BGC Partners: SISE 3Q19 Earnings – IN LINE
Sisecam reported a net profit of TL431mn (-58%) in 3Q19, in line with market consensus (TL420mn) and our expectation (TL418mn). EBITDA came in at TL1,018mn (+1%) in 3Q19, slightly better than market consensus (TL933mn) and our expectation (TL934mn). On a cumulative basis, net profit and EBITDA reached TL1,359mn (-34% YoY) and TL2,823mn (+14% YoY) in 9M19, respectively. Slight deviation of EBITDA from our expectations stemmed from better than expected figures in Anadolu Cam and Soda Sanayi. We expect the earnings announcement to have a neutral 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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