AYGAZ BUY (upgraded)
BUY (upgraded)
AYGAZ
Introduction to an electricity story… We upgrade our recommendation to BUY on the back of strong valuation despite discounts applied to non‐controlling stakes in Tupras and Yapi Kredi and promising partnership with AES in electricity generation business. We revised up our target Mcap for Aygaz by 8% to US$2.1bn parallel to upward revisions in Tupras and Yapi Kredi Bank and including Entek in our valuation at the transaction price. A solid step towards being an energy holding… Aygaz recently agreed with US energy giant AES to dispose its 49.6% stake in its electricity generation subsidiary, Entek for US$136mn, implying a total equity value of US$275mn. The share transfer is expected to be completed in 1H11. This partnership is an important step to achieve the long term goal to be an energy holding rather than a stand‐alone LPG company. A promising partnership… With the completion of the deal, Entek will become a joint venture seeking to invest in potential electricity generation projects in Turkey and neighbouring countries as well as privatization tenders. The two parties plan to build a diversified and sizeable electricity generation portfolio and be among the largest players in the sector. Although we cannot currently quantify the possible benefits from AES partnership, we believe it will change the picture for Aygaz given the strong track record of Koc Holding in JVs and the expertise of AES in electricity business. Dividend amounts might fluctuate on the back of a possible motive to retain the cash for equity contributions to electricity projects, depending on the investments in the medium term. However, we believe investments in cash generating projects are more positive for the valuation. Upcoming privatization for Istanbul natural gas distribution… Aygaz is also interested in Igdas privatization which might be in 1H11 possibly together with a foreign partner. Igdas is as important as the electricity business for the company. Deal value for Igdas is speculated to be US$3‐4bn. Risks… Delays in the completion of Entek transaction, fierce competition in electricity generation privatizations, regulatory risks in the electricity business, fierce competition in LPG market and a revision in excise taxes lowering the price advantage of autogas are major risks. AYGAZ Company Update
December 9, 2010 Price Data Current Price (TL, 8‐Dec‐10) 8.24 Current Mcap (US$ mn) 1,667 12‐mth Target Price (TL/share) (excluding dividend) 10.04 12‐mth Target Mcap (US$ mn) (excluding dividend) 2,071 12‐mth Forecast Returns (TL) Net Dividend Yield 4% Capital Appreciation 24% 12‐mth Total Return 29% Financials (TL mn) 2009 2010E 2011E 2012E Net Sales 3,787 4,431 4,747 5,122 % ch yoy 6 17 7 8 EBITDA 390 297 310 312 % ch yoy 16 ‐24 4 1 Net Income 315 260 245 268 % ch yoy 1121 ‐17 ‐6 10 Margins (%) 2009 2010E 2011E 2012E Gross Margin 14.6 10.3 10.5 10.3 EBITDA Margin 10.3 6.7 6.5 6.1 Net Profit Margin 8.3 5.9 5.2 5.2 Net Dividend Yield (TL) 1.0 3.4 4.5 4.2 Ratios 2009 2010E 2011E 2012E P/E (TL, x) 7.9 9.5 10.1 9.2 EV/EBITDA (TL, x) 4.0 5.3 5.1 5.0 EV/Sales (TL, x) 0.4 0.4 0.3 0.3 ROE (%) 20.2 14.4 12.4 12.6 Stock Data Ticker AYGAZ.IS AYGAZ TI Sector Oil& Derivatives # of Shares (mn) 300 3M Av. Trd. Vol. (mn) 3.4 52‐week Range 5.14 8.24 Market Data ISE‐100 67,705 TL/US$ 1.4829 Price Chart (US$) AYGAZ
ISE‐100 Rebased
6.0 5.0 4.0 3.0 2.0 D‐09
F‐10
A‐10
Price Performance US$ Absolute ISE‐100 Relative Shareholder Stucture Koc Holding Temel Ticaret Koc Family Liquid Petroleum Dev. Co. Free Float
J‐10
1M ‐2% 10%
A‐10
3M 25% 10%
O‐10
YTD 46% 14%
D‐10
YoY 53% 12% 41% 5% 5% 25% 24%
Ezgi Ozturk [email protected] Tel: +90 212 339 4225 1
VALUATION AND RECOMMENDATION WACC Assumptions Beta Risk Free Rate Equity Risk Premium Corporate Tax Rate %Debt %Equity Cost of Debt Cost of Equity WACC
Upgrading to BUY… We upgrade our rating for Aygaz to BUY from HOLD on the back of attractive valuation with 29% upside potential and partnership with the US energy 0.80 5.5% giant AES in electricity generation business. 4.5% 20.0% 20.0% 80.0% 9.0% 9.1% 8.7%
