Earnings Report /
Turkey

Arçelik A.Ş: 3Q21 review – Operating performance looks encouraging

  • Despite lower-than-expected net income, Arcelik’s operating performance in 3Q21 looks encouraging

  • Following 3Q21, topline growth guidance is revised to c.55% from c.50% and EBITDA margin guidance of c.11% was unchanged

  •  We maintain our 12-mnth TP at TL47, implying 51% upside potential; Arcelik remains among our top picks

Cemal Demirtas
Cemal Demirtas

Head of Research

ATA Invest
22 October 2021
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