Report
EUR 161.10
For Business Accounts Only
BGC PARTNERS - 1Q18 SOKM NEUTRAL
TL1Q18 NET LOSS of TRY119mn vs TL99mn NET LOSS in 1Q17. Revenues up by 31% y/y while EBITDA was up by 47% y/y w/EBITDA margin rising from 3.0% to 3.4%. Working capital appears to have improved slightly at the end of 1Q18 to -72 days from -64 days at the end of 2017, thanks to a slight decline in collection days and extension in payable days. May-18 IPO and capital increase led to a cash injection totaling TL2,645mn. SOKM is expected to pay off the liabilities mentioned above by the end of 2Q18 which should turn the equity into positive and provide financial flexibility going forward. Conference call details: June 6, 2018 at 17:00 local. Neutral.
Provider
BGC Partners
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
Berna Kurbay
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