WOOD Flash – Enerjisa Enerji: 4Q19 results – another good quarter, 32% beat vs. consensus net income estimate
Yesterday (19 February), after the market closed, Enerjisa reported its 4Q19 results. The operational earnings were in line with both our and the market’s estimates. The underlying income, however, beat our estimate by 8% and the consensus estimate by 32%. We expect a positive market reaction today, despite the strong performance recently. Enerjisa tackled a difficult market environment in 2019 and delivered on its guidance, while offering a generous dividend payout. Given the improved interest rates outlook and the potential upside for the company’s capex guidance, we believe there could be some upside risk for our price target (PT) of TRY 7.44/share. We also like the positive developments in the liberalised retail segment. Later today (20 February), at 18:00 local time, the company is scheduled to hold a call for investors.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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