BGC Partners: 4Q19 EARNINGS REVIEWS: AEFES (better), ALKIM (positive), BIZIM (in line)
Anadolu Efes reported a net profit of TL183mn (+56% YoY) in 4Q19, better than market consensus of TL100mn and our expectation of TL138mn… EBITDA (the company’s calculation and including IFRS-16 impact) came in at TL862mn (+47% YoY) also better than consensus (TL687mn) and our expectation (TL749mn). Main deviation from our estimates was stronger than expected EBITDA in all segments and higher than expected income from other operations due to lower FX losses from operations. Net profit and EBITDA reached TL1,022mn (vs. TL12mn net loss in 2018) and TL4,051mn (+35% YoY) in 12M19, respectively. Anadolu Efes Board will propose to distribute a gross DPS of TL1.774, pointing to a dividend yield of 7.3% and a total gross dividend of TL1,050mn. Ex-date is planned to be 28 May. We expect the earnings announcement to have a positive impact on the stock performance.Alkim Alkali Kimya produces and sells chemical materials and paper products in Turkey and internationally. Co. offers sodium sulphate for use in detergent, paper, glass, textile and chemical industries. Co. manufactures natural raw salts, common salts and industrial type of salts. Co. manufactures liquid magnesium chloride for the manufacturing of fire-resistant sheets. Co. offers leonite, a fertilizer for crops sensitive to chloride. Co. also offers paper products. In addition, Co. operates a chromite mine in Eskisehir region of Turkey; and produces glauberite and tenardite, as well as provides insurance services.
Anadolu Efes Biracilik ve Malt Sanayii AS is a Turkey-based company, which is engaged in the production, bottling, selling and distribution of beer under a number of trademarks and also in the production, bottling, selling and distribution of sparkling and still beverages with The Coca-Cola Company trademark. The Group owns and operates more than 14 breweries, over five malt production facilities and over 15 facilities for sparkling and still beverages production. Furthermore, the Group has joint control over Anadolu Etap Penkon Gida ve Tarim Urunleri San. ve Tic. AS (Anadolu Etap) which undertakes production and sales of fruit juice concentrates and purees in Turkey. The Group also has joint control over Syrian Soft Drink Sales & Dist. LLC (SSDSD) which undertakes distribution and sales of sparkling and still beverages in Syria.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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