Migros Ticaret (MGROS TI) - Margin recovery continues at Kipa: Maintain Buy
Migros posted TRY238m net loss in 1Q18, in-line with RT consensus of TRY237m but better than our estimate of TRY283m. The operating performance was better than both our and consensus estimate with higher-than-expected EBITDA margin in the quarter. EBITDA margin improvement was intact in 1Q18, thanks to substantial increase in purchasing volumes after several acquisitions in the recent past.With this report, we revisit our 2018 estimates and TP.
Migros Ticaret is a retailing group based in Turkey. Co. offers spacious stores in a wide range of formats and locations whose vast selection of stationery, glass and kitchenware, appliance, book, clothing, and other items along with groceries and other necessities. Co. maintains a store network of 1,004 national and international locations with a national presence in 70 provinces in Turkey's seven geographical regions. Store brand names include M, MM, MMM, 5M, MigroJet, Tansas, Macrocenter and Ramstores. Co. also provides customers alternatives such as internet, call centers, kiosks, catalogues, and mobile shopping networks.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.