Net income misses our
estimate
Uyum Gida reported a TRY5.1m net loss in 3Q12 (BNPP estimate: -TRY4.1m) vs. a TRY2.7m net loss a year ago. 3Q12 revenue came in at TRY91m (+41% y-y), 7% below our expectation. Lower revenue was offset by better than expected gross margin at 25.4% (+20bps y-y). S/M expenses to revenue fell by 1.3pp q-q, which was better than expected.
Improvement in EBITDA margin is encouraging
41% y-y revenue growth in 3Q12 implies 0.6% revenue growth per sqm in nominal terms, implying deterioration over 2Q12 where nominal revenue growth per sqm was 2.6%. 3Q12 EBITDA came in at TRY0.8m (at 0.8% margin) while we expected a TRY1m EBITDA loss. Better gross margin and sales-marketing expenses (S/M) caused the discrepancy.
HOLD maintained
We maintain our estimates and HOLD rating with 8% upside potential on a 12-month horizon. 3Q12 results imply that revenue performance could be a potential downside risk to our estimates. On the flip-side, improvement in S/M expenses across the board is encouraging and implies an upside risk to our estimates
Uyum Gida reported a TRY5.1m net loss in 3Q12 (BNPP estimate: -TRY4.1m) vs. a TRY2.7m net loss a year ago. 3Q12 revenue came in at TRY91m (+41% y-y), 7% below our expectation. Lower revenue was offset by better than expected gross margin at 25.4% (+20bps y-y). S/M expenses to revenue fell by 1.3pp q-q, which was better than expected.
Improvement in EBITDA margin is encouraging
41% y-y revenue growth in 3Q12 implies 0.6% revenue growth per sqm in nominal terms, implying deterioration over 2Q12 where nominal revenue growth per sqm was 2.6%. 3Q12 EBITDA came in at TRY0.8m (at 0.8% margin) while we expected a TRY1m EBITDA loss. Better gross margin and sales-marketing expenses (S/M) caused the discrepancy.
HOLD maintained
We maintain our estimates and HOLD rating with 8% upside potential on a 12-month horizon. 3Q12 results imply that revenue performance could be a potential downside risk to our estimates. On the flip-side, improvement in S/M expenses across the board is encouraging and implies an upside risk to our estimates
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