Ulker Biskuvi Sanayi (ULKER TI) - Another good set of numbers: Maintain Buy
Ulker posted TRY122m net income in 2Q19, slightly better than RT consensus of TRY115m and much better than our estimate of TRY99m. The difference between estimates and the net income stemmed from better-than-expected operating performance in 2Q19. EBITDA soared by 59% y-y to TRY319m, better than both our TRY290m estimate and RT consensus of TRY288m.
Even with our conservative estimates for Ulker, the stock is trading at a 54% discount on 2019 EV/EBITDA and 58% discount on 2019 P/E, compared to the averages of its international peers.
Ulker Biskuvi Sanayi is a manufacturer and marketer of biscuit, chocolate coated biscuit, wafer, cake and chocolate. Co.'s brands include Potibor, Cizi, Krispi, Haylayf, Mavi YePil, HanYmeller, Bebe BiskUvisi, Biskrem, Krim Kraker, Probis, Cokoprens, As Kraker, Bathak, Ykram, Canpare, Rondo, Altinbasak, Kat Tat, Halley, Kat Kat Tat, Cubuk Kraker, Alpella Ring, Hasat, Bolero, Saklykoy, Dore and Haylayf.
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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