Teb Yatirim - Coca-Cola Icecek A.S. (CCOLA) Coca-Cola Icecek (CCOLA TI) - Another good set of numbers: Maintain Buy

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Teb Yatirim

Akif Dasıran

Coca-Cola Icecek (CCOLA TI) - Another good set of numbers: Maintain Buy

Coca Cola Icecek (CCI) posted TRY46m net loss in 1Q18, better than our estimate of TRY54m net loss and much better than RT consensus of TRY62m net loss. The operating performance of CCI was far ahead of estimates particularly thanks to superior results in Turkey. Nevertheless, higher FX losses curbed the positive impact of strong operating results in 1Q18.

Following strong 1Q18 results, we maintain our BUY rating for CCI with a TP of TRY45. Compared to its international peers, the stock is trading at a 21% discount on 2018E EV/EBITDA of 7.8x and 29% discount on 2019E EV/EBITDA of 6.8x.

03/05/2018 9 EN

Underlying

Coca-Cola Icecek A.S.

Coca-Cola Icecek is a bottler and distributor of alcohol-free beverages in Turkey, Pakistan, Central Asia and the Middle East. Co. focuses on the production, sales and distribution of sparkling and still beverages with The Coca-Cola Company (TCCC) trademarks. Co. has rights to produce, sell and distribute TCCC branded beverages including Coca-Cola, Coca-Cola Zero, Coca-Cola Light, Fanta, Sprite, Cappy, Sen Sun, Powerade and Fuse Tea in TCCC authorized packages throughout Turkey. Co. also has the right to produce, sell and distribute Burn and Gladiator branded energy drinks throughout Turkey, as well as bottling and distribution rights in Turkey for Schweppes branded beverages.

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TRECOLA00011 Istanbul Stock Exchange 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

Other Reports on these Companies

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WOOD Daily: CCOLA TI; OTP HB; KSPI US; ELM AB; THEON NA; TITC GA; ALE PW; TL Automotive; TLV RO; OPTIMA GA; NLBR SV

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Coca-Cola Icecek: recovery on the horizon (stays BUY)

We reiterate our BUY on Coca-Cola Icecek (CCI), with a new 12M price target (PT) of TRY 78. CCI’s operating performance has been under pressure since 3Q24, due to weak pricing terms and high base effects. After the weak 1Q25 results, due to the domestic operations, we anticipate milder pressure on the operating margins in 2Q25E. We foresee better operating results in 2H25E vs. 1H25, to be driven by the positive effects of the price increases in the domestic market starting in 2Q25, achieved over a stable cost base, and the low base effects of 2H24. We also project CCI to deliver improving oper...

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TURKEY STEEL - Strong outlook prevails

We believe Turkish blast-furnace steelmakers are poised for stellar earnings growth in 2021, supported by favourable global steel sector outlook. Following the cut in steel production, owing to fall in demand as a result of Covid-19, steel supply is yet catch up with the pick-up in demand. We expect the supply-demand mismatch to continue over the near term, as we expect strong demand post Covid-19. While the current steel prices may be unsustainable with the normalisation in supply, we believe the robust earnings momentum expected in 1H21 provides enough room for further re-rating.

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Coca-Cola Icecek (CCOLA TI) - Another good set of numbers: Maintain Buy

WOOD Daily: BGEO LN; CCOLA TI; PEO PW; TXT PW; EME Macro/Strategy Weekly; MUR PW; RBW PW

WOOD Daily: CCOLA TI; OTP HB; KSPI US; ELM AB; THEON NA; TITC GA; ALE PW; TL Automotive; TLV RO; OPTIMA GA; NLBR SV

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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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