Arcelik (ARCLK TI) - Operationally better: Maintain Buy
Arcelik posted TRY280m net income in 4Q18, better than consensus of TRY263m but worse than our estimate of TRY307m. Although the operating performance was ahead of our estimates, lower FX gain was the main reason for difference at the bottom-line.
After revising our EBITDA estimates, we also increased our DCF based TP from TRY20.5 to TRY21.5, and maintain BUY.
Arcelik is engaged in the commercial and industrial activities in respect of the production, sales and marketing, customer services after sales, exportation and importation of consumer durable goods and consumer electronics. Co. has two segments: white goods reportable segment, which comprises washing machines, dryers, dish washers, refrigerators, ovens, cookers and the services provided for these products; and the consumer goods reportable segment, which comprises televisions primarily with flat screens, computers, cash registers, other electronic devices and the services provided to consumers for these products.
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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