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News: Anadolu Efes' shareholders, Yazclar Holding and zilhan Snai Yatrm, have signed an agreement to sell a 70.84% stake in Alternatifbank (Abank) to the Commercial Bank of Qatar (CBQ). As part of the transaction, Anadolu Efes is set to sell its 7.46% in Abank to CBQ as well. The transaction value is two times that of the total equity, excluding the minority interests of Abank in its audited IFRS consolidated financial statements as of 30 June 2013.
Our View: The price/book value multiple of 2x is comparable with the 1.9x currently trading multiple of Abank (1.6x for Turkish peers). Given Abank's total equity value of TRY 585mn as of December 2012, we anticipate Anadolu Efes' cash considerations of c. USD 50mn from the transaction. The disposal of a non-core asset at the market price is positive sentiment-wise.
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