BGC Partners: SODA 4Q18 Earnings Review – IN LINE
SODA 4Q18 - INLINE: TL81m NI in 4Q and EBITDA of TL233m were both in-line w/cons. Higher than expected financial expense in 4Q18 (due to TL appreciation in the quarter leading to FX losses in financial investments), while this was mitigated by a deferred tax income of TL121mn related to the investment incentive for the glass fiber business. EBITDA margin down by 0.4% y/y to 23.6% in 4Q18 as higher average US$ and EUR against TL, price increases in soda ash and chromium operations partially offset the negative impact of 121% hike in natural gas prices y/y. We expect SODA to distribute a gross DPS of TL0.47, pointing to a dividend yield of 6.5%.Soda Sanayii is engaged in establishing and acquiring manufacturing facilities to manufacture light soda ash, dense soda ash, sodium bicarbonate, sodium bichromate, sodium sulphur, sodium sulfate, basic chromium sulfate (Tankrom AB, Tankrom SB, Tankrom OBM, Tankrom F24, Tankrom FS, Tankrom OB, Tankrom FO, Resintan M), chromic acid and derivatives of soda and other products derived from soda, and importing and exporting the production of these products and construction of industrial machinery.
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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