BGC Partners: AYGAZ 4Q19 Lower
Aygaz reported a net profit of TL75mn (vs. TL87mn net loss in 4Q18) in 4Q19, lower than market consensus (TL96mn) and our expectation (TL148mn). The company reported an EBITDA of TL157mn (vs. a negative EBITDA of TL104mn in 4Q18)) in 4Q19 in line with both market consensus (TL156mn) and BGC estimate (TL162mn). The deviations from our expectations were i) lower than expected profit from Tupras, ii) higher than expected net financial expenses due to one-off costs for debt restructuring. Net profit and EBITDA reached TL273mn (+20% YoY) and TL476mn (+129% YoY) in 2019, respectively. We expect 4Q19 earnings announcement to have a slight negative 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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