BGC Partners: BIM: Company Update - BUY (Maintained
BIM’s 1Q19 results reflect the downward pressure on margins as expected… Pre-IFRS 16 EBITDA margin dropped to 4.7% in 1Q19 vs. 5.2% in 1Q18 and 5.6% in 4Q18 as gross margin declined by 50bps y/y to 17.0%. There was no operating leverage benefits in 1Q due to the 26% minimum wage hike. Yet, the 29% y/y revenue growth was ahead of the 23% - 27% guidance for 2019. EBITDA margin was closer to the lower-end of the 4.5%-5.5% guidance for 2019.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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