BGC PARTNERS - TUPRAS 1Q18 EARNINGS REVIEW - WORSE
TUPRS - WORSE: TL378mn NI in 1Q18 was 33% lower than mkt cons while TL957m EBITDA was in-line. EBITDA contracted by 37% YoY mainly on the back of i) weaker heavy-light crude differentials increasing the crude cost ii) planned maintenance in Izmir, Kirikkale and Batman refineries. Mgt made no changes to 2018 guidance and was quite confident about reaching targets. We expect the earnings announcement to have a negative impact on the stock performance in the short run due to the miss on the bottom-line and the indications that 2Q18 might also be a relatively weak quarter parallel to heavy maintenance activity. BUY unch while TP declined by 5.3% to TL109.0/shr (25%).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
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.