Page 27 - TURKRptAUG19

Arcelik
Vestel Beyaz
Source: Seker Invest
27 TURKEY Country Report August 2019
www.intellinews.com
slowdown in the EU, which is Turkey’s main export market, ING noted. The PMI survey also showed weakening price pressures due to a deceleration in input costs and output prices, supporting the central bank's easing cycle, which kicked off in July with a deeper than expected cut of 425 bps. “After hitting a bottom of 42.7 in September 2018, Turkey's PMI bounced back. But this recovery has stalled in recent months, reflecting the weakness of the rebound fuelled by stimulus measures and an expansionary fiscal stance,” ING’s chief economist for Turkey, Muhammet Mercan, said in a note to investors.
4.3.2 Corporate profits dynamics Net Profit (TRY mn)
Multiples
EV / EBITDA EV / SALES
-- --
--
Margins (H1) P/BV Profit EBITDA
0.81 -- 0.80 -- -- 0.55 --
2.80 8% 13% 0.81 11% 21% 0.85 14% 24%
1.20 33% 24%
1.64 15% 44% 2.51 7% 47%
1.45 18% 51%
1.83 10% 15%
Company BIST-100 BIST-ALL Garanti Bank Akbank Isbank
Yapi Kredi Koc Holding
Sabanci Holding Ford Otosan Tofas
Sise
Anadolu Cam Tupras Petkim
Soda
BIM
Erdemir Turkcell
Turk Telekom Turkish Airlines TAV
Sector Benchmark Borsa Istanbul Bank
Bank
Bank
Bank
Holding
Holding Automotive Automotive Glassmaker Glassmaker Refiner Chemicals Chemicals Retailer Steel
2018 y/y 88,880 20% 97,821 18% 6,638 5% 5,690 -6% 6,769 9%
H1
3,633 2,691
y/y P/E
-7% 6.40 -19% 7.78
-4% 4.91
4,667 29% 2,361
5,537
3,830 1,683 1,330 2,326 451 3,713 872 1,556 1,250 5,598 2,021 -1,391
13%
10% 13%
4% 733 90% 928 149% 257
-3%
-38%
135% 661
45% 49%
6% -11% 12%
1%
7.16 4.47 5.04 4.66 4.44 5.42
4.04 5.95
0.64 1.00 1.29
1.57
1.77 1.71
1.82
0.58
Telco
Telco
Airliner 4,045
Airports 1,455
White Goods 852 1% 444 39%
White Goods 623 111% 317 46% 3.96 3.75
2% 1,690 - 745
84% -
10.13 4.06 176.73 3.82
533%
103% 389 -15% 6.50 3.85