BGC PARTNERS - 1Q18 DOAS BETTER
Dogus Otomotiv reported 1Q18 net profit of TL81mn (+187% y/y), tremendous beat… The reported net profit is almost four times higher than our estimate and consensus. This is a quality beat with much stronger than expected operating profitability. The improvement in EBITDA also brought down the Net Debt/EBITDA to 3.8x at the end of 1Q18 vs. 5.3x at the end of 2017 and 6.0x in 1Q17. Dogus Otomotiv’s 1Q18 results would lead to an upward revisions to forecasts if the reasons behind the improvement are sustainable. We are curious to find out whether the nature of support received from VW has changed and what drove the 15% y/y decline in personnel costs. The company will hold a conference call today at 14:30 Istanbul timeDogus 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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