Mavi Giyim (MAVI) 4Q24 Financial Results

Following the announcement of 4Q24 financial results, we are revising our
12-month target price for Mavi Giyim from TL147.00 to TL135.00 per share.
With a 100% upside potential based on the last closing price, we reiterate
our “BUY” recommendation and continue to include the company in our
model portfolio. In line with the updates in our model, we expect Mavi to
achieve TL51.3 billion in revenue, TL9.2 billion in EBITDA, and TL3.6 billion
in net profit in 2025. Measures taken to combat inflation have weakened
consumer demand, while rising production costs and declining disposable
income have put pressure on margins. Consequently, we anticipate lowerthan-expected profitability in the first half of 2025. However, we foresee
Mavi’s operational performance recovering from the second half of the year
onward, supported by the positive effects of these measures and improving
demand conditions in the domestic market. Based on our 2025 estimates,
Mavi is trading at a P/E ratio of 7.4x and an EV/EBITDA multiple of 2.3x.