AYGAZ 2Q18 - BETTER
• Aygaz reported a net profit of TL148mn (-12% YoY) in 2Q18, better than both market consensus (TL86mn) and our expectation (TL40mn). EBITDA came in at TL113mn (+152% YoY) in 2Q18, also better than market consensus (TL71mn) and BGC estimate (TL98mn). Main deviations were higher than expected net profit from Tupras participation (TL93mn actual vs. TL17mn expected) and better than expected EBITDA possibly due to higher than expected inventory gains in 2Q18. Net profit declined by 12% yoY in 2Q18 parallel to lower contribution from Tupras and higher effective tax rate. On a cumulative basis, net profit and EBITDA reached TL204mn (-38% YoY) and TL152mn (+4% YoY) in 1H18, respectively. We expect the earnings announcement to have a positive impact on the stock.Aygaz is a liquefied petroleum gas (LPG) distribution company operating in a range of environments from cylinder production to marine transport operations. In its core business field, Co. distributes LPG as autogas, cylinder gas, and bulk gas, manufactures and sells LPG cylinders, tanks, valves and regulators, and also markets LPG-operated devices. Co. also sells and produces LPG devices and engaged in the maritime shipping of LPG. In the cylinder gas segment, Co. operates all over Turkey in points of sale under the brands of Aygaz, Mogaz and Lipetgaz. Co. has three segments: gas and petroleum products, electricity and other operations.
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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