BGC Partners: ARCELIK / Company Update / HOLD (Maintained)
Arcelik guides for: 1) Revenue growth of 20-25%, where we expect Arcelik to fall slightly short with 19% (9M19A: +21%); 2) EBITDA margin of ~10.5%, where we expect Arcelik to deliver 10.6% (9M19A: 10.5%). The shortfall in revenue is due to continued TL strength and overall sluggishness abroad, with South Africa and Pakistan standing out as faring worse. On the other hand, the stronger domestic white goods market (-8% y/y in Jan-Oct ’19, vs. management guidance of ~-15% in 2019) will help maintain margins in 4Q19E, and thus in 2019, in our view.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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