Ford Otosan (FROTO TI) - Strong exports save the quarter: Maintain Buy
Ford Otosan posted TRY410m net income in 2Q19, slightly lower than RT consensus's TRY427m but largely in line with our TRY413m estimate.
Exports, accounting for 87% of revenues, increased by 24% y-y in 2Q19.
Despite a challenging environment in 2Q19, FROTO achieved an EBITDA margin of 8.6%, compared to the average 2Q EBITDA margin of the last 10 years of 8.5%.
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.
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