Anadolu Cam 2Q12 earnings review: Estimates missed due to higher
financial expenses, despite better margins
Anadolu Cam posted a TRY 27.8mn net profit in 2Q12, which is below our
estimate of TRY 31.8mn and the Bloomberg consensus estimate of TRY 28.5mn. Net
profit plunged by 43% YoY and missed our estimate due to higher than expected
financial expenses. Although the bottom-line was below our estimates, we saw a
positive surprise on margins in 2Q12.
On the top line front, the company again posted strong growth in the
second quarter. Anadolu Cam’s sales rose by 21% YoY to TRY 429.1mn, which is
higher than the TRY 378.4mn estimate, but in line with the consensus estimate
of TRY 398.4mn. The deviation between our top line estimate and actual figure
mainly stemmed from a higher sales figure in foreign operations. The company
also increased its glass sales by 6.7% y/y to 505k tons in 2Q12 from 473k tons
in 2Q11 (1Q12: 356k tons).
Anadolu Cam’s gross and EBITDA margins improved to 28.1% and 23.7% in
2Q12 from 22.2% and 17.3% in 1Q12, respectively, which was above our 26.2% and
22.6% estimates.
We expect the financials to have a slightly negative impact on the share
price. We also welcome the improvement in margins and like the strong
operational performance of the company. As a conclusion, we reiterate our “Accumulate”
recommendation for Anadolu Cam with a TRY 2.83 target price.
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