BGC Partners: DOGUS OTO 4Q18– SLIGHTLY BETTER DUE TO ONE OFF GAIN
DOAS - S.BETTER WITH TAX INCOME: TL4m NI looks better than exp of TL9m NET LOSS due to 1) Gain on sale of Dogus Auto Swiss operations of TL25mn booked in 4Q18; 2) PBT was showing a loss of TL17mn but there was a tax income of TL23mn. The company’s 2019 guidance is the most pessimistic so far, predicting over 60% contraction in Turkish auto sales. Net Debt/EBITDA was 4.0x as of FY18.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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