We revised our valuation for Aygaz including Entek at the agreed transaction price. Previously, we were including Entek in Aygaz’ NAV at a quite conservative valuation implying an equity value of US$110mn for the company. According to the latest announcement from Aygaz, the US‐based electricity generation company AES agreed to acquire 49.62% stake in Aygaz’ electricity generation arm for US$136mn pointing to an Mcap of US$275mn for the company. The transaction is expected to be completed in 1H11. Entek will become a JV between AES and Koc Group companies. We have recently raised our target Mcaps for Tupras and Yapi Kredi by 10% and 14%, respectively. Since the indirect stakes in Tupras and Yapi Kredi Bank are non‐controlling and currently Aygaz does not have an intention to unlock the value via a disposal, we continue to apply 30% discount to target values of these stakes. As might be recalled, through 20% ownership in EYAS, which owns 51% of Tupras, Aygaz has 10% indirect stake in Tupras. By the same logic, through the 1.97% stake in KFS, which owns 81.8% of Yapi Kredi Bank, Aygaz has 1.6% indirect stake in Yapi Kredi Bank.
Sum of the Parts Valuation of Aygaz, US$mn Business
LPG Electricity (Entek)* Akpa Pazarlama Enerji Yatirimlari (51% of TUPRS)** Koc Financial Services ( 81.8% of YKBNK)**
Valuation Method DCF Transaction Price 6.0x 2011E EV/EBITDA DCF & Multiples Gordon Growth Model
Equity Value
Equity Share
Portfolio Value
% of Total Portfolio
1,080 275 33 2,793 13,237
99% 86% 100% 20% 2%
1,069 237 33 559 261
50% 11% 2% 26% 12%
Total Portfolio Value 2,158 Expected Dividend (net) 74 Target Mcap, excluding dividend 2,071 Current Mcap (December 8, 2010) 1,667 Capital appreciation 24% 4% Dividend Yield (net) 12‐mth Total Return 29% * AES agreed to acquire 49.62% stake in Entek for US$136mn, implying and equity value of US$275mn for Entek. Transaction is expected to be compeleted in 1H11. **Since the indirect stakes in Tupras and Yapi Kredi Bank are non‐controlling and currently Aygaz does not have an intention to unlock the value via a disposal, we applied 30% discount to target values of these stakes. Source: BGC Partners' Estimates
AYGAZ Company Update
2
AES Partnership in Electricity Business… Solid steps towards being an energy holding… Parallel to the contraction in LPG business, Aygaz seeks other growth opportunities such as electricity generation, gas distribution and gas importation. The company has recently taken an important step to achieve the long term goal to be an energy holding rather than a stand‐alone LPG company. Aygaz agreed with US‐based energy company AES to dispose its 49.62% stake in Entek for US$136mn, implying a total equity value of US$275mn for Entek. The share transaction is subject to approvals from Competition Board and EMRA. We expect the deal to be closed in 1H11. Koc Holding had already declared its interest in electricity generation business and its plans to grow in this sector either through acquisitions or greenfield investments. However, we did not know the decision of the holding whether to grow in this business via Aygaz or a separate SPV until the announcement of AES‐Entek deal. After the share transfer, Aygaz will continue to hold 39.6% stake in Entek, while Koc Holding’s parent Temel Ticaret and Mogaz will hold the remaining shares. Entek will become a joint venture seeking to invest in potential electricity generation projects including privatization tenders. AES and Aygaz will consider different kinds of power generation projects excluding nuclear business in both Turkey and neighbouring countries. The two parties plan to build a diversified and sizeable electricity generation portfolio and to be among the largest players in the sector. A promising partnership… Although we cannot currently quantify the possible benefits from AES partnership, we believe this partnership will change the picture for Aygaz given the strong track record of Koc Holding in JVs and the expertise of AES in electricity business. AES in brief… AES, founded in 1981 in Texas, is a global energy company with electricity generation and distribution operations in five continents mainly concentrated in America. AES has around 130 electricity generation plants with a total installed capacity of ~40,000 MW. The company operates 15 different electricity distribution regions. Consolidated revenues of AES stood at US$14bn in 2009. AES started Turkey operations in May 2007 through the acquisition of 51% stake in IC Ictas Energy Group. Current installed capacity of the group is only 26MW at the moment, while 390 MW is under construction. However, with the completion of the Entek share transfer, AES will operate in Turkish electricity market solely under Entek.
