BIZIM 2Q18 - BETTER
In 2Q18 Bizim reported TL4.8mn (vs. net loss of TL9.7mn in 2Q17) vs mkt cons of TL3.5mn. Beat expectations in terms of both main category revenue growth and EBITDA margin, thanks to the sustained strength of main category gross margin. The company’s new sales strategy has helped achieve stronger operational results over the last 12 months and with 1H18 results, BIZIM appears well ahead of its previous 2018 guidance of achieving revenue growth of at least mid-teens (1H18A: +30%) and EBITDA margin of 2.5-2.9% (1H18A: 3.2%) while the net profit guidance of ~10mn (1H18A: TL5.7mn) also appears well within reach. The new guidance statement is yet to be released and we will be watching out for the remarks from the management on outlook in the remainder during today’s conference call to be held at 16:30 local time (with details below). HOLD maintained
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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