Earnings Review / Coca-Cola Icecek (CCOLA TI) - Higher FX hedging, better NI: Maintain Buy
Coca Cola Icecek (CCI) posted TRY187m net income in 2Q18, much better than Research Turkey consensus of TRY36m and our estimate of TRY28m. Although the operating performance was in-line with our estimate, lower-than-expected FX loss in 2Q18 positively affected the bottom-line in 2Q18.
We maintain our BUY rating for the stock on the back of solid execution of its profitable growth strategy, possibility of entering into new market(s) and attractive valuation
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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