BGC Partners: OTOKAR 4Q18 – SLIGHTLY BETTER
OTKAR - BETTER: TL238m NI was 37% higher than cons while EBITDA of TL198m beat was 17% (for a remarkable 27.4% margin). Beat was due to higher than expected tax income. Remarkable 109% y/y jump in revenue to TL870mn in 4Q18 was mainly owing to the kick-off of the deliveries in the UAE project amounting to US$30mn, the completion of deliveries in a previous export contract for armored vehicles (cUS$25mn). OTKAR delivered what was expected in its 4Q18 results. It was largely reflected onto the share price over the last month, but it will create further awareness around this turnaround story where there is still sizeable backlog (TL2.7bn as of 2018-end).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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