BGC Partners - Ulker Biskuvi Sanayi A.S. (ULKER) BGC Partners: Ulker Biskuvi ULKER TI recorded TL132.7mn net profit in 4Q18

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BGC Partners

Erdem Hafizoglu

EUR 102.46 For Business Accounts Only

BGC Partners: Ulker Biskuvi <ULKER TI> recorded TL132.7mn net profit in 4Q18

Ulker Biskuvi recorded TL132.7mn net profit in 4Q18 (3Q18: TL221.9mn, 4Q17: TL106.9mn), in line (consensus: TL123mn, BGC: TL140mn)â€¦ Revenues and operational profitability were robust in the quarter; Ulker Biskuvi posted TL278.5mn EBITDA (15.5% margin), better than consensus estimate of TL251mn (14.9% margin) and our estimate of TL241mn (15.0% margin). Top line was supported by price adjustments and positive currency impact from international operations (had also positive impact on EBITDA margin, in our view); Ulker Biskuvi posted TL1,798mn revenues in 4Q18 (up by 34.3% y/y), above consensus estimate of TL1,680mn (BGC: TL1,607mn). Recall that Ulker Biskuvi had acquired UI MENA in December 2017 and IBC in May 2018, the financials since then include the positive impact (synergies) of these acquisitions. Despite strong operational profitability and lower tax rate at 11.7% in 4Q18 (3Q18: 18.2%, 4Q17: 15.6%), bottom line was below 2Q or 3Q18 performance due mainly to lower FX gains from derivative products. Latest 2018 guidance was TL5.5bn revenues (realized: TL5.96bn) and 15.0% EBITDA margin (realized: 15.8%, 2017: 15.2%), which have been exceeded by the company.

06/03/2019 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: 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)

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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.

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BGC Partners: Ulker Biskuvi <ULKER TI> recorded TL132.7mn net profit in 4Q18

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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