Teb Yatirim - Turkiye Vakiflar Bankasi Turk Anonim Ortakligi (VAKBN) Enka Insaat (ENKAI TI) - Operationally modest quarter: Maintain Buy

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Teb Yatirim

Ovunc Gursoy

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Enka Insaat (ENKAI TI) - Operationally modest quarter: Maintain Buy

3Q19 net income of TRY911m stood higher than our estimate of TRY736m and the RT consensus estimate of TRY675m. Strong bottom line came on higher than expected mark-to-market (MtM) gains of fixed-income investments and lower effective tax rate of 8% in 3Q19. Operationally, EBITDA of TRY572m stood 11% lower than our estimate of TRY646m (vs. RT consensus of TRY626m), marred by weaker profitability of the contracting and energy segments. In 3Q19, Enka booked net TRY598m income from its financial investments.

We maintain BUY due to solid cash flow amid challenging market dynamics. Also, at 2.2x 2019E EV/EBITDA, the stock trades at a deep 69% discount to its international peers. That said, we see the energy segment recording dismal earnings as at end of 2019, as operations at all the company’s plants have been suspended for now.

11/11/2019 11 EN

Underlying

Turkiye Vakiflar Bankasi Turk Anonim Ortakligi

Turkiye Vakiflar Bankasi (Vakifbank) is a banking and financial services company based in Turkey. Co. offers products and services that cover corporate, commercial, investment and small-scale enterprise banking as well as the retail and private banking sectors. Co. also provides financial leasing, portfolio management, real estate, insurance and factoring services through its financial participations. Co.'s deposit products include time and demand deposits, as well as loans comprise spot loans, foreign currency indexed loans, consumer loans, automobile and housing loans, working capital loans, gold loans, foreign currency loans, eximbank loans, and pre-export loans.

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TREVKFB00019 Istanbul Stock Exchange Turkey

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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

Ovunc Gursoy

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Enka Insaat (ENKAI TI) - Operationally modest quarter: Maintain Buy

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