BGC PARTNERS - EREGLI 1Q18 BETTER
EREGL - INLINE: TL1,063m is 7% lower than cons due to higher tax rate of 30% vs our est of 22%. EBITDA margin of 31.6% in 1Q18 was strong as exp (cons: 31.3%). Favorable spreads supported EBITDA to reach TL1,710m, up by 28% y/y, in line w/cons est of TL1,657m. EBITDA per ton jumped to US$205 in 1Q18 vs. US$174 in 1Q17 and US$191 in 4Q17. High CUR, robust demand and pricing environment, favorable spreads, efficient raw material inventory management, and weak TL against US$ are the main factors behind the impressive operational margins, similar to previous quarters. 1Q18 results are neutral. HOLD maintained with 1% upside potential. Conference call today at 5:00pm local.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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