29 Ağustos 2012 Çarşamba

Gubre Fabrikaları Bilanço Analizi

Gubre Fabrikalari posted a TRY 3.8mn net profit in 2Q12, which is significantly below our estimate of TRY 38.6mn and the consensus estimate of TRY 38.9mn. The deviation between actual figures and our estimates mainly stemmed from higher OPEX and lower margins at Razi, the company’s Iranian subsidiary.
ü  Following the 2Q financials, we will revise our model, although we currently maintain our “Buy” call with a TRY 16.30 target price.

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