TURKEY - 4Q20 Earnings Estimates, 29th January, Global Securities
Snapshot for 4Q20 Earnings-4Q20 earnings season kicked off ARCLK and GARAN in our coverage, as ARCLKs 4Q results were better than estimates while GARANs 4Q results were lower than expected.
-For our coverage universe, we expect 8.9% YoY increase at bottom-line but 7.6% QoQ decline.
-For non-financials, we expect 19% revenue growth, 30.5% EBITDA growth and 21.4% net earnings growth YoY in 4Q20.
-For financials, we foresee 10.8% and 33.4% YoY and QoQ net earnings contraction.
-We expect stronger results for AKBNK, HALKB, EREGL, PETKM, TUPRS, YATAS, FROTO, TOASO, DOAS, TTRAK, BIMAS, CCOLA, ULKER, TTKOM, TCELL while we foresee weaker results for ISCTR, VAKBN, YKBNK, THYAO, PGSUS and TAVHL for 4Q20.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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