BGC Partners: BIM - BUY Maintained (3Q18 Results & Company Update)
BUY maintained with new 12-mth target price of TL96.2/sh… We revisited our DCF model with the upward revisions to revenue/EBITDA forecasts which now point to a 12-mth target price of TL96.2/sh, 7% higher than our previous price target of TL89.6/sh. We maintain BUY rating. BIM’s best-in-class execution, superior net margin and ROE coupled with low-risk business model suggest that the current discount to historical multiples should close. The stock is trading at 11% discount to its last 1-year and 16-18% discount to its last 3-yr average multiples. We would also expect upward revisions to street estimates.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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