Turkey’s Trakya Cam end-markets' outlook positive

Date: 26 September 2011
Source: http://www.balkans.com
Trakya Cam is Sisecam's flagship company in the flat glass segment. It mainly produces high-quality float, figured, coated, laminated, mirror and automotive glass types, and has an overall annual production capacity of 1.5mn tons of flat glass.

The company operates with seven float lines; six in Turkey (Kirklareli - Luleburgaz, Mersin - Tarsus, Bursa - Yenisehir) and one in Bulgaria (Targovishte). It also has joint ventures with St. Gobain, the world's leading glass producer, in Egypt and Russia. Trakya Cam has been one of the greatest beneficiaries of the strong growth/low interest rate environment in 2010 and 2011. As the company's end-markets are strongly correlated with GDP developments, its sales were boosted in the same period.

Trakya Cam mainly operates in the flat glass segment, where the product is predominantly used in construction, with a 70% share in total sales. Meanwhile, auto and processed glass for white goods each have an equal share of 15%.The company's end-markets' outlook is positive for the remainder of 2011 and 2012. For the construction segment, we modeled in 9.0% growth in 2011 and 6.0% in 2012; while for the automotive & white goods we foresee a 10% growth respectively. For the following years, we expect the growth to normalize at around 5-6%. On the margin front, a better pricing environment and stable natural gas increases have provided the company with better numbers. In 2010, the EBITDA margin rose to 28.7%, from 19.3% in the recessionary year of 2009. We foresee EBITDA margin of Trakya Cam to rise by 5% on average until 2013 & and stabilize at 31.0% in the mid- term.

600450 Turkey’s Trakya Cam end-markets' outlook positive glassonweb.com

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