Equity Analysis /Turkey
SISE, ANACM, TRKCM, SODA Company report
13 September 2019
Sisecam is one of the world’s leading glass products manufacturers having a vertically integrated business model benefitting from significant economies of scale and synergies across its business segments. It has 4 different segments: Flat Glass, Glass Packaging, Chemicals and Glassware. Thanks to its investments on a global scale, SISE managed to transform to a global player from a local player. The share of international revenues in total has increased to 61% in 2018 from 23% in 2012. SISE’s MCap discount to NAV narrowed in the recent years supported by simplification of ownership structure and SISE now trades at 3.3% discount compared to its NAV (6-year historical discount 10%). Despite its qualities as a holding, we believe that most of the positives are priced in.