Edison Investment Research - Is Yatirim Menkul Degerler AS (ISMEN) Increasing estimates again

Report

Edison Investment Research

Increasing estimates again

Is Yatirim (ISY) produced a very strong result in H117 against the backdrop of an improved political and economic environment in Turkey, which has seen a strong improvement across capital markets. With the benefit of leading market positions, ISY has seen revenues increase across all product areas with particular strength in interest and trading. Meanwhile, costs have been kept under tight control and below the level of inflation, which is running in excess of 9% pa. We have significantly increased our forecasts for the current year, while prudently making little change to FY18 given the inherently uncertain nature of capital markets.

14/08/2017 8 EN

Underlying

Is Yatirim Menkul Degerler AS

See profile

TREISMD00011 Istanbul Stock Exchange Turkey

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Other Reports on these Companies

Edison Investment Research

Is Yatirim Menkul Degerler - Termination of coverage

Edison Investment Research is terminating coverage on Is Yatirim Menkul Degerler (ISMEN). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

November 12, 2017 November 12, 2017 1 EN

Edison Investment Research

Ahead of expectations

Is Yatirim’s (ISY) Q117 results showed a strong performance by the investment banking business, driven by robust equity, debt and derivatives markets, slight increases to some commission margins as well as continued growth in AUM, particularly from higher-fee pension fund assets. Is Investment (the investment bank) posted net profits more than 50% up on Q116, which was the strongest quarter in that year. With the exception of the NPL business, all the consolidated segments beat our expectations and we have revised our estimates upwards as a result. The government’s success in the 16 April refe...

May 11, 2017 May 11, 2017 7 EN

Pan African Resources - Tennant Creek acquisition

On 5 November, Pan African Resources (PAF) announced that it is to acquire privately owned Tennant Consolidated Mining Group (TCMG) in Australia’s Northern Territory for a total consideration of US$54.2m in an all-share deal that involves it issuing an additional 125.4m shares (or 6.5% of its existing share capital). The acquisition price equates to an undemanding US$42.15 per resource ounce of gold or US$139.21 per reserve ounce. While we expect the acquisition to have little effect on PAF’s earnings in FY25 (apart from the increase in share capital), we estimate that it will increase FY26 ea...

1h / 8m 1h / 8m 1 EN

Richard Williamson

Richard Williamson

Datatec - Operational focus drives H125 profit growth

In H125, while revenue declined due to mix and net revenue accounting, Datatec grew gross profit by 3.5% y-o-y and adjusted EBITDA by 18.5%, resulting in a 56.2% increase in underlying EPS (uEPS). Both Westcon and Logicalis International delivered strong profit growth, while Logicalis Latin America managed to offset lower revenues with reductions in its cost base. Management continues to expect a better financial performance from all three businesses in FY25. We have upgraded our forecasts to reflect the strong H125 performance, lifting FY25 uEPS by 10% and reducing year-end net debt by 12%.

4h / 4m 4h / 4m 1 EN

Toby Thorrington

Toby Thorrington

Braemar - On track to achieve FY25 targets

Braemar’s H125 results were in line with expectations, with modest revenue growth and some operational gearing evident in operating profit. The underlying activities continue to expand and diversify and Braemar remains well-positioned to drive its growth strategy. The trading outlook for FY25 is promising and we expect the company to be able to leverage its strong balance sheet in pursuit of strategic growth in a fragmented market. We maintain our underlying revenue and operating profit estimates for FY25 and FY26, as well as our 535p valuation, although EPS is affected by a reassessment of th...

4h / 44m 4h / 44m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Increasing estimates again

Is Yatirim Menkul Degerler - Termination of coverage

Ahead of expectations

Pan African Resources - Tennant Creek acquisition

Datatec - Operational focus drives H125 profit growth

Braemar - On track to achieve FY25 targets

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe