MAVI BUY MAINTAINED
97% upside BUY MAINTAINED. Company reported revenue and earnings growth of 31% and 63% y/y respectively in 2Q18, leading to 1H18 revenue and earnings growth of 28% and 50% y/y respectively. 1H18 LFL revenue growth was 20.9%. Mavi further reported 26.4% LFL revenue growth rate between Aug 1- Sep 10 and raised its 2018 revenue GUIDANCE to reflect 30% growth now vs. 25% before, with LFL revenue growth of 20% instead of 16%.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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