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BGC PARTNERS - BIZIM CONFERENCE CALL HIGHLIGHTS
We find Bizim Toptan’s 2018E targets achievable at the top-line and EBITDA margin level, both of which should indicate a relatively quick turnaround after the poor results in 4Q16 and 1Q17. The new management team at helm since February 2017 has shaken up the previous practices and delivered in terms of improving the customer and product mix as well as raising the gross margin. That said, the improvement at the EBITDA margin level observed in 1Q18 (at 3.1% vs -0.9% in 1Q17 and 1.4% in FY17) delivered a net margin of only 0.1% in 1Q18 (vs. -3.2% in 1Q17 and -0.4% in FY17), which is still low, and makes the company vulnerable to risks ranging from a downturn in the economy to execution, in our view.
Underlying
Bizim Toptan Satis Magazalari AS
Provider
BGC Partners
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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