BGC Partners: ERDEMIR ANALYST MEETING HIGHLIGHTS
No guidance shared on 2019, they usually do that with 1q numbers, 2) Investments on new sinter factory, coke battery, Iskenderun modernization are expected to start in 2H19, and completed by mid-21. 3) increasing iron ore prices didn’t have major impact yet, they manage volatility ok so far, if they stay high for a long period of time it’ll affect margins. 3) EBITDA/ton may bottom out in 1Q & 2Q c$110/ton (BGC est: $140 for 19), may see some recovery in 2H (1Q17 was $197 and 4Q17 was $172). COMMENT: The management is optimistic on demand but cautious on margins at least in 1H. Profit taking may continue in the near term but may be capped near dividend payment exp in May.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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