Earnings Review / Turk Traktor (TTRAK TI) - Surviving a perfect storm: Maintain Buy
Turk Traktor posted TRY29m net income in 3Q18, slightly better than our estimate of TRY27m and RT consensus of TRY26m. Despite a challenging environment for farm tractor producers with a sluggish demand in Turkey, TTRAK posted strong EBITDA growth in 3Q18. Nevertheless, higher financial expenses repressed the bottom-line as expected.
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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