Teknosa: good things come in small packages (BUY - initiation of coverage)
We initiate coverage of Teknosa with a BUY rating and a 12M price target (PT) of TRY 74.40/share. Operating as the leading consumer electronics retailer in Turkey, Teknosa sets itself apart by capitalising on its unique omnichannel business model and delivering value through digitalisation. We believe that the digital business transformation from a traditional retailer to a digital platform with a physical presence continues to create value by generating higher cash flows. Capitalising on its strong business model, with a significant market presence and a solid balance sheet, with a net cash position, we foresee strong growth in its key financial metrics. We believe that Teknosa is heavily mispriced by the market: at 2.8x 2024E adjusted EV/EBITDA and 6.1x 2024E P/E, the current price depicts a highly bearish outlook, in our view, and does not reflect the company’s prospects.Teknosa Ic ve Dis Ticaret AS is a Turkey-based company engaged in the retail trade of electronics. Its products mainly comprise of a wide range of consumer electronics and household appliances, such as dishwashers, vacuum cleaners, televisions, mobile phones, digital cameras as well as personal computers, among others.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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