BGC Partners: Turk Traktor 4Q19 Earnings Review
Turk Traktor reported 4Q19 net profit of TL68mn (-8% y/y), higher than expected… Turk Traktor beat our 4Q19 net profit estimate by 21% and consensus by 17%. The reported 4Q19 net profit of TL68mn (-8% y/y) brought the net profit for 2019 to TL112mn (-53% y/y). Turk Traktor’s 4Q19 EBITDA margin at 11.8% is in fact 10% lower than our projections on higher selling and marketing expenses.Turk Traktor Ve Ziraat Makineleri is engaged in the manufacturing of agricultural machinery, such as tractors, harvesting machinery and earth moving machinery, and its allied parts, including gearboxes, transmission boxes, engine blocks, cylinder heads and hydraulic lifters. Co. sells New Holland and Case IH branded vehicles and equipments. Co. exports its products to over 50 countries.
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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