Coca-Cola Icecek (CCOLA TI) - 4Q NI better than expected: Maintain Buy
CCI posted TRY148m net income in 4Q18, better than RT consensus of TRY97m and much better than our estimate of TRY69m. Limited contribution of cash designation mechanism resulted lower than expected EBITDA in 4Q18, but this had no impact on net income. Separately, higher than expected FX gain and lower effective tax rate (19% in 4Q18 vs 29% of BNPPE) boosted the bottom-line in 4Q18.
We maintain BUY on CCOLA with a DCF based TP of TRY42.
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.
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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