BGC PARTNERS - ARCELIK 1Q18 EARNINGS
• Although EBITDA at TL523mn (+8% y/y) , beat both consensus and our estimate by 8% due to a higher EBITDA margin of 9.9% vs. estimates at 9.2% (against 10.5% in 1Q17), the higher than expected financial expenses weighed on the bottom line more than we predicted.Arcelik is engaged in the commercial and industrial activities in respect of the production, sales and marketing, customer services after sales, exportation and importation of consumer durable goods and consumer electronics. Co. has two segments: white goods reportable segment, which comprises washing machines, dryers, dish washers, refrigerators, ovens, cookers and the services provided for these products; and the consumer goods reportable segment, which comprises televisions primarily with flat screens, computers, cash registers, other electronic devices and the services provided to consumers for these products.
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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