Teb Yatirim - Turkiye Sigorta (GUSGR) TURKEY INSURANCE - Gunes Sigorta â€“ Meeting Takeaways

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Teb Yatirim

Kurthan Atmaca

EUR 10.00 For Business Accounts Only

TURKEY INSURANCE - Gunes Sigorta â€“ Meeting Takeaways

Management expects to launch the IPO of Gunes Sigorta’s 37.1% subsidiary, VakÄ±f Private Pension and Life Company, in 2020. Gunes Sigorta may create noticeable cash inflow from the potential IPO, according to management. The book value of the 37.1% stake is at TRY533m.

Management stated that there is a total of TRY246m loss in retained earnings in the company’s balance sheet. To be able to distribute dividend, the loss in retained earnings have to turn positive. If Gunes Sigorta manages to post stronger earnings in 4Q and in 2020, it may distribute a dividend in 2021, according to management.

19/11/2019 5 EN

Underlying

Turkiye Sigorta

Gunes Sigorta AS is a Turkey-based company that provides a range of insurance services. Its products include fire, accident, shipping, engineering, legal protection, credit, agriculture, health and life insurance packages. In addition to these main insurance types, it also offers specific coverage for events or products, such as robbery, money transport, glass, hotel liability, travel, product responsibility, office, profit loss and traffic-related issues. The Company operates through 11 regional offices, three representative offices and approximately 2,600 agencies in Turkey. The Company's main shareholders are VakifBank (32.22%), a Turkish bank, and Groupama (30%), a French insurance company.

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TRAGUSGR91O3 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

Kurthan Atmaca

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TURKEY INSURANCE - Gunes Sigorta â€“ Meeting Takeaways

Gunes Sigorta A S: 1 director sold

Ford Equity International Rating and Forecast Report

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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