Teb Yatirim - Kafein Yazilim Hizmetleri Ticaret AS (KFEIN) Earnings Review / Kafein YazÄ±lÄ±m (KFEIN TI) - 3Q results missed estimates: Maintain Buy

Report

Teb Yatirim

Kurthan Atmaca

EUR 8.59 For Business Accounts Only

Earnings Review / Kafein YazÄ±lÄ±m (KFEIN TI) - 3Q results missed estimates: Maintain Buy

Kafein Yazilim posted TRY2.5m net income in 3Q18, below our estimate of TRY3.5m. A long holiday period in 3Q affected top-line performance, causing a miss also at the bottom-line. The other reason for the bottom-line miss was that some invoicing was postponed to 4Q, which moved net profit of TRY1m to the next quarter.

Following quarterly results, we revise our estimates and lower our target price by 9.7% to TRY9.45. Although Kafein Yazilim’s financial performance has been less than ideal this quarter, all factors contributing to this are one-off in nature and highly unlikely to be repeated in 4Q18. We still believe the company has strong fundamentals and retain our BUY recommendation.

01/11/2018 12 EN

Underlying

Kafein Yazilim Hizmetleri Ticaret AS

See profile

Istanbul Stock Exchange Turkey

Provider

Teb Yatirim

TEB Investment equity research analysts and strategist team consists of 8 analysts with an average finance sector experience of 15 years and special focus on international investors.

With our 6 equity research analysts we cover 93 companies across 21 sectors, reflecting 80% of the total market capitalization of all BIST companies and 86% of the BIST100 companies. Our strategy team provides in depth top-down and bottom-up market views with insight on FX and bond markets by publishing sectoral and strategic reports both in English and Turkish.

See profile

Analysts

Kurthan Atmaca

Other Reports on these Companies

Teb Yatirim

Kafein YazÄ±lÄ±m (KFEIN TI) - Fairly valued, downgrade to HOLD

Fairly valued, downgrade to HOLD Kafein’s shares have rallied by 80% in TRY terms and outperformed the BIST-100 by 64% in the past six months. We have made minor changes to our estimates for 2019/20/21, which does not necessitate a revision in our DCF-based TP. After the recent rally, at current levels, we believe the stock is fairly valued and downgrade to HOLD from Buy.

EUR 10.00

December 6, 2019 December 6, 2019 9 EN

Teb Yatirim

Kafein YazÄ±lÄ±m (KFEIN TI) - Comfortable with 2019 targets: Maintain Buy

We met with Kafein YazÄ±lÄ±m management to get an understanding of the recent developments and also their expectations for 2H. Considering the business volume generated until August-end, management feels comfortable about reaching its y-y growth target of 40% at the net profit level in 2019. The receivable collection period from Turk Telekom had risen to six months as of 2017, from the typical three months, probably due to shareholder problems. The problem worsened and this period rose to nine months in 2018. However, Turk Telekom’s receivable collection period has come down to 5-6 months in ...

EUR 8.59

September 5, 2019 September 5, 2019 7 EN

Teb Yatirim

TURKISH SOFTWARE - Soft power

Software has become an essential input for operations of virtually all businesses, across industries and sectors along with delving deeper into every aspect of consumers’ life. As the information and communication technology (ICT) sector continues to expand globally, in Turkey too software is one of the fastest growing segments. During 2014-18, Turkey’s software sector grew at 23% CAGR to TRY18.3b - sector exports reached USD773m, growing at 17% CAGR in the mentioned period. Over and above the growth seen in conventional segments, we believe that the Internet of Things (IoT), the fourth indus...

EUR 8.59

June 20, 2019 June 20, 2019 1 EN

TURKEY STEEL - Strong outlook prevails

We believe Turkish blast-furnace steelmakers are poised for stellar earnings growth in 2021, supported by favourable global steel sector outlook. Following the cut in steel production, owing to fall in demand as a result of Covid-19, steel supply is yet catch up with the pick-up in demand. We expect the supply-demand mismatch to continue over the near term, as we expect strong demand post Covid-19. While the current steel prices may be unsustainable with the normalisation in supply, we believe the robust earnings momentum expected in 1H21 provides enough room for further re-rating.

EUR 10.00

January 21, 2021 January 21, 2021 EN

Akif Dasıran

Akif Dasıran

Turkcell (TCELL TI) - Investments on the rise: Maintain Hold

Turkcell’s net income soared by 51% y-y to TRY1.2b, beating both RT consensus of TRY1.04b and our TRY975m estimate. EBITDA grew by 16% y-y to TRY3.4b, in-line with our estimate but better than RT consensus of TRY3.2b. Although the operating performance was in-line with our estimate, lower than expected impairment losses on financial and contract assets (TRY49m in 3Q20 vs our estimate of TRY150m) and lower than expected financial expenses boosted the bottom line. Higher operational capex pushed up net debt and impacted the company’s 2020 guidance. Maintain HOLD on TCELL.

EUR 10.00

November 11, 2020 November 11, 2020 1 EN

Akif Dasıran

Akif Dasıran

Ulker Biskuvi Sanayi (ULKER TI) - Proven resilience: Maintain Buy

Ulker’s net income increased by 27% y-y to TRY323m in 3Q20, beating both our estimate of TRY249m and RT consensus of TRY239m. The operating performance, in terms of EBITDA growth and margin, was slightly better than our estimate while fair value increase of short-term financial assets further boosted the bottom-line beat. Following upbeat 3Q20 results, we maintain BUY on ULKER, on the back of its attractive valuation and resilient operations.

EUR 10.00

November 11, 2020 November 11, 2020 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

Earnings Review / Kafein YazÄ±lÄ±m (KFEIN TI) - 3Q results missed estimates: Maintain Buy

Kafein YazÄ±lÄ±m (KFEIN TI) - Fairly valued, downgrade to HOLD

Kafein YazÄ±lÄ±m (KFEIN TI) - Comfortable with 2019 targets: Maintain Buy

TURKISH SOFTWARE - Soft power

TURKEY STEEL - Strong outlook prevails

Turkcell (TCELL TI) - Investments on the rise: Maintain Hold

Ulker Biskuvi Sanayi (ULKER TI) - Proven resilience: Maintain Buy

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