BGC Partners: BGC MODEL PORTFOLIO: Adding AYGAZ to Most Preferred List
We are adding Aygaz to our Most Preferred List due to: i) attractive multiples – 2020E P/E and EV/EBITDA of 4.5x and 3.2x, respectively, ii) an unjustified 50% discount to NAV, iii) the cheaper opportunity to access the IMO-2020 story, the sulphur cap regulation which is expected to boost Tupras’ refining margin in 2020 and iv) attractive dividend yield of 10.9%.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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