BGC Partners: ERDEMIR 4Q19 Earnings: Margins bottomed out but at lower level than expected
Erdemir reported TL228mn net income in 4Q19 (down by 86%, y/y), lower than consensus estimate of TL422mn (BGC: TL523mn), due mainly to weaker operational performance, and higher tax rate on TL’s depreciation (53.9% in 4Q19 vs. 14.6% in 3Q19, 25.5% in 2Q19 and 39.0% in 1Q19). Recall that due to IFRS regulation, Erdemir requires to recognize FX difference as a tax base (due to US$ functional currency).Eregli Demir Ve Celik Fabrikalari is engaged in the production of iron and steel rolled products, alloyed and non-alloyed iron, steel and pig iron castings, cast and pressed products, coke and their by-products.
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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