BGC Partners: Migros 4Q18 Earnings Review - Bottom line lower, operationally slightly better
Migros reported 4Q18 net profit of TL359mn (vs. net loss of TL206mn in 4Q17) is lower than expected while the operational results are slightly better… Migros’ 4Q18 net profit of TL359mn is 23% lower than our estimate and 26% lower than consensus. Migros will hold a conference call today at 14:00 Istanbul time, the details of which are at the end of this note. BUY maintained.Migros Ticaret is a retailing group based in Turkey. Co. offers spacious stores in a wide range of formats and locations whose vast selection of stationery, glass and kitchenware, appliance, book, clothing, and other items along with groceries and other necessities. Co. maintains a store network of 1,004 national and international locations with a national presence in 70 provinces in Turkey's seven geographical regions. Store brand names include M, MM, MMM, 5M, MigroJet, Tansas, Macrocenter and Ramstores. Co. also provides customers alternatives such as internet, call centers, kiosks, catalogues, and mobile shopping networks.
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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