2Q12 earnings review: Higher
bottom-line thanks to one-off gains…
Park Elektrik Madencilik
posted a TRY 45mn net profit in 2Q12, exceeding our estimate of TRY 32.5mn and
the consensus estimate of TRY 32.3mn. Revenues also rose by 131% y/y/ and 17%
q/q to TRY 78mn, which surpasses our estimate of TRY 63.4mn and the consensus
of TRY 61.3mn.
Park Elektrik’s EBITDA came in at TRY 39.1mn, hence
below than our estimate of TRY 47mn and consensus of TRY 43.0mn. Yet although
EBITDA was below the estimates, one-off gains helped to boost the bottom line.
Dividend income of TRY 5.2mn from Park Termik, and the correction in group
accounting transactions brought a TRY 6.8mn income, which explains the
deviation between our estimates and actual figures.
Meanwhile, the EBITDA margin came in at 50.1%, which
is significantly below our estimate of 74.1% and consensus estimate of 70.1%.
According to company officials, this fall mainly stemmed from increasing costs
of underground mining. In the nature of the mining business, increasing the
depth of underground mining raises costs, and we expect lower margins when
compared to the previous three quarters.
Although we observe lower operational margins in the
financials, one-off gains have boosted the bottom-line. The share price rises
0.4% following the release of the financials amid prevailing negative market
sentiment and we view them as slightly positive for the share price. All in
all, we maintain our “Accumulate” recommendation with a target price of TRY
6.12.
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