BGC Partners: MIGROS - Conference Call Highlights
Overall tone was positive, particularly with respect to the successful deleveraging efforts and increasing online presence which is expected to drive more sales. Our impression after 4Q19 results and 2020E guidance is that operating profitability (adjusted for IFRS 16 and net interest cost on purchases) would at best stay flat y/y (if not 10-20bps lower) while the quicker than expected repayment of Euro-denominated debt could lead to lower foreign currency losses than we predict. We maintain BUY rating on Migros, with 12-mth TP of TL29.6/sh. Company presentation is available at /en/Icerik.aspx?IcerikID=220Migros 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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