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20.11.2023

Tacirler Investment Company Report

LIDFA

Tacirler Investment Company Report

Lider Faktoring

LIDFA (the leader) is ready for macroeconomic rematch…

We initiate the coverage of Leader Factoring in our research scope with a target price of TL15.57 for a 12-month period, recommending a BUY with a potential return of 102%. i) The company's and partners' experience of over 30 years in the sector, coupled with a strong know-how capacity, ii) the economic conjuncture creating the optimal environment for factoring companies, iii) Leader Factoring's effective diversification of its portfolio among small/large customers in terms of customer, sectoral, and geographical bases, stands out as the main theme of our valuation. We believe that the high equity profitability realized in the first 9 months of the year will continue to drive revenue and profitability growth in 2024. Positioned as attractive in terms of current Mcap, the company trades at a multiple of 2.8x P/E in our 2023E estimates and 1.3x P/E in our 2024E estimates.

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