BGC Partners: PETKM: Highlights from 3Q19 Earnings Conference Call…
The management expects margin environment in 4Q19 to be similar to 3Q19 levels. Petkim reported an EBITDA of TL394mn (-43% YoY, -27% QoQ) in 3Q19, pointing to an EBITDA margin of 13.4% (-11.3pps YoY, -3.8pps QoQ). The management guidance indicates a slight downside risk to our 4Q19 EBITDA expectation of TL400mn, corresponding to an EBITDA margin of 18.7%. Note that, Bloomberg consensus figures imply an EBITDA estimate of TL529mn in 4Q19 with an EBITDA margin of 20.4%.Turkiye Petrol Rafinerileri is an energy and refining company based in Turkey. Co. is engaged in providing and refining crude oil, the importing and exporting of oil products, and establishing and operating refineries in Turkey and foreign countries. Also, Co. is establishing and operating factories and facilities in the petrochemical industry. Co. is engaged in purchasing, selling, importing, exporting, storing, marketing and distributing (wholesale, retail, foreign and domestic) all kinds of petroleum products, LPG and natural gas. Co. runs its business through the refineries in Izmit, Izmir, Kirikkale and Batman.
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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