BGC PARTNERS - 1Q18 YATAS SLIGHTLY BETTER
Overall, we think that Yatas’ 1Q18 performance is slightly positive. We maintain our BUY rating for the company with 57% upside potential. Yatas trades at 9.2x 2018E P/E (2019E: 6.6x) and 6.9x 2018E EV/EBITDA (2019E: 5.1x) on our current Estimates, at 22% discount to its peers. Given negligible net debt and the growth potential (39% CAGR in the last 4 years), we think that these multiples are quite attractive. The company still targets to open a total of 151 stores in 2018 (111 domestic stores and 40 international stores), aiming to reach 535 total stores and 398.1k m2 sales area at the year-end. The guidance for 2018 is 50% top line growth (around TL1,200mn revenues) and around 15% EBITDA margin. On 31 May, the company will hold its General Assembly and approve the 250% bonus issue, while we expect the share split to take place towards the end of June.Yatas Yatak ve Yorgan Sanayi Ticaret AS is a Turkey-based company engaged in the manufacture and marketing furniture and other related home furnishing products. The Company's products include bedroom, living room, children's room and dining room furniture, bedspreads, bedding sets, pillows, pillow covers, sleeping bags, towels and bathrobes, mattresses, quilts and blankets. Yatas Yatak ve Yorgan Sanayi Ticaret As operates three manufacturing plants in Kayseri and Ankara, and has over 400 sale points, as well as a regional office in Ankara. The Company exports its products to over 45 countries, including the United States, the United Kingdom, the Netherlands, Germany, Hungary, Bulgaria, Kenya, Russia, Romania and North Cyprus. As of December 31, 2010, the Company had two affiliates: Kay-Ser AS and Valya Mobilya Uretim AS.
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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