Fidelity to buy BIST shares if you want to own them. I own AEFES and I'm up a little since it's a new position for me. We can't really tell at what price Mohnish has bought since he doesn't have to disclose it if he doesn't own more than 5% of the company but my guess would be early 2023 prices. Haydar Acun & Marmara Capital disclose their positions regularly, here's their page for MAC fund : www.marmaracapital.com.tr/tr/mac-hisse-senedi-fonu/ I'd also suggest following Marmara Capital and Haydar Acun on twitter if you like them. Also, if you like the content please subscribe & ring the bell, and if you want to go even one step further share it on your socials to help me grow, thank you.

@abhishekyengaldas94 2 месяца назад

Subscribed! liked! Will share. Thanks for all the info!@@lunchinvesting

@abhishekyengaldas94 2 месяца назад

Any advantages of owning AEFES BIST over AEBZY? I dont want to go with the pain of calling Fidelity everytime I want to buy some shares as I'm looking to gradually build the position over time. Looking to see if I can go forward with AEBZY, as buying this will not need me to contact fidelity everytime.. @@lunchinvesting

@abhishekyengaldas94 2 месяца назад

Any advantages of investing in AEFES over investing in AEBZY ADR? I'm looking to build a full position gradually spread across a few buys. Calling Fidelity each time is a bit of a hassle but open to it if I see any significant advantages. What are your thoughts on this?

@kubex2383 3 месяца назад

How reliable/strict are the accounting firms? Can we rely on these #s?

@lunchinvesting 3 месяца назад

Pwc is the auditor so it's a big 4 company. They also have credit ratings from S&P and Fitch. You can find all sorts of information you need about accounting from their annual report. Thank you for watching :)

@Frrribbit 2 месяца назад

Super interesting, Thanks for your analysis! So the Anadolu Efes stock trades at 150 TRY in Istanbul. This equals $4.78, but the ADR trades at $1.04. Am I missing something? If you look at the American OTC market for Coca Cola Içecek, it trades as you would expect with the current TRY/USD exchange rate... Does the Anadolu Efes ADR not equal one full share of the Turkish stock. Or is the stock just so orphaned in the US/international capital markets (perhaps because of the Russian business)? I certainly believe in market inefficiencies, but this discrepancy makes no sense. So, what am I missing?

@lunchinvesting 2 месяца назад

Thank you for the nice comment, please make sure to subscribe and ring the bell so you won't miss my future videos. I unfortunately don't know about the OTC markets but it sounds like 1 OTC share may not be equal to 1 BIST share. I'd ask my broker about that possibility.

@Frrribbit 2 месяца назад

@@lunchinvesting I am subscribed, you have the best info on investing in Turkey for English speakers! After 2 hours of searching, I finally found that the ADR equals 1/5 shares. So that explains it... would have been too good to be true.

@nagasandeepkaruturi837 2 месяца назад

@@Frrribbitwhere are you buying the ADR in US? I don’t find volume in any exchange for Icecek. For efes the volume is there but still very low. Did you buy efes and icekek? Any info would help.

@mark5658 Месяц назад

Living in The Netherlands and it's not possible to invest in Turkish companies anymore because of the high inflation in recent years.

@joezawinulreviewsandreacti2509 3 месяца назад

Thanks so much for this. So this is selling at 2 times earnings and you get half the CCI Biz Is the cci included in their earnings so its not like the CCI is thrown in for free? Just making sure I understand

@lunchinvesting 3 месяца назад

Efes has a brewery business and 50.26% ownership of CCI. CCI is also a public company, so when you take away CCI's 50.26% of market cap from Efes's market cap you'll get a little more than 9 Billion Liras. Efes's brewery is making around 5 Billion Liras so brewery business alone is trading at less than 2x earnings. Thank you for watching!

@nagasandeepkaruturi837 2 месяца назад

@@lunchinvesting Equating it solely based on market capitalization isn't appropriate. When merging a brewery business with CCI, the combined entity's value might not be the same as CCI's + Brewery individual valuations