BGC Partners: YATAS 4Q19 Earnings - Weaker
Yatas reported TL19.1mn net income in 4Q19, lower (consensus: TL26mn, BGC: TL24mn)… Due to slightly lower operational performance and slightly higher financial expenses, Yatas posted TL19.1mn net income in 4Q19, lower than estimates (consensus: TL26mn, BGC: TL24mn). In 4Q19, Yatas recorded revenues of TL327.4mn, up by 20.5%, in line with estimates (consensus: TL352mn, BGC: TL321mn). The company has 444 total stores as of 2019-end including international stores (233 Enza Home, 210 Yatas Bedding, 1 Divan Ev) with 361k m2 sales area vs. 394 total stores as of 2018-end including international stores (219 Enza Home, 175 Yatas Bedding, no Divan Ev) with 394k m2 sales area. The target for 2020 is to hit 658 stores (288 Enza Home, 269 Yatas Bedding, 101 Divan Ev) with 630k m2 sales ares (182k will be Divan Ev). Revenue target for 2020 is TL1.6bn as indicated in the activity report (BGC: TL1.6bn).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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