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Tofas posted a net earnings figure of TRY 126mn, which was in line with our TRY 127mn estimate and the TRY 124mn consensus estimate. In 4Q12, revenues grew by 15% q/q and remained flat in y/y terms, while the gross and EBITDA margins improved by 150bp y/y and 280bp y/y, respectively to 13.2% and 12.8%. Despite the fact that Tofas halted its production by fourteen days in 4Q12, we attribute the gross margin improvement mainly to the higher contribution from the take-or-pay agreements. Moreover, as operating expenses declined by 12% y/y and improved by 70bp y/y, as a percentage of revenues in 4Q12, the EBITDA margin improved by 280bp y/y to 12.8%. The net debt position improved to TRY648mn in 4Q12 from TRY804mn in 3Q12. Since the reported EBITDA and bottom-line figures were in line with expectations, we do not anticipate any major impact of the reported financials on the share price. Based on yesterday closing prices, Tofas trades at 10.2x of its 2013E earnings and 2013E EV/EBITDA of 6.5x.
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