Bımas (TFG Istanbul Menkul Değerler )

Rising through rain or shine
BIM Birlesik Magazalar A.S. was established in Istanbul, Turkey in 1995. The company is the pioneer of hard-discount store model in Turkey. Its product portfolio has c850 SKU which includes fresh produce, canned and packaged products, dairy products cleaning supplies, personal care items and other necessities. The company went public in July 2005 on Borsa Istanbul stock exchange. In 2015, BIM launched a new format of hard discount supermarkets with the name File. The company's primary market is Turkey however they have operations in Morocco and Egypt as well.
We like BIM because: i) the company provides an inflation hedge, ii) trading down in a slower economy is likely to support top-line while also helping the EBITDA margin, iii) improving international relations is set to support Egypt and Morocco businesses, iv) Shares already trade at a discount to peers, which will become even more attractive in the years ahead as fast and profitable growth prevails in future.
Revenues grew at a CAGR of 6% in US$ terms and at a CAGR of 43% in TRY terms between 2017-2022. Like for like (LFL) sales grew by a solid 92.5% during 2022 while LFL basket size and LFL traffic grew by 77.2% and 8.6% respectively. We issue a BUY recommendation for BIM with a target price of TRY271.04/share representing 64% upside potential. BIM's 2023E and 2024E EV/EBITDA (US$)of 6.43x and 5.72x correspond to 19% and 26% discounts respectively, relative to its peers.


 TFG Istanbul Menkul Değerler A.Ş.
  www.tfgistanbul.com/arastirma-raporlar
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                  Yasal Uyarı
 
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