EPS 4% above our estimate, 6% below consensus
Bizim Toptan reported TRY6.4m net profit in 2Q13 (up 30% y-y; 4% above our estimate [TRY6.2m]; 6% below CNBC-e consensus [TRY6.9m]). EBITDA at TRY16.8m (+4% y-y) was slightly above our estimate (TRY16.0m, consensus: TRY18.0m) due to lower opex than in our estimate. EBITDA margin was 3.0% (-0.4ppt y-y). EPS growth in 1H13 was 30% y-y.
Aggressive pricing to increase penetration in C&C segment
Revenues increased by 18% y-y to TRY559m. Main category LFL growth was 10.5% y-y (1Q13: 13.6%), while tobacco LFL growth was 2.6%. Main category GPM was mediocre at 10.4% (-0.8ppt y-y) as Bizim continued investing on pricing. 2Q13 results support our view that Bizim needs to be aggressive on pricing to increase penetration in the C&C segment.
Downward revision in 2013 guidance
Opex/sales ratio increased 0.3ppt y-y to 6.2% due to acceleration of store openings in the last three quarters and a shift to more sensitive customer base. In 2Q13, the company opened four stores, with the number of stores reaching 144. Bizim revised its 2013 EBITDA margin guidance from 3.7% to 3.5%, while keeping its revenue guidance at TRY2.3b. We believe some downward revision in consensus estimates is possible following the 2Q13 results: our and consensus EBITDA margin estimates are 3.6% and 3.7%; our and consensus EPS growth estimates are 42% and 43% y-y. It will hold an analyst call today, after which we will go over our estimates.
Bizim Toptan reported TRY6.4m net profit in 2Q13 (up 30% y-y; 4% above our estimate [TRY6.2m]; 6% below CNBC-e consensus [TRY6.9m]). EBITDA at TRY16.8m (+4% y-y) was slightly above our estimate (TRY16.0m, consensus: TRY18.0m) due to lower opex than in our estimate. EBITDA margin was 3.0% (-0.4ppt y-y). EPS growth in 1H13 was 30% y-y.
Aggressive pricing to increase penetration in C&C segment
Revenues increased by 18% y-y to TRY559m. Main category LFL growth was 10.5% y-y (1Q13: 13.6%), while tobacco LFL growth was 2.6%. Main category GPM was mediocre at 10.4% (-0.8ppt y-y) as Bizim continued investing on pricing. 2Q13 results support our view that Bizim needs to be aggressive on pricing to increase penetration in the C&C segment.
Downward revision in 2013 guidance
Opex/sales ratio increased 0.3ppt y-y to 6.2% due to acceleration of store openings in the last three quarters and a shift to more sensitive customer base. In 2Q13, the company opened four stores, with the number of stores reaching 144. Bizim revised its 2013 EBITDA margin guidance from 3.7% to 3.5%, while keeping its revenue guidance at TRY2.3b. We believe some downward revision in consensus estimates is possible following the 2Q13 results: our and consensus EBITDA margin estimates are 3.6% and 3.7%; our and consensus EPS growth estimates are 42% and 43% y-y. It will hold an analyst call today, after which we will go over our estimates.
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