BGC Partners - ERDEMIR (Company Update - BUY (maintained), 55% upside)
BUY maintained with 55% upside potential… Erdemir is one of the safer bets among BIST companies with its strong balance sheet and cash position, US$ functional currency, solid cash flow and margins, as well as robust dividends. The main risk is a possible decline in global steel prices amid trade wars; however, on the positive side any agreement between China and US would mean a recovery in steel prices and hence Erdemir’s share performance. Erdemir trades at 37% discount to its international peers on 2019E and 2020E P/E and EV/EBITDA multiples, on the average.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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