BGC Partners: ANACM 1Q19 Earnings Review - Slightly lower
Anadolu Cam reported a net profit of TL102mn (+60% YoY) in 1Q19, slightly lower than market consensus of TL112mn, but better than BGC estimate of TL79mn. EBITDA came in at TL195mn (+43% YoY) in 1Q19, better than market consensus of TL179mn and our expectation of TL176mn. Main deviations from our expectation was a higher than expected EBITDA margin and lower than expected effective tax rate. We expect the earnings announcement to have a neutral impact on the stock.Anadolu Cam Sanayii AS (Anadolu Cam) is the glass packaging Company of Sisecam Group, based in Turkey. It manufactures and markets glass packages in various volume and colors for different industries. These are food, water, mineral water, milk, beer, wine and beverages including high alcohol ones as well as pharmaceuticals and cosmetics sectors. The product portfolio includes green, amber and forehearth-colored containers ranging from six to 8,000 cubic centimeters. Production is carried out in four countries, with a total of 10 production facilities, three of which are located in Istanbul, Mersin and Yenisehir, Turkey, whereas the foreign production facilities are located in Russia, Ukraine and Georgia.
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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