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Bizim Toptan Shares Jump to 15-Month High as Sales Increase

April 26 (Bloomberg) -- Bizim Toptan Satis Magazalari AS, a Turkish chain of wholesale stores, gained the most in almost 15 months after first-quarter revenue rose.

The shares gained 5.6 percent to 26.30 liras at the close in Istanbul, the highest since February 2011. Sales grew 18 percent to 429.2 million liras ($242.9 million), Bizim said in a statement to the Istanbul Stock Exchange after the market closed yesterday.

Net income increased to 7.03 million liras, compared with 5.96 million liras a year ago, missing the 7.66 million-lira average based on five analyst estimates compiled by Bloomberg.

“The company is likely to make up for the small earnings miss in the rest of the year,” brokerage EFG Istanbul Securities said in an e-mailed report to clients. The stock is trading at an “attractive” multiple of enterprise value to sales, EFG said.

Bizim’s enterprise value is 0.57 times sales, according to data compiled by Bloomberg.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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