BGC Partners: OTOKAR UPGRADED TO BUY- The tide is turning
Raising Otokar BUY from HOLD as 1) The cTL3.2bn ($485mn+€99mn) backlog will start unfolding from 4Q18-onward; 2) Earnings will pick up, with 4Q18 earnings wiping off the entire losses from 9M18 to end 2018 in the black and net profit almost tripling y/y in 2019E; 3) The stock has not yet reflected these prospects, based on our valuation.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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