Earnings Review / Anadolu Cam (ANACM TI) - Beats estimates once again: Maintain Buy
Anadolu Cam posted TRY166m net income in 2Q18, better than consensus of TRY121m and much better than our estimate of TRY101m. Excluding the tax impact, EBT tripled y-y to TRY113m in 2Q18. Net income reached TRY229m in 1H18, vs our FY estimate of TRY266m. We thus raise our 2018-20E estimates. We increased our TP by 7% to TRY3.75. We maintain our BUY rating on Anadolu Cam on the back of its resilient growth outlook, improving profitability and attractive valuation.
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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