Revenue below consensus
expectations
BIM reported TRY86m net earnings in 3Q12, up 11% y-y and 25% q-q. The bottom-line falls between the consensus estimate of TRY89m and our estimate of TRY82m. Further moderation of revenue growth in 3Q12 at 18% y-y (2Q: 22%, 1Q: 29%) was the most eye-catching part of 3Q12 financials. 3Q12 EBITDA grew by 13% to TRY124m, 3% below consensus.
EBITDA margin recovered to 4.9%
EBITDA margin has improved 54bps q-q to 4.9% in 3Q12, yet was 21bps lower y-y. The absence of one-offs in 2Q12 explains a significant part of the q-q improvement, while a 12bps q-q gross margin increase and better opex management has driven EBITDA margin higher than our estimate of a 30bps improvement. Net-working-capital trends were in line.
We maintain our estimates
Further slowdown in revenue growth was discouraging (BNPP and consensus expected 22% and 20% y-y growth, respectively) and the dynamics behind this is crucial to understand for our perception. Currently, we maintain our estimates and BUY rating for the stock. Revenue performance is the key downside risk to our estimates in the medium term.
BIM reported TRY86m net earnings in 3Q12, up 11% y-y and 25% q-q. The bottom-line falls between the consensus estimate of TRY89m and our estimate of TRY82m. Further moderation of revenue growth in 3Q12 at 18% y-y (2Q: 22%, 1Q: 29%) was the most eye-catching part of 3Q12 financials. 3Q12 EBITDA grew by 13% to TRY124m, 3% below consensus.
EBITDA margin recovered to 4.9%
EBITDA margin has improved 54bps q-q to 4.9% in 3Q12, yet was 21bps lower y-y. The absence of one-offs in 2Q12 explains a significant part of the q-q improvement, while a 12bps q-q gross margin increase and better opex management has driven EBITDA margin higher than our estimate of a 30bps improvement. Net-working-capital trends were in line.
We maintain our estimates
Further slowdown in revenue growth was discouraging (BNPP and consensus expected 22% and 20% y-y growth, respectively) and the dynamics behind this is crucial to understand for our perception. Currently, we maintain our estimates and BUY rating for the stock. Revenue performance is the key downside risk to our estimates in the medium term.
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