BGC Partners: SISE 4Q18 Earnings Review... Bottom-line better, operationally in line.
Sisecam outperformed the BIST100 index by 24% in the last three months, while ANACM, SODA and TRKCM underperformed by index by 7%, 9% and 1%, respectively, in the same period. Accordingly, Sisecam is now trading at 28% premium to current NAV, vs. 2-year historical average discount of 3.7%. We will revise our estimates for Sisecam in-line with some revisions in underlying companiesTurkiye 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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