Teb Yatirim - Migros Ticaret A.S (MGROS) Earnings Review / Migros Ticaret (MGROS TI) - Operationally better than expected: Maintain Buy

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Teb Yatirim

Akif Dasıran

Earnings Review / Migros Ticaret (MGROS TI) - Operationally better than expected: Maintain Buy

Migros posted TRY290m net loss in 2Q18, in-line with our estimate of TRY285m net loss and RT consensus of TRY286m net loss. Although the company posted better than expected EBITDA in 2Q18, higher interest expenses curbed the bottom-line in 2Q18.

We maintain our BUY rating for Migros, as the company benefits from increasing inflation and Kipa merger will contribute to operational efficiency improvement near term. On the other hand, overhang risk stemming from remaining shares of BC Partners may continue to weigh on share price performance in the short term.

10/08/2018 8 EN

Underlying

Migros Ticaret A.S

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.

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TREMGTI00012 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

Akif Dasıran

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