BGC PARTNERS - BIM BUY MAINTAINED
• BUY maintained with new 12-mth target price of TL79.5/sh… Our DCF-based target price is 7% lower now at TL79.5/sh vs. TL85.2/sh before, due to an upward revision in our risk-free rate assumption to 12.0%. We maintain BUY rating with a 12-mth total return potential of 19%, including 2.8% dividend yield. We expect the continuation of the outperformance of BIM shares due to i) The defensive nature of food retailing and BIM’s strong execution, ii) c16%-17% discount to historical P/E and EV/EBITDA multiples, iii) The positive signal effect from the buyback announcement.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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