Turk Traktor (TTRAK TI) - Turbulence well-managed so far: Maintain Buy
Turk Traktor posted TRY74m net income in 4Q18, better than Bloomberg consensus of TRY60m and much better than our estimate of TRY56m. Although the operational performance was broadly in-line with estimates, lower than expected financial expenses underpinned the bottom-line beat in 4Q18.
Compared to its global peers, TTRAK trades at a 25% discount on 2019E EV/EBITDA of 6.5x and a 16% discount on 2019E P/E of 10x. We maintain BUY due to its attractive valuation.
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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