TURKEY CONGLOMERATES - Dogan Holding: Investor day notes
Dogan Holding (DOHOL TI, Not rated) hosted an investor day recently to share information about its business and the financial outlook for its subsidiaries. Key takeaways are:
Dogan has applied for an investment banking license. Once it receives permissions, it plans to start investment banking operations with a capital of TRY150m under its subsidiary D Yatırım Bankası. Management targets to reach TRY1b of asset size and TRY60m net profit in its first year of operation. In five years, management plans to reach an asset size of TRY5-6b with 20% ROE. Dogan plans to finance these operations via a bond issue, utilization of clearing, settlement and custody bank operations and funding from Dogan.
Dogan’s fuel oil distribution company, Aytemiz Petrol, incurred losses in both 2018 and 1H19 due to rising competition in the market and higher financial expenses. Management expects some pick up in 2H operations but it foresees the biggest improvement in 2020 driven by lower financial expenses due to declining interest rates and a recovery in operational profitability.
Dogan Sirketler Gruhu Holdings is a holding company. Co., through its subsidiaries, is engaged in four main business: Finance, Media, Energy and other. Other operations mainly comprise trade, touris, telecomunication and construction.
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