BGC Partners: Arcelik 3Q19 Earnings Review - in line
Arcelik reported 3Q19 net profit of TL240mn (-4% y/y), in line with expectations. Arcelik’s numbers are broadly in line with our expectations. The company also maintained 2019 guidance with some clarification as to outlook during the post-results call. Arcelik’s net income rose by 20% y/y to TL685mn in 9M19. We maintain HOLD rating with a 12-mth TP of TL19.6/sh and will go over the numbers in more detail. The tone was mostly cautious during the conference call regarding outlook.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
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.