Earnings Review / Turk Traktor (TTRAK TI) - Better than expected: Maintain Buy
Turk Traktor posted TRY81m net income in 2Q18, better than both our estimate of TRY59m and RT consensus of TRY56m. The divergence between our estimate and the result was mainly due to better-than-expected operating profitability of the company, despite all negatives in 2Q18 including lower CUR, unfavourable sales mix and higher costs for Turkey sales.
We maintain our BUY rating on Turk Traktor, which trades at a 46% discount on 2018E P/E of 8.5x and a 42% discount on 2018E EV/EBITDA of 6.1x compared to international peers.
Turk Traktor Ve Ziraat Makineleri is engaged in the manufacturing of agricultural machinery, such as tractors, harvesting machinery and earth moving machinery, and its allied parts, including gearboxes, transmission boxes, engine blocks, cylinder heads and hydraulic lifters. Co. sells New Holland and Case IH branded vehicles and equipments. Co. exports its products to over 50 countries.
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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