SODA 2Q18 - BETTER
TL418m NI is 25% higher than mkt cons while EBITDA of TL206m was 6% higher. Bottom-line beats our expectations mainly due to a deferred tax income of TL61mn stemming from the investment incentive for glass fiber investment. SODA’s revenues are FX-linked and US$ and EUR-denominated revenues account for around 85% of total revenues. Average US$/TL and EUR/TL rates increased by 22% and 32% YoY in 2Q18, respectively. SODA has a net long FX position of US$275m long and EUR93m. Despite the o/p of 77% ytd, we continue to like Soda due to its long FX position and defensive business fitting the current macro environment.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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