BGC Partners: PETUN 3Q19 Earnings – BETTER
Pinar Et reported a net income of TL18.3mn in 3Q19, better than expected (BGC: TL13.9mn, no consensus available)... Despite in-line top line of TL209mn (BGC: TL213mn), the company improved its operational margins thanks to stable cost environment and successful capex control. Pinar Et posted an EBITDA of TL23.5mn in 3Q19 (11.3% margin) vs. our TL19.1mn estimate (9.0% marginPinar Entegre Et ve Un Sanayi AS is a Turkey-based company engaged in the production of meat and meat-related products. The Company carries out all of its slaughtering in its own facilities for the meat that it uses in the production. The Company exports its products to North America, Africa, Europe, Asia and Australia, to such countries, as the United States, Canada, Nigeria, Libya, Poland, Germany, France, China, Japan and Iran, among others. It has such associated companies, as Yasad Birlesik Pazarlama AS, Desa Enerji AS, Camli Yem AS, Pinar Anadolu Gida AS and Pinar Foods GmbH. The Company is a part of the Yasar Group.
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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