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Teknosa GM Mehmet Nane shared his views about the company's 2012e results and 2013e expectations with the media. Since the company's audited 2012e results have not been announced yet, Nane's comments provide an early hint about the results. Nane said that they finished 2012 with a top-line of TRY2.3bn (i.e. 40% y/y growth) and a bottom-line of TRY50mn. Please note that our current estimates point to 37% top-line growth with a bottom-line of TRY47mn. Nane expects the company's revenues and net profit to register an annual growth of 15%-20% in 2013e, while their web-based sales are expected to triple in the same period. On the other hand, Haluk Dincer, Retail Group Head at Sabanci Holding announced that they are ready to conclude any promising merger alternatives both in Turkey and abroad.
We welcome GM Nane's comments about Teknosa's 2012e and 2013e results. The implied figures for 2012e are better than our expectations, while the 2013e guidance is broadly in line with our estimates. Although it is too early to make detailed comments as there is no solid development, we will not welcome any store-based acquisitions in foreign markets given the company's previous failed attempt in Romania. On the other hand, we believe the acquisition of already established strong on-line retailing companies both in Turkey and abroad would be a better approach for the company. We expect these comments to have a limited positive impact on Teknosa's share performance today.
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