BGC Partners: OTKAR 3Q19 Earnings Review
Otokar reports 3Q19 net profit of TL102mn (vs. 3Q18 net loss of TL7mn), broadly in line with expectations. The reported 3Q19 net profit is in line with consensus and 22% higher than our estimate, owing to a higher EBITDA margin than we predicted at 23.7% (vs. 9.0% in 3Q18 and 25.9% in 2Q19) as the company had a tight grip on operating expenses in the quarter.Otokar Otomotive Ve Savunma Sanavi is engaged in the import, manufacture, assembly, sale and export of bodies, engines, and all other components of all kinds of land, sea and air defense vehicles, as well as security vehicles, commercial buses, trucks, minibuses, midibuses, panel vans, cross-country vehicles, etc. Co.'s primary focus is on the production of Land Rover 4x4 and minibuses.
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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