Meeting Notes-Tknsa (Tacirler Yatırım )

We attended Teknosa’s analyst meeting to evaluate the company’s Q1
2024 financial results, current operations, and future outlook. Teknosa,
which introduced consumers in Turkey to the concept of technology
retail for the first time, now holds a significant position in the
technology retail chain with its extensive store network, teknosa.com,
and mobile platforms.
Key takeaways of the meeting
The positive outlook on the operational side continues… Teknosa’s
sales grew by 28% in the first quarter of 2024 compared to the same period
last year, reaching 14,614 million TL, surpassing both Panel and Techonline
markets. The marketplace reached 716 sellers and 173,000 SKUs. Gross
Merchandise Volume (GMV) grew by 35% compared to the same period
last year, reaching 3 billion TL. Although the number of stores decreased
from 81 to 79, the sales area was maintained at 105K square meters. Online
traffic increased by 12% compared to the same period last year, and the
number of store visitors increased by 11% compared to the previous year.
As of Q1 2024, Teknosa has 5.1 million customers and 4 million Tekno Club
members.
Gross profitability maintained, controlled operational expenses… In
the first quarter of the year, Teknosa’s gross profit margin improved by 0.2%
compared to last year, reaching 11.3%. The ratio of operational expenses to
sales was 10.6% due to seasonality. Thanks to maintained gross profitability
and controlled operational expenses, EBITDA grew by 27% in the first
quarter of 2024, reaching 358 million TL.
Financial expenses pressured net profit… The company reported a net
loss of 95 million TL for the first quarter of 2024. Due to the increase in
interest rates, credit card commissions were higher compared to the
previous year, resulting in increased financial expenses. The ratio of financial
expenses (excluding IFRS 16 adjustments) to sales was 2.6% in the first
quarter of 2023, but due to the increase in credit card commission rates,
this ratio reached 5.6% in 2024.
Panel Market and Techonline Market… Strong demand in categories
such as telecom, small home appliances, and consumer electronics, along
with increased e-commerce sales and traffic, contributed to Teknosa’s
revenue growth. White goods and telecommunications supported the
growth of the panel market and Techonline.
The company is trading with a market value of 7.5 billion TL and a current
P/E ratio of 15.8x. We believe that the negative impact of the Q1 2024
financial results, announced on May 28th, will be limited in the short term.
We expect a gradual recovery in the financials starting from this quarter


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