BGC Partners: MAVI 4Q18 Earnings Review - In line
Mavi reported 4Q18 net loss of TL2.5mn (vs. net profit of TL7.2mn in 4Q17), in line with expectations… The reported net profit is broadly in line with consensus of +TL2.4mn and our expectation of a net loss of 5.5mn. We maintain BUY rating and will go through the results in more detail. Mavi provided 2019 guidance officially for the first time, with no major surprises in our view. The company will hold a conference call at 16:00 Turkish time, with details at the bottom of this note.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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