WOOD Flash – Enerjisa Enerji: posts solid growth for 1Q20 and updates 2020E guidance
Yesterday (5 May), after the market closed, Enerjisa reported its 1Q20 results. The numbers are solid, but in line. We believe that the updated 2020E guidance and the company’s comments on the effects of the COVID-19 crisis should reaffirm to the market that Enerjisa is one of the few names that can tackle the current market environment with positive FCF this year, and a strong growth outlook ahead. After a painful performance in March and April, Enerjisa has had a very good run in the past two weeks, outperforming the index (since our price target hike on 23 April, Enerjisa added 14%, as of yesterday). The company’s results and new guidance are broadly in line with our recently updated numbers and we remain BUYers of Enerjisa.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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