Turkey

Arçelik A.Ş: 2Q22 review – Results weaker than expected

  • Arcelik realised TL259mn net income in 2Q22, lower than our estimate of TL513mn and consensus of TL487mn.

  • We maintain our 12-mnth TP at TL103, implying 61% upside potential. We keep Arcelik in our top picks list.

  • Short-term weakness could be buying opportunity.

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Cemal Demirtas @ ATA Invest
July 27th, 2022
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