Bizim Toptan Satis Magazalari AS

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Bizim Toptan recorded TL30.6mn net income in 3Q22, slightly lower than our est. of TL33.6mn. EBITDA of TL179.4mn was lower than our estimate of TL211.4mn. 2022 Guidance: Topline growth guidance is revised up to 95% (+/- 5%) (excl tobacco &sugar) from...

Bizim Toptan recorded TL36.4mn net income in 2Q22, better than our est. of TL26.7mn and consensus of TL31mn. EBITDA of TL214.6mn was higher than our estimate of TL172.4mn. Topline growth guidance is revised up to 75% (+/- 5%) (excl tobacco &sugar) fr...

· Bizim Toptan recorded TL15.1mn net income in 3Q21, in line with our estimate of TL15.0mn but higher than consensus of TL11.5mn. · Adjusted for net financial expenses related to operations, adj-EBITDA of TL58.4mn was broadly in line with our est. of...

EBITDA of TL75.0mn was lower than our estimate of TL78.1mn. Adjusted for net financial expenses related to operations, adj-EBITDA of TL36.5mn was lower than our est. In 2Q21, tobacco revenues were down by 10.8% y/y to TL338mn whereas main category re...

Food inflation remained high in April 2021. We believe that major organized retailers will continue to gain market share against traditional retailers for the foreseeable future. We have OUTPERFORM rating for MIGROS and BIMAS. Slightly below the cons...

· Bizim Toptan recorded TL18.7mn net income in 4Q20, higher than our estimate of TL16.0mn and consensus of TL13.0mn. · of 22%, (2) EBITDA margin of 4.8% vs our estimate of 5.3% and (3) net income of TL43mn vs our est. Revenue from franchise operation...