Koza Altin Isletmeleri AS

Koza Altin Isletmeleri AS. Koza Altin Isletmeleri AS is a Turkey-based company established to explore and operate gold mines in Turkey. The Company had a gold production of approximately 338,182 ounces in the 12 months of 2012. As at 31 December 2012, it had 53 operating licenses and 406 exploration licenses throughout Turkey in the Aegean and Marmara regions, the Black Sea region and Central and Eastern Anatolia. The Company owns four operating mines: an underground mine at Ovacik, a mine at Mastra & Cukuralan where it utilizes both underground and open pit mining methods, a mine in Cukuralan where it utilizes both underground and open pit mining methods and an open pit mine at Kaymaz.
  • TickerKOZAL
  • ISINTREKOAL00014
  • ExchangeIstanbul Stock Exchange
  • SectorMining
  • CountryTurkey

Analysts

Erdem Kaylı

TURKEY METALS & MINING - Robust performance in 1Q19

Koza Gold reported net income of TRY320m in 1Q19, in-line with our estimate of TRY324m and Research Turkey consensus of TRY327m. Operationally, 1Q19 EBITDA of TRY253m was 11% below our estimate of TRY284m (vs. market consensus of TRY293m) due to weaker gold production because of a lack of production from Mastra mine. In 1Q19, gold production surged 47% y-y to 68k oz gold which was 71.5k oz gold in 4Q18. This is 8% lower than our estimate of 74k oz gold, due to absence of production at the Mastra mine. Despite a lower gold production forecast, we raise our TP for Koza Gold by 2% and Koza Metal...

Erdem Hafizoglu

BGC Partners: KOZAL 1Q19 net income –IN LINE

Koza Altin reported TL319.5mn net income in 1Q19 (4Q18: TL191.0mn, 1Q18: TL141.5mn), in line (BGC: TL327mn, consensus: TL327mn), operationally lower… Strong cash position and FX long position (and TL's 7.0% depreciation against US$) helped the bottom line in the quarter as expected

Clement Genelot

ZALANDO: Q1 sales in line, the strong performance on EBIT remains to be proven over 2019 | NEUTRAL | EUR34(-19%)

ZALANDO - NEUTRAL | EUR34(-19%) Q1 sales in line, the strong performance on EBIT remains to be proven over 2019 Q1 growth in line with expectations As already flagged by Zalando, noticeable beat on adj EBIT Guidance confirmed for 2019 Neutral confirmed, no FV change prior to the conference call

Erdem Hafizoglu

BGC Partners: KOZA ALTIN (BUY Maintained, 60% upside)

• BUY maintained with a 60% upside potential… We updated our valuation for Koza Altin; a) excluding Sogut from reserves and resources, b) raising our 2019 production and sales volume estimate to 300k oz (guidance 300-320k oz), c) including 4Q18 financials and our latest macro assumptions, d) raising our cash cost estimate from US$500/oz to US$550/oz in the model staying more on the conservative side (although an improvement in volumes/grades is likely to push cash costs below US$500/oz). With the new set of assumptions, we decrease our TP for the company from TL79.3/share to TL70.8/share (down...

Erdem Kaylı

TURKEY METALS & MINING - Recovery continues with a temporary miss

Koza Gold reported net income of TRY191m in 4Q18, slightly lower than our estimate of TRY204m but 28% lower than Research Turkey’s TRY265m. Since the company had already announced gold production figures for 2018, the deviation at the bottom-line came from weaker operational performance on lower-than-expected gold production during the quarter. 4Q18 EBITDA of TRY256m came 22% lower than our estimate of TRY329m due to weaker gold production due to a temporary production halt at Kaymaz mine. We lowered our TP for Koza Gold by 2% and Koza Metal by 2% on slightly higher cash cost assumptions. We ...

Erdem Kaylı

TURKEY METALS & MINING - Robust performance in 1Q19

Koza Gold reported net income of TRY320m in 1Q19, in-line with our estimate of TRY324m and Research Turkey consensus of TRY327m. Operationally, 1Q19 EBITDA of TRY253m was 11% below our estimate of TRY284m (vs. market consensus of TRY293m) due to weaker gold production because of a lack of production from Mastra mine. In 1Q19, gold production surged 47% y-y to 68k oz gold which was 71.5k oz gold in 4Q18. This is 8% lower than our estimate of 74k oz gold, due to absence of production at the Mastra mine. Despite a lower gold production forecast, we raise our TP for Koza Gold by 2% and Koza Metal...

Erdem Hafizoglu

BGC Partners: KOZAL 1Q19 net income –IN LINE

Koza Altin reported TL319.5mn net income in 1Q19 (4Q18: TL191.0mn, 1Q18: TL141.5mn), in line (BGC: TL327mn, consensus: TL327mn), operationally lower… Strong cash position and FX long position (and TL's 7.0% depreciation against US$) helped the bottom line in the quarter as expected

Clement Genelot

ZALANDO: Q1 sales in line, the strong performance on EBIT remains to be proven over 2019 | NEUTRAL | EUR34(-19%)

ZALANDO - NEUTRAL | EUR34(-19%) Q1 sales in line, the strong performance on EBIT remains to be proven over 2019 Q1 growth in line with expectations As already flagged by Zalando, noticeable beat on adj EBIT Guidance confirmed for 2019 Neutral confirmed, no FV change prior to the conference call

Erdem Hafizoglu

BGC Partners: KOZA ALTIN (BUY Maintained, 60% upside)

• BUY maintained with a 60% upside potential… We updated our valuation for Koza Altin; a) excluding Sogut from reserves and resources, b) raising our 2019 production and sales volume estimate to 300k oz (guidance 300-320k oz), c) including 4Q18 financials and our latest macro assumptions, d) raising our cash cost estimate from US$500/oz to US$550/oz in the model staying more on the conservative side (although an improvement in volumes/grades is likely to push cash costs below US$500/oz). With the new set of assumptions, we decrease our TP for the company from TL79.3/share to TL70.8/share (down...

Erdem Kaylı

TURKEY METALS & MINING - Recovery continues with a temporary miss

Koza Gold reported net income of TRY191m in 4Q18, slightly lower than our estimate of TRY204m but 28% lower than Research Turkey’s TRY265m. Since the company had already announced gold production figures for 2018, the deviation at the bottom-line came from weaker operational performance on lower-than-expected gold production during the quarter. 4Q18 EBITDA of TRY256m came 22% lower than our estimate of TRY329m due to weaker gold production due to a temporary production halt at Kaymaz mine. We lowered our TP for Koza Gold by 2% and Koza Metal by 2% on slightly higher cash cost assumptions. We ...

KOZA ALTIN ISTML.AS reduced its risk exposure resulting in an upgrade to Slightly Positive

KOZA ALTIN ISTML.AS (TR), a company active in the Gold Mining industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date November 28, 2017, the closing price was TRY 29.68 and its potential was estimated at TRY 38.85.

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