WOOD Flash – Enerjisa Enerji: 3Q19 results review – strong, in line with consensus
Yesterday (4 November), after the market closed, Enerjisa reported its 3Q19 results, fully in line with the consensus expectations. Following the 3Q19 results and the changing macro environment, from falling interest rates to lower inflation forecasts, we believe we have to adjust our FY19E numbers to fully reflect the recent developments. We see some downside for our current 2019E FCF and operational earnings estimates. At the same time, we like the recent moves by the regulator, which we read as positive signals for the electricity sector in Turkey, both downstream and upstream. We stay BUYers of Enerjisa and the company remains one of our top picks, despite the decent outperformance vs. the index since our initiation this April. We expect a neutral market reaction to the results this morning. Later today, at 18:00 local time, the company is scheduled to hold a call for investors. Dial in on 27; pin code: 65299036#.Enerjisa Enerji AS is a Turkey-based company engaged in the utilities sector. The Company, together with its subsidiaries, is primarily engaged in making investments in energy companies, and deals with the generation, sale, and distribution of electricity, as well as the trade of natural gas. The Company reports its business activities into two main segments: Electricity Distribution and Retail. The Electricity distribution segment includes the transmission of electricity over lines users through distribution networks and provides infrastructure investments in conformity with the energy market regulation authority (EMRA). The Retail segment conducts mainly retail sales of electricity to customers. Enerjisa Enerji AS operates through a number of subsidiaries, such as Baskent Edas, Ayedas and Toroslar Edas, among others.
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