WOOD Flash – Logo Yazilim: share split – new price target at TRY 47.0/share
Following the CMB’s approval on 10 June, Logo Yazilim’s earlier announced (board decision dated 20 April 2021) 300% bonus issue (stock dividend), raising the number of outstanding shares from 25m to 100m, took place on Monday (21 June), with an adjustment in the stock price to TRY 37.5, from the TRY 150 close last Friday (18 June). Therefore, we have adjusted our 12M price target (PT) of TRY 188/share for the Logo shares, to TRY 47.0/share, effective as of today. There are no changes in our earnings estimates or valuation for the company.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
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