Logo Yazılım (LOGO TI) - Sequentially, a tad better show: Maintain Buy
Logo’s 3Q19 net income was in line with RT consensus forecast but slightly lower than our estimate. While the operational performance was slightly higher than our expectation, it was the higher-than-expected financial expense that led to divergence in bottom-line to our estimate.
Management kept its guidance for 2019 unchanged. We also retain our forecasts and maintain BUY. Note that management expects TRY402m consolidated revenue, TRY131m EBITDA and TRY71m PBT for 2019. This compares with our 2019E top-line of TRY398m and EBITDA of TRY130m, which are quite close to management guidance. Maintain BUY.
Logo Yazilim Sanayi ve Ticaret AS is a Turkey-based company engaged in the development of computer operation systems, business application software, database structures, multimedia software, as well as in the provision of technical support and service, and training. The Company's products are offered in eight units: Small and Medium Enterprises (SME) products, Enterprise Resource Planning (ERP) products, Java products, Vertical solutions, Integration products, Human Resources (HR) products, Business Intelligence solutions, Mobile solutions and LOGO keys. Its products and services are used in a range of industries, such as distribution, machine and automotive spare parts, marine, packaging, retailing, cement, glass, steel, furniture, telecommunication, information technology (IT), tourism and textile. The Company has business partners in Azerbaijan, Egypt, Georgia, Germany, India, Iran, Iraq, Kazakhstan, Kyrgyzstan, Kosovo, Kuwait, Libya, Russia, Sudan, Syria, Turkmenistan, and the Unit
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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