BGC Partners - Ulker Biskuvi Sanayi A.S. (ULKER) BGC Partners: Highlights from UIker Biskuvi ULKER TI 4Q19 Results Conference Call, positive...

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BGC Partners

Erdem Hafizoglu

EUR 107.77 For Business Accounts Only

BGC Partners: Highlights from UIker Biskuvi <ULKER TI> 4Q19 Results Conference Call, positive...

The company provided no guidance yet, plans to announce a guidance figure for 2020 after 1Q20 results. The management believes that they will continue to grow and improve margins; so positive momentum is likely to remain.

06/03/2020 1 EN

Underlying

Ulker Biskuvi Sanayi A.S.

Ulker Biskuvi Sanayi is a manufacturer and marketer of biscuit, chocolate coated biscuit, wafer, cake and chocolate. Co.'s brands include Potibor, Cizi, Krispi, Haylayf, Mavi YePil, HanYmeller, Bebe BiskUvisi, Biskrem, Krim Kraker, Probis, Cokoprens, As Kraker, Bathak, Ykram, Canpare, Rondo, Altinbasak, Kat Tat, Halley, Kat Kat Tat, Cubuk Kraker, Alpella Ring, Hasat, Bolero, Saklykoy, Dore and Haylayf.

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TREULKR00015 Istanbul Stock Exchange Turkey

Provider

BGC Partners

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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Analysts

Erdem Hafizoglu

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Ulker has experienced a significant re-rating over the past 12 months due to efforts to improve profitability, working capital, and financial leverage. We've incorporated inflation adjustments and the superior operational performance observed in 1Q24 into our financial projections. Consequently, we have raised our target price per share to TL241 (previously TL154) and maintain our BUY rating. Ulker has notably reduced its net debt by 17% year-over-year in USD terms, effectively lowering the net debt/EBITDA ratio to 1.6x in 1Q24. At 2024E EV/EBITDA ratio of 4.9x, Ulker is trading at a 51% disco...

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The Rear-View Mirror – EME markets: Greek stocks in the lead

EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.

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BGC Partners: TURKEY - Central Government Budget continued to improve in February

Finance Ministry released February Central Government budget figures and the data showed further improvement in budget balances, as already suggested by the Treasury cash budget figures.

EUR 107.77

March 16, 2020 March 16, 2020 1 EN

Cagdas Dogan

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BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

OUR TAKE: We observe no major change in inflation expectations, as the positive surprise in February reading seems to be offset by increased depreciation pressure on TL, while 2020 GDP growth forecast has been cut for the first time since July 2019. Meanwhile, there seems to be a 50bps rate cut expectation from the CBT in next weekâ€™s meeting, 100bps over the next three months, and 175bps over the next twelve months. We currently plug in a 50bps rate cut in our forecasts in next weekâ€™s meeting, followed by a 25bps in the April meeting. (CBT, BGC Partners)

EUR 107.77

March 13, 2020 March 13, 2020 2 EN

Cagdas Dogan

Cagdas Dogan

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

According to Turkstat, retail sales volume registered a 9.6% y/y expansion in January 2020 in unadjusted terms; while the calendar-adjusted figure also increased by 9.6% y/y in January, which is a quite strong figure, albeit indicating a mild slow down compared to the 11.9% increase recorded in December 2019.

EUR 107.77

March 13, 2020 March 13, 2020 2 EN

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BGC Partners: Highlights from UIker Biskuvi <ULKER TI> 4Q19 Results Conference Call, positive...

Ulker

WOOD Flash – Coverage discontinued

The Rear-View Mirror – EME markets: Greek stocks in the lead

BGC Partners: TURKEY - Central Government Budget continued to improve in February

BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

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