BGC Partners: ULKER - 4Q17: IN LINE, OPERATIONAL PROFITABILITY STRONG
ULKER - INLINE: TL100.1mn NI is in-line cons est of TL98mn. EBITDA of TL191.3m for 14.3% margin is slightly higher than expectations. Results are s.positive thanks to strong operational profitability. Conference call at 5:00PM local tdy. Possible synergies with the formation of Pladis, potential entry to new markets, favorable raw material prices, stronger TL, better demand in the domestic and export markets are the upside risks. Downside risks include problems in the export destinations, volatility in raw material prices, competition, political risks, and TL's weakness against US$.Ulker Biskuvi Sanayi is a manufacturer and marketer of biscuit, chocolate coated biscuit, wafer, cake and chocolate. Co.'s brands include Potibor, Cizi, Krispi, Haylayf, Mavi YePil, HanYmeller, Bebe BiskUvisi, Biskrem, Krim Kraker, Probis, Cokoprens, As Kraker, Bathak, Ykram, Canpare, Rondo, Altinbasak, Kat Tat, Halley, Kat Kat Tat, Cubuk Kraker, Alpella Ring, Hasat, Bolero, Saklykoy, Dore and Haylayf.
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
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.