BGC Partners: Aselsan 1Q19 net profit - IN LINE
The company posted TL1,998mn revenues in 1Q19 (up by 46.4% y/y), broadly in line with the consensus estimate of TL2,075mn (BGC: TL2,208mn) fueled mainly by higher FX rates (41% higher y/y US$/TL rate in the quarter on the average). Note that it is difficult to forecast quarterly financials of Aselsan as the performance may vary significantly based on the accounting method (also tax gains and FX gains/losses make the bottom line even more volatile) and contracted deliveries. On the profitability side, the company maintained its robust EBITDA margin at 19.8% (consensus: 20.5%, BGC: 20.5%) and reported TL395mn EBITDA (consensus: TL425mn, BGC: TL452mn) in the quarter
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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