BGC PARTNERS - 1Q18 MAVI IN LINE, BUY MAINTAINED
• 1Q18 net profit of TL23mn (+37% y/y) is in line with expectations… All line items are in line with expectations and Mavi’s full-year guidance. Solid contribution from Turkey retail sales (+30% y/y) which comprised 57% of the top line was the main driver of the 25% y/y revenue growth in 1Q18. Mavi improved its EBITDA margin by 50bps y/y to 13.5% in 1Q18 and net margin rose by c40bps y/y to 4.4% in 1Q18.Mavi Giyim Sanayi ve Ticaret AS is a Turkey-based company, which designs and manufactures apparel and accessories, under the Mavi brand, for both women and men. The Company offers pants, jackets, shirts, shorts, dresses, skirts, and joggers. The Company operates more than 390 mono-brand Mavi stores with particular presence in Turkey, the United States (following the acquisition of Mavi USA), Canada (following the acquisition of Mavi Canada), Europe (centered on Germany) and Russia, more than 5,000 global points of sale, as well as an online store. It has a retail base in Turkey with more than 200 mono-brand retail stores, more than 60 franchise-operated mono-brand retail stores and more than 400 multi-brand points of sale across the country. Its wholesale partners include Nordstrom, Bloomingdale's and Peek & Cloppenburg.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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