Teb Yatirim - Kafein Yazilim Hizmetleri Ticaret AS (KFEIN) Kafein YazÄ±lÄ±m (KFEIN TI) - 4Q better than expected: Maintain Buy

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Teb Yatirim

Kurthan Atmaca

EUR 8.59 For Business Accounts Only

Kafein YazÄ±lÄ±m (KFEIN TI) - 4Q better than expected: Maintain Buy

Kafein posted TRY6m net income in 4Q18, better than our estimate of TRY5m. No consensus estimate available. Although top-line was below our forecast, higher-than-expected operational margin led to the better than expected bottom-line performance. Following 2018 results, we raise 2019-21E (refer exhibit 2) for EBITDA and net profit due to better than expected operational margin. As such, we also increase our DCF-based TP from TRY10.1 to TRY10.5, and maintain BUY.

05/02/2019 8 EN

Underlying

Kafein Yazilim Hizmetleri Ticaret AS

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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.

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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.

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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

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Akif Dasıran

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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

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Kafein YazÄ±lÄ±m (KFEIN TI) - 4Q better than expected: 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

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