Akcansa: a resilient business model that is hard to ignore (BUY - initiation of coverage)
We initiate coverage of Akcansa, one of Turkey’s leading cement producers, with a BUY rating and a price target (PT) of TRY 237. We see the company as one of the main beneficiaries of the strong domestic demand, backed by urban regeneration and earthquake reconstruction activities. Akcansa’s unique location gives the company the flexibility to shift between domestic and export sales. Akcansa is trading at 5.3x 2024E EV/EBITDA, an 18% discount vs. its global cement peers, on the consensus. On top of this, it is trading at a 42% EV/clinker discount vs. its domestic peers, which we see as unjustified.Co. is engaged in the manufacture and sale of clinker, cement and ready mixed concrete, establishment of facilities for the same or their purchase in part or in full.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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