Sberbank - Trakya Cam Sanayi A.S. (TRKCM) Trakya Cam - Growth Story Underestimated

Report

Sberbank

Alper Akalin

Trakya Cam - Growth Story Underestimated

We revise our earnings forecasts for Trakya Cam following the strong 1H17 results. We expect this momentum to continue on the back of solid glass demand in both Turkey and Europe. Our new estimates imply a one-year forward EV/EBITDA of 4.8 and P/E of 7.7, which offer attractive discounts of 33% and 42%, respectively, against international peers. We raise our target price from TRY3.91 to TRY4.81 per share, which offers 38% upside. We maintain our BUY recommendation on the stock.

02/10/2017 8 EN

Underlying

Trakya Cam Sanayi A.S.

Trakya Cam Sanayii is a float glass manufacturing company. Co. produces and sells basic flat glass, patterned glass, mirror, automotive glass, tempered glass, laminated glass, coated glass, processed glass and glassware. Co. is a glass supplier for the construction, automotive, energy and home appliance industries. As of Dec 31 2014, Co. had two business segments: the basic glass category contains flat glass, coated, laminated, mirror and project glass; and the other glass category contains automotive glass, energy glass, white goods glass and glassware category of the foreign joint ventures.

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TRATRKCM91F7 Turkey

Provider

Sberbank

Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.

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Analysts

Alper Akalin

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Trakya Cam - Growth Story Underestimated

Monthly LMI Update Independent Investment Research

TRAKYA CAM SANAYI AS increases its risk exposure and slightly lowers to Neutral

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Russian Consumer - Unemployment and Income: The Outlook for 2022

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