Mavi Giyim (MAVI) Company Report

We revise our target price for MAVI to 147.00 TL per share. Our 12-month
target price implies a 48% upside potential, and we maintain our BUY
recommendation while adding the stock to our model portfolio. Key catalysts
in our valuation are: i) Strong performance in domestic retail and a broad
target audience, ii) Dynamic pricing strategy and effective inventory
management, iii) Expansion in sales area and store openings, and iv) A strong
net cash position. Based on our 2024 estimates, Mavi is trading at a 9.6x P/E
multiple, while on our 2025 estimates, the P/E multiple drops to 6.9x.