Ford Otosan (FROTO TI) - Operationally in-line: Maintain Hold
Ford Otosan posted TRY411m net income in 4Q18 vs RT consensus of TRY528m and our estimate of TRY510m. Although the operating performance was essentially in-line with our estimate, higher than expected other expenses from operating activities repressed the bottom-line in 4Q18.
Despite lower share of domestic sales, EBITDA margin improved by 89bp y-y to 8.1%. Pricing strategy in Turkey and strict Opex control contributed to the operational profitability in 4Q18. EBITDA soared 38% y-y to TRY818m in 4Q18, in-line with our estimate of TRY800m but better than consensus of TRY765m. Maintain HOLD with an unchanged TP of TRY61.
Ford Otomotiv Sanayi is an automobile manufacturing company based in Turkey. Co. operates as a joint venture between Ford Motor Company and the Koc Group of Companies. Co. is engaged in manufacturing, assembling and selling motor vehicles, primarily commercial vehicles, imports and sells passenger cars and manufactures and imports and sells spare parts of those vehicles. Co. has two plants located in Kocaeli and Eskisehir, has a spare part distribution warehouse in Kartal, Istanbul and a branch in Tubitak Marmara Research Centre, Gebze Campus Technological Free Zone (TEKSEB).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.