Aygaz ‐ Current Electricity Generation Portfolio
Plant Location
Kocaeli Bursa
Capacity (MW)
Activity
License‐end
Gas
157.2
Operational
2030
Gas
142.6
Operational
2023
Gas
2.3
Operational
2019
Ordu
Hydro
12.1
Planning Phase
2057
Denizli
Hydro
28.7
Planning Phase
2056
Istanbul
Fuel Type
Source: Energy Market Regulatory Agency, Company Data AYGAZ Company Update
3
Upcoming privatizations… Privatization Administration plans to privatize the state electricity generation assets (EUAS portfolio) which reach a total capacity of 16,000 MW. Four relatively larger plants with a total capacity of 3,074 MW are planned to be privatized separately, while the remaining capacity is grouped into 9 portfolios consisting of gas, coal and hydro assets. Tenders for the assets which are planned to be privatized separately are expected to be kicked off in 1H11.
Generation Portfolios Plant Afsin‐Elbistan A Afsin Elbistan B Portfolio 1 Total Ambarli Gas Ambarli Fuel Oil Portfolio 2 Total Aliaga Kangal Tuncbilek Catalagzi Portfolio 3 Total Bursa Orhaneli Gokcekaya Sariyar Yenice Portfolio 4 Total Kemerkoy Yatagan Yenikoy Demirkopru Adiguzel Kemer Karacaoren‐1 Gezende Portfolio 5 Total Altinkaya Derbent Hirfanli Kesikkopru Kapulukaya Portfolio 6 Total Hasan Ugurlu Suat Ugurlu Almus Kokluce Kilickaya Camligoze Portfolio 7 Total Çatalan Aslantas Menzelet Kisik Karkamis Portfolio 8 Total Dogankent Kurtun Tortum Ozluce Portfolio 9 Total TOTAL CAPACITY Source: Privatization Administration, EMRA
Fuel Type Coal Coal
Gas Fuel Oil
Gas Coal Coal Coal
Gas Coal Hydro Hydro Hydro
Coal Coal Coal Hydro Hydro Hydro Hydro Hydro
Hydro Hydro Hydro Hydro Hydro
Hydro Hydro Hydro Hydro Hydro Hydro
Hydro Hydro Hydro Hydro Hydro
Hydro Hydro Hydro Hydro
AYGAZ Company Update
Capacity (MW) 1,355 1,440 2,795 1,351 630 1,981 180 457 365 300 1,302 1,432 210 278 160 38 2,118 630 630 420 69 62 48 32 159 2,050 703 56 128 76 54 1,017 500 69 27 90 120 32 838 169 138 124 10 189 630 75 85 26 170 356 16,161
4
Plants to be Privatized Separately Plant
Hamitabat Soma A‐B Can Seyitomer Source: Privatization Administration, EMRA
Fuel Type Gas Coal Coal Coal
Capacity (MW) 1,120 1,034 320 600
Electricity demand in Turkey is highly resilient to economic downturns… Electricity demand in Turkey is normally around 2pps higher than Turkish GDP growth. According to projections by TEIAS, the state electricity transmission company, electricity demand is expected to grow at a CAGR of 6.3% in 2009‐2018 period based on low demand scenario. On the other hand, high demand scenario points to 7% annual growth during the same period. Although the regulatory issues such as electricity prices, government price and purchase guarantees are not clearly formulated at the moment, significant demand growth motivated AES to invest in Turkish electricity market.
