Ulker Biskuvi Sanayi (ULKER TI) - Volume growth accelerated: Maintain Buy
Ulker posted TRY254m of net income in 3Q19, better than our estimate of TRY232m (which was the highest among consensus 3Q19 estimates) and much better than RT consensus of TRY209m. The bottom-line beat mainly stemmed from higher-than-expected operating performance in 3Q19.
After an upbeat 3Q19 results, we maintain our BUY rating on ULKER, on the back of its attractive valuation, strong growth outlook and improving profitability. Compared to its international peers, ULKER trades at a 60% discount on 2020E EV/EBITDA of 5.9x and a 62% discount on 2020E P/E of 8.5x.
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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