Analyst Meeting Notes-TEKNOSA (Tacirler Yatırım )

We participated in the TKNSA conference call to evaluate the
company's 4Q23 financial results, current operations, and future
outlook. Teknosa holds a significant position in the technology retail
chain with its wide network of stores, teknosa.com, and mobile
platforms today. Exceeding expectations for the 2023 financial year,
the company is progressing in line with expectations for 2024. The key
highlights from the meeting are as follows: i) Growth in digital
transformation and E-commerce, ii) Continued high demand and
improving margins, iii) Strong market growth and robust cash flow
despite macro uncertainties...
Key takeaways of the meeting
Solid operational performance within 2023… Teknosa continues to grow
with a technology-focused approach by adopting a pioneering marketplace
business model in its sector. Increasing gross transaction volume by 68%
compared to the previous year, exceeding 10 billion TL, the company has
been focusing on customer experience and digital transformation since
2019. With its applications that combine online and offline experiences, it
continues to differentiate itself with its marketplace business model and
digital-concept stores.
İklimsa... As a company operating in both retail and e-commerce sectors,
Teknosa continues to play a significant role in the climate control industry
with its Iklimsa brand while maintaining its focus on sustainability-oriented
initiatives. The Iklimsa business unit continues its effective growth in the
fields of climate control and solar energy systems. Iklimsa accounts for 5%
of Teknosa's revenues.
Despite macro uncertainties, strong market growth continued...
Demand for electronic products, especially in categories such as white
goods and home appliances, continued to remain robust. Particularly,
strong demand seen in areas such as mobile sales, computers, and small
home appliances has been a significant contributing factor to sales.
Additionally, growth has been observed in store and website traffic.
Strong cash flow... The company's net cash position stood at 2.2 billion TL
as of December 2023, with 65% in Turkish Lira and 35% in foreign
currencies. This cash position reflects the company's operational and
financial resilience and its ability to be prepared for future investment
opportunities.
2024E Guidance:
- After releasing its Q4'23 results, the company announced its
aim to maintain a high single-digit EBITDA margin for 2024.
- Approximately 1 million TL investment spending is planned for
the year 2024

https://tacirler.com.tr/upload/files/arastirma/sirket-raporlari/tknsa/eng_tknsa_telekonferans_notu_22mart-1.pdf

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