BGC PARTNERS - MAVI COMPANY UPDATE - BUY MAINTAINED
We maintain BUY rating on Mavi, with a DCF-based 12-month target price of TL67.0/sh (unchanged)... We foresee a total return potential of 29%, including a dividend yield of 1.0%. The Board proposed a Gross DPS of TL0.52/sh to be voted at the AGM. Mavi has a promising growth story and a successful track record so far. We project 2017-20E revenue and earnings CAGR of 21% and 37% respectively.Mavi Giyim Sanayi ve Ticaret AS is a Turkey-based company, which designs and manufactures apparel and accessories, under the Mavi brand, for both women and men. The Company offers pants, jackets, shirts, shorts, dresses, skirts, and joggers. The Company operates more than 390 mono-brand Mavi stores with particular presence in Turkey, the United States (following the acquisition of Mavi USA), Canada (following the acquisition of Mavi Canada), Europe (centered on Germany) and Russia, more than 5,000 global points of sale, as well as an online store. It has a retail base in Turkey with more than 200 mono-brand retail stores, more than 60 franchise-operated mono-brand retail stores and more than 400 multi-brand points of sale across the country. Its wholesale partners include Nordstrom, Bloomingdale's and Peek & Cloppenburg.
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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