BGC Partners:MIGROS - BUY Maintained (3Q19 review & update)
3Q19 net profit of TL179mn (vs. net loss of TL670m in 3Q18) is in line but operating profitability is better than predicted… Revenue grew by 21.3% y/y to TL6.5bn in 3Q19, in line with expectations. Revenue from international operations in fact declined by 4.9% y/y (slightly lower than predicted) to TL143mn on TL appreciation; while Turkey revenue growth at 22.0% y/y is rather encouraging, implying 18.7% average revenue/sqm growth (a LFL proxy) with headline CPI inflation at 9.3% as of Sep-19.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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