BGC Partners: MAVI BUY Maintained –3Q18 Earnings in line
Mavi reported 3Q18 net profit of TL43mn (-4% y/y), in line with expectations… The reported net profit is 1% lower than consensus and 8% lower than our expectation. Mavi surprised on the upside at the EBITDA level, with 3Q18 margin reaching 20.8% (vs. 18.4% in 3Q17 and expectations of 18.9%), thanks to a jump in gross margin to 52.3% in 3Q18 vs. 50.9% in 3Q17, in addition to slightly stronger Turkish retail revenue growth of 36% y/y in 3Q18 which was the main reason for the 2% beat in 3Q18 revenue compared to our expectation.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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