Teb Yatirim - Anadolu Cam Sanayi A.S. (ANACM) Anadolu Cam (ANACM TI) - Ongoing margin improvement: Maintain Buy

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Teb Yatirim

Akif Dasıran

Anadolu Cam (ANACM TI) - Ongoing margin improvement: Maintain Buy

Anadolu Cam’s net income soared 56% y-y to TRY64m, beating both our estimate of TRY41m and RT consensus of TRY40m by a wide margin.

EBITDA grew by 25% y-y to TRY136m, beating consensus and our estimate of TRY127m. EBITDA margin improved by 456bp y-y to 25%, thanks to ongoing efficiency improvement program and a higher CUR outside Turkey.

O-going improvement in profitability, despite higher costs stemming from depreciated TRY promises strong results ahead. We reiterate our BUY rating for the stock after upbeat results in 1Q18.

27/04/2018 9 EN

Underlying

Anadolu Cam Sanayi A.S.

Anadolu Cam Sanayii AS (Anadolu Cam) is the glass packaging Company of Sisecam Group, based in Turkey. It manufactures and markets glass packages in various volume and colors for different industries. These are food, water, mineral water, milk, beer, wine and beverages including high alcohol ones as well as pharmaceuticals and cosmetics sectors. The product portfolio includes green, amber and forehearth-colored containers ranging from six to 8,000 cubic centimeters. Production is carried out in four countries, with a total of 10 production facilities, three of which are located in Istanbul, Mersin and Yenisehir, Turkey, whereas the foreign production facilities are located in Russia, Ukraine and Georgia.

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TRAANACM91F7 Turkey

Provider

Teb Yatirim

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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Analysts

Akif Dasıran

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Anadolu Cam (ANACM TI) - Ongoing margin improvement: Maintain Buy

Monthly LMI Update Independent Investment Research

By reducing its risk exposure, ANADOLU CAM SANAYII AS improves to Slightly Positive

Sisecam

TURKEY STEEL - Strong outlook prevails

Turkcell (TCELL TI) - Investments on the rise: Maintain Hold

Ulker Biskuvi Sanayi (ULKER TI) - Proven resilience: Maintain Buy

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