SAVE THE DATE - Hypoport AG

BIM
Turkey/Food & Drug Retailers Analyser
BIM (Hold)
Hold
Recommendation unchanged
Share price: TRY
closing price as of 07/05/2012
Target price: TRY
Target Price unchanged
Reuters/Bloomberg
70.00
56.00
BIMAS.IS/BIMAS TI
Market capitalisation (TRYm) 10,626
Current N° of shares (m) 152
Free float 65%
Daily avg. no. trad. sh. 12 mth 219,503
Daily avg. trad. vol. 12 mth (m) 12
Price high 12 mth (TRY) 73.25
Price low 12 mth (TRY) 47.20
Abs. perf. 1 mth 4.87%
Abs. perf. 3 mth 14.75%
Abs. perf. 12 mth 37.25%
Key financials (TRY) 12/10 12/11e 12/12e
Sales (m) 6,574 8,115 9,697
EBITDA (m) 361 433 508
EBITDA margin 5.5% 5.3% 5.2%
EBIT (m) 296 354 418
EBIT margin 4.5% 4.4% 4.3%
Net Profit (adj.)(m) 246 297 358
ROCE 84.2% 88.3% 84.8%
Net debt/(cash) (m) (250) (330) (418)
Net Debt/Equity -0.5 -0.5 -0.5
Debt/EBITDA -0.7 -0.8 -0.8
Int. cover(EBITDA/Fin. int) (34.9) (20.8) (17.7)
EV/Sales 1.2 0.9 1.1
EV/EBITDA 21.4 17.7 20.1
EV/EBITDA (adj.) 21.4 17.7 20.1
EV/EBIT 26.1 21.6 24.4
P/E (adj.) 32.4 26.8 29.7
P/BV 15.9 13.0 13.6
OpFCF yield 4.4% 5.6% 4.8%
Dividend yield 1.7% 1.8% 2.2%
EPS (adj.) 1.62 1.96 2.36
BVPS 3.30 4.05 5.14
DPS 1.20 1.27 1.53
75 vvdsvdvsdy
70
65
60
55
50
45
40
Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12
Source: Factset
BIM ISE NATIONAL 100 (Rebased)
Shareholders: Mustafa Latif Topbas 17%; Ahmet Afif
Topbas 9%; Abdulrahman El Khereiji 7%;
Analyst(s):
Natalia Svyrou-Svyriadi, Marfin Analysis
nsviriadi@ibg.gr
+30 210 81 73 384
Strong 1Q12 results
The facts: BIM announced strong results for the first quarter of 2012, beating
consensus estimates (Bloomberg, 14 analysts). Specifically, revenues grew by
29% y-o-y to TRY 2,428m (4% above consensus), EBITDA came in at TRY
130.7m (+17% y-o-y, 10% above consensus), while net profits settled at TRY
90.7m (+13.7% y-o-y, 6.5% above consensus). On the operational front, BIM
opened 91 new stores in Turkey and 9 new stores in Morocco which contributed to
the top line growth. On a like-for-like basis, BIM‟s turnover rose by 19% y-o-y to
TRY 1,964m.
BIM’s 1Q12 results
TRY m 1Q11 1Q12 % YoY
Sales 1,877.9 2,428.0 29.3%
Reported EBITDA 111.6 130.7 17.1%
Net profit 79.8 90.7 13.7%
Source: The Company, IBG
Our analysis: The positive surprise on the bottom line should be attributed to the
stronger than expected sales growth and a higher EBITDA margin (5.4% vs.
consensus estimate for 5.1%). On the flip side, the EBITDA margin dropped by
50bps y-o-y as the management is currently implementing its expansionary plans
in Morocco and Egypt.
Conclusion & Action: On the whole, the company maintained its rising
momentum and pleasantly surprised the market. The company will host a
conference call today at 16:30 Istanbul time (14:30 London time). We are in the
process of adjusting our forecasts and target price for the stock.
Page 15 of 80 European Securities Network
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