BGC Partners - BGC Partners: Tofas Conference Call Highlights

Report

BGC Partners

Berna Kurbay

EUR 103.41 For Business Accounts Only

BGC Partners: Tofas Conference Call Highlights

The tone of the call was cautious on volumes for 2020 both in Turkey and abroad, as the guidance statement released earlier indicated. However, the company sounded confident on the viability of the projects on hand, the strong cash generation at Tofas and the will to distribute dividends at the maximum extent possible in 2020. Two important developments in 2019 that serve as evidence of the strong tie between FCA and Tofas are 1) The Tipo facelift project with the extension of the life of the product until 2024 â€“ announced in May 2019, and 2) The extension of MCV (Minicargo) contract for three years until the end of 2024 â€“ which was announced just yesterday. We maintain BUY rating on Tofas (TP: TL29.6/sh) and expect the company to distribute TL950mn in dividends (yield: 7.0%).

06/02/2020 2 EN

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

See profile

Analysts

Berna Kurbay

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BGC Partners: Tofas Conference Call Highlights

BGC Partners: TURKEY - Central Government Budget continued to improve in February

BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

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