GDP Growth vs. Electricity Consumption Growth (2000‐2010)
GDP Growth
12%
Electricity demand growth
9%
6% 3%
0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010E
‐3%
‐6% Source: TEIAS, BGC Partners Along with the electricity generation projects, natural gas distribution and importation are the other projects to become an energy holding. Igdas privatization is on the agenda… Aygaz has a strong interest in Istanbul natural gas distribution company (Igdas) which is expected to be privatized in 2011. Highest bid submitted for 80% shares of Ankara natural gas distribution company (Baskentgaz) which has 2.1bn m³ gas consumption and 1.2mn subscribers, was US$1.2bn at the tender in August 2010. Based on Baskentgaz deal, deal value for 100% stake in Igdas might be around US$3‐4bn, since Igdas has much higher gas consumption (around 4bn m³) and subscriber (4.2mn) number figures. Due to the size of the deal, Aygaz might participate in Igdas tender together with a foreign partner. AYGAZ Company Update
5
According to the guidance we received from the company, Igdas privatization is as important as the electricity generation business for Aygaz. Acquisition of natural gas import licenses… BOTAS, Petroleum Pipeline Corporation, is expected to open tenders for natural gas import licenses in order to liberalize the market. Aygaz might obtain the license to import around 6bn m³, if BOTAS kicks off the tenders. The company aims to utilize the imported gas for both its future power generation portfolio and Igdas in case of an acquisition. Dividend amounts might fluctuate depending on the investments in the medium term on the back of a possible motive to retain the cash for equity contributions to electricity projects. However, we believe investments in cash generating projects are more positive for the valuation.
REVISIONS TO ESTIMATES We revised up our 12‐mth target Mcap for Aygaz by 8% due to incorporating Entek into our valuation at the transaction price and upward revisions in our Tupras and Yapi Kredi Bank target prices. In addition we revised our earnings estimates for Aygaz based on our new electricity, natural gas and LPG price forecasts and Tupras’ earnings expectation. We recently re‐ initiated Tupras due to coverage change and revised all our estimates for the company. Aygaz ‐ Revisions to Estimates (TLmn)
Revenues
growth
margin
Current 2010E 2011E
2012E
4,431
4,747
5,122
4,528
4,804
5,026
17%
7%
8%
17%
6%
5%
297
310
312
315
282
295
6.7%
6.5%
6.1%
7.0%
5.9%
5.9%
260
245
268
234
209
235
5.9%
5.2%
5.2%
5.2%
4.4%
4.7%
EBITDA Net Profit
2012E
Previous 2010E 2011E
margin
Target Mcap+dividend
Potential Upside
2,145
1,992
29%
19%
Source: BGC Partners' Estimates EBITDA: We trimmed our EBITDA estimate for 2010 by 6% on the back of a higher opex/sales expectation in 4Q10 based on the company guidance. On the other hand, we raised 2011 and 2012 EBITDA estimates parallel to lower natural gas price forecasts for these periods. Net Profit: Our net profit forecasts increased parallel to upward revisions in Tupras net income and EBITDA from Entek. Remember that, Aygaz has an indirect 10% stake in Tupras and books 20% of the parent company of Tupras, EYAS via equity pick up. Accordingly, bottom‐line of Tupras affects Aygaz’ net income substantially. AYGAZ Company Update
6
Meanwhile, we deducted a possible cash outflow of TL150mn from Tupras’ 2011 income due to the tax penalty. Tupras was notified a tax liability of TL605mn which consists of TL242mn original tax liability and TL363mn penalty. An interest will also be calculated over the original tax liability (TL242mn). We expect Tupras to either settle the tax payment or benefit from the tax restructuring program which is currently discussed at the Parliament. In both cases, we roughly estimated a total cash outflow of TL150mn.
3Q10 Earnings Review Aygaz reported TL115mn net income in 3Q10, in line with market consensus of TL107mn, but better than our expectation of TL84mn. Deviation of our expectation from actual figures mainly resulted from higher contribution from electricity segment and EYAS. LPG Business: Total sales volume of Aygaz stood at 395K tons in 3Q10, down by 4% YoY, while LPG market remained almost flat. Sales volume figure was around 7% higher than we anticipated. In addition, according to our calculations, with the easing competition, the company gained market share in all of the segments on a QoQ basis, performing better than our expectations. Aygaz continues to be the market leader in LPG sector, currently having 28.5% share. EBITDA in LPG business came in at TL73mn, broadly in line with our expectation of TL68mn. On the back of lower distribution margins and higher competition EBITDA contracted by 12% YoY in 3Q10. Electricity Business: Electricity sales volume including steam sales soared by 85% YoY with full consolidation of Eltek, the electricity trading company. Excluding the trading volume, electricity sales volume was up by 14% YoY parallel to higher demand in 3Q10. Thanks to better pricing environment in the DUY system and lower natural gas cost compared to 1H10, Entek could improve EBITDA margin by 8.5 pps QoQ. However, EBITDA margin deteriorated by 2.3 pps YoY due to the initiation of hourly pricing mechanism in the DUY system in December 2009. Higher sales volume, better pricing and full consolidation of the trading company (Eltek) led to an EBITDA figure of TL16mn which is up by 33% YoY and more than 300% QoQ. Meanwhile, our expectation was at TL5mn level. Contribution from EYAS (Tupras SPV) exceeded our forecast. Aygaz booked TL56mn profit due to its stake in EYAS. As might be recalled, Aygaz has 20% stake in EYAS, the SPV for Tupras acquisition which has 51% stake in Tupras. EYAS has a net debt position of around US$1bn. Hence, appreciation of TL is quite positive for EYAS’ profits. All in all, 3Q10 results were impressive on the electricity segment. However, this performance is not sustainable in 4Q10, since 3Q10 was a high season.
