BGC PARTNERS - DOGUS OTO 4Q17
Dogus Otomotiv reported 4Q17 net profit of TL41mn (-57% y/y), missed expectations… The reported net profit is 22% lower than our expectation of TL52mn and 46% lower than consensus at TL76mn. Both revenue and operating profitability are slightly ahead of our expectations. However, the higher net financial expenses and net other operating expenses as well as the lower than expected contribution from participations led to the lower earnings than we predicted. With the 13% q/q increase in net debt to TL2.8bn, Net Debt/EBITDA reached 5.3x in 2017 vs. 6.5x in 2016. We maintain Hold rating on Dogus Otomotiv with a 12-mth target price of TL8.8/sh.Dogus Otomotiv Servis Ve Ticaret is an automotive importer and distributor in Turkey. Co. represents 14 international brands each of which is engaged in the following sectors: Passenger cars, Light commercial vehicles, Heavy commercial vehicles, Industrial and marine engines, and Cooling systems.Co. provides its individual and corporate customers with a portfolio of more than 80 models. Co. competes in the industrial and marine engines market by representing the brand Scania Engines and in the cooling systems market representing Thermo King brand. Co.'s sales and service network is comprised of over 500 contact points.
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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