Sabanci Holding (SAHOL TI) - A good set of results: Maintain Buy
Sabanci Holding posted 1Q net income of TRY1,066m, above the RT consensus and our estimate. Combined EBITDA grew 31% y-y to TRY5b, driven largely by banking and insurance, energy and cement segments. Retail's performance was weaker.
Sabanci Holding has a stand-alone net cash position of TRY1,590m and its current discount to NAV is 32% (3Y discount: 36%, 5Y discount: 30%). Management will hold an earnings teleconference today at 6PM local time, 4PM BST.
Hace 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.
TEB Investment equity research analysts and strategist team consists of 8 analysts with an average finance sector experience of 15 years and special focus on international investors.
With our 6 equity research analysts we cover 93 companies across 21 sectors, reflecting 80% of the total market capitalization of all BIST companies and 86% of the BIST100 companies. Our strategy team provides in depth top-down and bottom-up market views with insight on FX and bond markets by publishing sectoral and strategic reports both in English and Turkish.
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