AYGAZ Company Update
7
Aygaz ‐ Income Statement (TLmn)
3Q10 1,227 ‐1,094 134 ‐64 2 71 56 5 130 ‐15 0 115
3Q09 955 ‐823 132 ‐60 ‐10 62 34 0 96 ‐13 ‐5 89
YoY 28% 33% 1% 8% n.m. 13% 64% n.m. 36% 19% n.m. 30%
2Q10 1,070 ‐965 104 ‐63 4 46 6 2 54 ‐8 1 45
QoQ 15% 13% 28% 3% ‐59% 55% 815% 94% 141% 91% ‐97% 155%
9M10 3,354 ‐3,008 346 ‐186 11 171 62 13 247 ‐35 1 211
9M09 2,577 ‐2,148 430 ‐164 ‐2 264 46 ‐28 282 ‐45 5 232
YoY 30% 40% ‐19% 14% n.m. ‐35% 35% n.m. ‐13% ‐21% ‐87% ‐9%
EBITDA
94
97
‐3%
60.5
54%
228
338
‐33%
Margins Gross Margin EBIT Margin EBITDA Margin PBT Margin Net Margin
10.9% 5.6% 7.6% 10.6% 9.4%
13.8% 7.6% 10.1% 10.0% 9.3%
‐2.9pps ‐1.9pps ‐2.5pps 0.6pps 0.1pps
9.8% 3.9% 5.7% 5.1% 4.2%
1.1pps 1.7pps 2.0pps 5.6pps 5.2pps
10.3% 4.8% 6.8% 7.4% 6.3%
16.7% 10.3% 13.1% 11.0% 9.0%
‐6.4pps ‐5.5pps ‐6.3pps ‐3.6pps ‐2.7pps
FX Rate TL/US$ Closing TL/US$ Average
1.4512
1.4820 1.4935
‐2.1% 0.9%
1.5747 1.5307
‐7.8% ‐1.5%
1.4512 1.5140
1.4820 1.5690
‐2.1% ‐3.5%
Net Sales Cost of Goods Sold Gross Profit Operating Expenses Other Income, Net Operating Profit Profit /(Loss) from Subsidiarie Financial Expenses, Net Profit Before Tax Taxation on Income Minority Interest Net Profit
Source: Company Data, BGC Partners
1.5076
AYGAZ Company Update
8
FINANCIAL STATEMENTS Aygaz ‐ Income Statement (TLmn) Net Sales Cost of Goods Sold Gross Profit Operating Expenses Other Income, Net Operating Profit Profit /(Loss) from Subsidiaries Financial Expenses, Net Profit Before Tax Taxation on Income Minority Interest Net Profit
EBITDA
Margins
Gross Margin EBIT Margin EBITDA Margin PBT Margin Net Margin
Assumptions TRL/USD Average TRL/USD Closing Source: BGC Partners' Estimates
2007 3,157 ‐2,754 403 ‐234 11 180 171 68 419 ‐53 3 440
2008 3,579 ‐3,103 476 ‐232 9 253 ‐88 ‐102 63 ‐31 16 26
2009 3,787 ‐3,233 553 ‐260 50 343 54 ‐23 374 ‐48 12 315
2010E 4,431 ‐3,977 454 ‐252 13 215 89 6 310 ‐50 1 260
2011E 4,747 ‐4,250 497 ‐282 14 228 54 25 307 ‐61 1 245
2012E 5,122 ‐4,592 530 ‐314 15 231 93 12 337 ‐67 1 268
262
338
390
297
310
312
12.8% 5.3% 8.3% 13.3% 13.9%
13.3% 6.8% 9.4% 1.8% 0.7%
14.6% 7.7% 10.3% 9.9% 8.3%
10.3% 4.6% 6.7% 7.0% 5.9%
10.5% 4.5% 6.5% 6.5% 5.2%
10.3% 4.2% 6.1% 6.6% 5.2%
1.3017 1.1593
1.2930 1.5218
1.5474 1.4873
1.4947 1.4511
1.4548 1.5656
1.5300 1.5369
AYGAZ Company Update
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Aygaz ‐ Balance Sheet (TLmn) CURRENT ASSETS Liquid Assets Short‐Term Trade Receivables Inventories Other Current Assets NON‐CURRENT ASSETS Long‐Term Financial Assets Tangible Fixed Assets Intangible Fixed Assets Other Long‐Term Assets TOTAL ASSETS
SHORT TERM LIABILITIES Short‐Term Financial Loans Short‐Term Trade Payables Other Short‐Term Liabilities LONG TERM LIABILITIES Long‐Term Financial Loans Other Long‐Term Liabilities Minority Interests SHAREHOLDERS EQUITY TOTAL LIABILITIES & S.HOLDERS EQU
Financial Ratios Debt/Equity ROAA ROAE Trade receivable days Inventory days Trade payable days Cash Cycle Source: BGC Partners' Estimates
2007
2008
2009
2010E
2011E
2012E
506 97 279 109 21 1,788 1,060 711 5 13 2,294
799 405 267 84 42 1,666 944 672 4 46 2,465
862 408 343 89 22 1,746 1,007 711 4 24 2,608
