reports
- Research Team
WOOD Morning (6 February)
HEADLINES: * Erdemir: 4Q17 financial results - EBITDA up 36% qoq, 4% above consensus POSITIVE * Pegasus Airlines: strong guidance for 2018E POSITIVE * Sabanci Holding: ENJSA IPO completed at lower end of valuation range POSITIVE * PKN Orlen: changes in management * Bucharest Stock Exchange: 4Q17E preview (due on 14 February) NEUTRAL * Banca Transilvania: 4Q17E results preview (due on 15 February) NEUTRAL * Short News (FTE, PFL, PL politics, ALR, GNB, MONET)
- Andy Jones
WOOD Flash – Erdemir: 4Q17 financial results – EBITDA up 36% qoq, ...
Erdemir has just reported its 4Q17 financial results, which were slightly above both our expectations (by 2% and 4% at the EBITDA and net income levels, respectively) and the consensus (4% and 6% above, respectively). The deviation from our numbers was driven entirely by higher sales volumes, which were 3% above our forecast, offset by costs that were marginally (2%) higher than we expected. Overall, the market should take these results as positive, in our view.
- Research Team
WOOD Morning (1 February)
HEADLINES: * Greek banks: EBA parameters provide more clarity * Grivalia: 4Q17 - higher expenses drive miss on FFO (BVPS EUR 9.3; FFOPS EUR 0.37) NEGATIVE * Garanti: 4Q17 wrap-up * Akbank: 4Q17 wrap-up * Forte: 4Q17 preliminary results - revenue erosion and continuous margin drop NEGATIVE * CEZ: splitting business would generate CZK 65bn additional value POSITIVE * CCC: departure of deputy CEO NEUTRAL * CCC: e-obuwie expects 2018E sales of PLN 1bn NEUTRAL * Nuclea...
- Oytun Altasli
- Research Team
Turkey: Non-Financials 4Q17E Previews – year-on-year growth momentum...
Turkish companies kicked off their 4Q17 earnings season this week. After 11.1% real GDP growth in 3Q, the momentum should have eased in 4Q, in our view, while the quarter was dented by currency volatility. Still, we expect the yoy growth to have remained robust – for the non-financials under our coverage, we calculate 31% and 9% median EBITDA growth yoy and qoq, respectively. On adjusted earnings, we see 16% and flat qoq net income yoy growth.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
ENKAI ENKA INSAAT VE SANAYI A.S.
CCOLA COCA-COLA ICECEK A.S.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
MGROS MIGROS TICARET A.S
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
AYGAZ AYGAZ A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
SAHOL HACI OMER SABANCI HOLDING A.S.
TKFEN TEKFEN HOLDING
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
ASELS TI ASELSAN
AEFES TI ANADOLU EFES
DPEU LN DP EURASIA
EREGL TI ERDEMIR
PGSUS TI PEGASUS AIRLINES
OTKAR TI OTOKAR
FROTO TI FORD OTOSAN
PETKM TI PETKIM
GUBRF TI GUBRETAS
DOC AV DO&CO
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.