YATAS-BUY maint'ed (TP: TL40.9, +41% upside)
YATAS-NEW REPORT_BUY maint'ed (TP: TL40.9, +41% upside): 1) We revised up our revenue targets for 2019 and 2020, coming closer to mngt targets, given very strong performance so far, now expect 33% CAGR growth for the next 3 yrs). 2) 0n 2018 alone, we expect 43~% topline growth and 75% bottomline growth, implying 10x PE (15% discount to int peers). 3) On 2019E, YATAS trades at 7x PE and 5.6x EV/EBITDA, referring to 26% discount to int peers. 4) Upside risk: i) We still foresee 15% EBITDA for the LT, but if we were to assume mngt guidance of 20%, TP would rise to TL61.6/share indicating 112% upside potential.ii) Acquisitions in EMEA and new brand acquisition in Turkey.
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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