WOOD Flash – Logo Yazilim: weak 4Q23 results, but the details matter
Türkiye's leading enterprise application software (EAS) developer, Logo, reported its IAS29 inflation adjusted FY23 financials on 21 March, after the market closed, and hosted a conference call for investors on 22 March. In its 4Q23 IR presentation, the company also disclosed the key metrics for its 4Q23 performance on a pre-IAS29 basis (the basis for all the consensus estimates). The reported 4Q23 results were weaker than expected, while the annual NI in the IAS29-adjusted FY23 financials was also overshadowed by sizeable non-cash monetary losses related to the restatement of Logo’s asset-light balance sheet under the IAS29 inflation accounting rules. The market’s reaction to the company’s 4Q23 results was negative, with a c.10% sell-off in the stock price since the 21 March market close, but we have noticed management’s efforts to support the stock price, with 300k shares repurchased under Logo’s share buyback programme on 22 March, in a price range of TRY 80.55-82.75/share.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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