Bim delivers positive net-income surprise

Dünya Executive - - REPORT - Nida Iqbal, analyst, Morgan Stanley

Bim met its revenue growth target of 15 percent and proved once again that it can keep its EBITDA margin at 5 percent. The company also delivered a positive net-income surprise as a result of foreign exchange gains, which were mostly registered in the last quarter. Bim has guided for a 5 percent EBITDA margin in 2017, and capital expenditur­e needs are expected to decline to around 500 million lira (versus 562 million lira in 2016) due to a lighter investment schedule. The company has guided for total store openings of 635 in 2017 and 767 in 2016, with 500 in 2017 and 630 in 2016 in Turkey. We view the slowdown in new store expansion in Turkey positively given the high level of hard discount penetratio­n there already. (March 10)

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