BGC Partners: BIM 3Q19 Conference Call Highlights
BIM does not see any improvements so far in 4Q19 compared with 3Q19, in terms of traffic and consumer sentiment. The company however maintains 23-27% revenue growth and 4.5-5.5% pre-IFRS EBITDA margin and a total number of ~820 store openings (700 BIM, 30 FILE and the rest abroad); to which we do not see any risks either. Despite the sharp decline in price in today’s trading following the 3Q19 report, we find that the stock may not recover immediately, even with the upcoming dividend payments in November (DPS: TL0.6/sh) and December (DPS: TL0.4/sh) as, based on what we heard today, no positive surprise is in the cards for the top line in 4Q.Bim Birlesik Magazalar is engaged in operating retail stores through its retail shops throughout Turkey, which sell an assortment of approx. 600 items, including a number of private labels. Co.'s object is to offer consumers basic food items and consumer goods at discount prices with quality. Co.'s private labels provides its consumers with quality tasting sausage, salami and similar meat products while at the same time being suitable to the consumers family budget. Products include meat products, breakfast and dairy products, beverages, legumes and bakery, snacks and sweets, fruits and vegetables, frozen foods, and non-food items - cleaning supplies.
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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