Equity Analysis /
Turkey

SISE, ANACM, TRKCM, SODA Company report

    Lutfu Gazioglu
    Lutfu Gazioglu

    Equity Research Analyst

    ATA Invest
    13 September 2019
    Published by
    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.