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.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
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 reported TL191.0mn net income in 4Q18 (3Q18: TL484.0mn, 4Q17: TL128.4mn), below estimates (BGC: TL305mn, consensus: TL265mn) but better than tax office financials… The net income figure is above the tax financials net income of TL1,039mn for the whole year vs. IFRS net income of TL1,174mn, which is positive (in 1Q18 tax office financials, the company had booked TL72mn expenses for tax fine (which was already booked in IFRS in the past), which is the main reason behind the difference). Koza Altin sold 74.3k oz gold in 4Q18 (table below), lower than our 91.8k estimate due mainly to l...
Arcelik announced that the company signed an agreement today to purchase 57% of Singer Bangladesh for US$75mn to be paid in cash. Singer owns 100% of International Appliances (IAL) which manufactures refrigerators. The company announcement can be reached at /UserFiles/file/Arcelik%20Investment%20into%20Bangladesh.pdf
Consumer confidence index (unadjusted) was 59.5 in March, compared to 57.9 in February and a high of 73.1 in July. August’s crash in TL and persistently rising lending rates had taken their toll on consumer confidence levels while TL’s partial re-appreciation, some pull-back in loan rates, and tax breaks seem to have led to a stabilization recently but no material improvement.
Yatas reported TL34.7mn net income in 4Q18 (consensus: TL29.0mn, BGC: TL29.3mn), better… Recall that strong bottom line was hinted by 2018 “tax office” results released on 19 February. In 4Q18, Yatas has benefited from VAT cut (to 8% from 18%) re-initiated in October, and TL’s stabilization after significant volatility in 2Q and 3Q18. The company posted TL271.8mn revenues in 4Q18 up by 32.9% y/y (consensus: TL268.7mn, BGC: TL267.6mn), as expected. The company has 412 total stores in 4Q18 including international stores (228 Enza home, 184 Yatas bedding) with 353.0k m2 sales area vs. 414 total ...
No EBITDA margin or EBITDA per ton guidance has been provided by the management for 2019 at this stage. A profitability guidance will be provided after the announcement of 1Q19 results. The only guidance for 2019 is 2.4mt sales volume (2017: 2.2mt, BGCe: 2.3mt) and US$117mn capex (2017: US$81mn, BGCe: US$110mn). The main focus will be on the sales of value added products in the product mix.
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