WOOD Flash – Arcelik: 4Q20 – strong results top off a historic year, margin compression coming in 2021E
The 4Q20 reporting season started yesterday (25 January) with Arcelik. The numbers remained robust for the second quarter in a row, with sales of TRY 13.3bn (+59% yoy), EBITDA of TRY 1.9bn (+107% yoy) and net profit of TRY 1.2bn (+385% yoy). The FCF reached TRY 4.9bn in 2020, with a FCF yield of 20% and a net debt/EBITDA of 0.95x. Arcelik had a historic year, with surprisingly strong demand in 2H20 and a favourable cost environment, due to low raw materials prices. The stock has re-rated by 67% in the LTM (38% outperformance vs. the BIST100).Arcelik is engaged in the commercial and industrial activities in respect of the production, sales and marketing, customer services after sales, exportation and importation of consumer durable goods and consumer electronics. Co. has two segments: white goods reportable segment, which comprises washing machines, dryers, dish washers, refrigerators, ovens, cookers and the services provided for these products; and the consumer goods reportable segment, which comprises televisions primarily with flat screens, computers, cash registers, other electronic devices and the services provided to consumers for these products.
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.
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