Analyst Research Report Snapshot

Title:

IS YATIRIM MENKUL DEGERLER - STRONG START TO THE YEAR

Price:

$10.00

Provider:

Edison Investment Research

Date:

23 May 2012

Pages:

2

Type:

AcrobatPDF

Companies referenced:

ISMEN.IS

Available for Immediate Download
Summary:

Is Yatirim Menkul Degerler (ISY) recorded its strongest ever set of quarterly results in Q1 due to a notable jump in its prop book trading income. Operating revenues rose 39% on Q411 and 140% y-o-y to TRY87.9m versus a weaker Q111. Contribution from subsidiaries helped bolster NPAT, which rose to TRY31.6m on a consolidated basis (TRY25.0m excluding subsidiaries). However, ISY’s share price has fallen 12% so far in May (ISE100 Index -6%) and is now trading on a FY12 P/E of c 5.3x (European peers: 6.1x). Despite the inevitable short-term volatility, ISY remains well positioned for long-term growth due to its market-leading position, robust balance sheet and diversified income streams.

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