İŞ INVESTMENT – Tekfen Holding TKFEN TI Company Review – 19.08.2016
AKSEN 2Q16 Earnings Review: Weak set of results
Aksa Enerji announced net loss of TL18mn in its 2Q16 financials compared to a net profit of TL49mn a year ago. The announced figure is slightly better than our net loss estimate of TL21mn yet worse than consensus net loss estimate of TL2mn. The Company recorded net sales of TL660mn in 2Q16 up by 31% mainly due to the capacity increase and higher utilization of feed-in-tariff yet the figure is significantly lower than estimates (IS Investment: TL824mn, Consensus: TL733mn) mainly due to the lower than expected trading sales volume and CURs. Accordingly, the Company posted an EBITDA of TL107mn, down by 28% YoY, missing both our estimate of TL115mn and consensus call of TL117mn.
Comment: We may see a negative market reaction to the results as both operational profit and bottom-line are weaker than consensus estimates.