BGC Partners: MIGROS - BUY (Maintained)
Migros reported ahead-of-peers LFL revenue growth in 1H19 on our calculations, resulting in an upward revision in revenue guidance for 2019E to 23-25% from ~20% before. Cost pressures were also handled well with y/y EBITDA margin improvement. Space optimization of ex-Kipa stores continue, which would normally dilute revenue and margins. But traffic gains suggest customers increasingly accept Migros as a one-stop shop for a typical household’s needs; with not only every-day-low-prices on staples but also a wide offering.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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