BGC Partners: TAT GIDA 4Q18 Earnings - Worse
TL7.7mn in 4Q18 vs cons of TL18.7mn. Mainly due to difficult market conditions (soaring prices, decreasing purchasing power of consumers) and stiff competition mainly coming from private label products especially on the dairy side. TL5.8mn EBITDA was very poor at 2.1% margin vs cons of TL23.7mn, 7.2%; indicating a significant weakness on a y/y (-73.2%) and q/q (-71.4%) basis. Expect a negative market reaction on the weak bottom line and poor operational performanceTat Gida Sanayi is engaged in the tomato paste, tomato puree, peeled tomato, diced tomato, ketchup, canned vegetables, frozen foods, pickled cornichons, roasted pepper and empty tin cans and covers which are required for production, sector and canned food industry in Turkey and Europe.
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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