BGC Partners: SISE 1Q19 Earnings Review: Better...
Sisecam reported a net profit of TL448mn (+14%) in 1Q19, better than market consensus (TL380mn) and our expectation (TL417mn). EBITDA came in at TL830mn (+23%) in 1Q19, also better than market consensus (TL748mn) and our expectation (TL783mn). The deviation from our expectations were i) better than expected net profit from due to a stronger EBITDA margin and lower effective tax rate and ii) higher net profit in other segment which includes royalty income from subsidiaries. We expect the earnings announcement to have a positive impact on the stock performance.Turkiye Sise ve Cam Fabrikalari is a holding company. Through its subsidiaries, Co. operates predominantly in the manufacture of glass and chemicals. Co.'s activities encompass all the areas of glass-making (flat glass, glassware, glass packaging and glass fiber) and soda ash and chromium chemicals. Co. consists of five operational divisions: flat glass, glass-ware, glass packaging, chemicals (soda ash products, chromium chemicals, glass fiber and unsaturated polyesters, industrial raw materials, electricity, steam, vitamin K3 derivatives and sodium metabisulfite), and export-import and insurance services.
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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