Teb Yatirim - Kafein Yazilim Hizmetleri Ticaret AS (KFEIN) Kafein YazÄ±lÄ±m (KFEIN TI) - Fairly valued, downgrade to HOLD

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Teb Yatirim

Kurthan Atmaca

EUR 10.00 For Business Accounts Only

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.

06/12/2019 9 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

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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 ...

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Akif Dasıran

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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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