Analyst Research Report Snapshot

Title:

IS YATIRIM MENKUL DEGERLER - CHALLENGING YEAR-ON-YEAR COMPARATIVES

Price:

$10.00

Provider:

Edison Investment Research

Date:

22 May 2013

Pages:

2

Type:

AcrobatPDF

Companies referenced:

ISMEN.IS

Available for Immediate Download
Summary:

Headline Q113 results from IS Yatirim Mekul Degerler (ISY) appear weak, with net profits down 64%, but are distorted by a number of factors. Subsidiary profit contribution was lower, while 2013 costs have been recognised earlier in the year against broadly flat core investment banking revenues. We have maintained our FY13e forecasts, believing subsidiaries’ contributions will normalise and operating expenses attributable to the firm will revert back to our FY13e cost income ratio of 62% (Q113: 79%). ISY’s FY13e P/E of 5.5x (European peers: 8.6x) and dividend yield of 5.9% (Turkish market: 3.8%) presents an undemanding valuation for a company generating an FY13e ROE of 17.0% (European peers: 8.9%).

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