INDES TI: 4Q22 Review (Oyak Yatırım)

For 4Q22 Indeks Bilgisayar (INDES) posted net profit of TL146mn, lower than the consensus estimate of TL205mn and our estimate of TL159mn. EBITDA came in at TL440mn, surpassing the consensus of TL366mn and our estimate of TL329mn. Top-line reached TL8.13bn, indicating an increase of 102% y/y and 20% q/q, slightly lower than the consensus estimate of TL8.49bn and our estimate of TL8.43bn.

Top-line grew q/q despite stable FX rates
4Q Revenues grew by 102% y/y and 20% q/q despite relatively stable FX rates, reaching TL8.13bn. EBITDA and net profit closed 2022 with 149% and 37% growth, respectively.

Margins were better-than-expected
Gross margin reached 6.4% (3Q22: 5.2%, 4Q21: 4.9%) in 4Q22. The better-than-expected gross profit lead to a beat in EBITDA figure, which came in TL440mn (+191% y/y, +55% q/q), 20% and 34% above the consensus estimate and our forecast, respectively. The posted EBITDA figure corresponds to a 5.4% EBITDA margin. We believe that the main reason for the margin improvement could be the increase in telecom goods sales which are more profitable. Opex-to-sales ratio was under control, coming in at 1.1%, staying flat compared to previous quarter and slightly lower than the same quarter of last year.

Net cash grew by 84% q/q
The company's net cash position increased by 84% q/q to TL1.59bn, thanks to strong NWC management on receivable front. The net debt / EBITDA multiple of reduced to -1.5x vs -1.1x a quarter ago.

Outperform rating maintained with a TP of TL30.98/share
We maintain our conservative EBITDA and net income 2023E expectations for the Company at TL1.3bn and TL673mn, respectively. For the top-line we estimate TL32.92bn. Our target price of TL30.98/share offers 82% upside potential from current market levels. We keep our Outperform rating for the Company shares which trade at 1.8x EV/EBITDA and 5.7x P/E multiples on our 2023 forecasts.


Oyak Yatırım Menkul Değerler A.Ş.
                                   ***
                               Yasal Uyarı
 
 Burada yer alan yatırım bilgi, yorum ve tavsiyeler yatırım danışmanlığı kapsamında değildir.Yatırım danışmanlığı hizmeti ; aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı sözleşmesi çerçevesinde sunulmaktadır.Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanların kişisel görüşlerine dayanmaktadır.Bu görüşler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabılır.Bu nedenle, sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir.