Kafein Yazılım (KFEIN TI) - 1Q19 results beat expectations: Maintain Buy
Kafein posted TRY3.9m net income in 1Q19 - much better than our estimate of TRY3.0m. No consensus estimates were available. Although the top-line was roughly in-line with our forecast, a higher than expected operational margin led to better than expected bottom-line performance.
Following the strong 1Q19 results, we raise our EBITDA margin assumptions and lower our financial expenses assumptions, which lead to higher EPS estimates. Consequently, our DCF and peer group multiple based TP goes up by 17%, to TRY12.25, which offers a generous 81% upside potential.
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.
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