Turkey - BRISA - KORDS - Main Takeaways from Sabanci Holding Industrials Day
Sabanci Holding organized an investor meeting on Friday, November 20, where mainly BRISA and KORDS were discussed. Tire industry is expected to return its pre-pandemic levels in 2022, while 2024 is expected to be the return to pre-pandemic levels for the aviation industry, which is important for KORDS's composite business. Our opinion is positive for BRISA, while we think that it may be more appropriate to wait for a while to invest in KORDS as composite segment may deliver return in the longer term. According to 1y fw forecasts on Bloomberg BRISA and KORDS trade at 10.5x and 8.4x EV/EBITDA respectively.Brisa Bridgestone Sabanci Lastik Sanayi ve Ticaret is engaged in the manufacture and sale of vehicle tires for domestic and foreign brands.
Kordsa Sabanci Dupont Endustriyel lplik ve Kord Bezi Sanayi ve Ticaret is engaged in the manufacture and trade of tyre cord fabric used as raw material for tyres, conveyor belt fabrics, chafer fabrics and other industrial fabrics used in industrial textiles industry. Co.'s predominant focus of operations is on products manufactured from nylon and polyester yarn, cord fabric and single end cord production. Co. serves the tire reinforcement and mechanical rubber markets with its wide product range. Co. serves its customers through operations in 10 facilities in nine countries spread over five continents.
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