BGC Partners: ARCLK 4Q18 Earnings Review - Operationally Better
Arcelik posted TL280m NI was 6% higher than cons but EBITDA margin of 12.2% led to EBITDA of TL908m which beat the exp by 17%. Lower than operating expenses was the reason for EBITDA beat. ARCLK had stated earlier that they were looking to curb opex, but the improvement was ahead of our expectations. Net debt position stood at TL6,607mn (US$1,256mn) as of end-4Q18, pointing to a net debt/EBITDA of 2.4x. ARCLK also reiterated long-term EBITDA margin guidance of around 11%. Decline in net debt and operating expenses are the high points of ARCLK. We expect positive reaction to the results todayArcelik 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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