PINAR SUT 2Q18- LOWER
.. Pinar Sut reported a net income of TL3.0mn in 2Q18, lower (consensus: TL8.5mn, BGC: TL10.4mn). Pinar Sut recorded a strong TL26.3mn EBITDA in the quarter (at 7.5% margin vs. 1Q18’s 9.2% and 2Q17’s 5.5%), above consensus estimate of TL22.5mn at 6.7% margin (BGC: TL26.8mn at 7.7% margin). We think that the market reaction on 2Q18 bottom line may be negative, but operational performance is neutral in our viewPinar Sut Mamulleri Sanayii is engaged in the processing, production and sales of milk, dairy products (milk, yoghurt, ayran, traditional and modern cheeses, butter, cream), fruit juice, mayonnaise, ketchups, puddings, honey, sauces, jams and jellies, desserts, and powder products. Co. sells its products under "Pinar"brand.
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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