Report
Akif Dasıran
EUR 10.00 For Business Accounts Only

Arcelik (ARCLK TI) - Subdued growth: Maintain Hold

Arcelik posted TRY240m net income in 3Q19, in-line with RT consensus of TRY247m but worse than our estimate of TRY326m. The operating performance was in-line with both our and RT consensus estimate. The difference between our estimate and the bottom-line stemmed from higher than expected financial expenses.

2019 company guidance is unchanged after 9M19 results. We also maintain our estimates and HOLD rating for ARCLK.

 

Underlying
Arcelik A.S.

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.

Provider
Teb Yatirim
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.

Analysts
Akif Dasıran

Other Reports on these Companies
Other Reports from Teb Yatirim

ResearchPool Subscriptions

Get the most out of your insights

Get in touch