BGC Partners - Ulker Biskuvi Sanayi A.S. (ULKER) BGC Partners: ULKER 1Q19 Earnings Review - BETTER

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BGC Partners

Erdem Hafizoglu

EUR 103.01 For Business Accounts Only

BGC Partners: ULKER 1Q19 Earnings Review - BETTER

Ulker Biskuvi recorded TL365.5mn net profit in 1Q19, up by 174.4% y/y, (4Q18: TL132.7mn, 1Q18: TL133.2mn), better (consensus: TL254mn, BGC: TL239mn)â€¦ Thanks to price adjustments, positive currency impact from international operations, synergies from the integration of FMC and IBC, and positive impact from soaring McVities sales (premium price products), 1Q19 was a robust quarter for Ulker Biskuvi. Supported by tight opex management and stable cost environment and favorable input costs, the company posted a strong EBITDA margin at 17.0% in 1Q19 vs. 16.0% in 1Q18 and 16.1% in 4Q18. Ulker Biskuvi reported TL330.2mn EBITDA in the quarter, above consensus estimate of TL298mn (BGC: TL299mn).

09/05/2019 3 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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BGC Partners: ULKER 1Q19 Earnings Review - BETTER

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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