Equity Analysis /
Turkey

Tofas: 3Q21 review – better than expected EBITDA and bottom-line

  • Tofas recorded TL581mn net income, 13% higher than our estimate of TL512mn in 3Q21

  • TOASO reported TL975mn EBITDA, 26% higher than our estimate of TL772mn

  • Tofas recorded 2nd highest EBITDA margin in 3Q21, after 17.2% EBITDA margin in 2Q20

Aytunc Uz
Aytunc Uz

Equity Research Analyst

Cemal Demirtas
Cemal Demirtas

Head of Research

ATA Invest
27 October 2021
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