Turkey - SAHOL 4Q19 Earnings Conference Call Notes, 26th February
Following its 4Q19 results, SAHOL management arranged a conference call in order to discuss its 4Q19 results and share its expectations for all business lines they operate. What we got from the call is the management is confident for 2020 for almost its all segments, and the company may go for an IPO for its Enerjisa Uretim, possibly in 2021, which may be a mid-to-long term catalyst for the stock. SAHOL trades at 47% discount to its current NAV, compared to its 5y median of 35%. Furthermore, SAHOLs discount to its listed subsidiaries hovers at 37%, the way below its 5y median of 16%. We believe that SAHOLs NAV discount will converge to its historic averages going forward, as long as the conglomerate continues to deliver strong financial results. We maintain our BUY recommendation with 12M TP of TL13.08Hace Omer Sabanci Holding is the holding company of Sabanci Group. Co. is organized under seven strategic business units: Banking, Tire, Tire Reinforcement Materials and Automotive, Retail, Cement, Energy, and Insurance. Co.'s other activities consists of tourism facilities management, information technology and telecommunication services, and tobacco production and distribution. Co. operates in 18 countries and exports products to Europe, the Middle East, Asia, North Africa, North and South America. Co. has partnerships with international companies such as Ageas, Aviva, Bridgestone, Carrefour, Citigroup, Dia, Heidelberg Cement, International Paper, Philip Morris and Verbund.
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