Earnings Report /
Turkey

Ford Otosan: 3Q21 review – Better-than-expected results on all fronts

  • FROTO posted TL1,892mn net income in 3Q21, 22% above our estimate of TL1,549mn and 16% above consensus of TL1,637mn.

  • Ford Otosan’s EBITDA increased by 42% y/y to TL2,036mn

  • Based on our current estimates, the company trades at 8.3x 22E EV/EBITDA and 9.2x P/E

Aytunc Uz
Aytunc Uz

Equity Research Analyst

Cemal Demirtas
Cemal Demirtas

Head of Research

ATA Invest
28 October 2021
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