BGC Partners: YATAS 4Q18 - BETTER
Yatas reported TL34.7mn net income in 4Q18 (consensus: TL29.0mn, BGC: TL29.3mn), better… Recall that strong bottom line was hinted by 2018 “tax office†results released on 19 February. In 4Q18, Yatas has benefited from VAT cut (to 8% from 18%) re-initiated in October, and TL’s stabilization after significant volatility in 2Q and 3Q18. The company posted TL271.8mn revenues in 4Q18 up by 32.9% y/y (consensus: TL268.7mn, BGC: TL267.6mn), as expected. The company has 412 total stores in 4Q18 including international stores (228 Enza home, 184 Yatas bedding) with 353.0k m2 sales area vs. 414 total stores in 3Q18 including international stores (224 Enza home, 190 Yatas bedding) with 348.2k m2 sales area. Thanks to better market conditions (stronger TL and improving consumer confidence, VAT cut, etc.) and price increases, Yatas posted an impressive TL45.5mn EBITDA in the quarter (16.7% margin), better than consensus estimate of TL36.7mn (13.6% margin) and BGC estimate of TL35.0mn (13.1% margin). Note that 4Qs are seasonally weaker than 2Qs and 3Qs; but the company’s 4Q18 performance is strong in our view.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.
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