WOOD Flash – Vestel Beyaz: 4Q19 results – stronger than expected
Yesterday (11 February), Vestel Beyaz (VESBE) reported its 4Q19 results, which were stronger than expected. The 4Q operational beat was driven by an improvement in export margins and stable raw materials prices, resulting in adjusted EBITDA (ex-IFRS 16) of TRY 230m (+76% yoy), 8% higher than our assumption. As the leverage remained well-managed (0.8x net debt/EBITDA) and assuming an 80% dividend payout, we see VESBE declaring a dividend of TRY 2.39/share, with a yield of 9.6%.Vestel Beyaz Esya Sanayi ve Ticaret AS (Vestel Beyaz Esya) is a Turkey-based manufacturer of home appliances, including no-frost, double door, and single door, refrigerators; washing machines with different capacities; air conditioners; ovens with different functions, and dishwashers. The Company operates production facilities in Manisa and Turkey. The Company's marketing and sales activities are carried out by two other group companies, Vestel Dayanikli Tuketim Mallari Pazarlama AS and Vestel Dis Ticaret AS. Vestel Beyaz Esya is a subsidiary of Vestel Group. In January 2014, Vestel Elektronik Sanayi ve Ticaret AS, increased its stake in the Company to 92.6%.
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