872 350 363 134 25 1,804 1,095 682 4 23 2,676
1,021 430 417 147 27 1,822 1,133 661 4 25 2,843
1,126 486 450 162 28 1,843 1,173 641 3 26 2,969
368 15 240 113 427 324 104 81 1,418 2,294
823 392 327 104 169 56 113 74 1,400 2,465
559 259 171 128 292 176 116 43 1,714 2,608
478 84 252 141 250 128 122 48 1,900 2,676
518 93 277 148 230 103 127 51 2,043 2,843
480 102 222 156 215 82 133 56 2,218 2,969
56% 17% 30% 17 15 28 4
71% 1% 2% 27 11 33 6
50% 12% 20% 15 10 19 6
38% 10% 14% 15 10 19 6
37% 9% 12% 15 12 22 5
31% 9% 13% 16 12 20 8
AYGAZ Company Update
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BGC Istanbul Stock Ratings Rating STRONG BUY BUY HOLD SELL Total return
Definition The analyst expects with high conviction that the stock will generate a total return of at least +30% in USD terms over the next 12 months. The analyst expects that the stock will generate a total return of at least +15% in USD terms over the next 12 months. The analyst expects that the stock will generate a total return of less than +15% in USD terms over the next 12 months. The analyst expects that the stock will generate a negative return in USD terms over the next 12 months. Forecast percentage change in share price over the next 12 months from the current price + the forecast dividend yield
This document is produced by BGC Partners Menkul Degerler A.S. (“BGC”). Although information contained herein has been obtained from sources believed to be reliable, BGC does not guarantee its accuracy, completeness or reliability. Opinions and estimates may be withdrawn without prior notice. Calculations and valuations contained herein are intended as a basis for discussion. You hereby agree to carry out your own independent appraisal of the relevance and suitability of recommended transactions to your own specific needs, especially with regard to legal, financial and tax matters. Our analysis shall not be construed as an offer or solicitation to subscribe, sell, or lend securities or any other financial instrument and it is not intended to be the basis of any investment decision. BGC or its affiliates may hold buy and sell positions on any of the securities or financial instruments referred to herein. BGC may perform other services (including acting as inter‐dealer broker or adviser) in relation to any of the companies referred to herein. BGC makes no representation and gives no warranty as to the accuracy or completeness of the contents of this report. BGC, its officers, employees and affiliates shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in the information contained in this report or any reliance upon this report. This report may not be distributed to or passed on to anyone AYGAZ Company Update 11 who is not a client of BGC.
BGC Partners –Istanbul Research
Phone: +90 212 339 42 00 Fax: +90 212 353 13 01
Ali Riza Incekara, CFA
Ozgur Altug
Head of Research
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Strategy
+90 212 339 4203
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Funda Afacan
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Sales
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AYGAZ Company Update
12
