MAVI Tacirler Investment Company Report

We revise our target price for Mavi <MAVI TI> to TL 114.30 from TL66.50 per share and remain our BUY recommendation, in line with its strong 1Q23 financial performance and growth targets. Our 12M target price corresponds to %80 return potential. The main catalysts of our valuation are; i) strong demand growth expected to continue in the clothing retail sector, along with an expanding target audience, ii) the positive impact of effective cost management on profitability margins, iii) ongoing strong growth in the online sales channel with new customer acquisition, iv) the expectation that the strong financial performance in 1Q23 will spread throughout the year. MAVI trades at 2.7x EV/EBITDA and 4.9x P/E ratios in our 2023E expectations.