Teb Yatirim - Tekfen Holding (TKFEN) Tekfen Holding (TKFEN TI) - Solid results as expected: Maintain Hold

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Teb Yatirim

Erdem Kaylı

EUR 8.55 For Business Accounts Only

Tekfen Holding (TKFEN TI) - Solid results as expected: Maintain Hold

Tekfen Holding reported a net income of TRY400m in 2Q19, in line with our estimate of TRY406m but slightly higher than RT consensus of TRY378m. Operationally, 2Q19 EBITDA (excl. profit from affiliates) of TRY451m met our estimate of TRY455m (vs. market consensus of TRY444m). In 2Q19, Tekfen Holding posted a solid set of results, backed by robust core operations.

We maintain our HOLD call on Tekfen Holding, backed by its risk/reward profile. Given its predominantly USD-based revenue stream and cash position, we expect the company to have resilient cash generation in case of a challenging macro.

02/08/2019 1 EN

Underlying

Tekfen Holding

Tekfen Holding conducts its operations in four main business segments: Contracting, Agriculture, Real Estate and Other operations. Contracting group focuses on construction of petroleum and gas facilities, land and sea terminals, offshore platforms and tank farms. Agricultural group has operations in chemical fertilizer, ground and vegetable grain, production, distribution and trade of seedling and sapling. Real estate group operates in designing, constructing, renting, and sale of real estates such as residents, offices, shopping centers and hotels. Operations of other segment comprise of light-pulp trading, cotton yarn production and trading, insurance services and holding operations.

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TRETKHO00012 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

Erdem Kaylı

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Coverage discontinued (AEFES TI, AYGAZ TI, ENJSA TI, EREGL TI, TKFEN TI, VESBE TI)

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Tekfen Holding (TKFEN TI) - Solid results as expected: Maintain Hold

Tekfen Holding A.S.: 1 director

Coverage discontinued (AEFES TI, AYGAZ TI, ENJSA TI, EREGL TI, TKFEN TI, VESBE TI)

The Rear-View Mirror – EME markets: gains in all geographies – Turkey back on top

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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