Teb Yatirim - Naturel Yenilenebilir Enerji Ticaret (NATEN) Naturel Enerji (NATEN TI) - Downgrading after recent rally: Downgrading to Hold

Report

Teb Yatirim

Kurthan Atmaca

EUR 10.00 For Business Accounts Only

Naturel Enerji (NATEN TI) - Downgrading after recent rally: Downgrading to Hold

Naturel Enerji posted a net profit of TRY7.8m in 3Q19, higher than our TRY4m net profit estimate. Better-than-expected operational figures and higher-than-expected non-operational income of TRY4.2m led to better-than-expected bottom-line performance.

We pencil in minor changes in our estimates, which does not necessitate a revision in our DCF-based TP. The 3Q19 results were better than our expectations, but post the stock’s rally of 56.5% over the last one month (vs BIST-100 of 1%), we find the stock fairly valued and therefore downgrade from Buy to HOLD.

11/11/2019 8 EN

Underlying

Naturel Yenilenebilir Enerji Ticaret

Naturel Yenilenebilir Enerji Ticaret AS. Naturel Yenilenebilir Enerji Ticaret AS is a Turkey-based company engaged in the renewable energy sector. The Company provides services within four business areas: Electricity Generation, offering site preparation surveys and tests, feasibility studies, legal support, project design and engineering, turnkey installation, and plant maintenance, among others, for development of renewable energy systems; Measurement, developing wind, solar and offshore control and measurement stations; New Technologies, focusing on research and development activities within wave power, hydrogen energy, biomass, carbon capture and storage, as well as concentrated solar power systems, and Solutions, supporting the design, engineering and commissioning of power transmission and distribution lines, as well as substations.

See profile

TRENATU00026 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.

See profile

Analysts

Kurthan Atmaca

Other Reports on these Companies

Teb Yatirim

Naturel Enerji (NATEN TI)

With USD78.3m worth of investments, we expect Naturel Enerji’s (Naten) capacity to quadruple, reaching 100 MWp from the current figure of 21.7 MWp by mid-2021. Consequently, we foresee the company’s electricity generation EBITDA grow at a CAGR of 152% over the next three years. Thanks to a jump in electricity prices, introduction of the net metering scheme and a decline in installation costs, the feasibility of rooftop solar investment for an industrial facility improved significantly in the last 1.5 years. Deriving strength from the jump in rooftop installations, mini YEKA projects and the Y...

EUR 10.00

October 11, 2019 October 11, 2019 1 EN

TURKEY STEEL - Strong outlook prevails

We believe Turkish blast-furnace steelmakers are poised for stellar earnings growth in 2021, supported by favourable global steel sector outlook. Following the cut in steel production, owing to fall in demand as a result of Covid-19, steel supply is yet catch up with the pick-up in demand. We expect the supply-demand mismatch to continue over the near term, as we expect strong demand post Covid-19. While the current steel prices may be unsustainable with the normalisation in supply, we believe the robust earnings momentum expected in 1H21 provides enough room for further re-rating.

EUR 10.00

January 21, 2021 January 21, 2021 EN

Akif Dasıran

Akif Dasıran

Turkcell (TCELL TI) - Investments on the rise: Maintain Hold

Turkcell’s net income soared by 51% y-y to TRY1.2b, beating both RT consensus of TRY1.04b and our TRY975m estimate. EBITDA grew by 16% y-y to TRY3.4b, in-line with our estimate but better than RT consensus of TRY3.2b. Although the operating performance was in-line with our estimate, lower than expected impairment losses on financial and contract assets (TRY49m in 3Q20 vs our estimate of TRY150m) and lower than expected financial expenses boosted the bottom line. Higher operational capex pushed up net debt and impacted the company’s 2020 guidance. Maintain HOLD on TCELL.

EUR 10.00

November 11, 2020 November 11, 2020 1 EN

Akif Dasıran

Akif Dasıran

Ulker Biskuvi Sanayi (ULKER TI) - Proven resilience: Maintain Buy

Ulker’s net income increased by 27% y-y to TRY323m in 3Q20, beating both our estimate of TRY249m and RT consensus of TRY239m. The operating performance, in terms of EBITDA growth and margin, was slightly better than our estimate while fair value increase of short-term financial assets further boosted the bottom-line beat. Following upbeat 3Q20 results, we maintain BUY on ULKER, on the back of its attractive valuation and resilient operations.

EUR 10.00

November 11, 2020 November 11, 2020 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Naturel Enerji (NATEN TI) - Downgrading after recent rally: Downgrading to Hold

Naturel Enerji (NATEN TI)

TURKEY STEEL - Strong outlook prevails

Turkcell (TCELL TI) - Investments on the rise: Maintain Hold

Ulker Biskuvi Sanayi (ULKER TI) - Proven resilience: Maintain Buy

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe