Aygaz A.S.

Aygaz is a liquefied petroleum gas (LPG) distribution company operating in a range of environments from cylinder production to marine transport operations. In its core business field, Co. distributes LPG as autogas, cylinder gas, and bulk gas, manufactures and sells LPG cylinders, tanks, valves and regulators, and also markets LPG-operated devices. Co. also sells and produces LPG devices and engaged in the maritime shipping of LPG. In the cylinder gas segment, Co. operates all over Turkey in points of sale under the brands of Aygaz, Mogaz and Lipetgaz. Co. has three segments: gas and petroleum products, electricity and other operations.
  • TickerAYGAZ
  • ISINTRAAYGAZ91E0
  • ExchangeIstanbul Stock Exchange
  • SectorGas, Water & Multi-utilities
  • CountryTurkey

Analysts

Ezgi Yilmaz

BGC Partners: AYGAZ 4Q19 Lower

Aygaz reported a net profit of TL75mn (vs. TL87mn net loss in 4Q18) in 4Q19, lower than market consensus (TL96mn) and our expectation (TL148mn). The company reported an EBITDA of TL157mn (vs. a negative EBITDA of TL104mn in 4Q18)) in 4Q19 in line with both market consensus (TL156mn) and BGC estimate (TL162mn). The deviations from our expectations were i) lower than expected profit from Tupras, ii) higher than expected net financial expenses due to one-off costs for debt restructuring. Net profit and EBITDA reached TL273mn (+20% YoY) and TL476mn (+129% YoY) in 2019, respectively. We expect 4Q1...

Research Team

WOOD Daily: OPL PW; BHW PW; TTKOM TI; AYGAZ TI; TUPRS TI; BVB RO; MBK PW; RU Macro; NLMK LI; PKO PW; EREGL TI; VESBE TI; FROTO TI; TPEIR GA; RTKM RX; TPE PW; CAR PW; TEL RO

HEADLINES: • Orange Polska: 4Q19 results - 8% beat vs. consensus on EBITDAaL POSITIVE • Bank Handlowy: solid 4Q19, but 2019 EPS down due to LLPs earlier in the year NEUTRAL • Turk Telekom: 4Q19 results in line, time to focus on DPS proposal • Aygaz: 4Q19 results review - strong core business, disappointing Tupras • Tupras: 4Q19 results - no dividend for 2019 • Bucharest Stock Exchange: 4Q19 review NEGATIVE • mBank: Commerzbank may postpone mBank sale on reportedly smaller interest from potential investors NEGATIVE • Russia macro: spending continues to accelerate in January • NLMK: 4Q19 re...

AYGAZ AS sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of AYGAZ AS (TR), a company active in the Oil Equipment & Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date December 31, 2019, the closing price was TRY 12.84 and its potential was estimated at TRY 13.96.

Research Team

The Rear-View Mirror – EME markets: Only Polish WIG20 in the red in November

EME Equity Market – November 2019 Market performance – the weakest performance in November was recorded by the Polish WIG20 Index, in both EUR- and PLN-terms (-2.9% mom and -1.6% mom, respectively). While the MSCI Index lost 0.4% in local currency terms, it gained 0.8% in EUR terms. With the exception of Poland, all the other indices recorded a positive performance, with the Turkish ISE30 gaining 8.9% (EUR terms) over the month. The BET Index was the second-best performer, increasing by 3.2%, followed by Prague’s PX Index (2.7%, EUR terms) and the Russian MOEX (2.3%, EUR terms). Athens gained ...

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior