Earnings Report /
Turkey

Turk Traktor: 3Q21 review – slightly better than expected results

  • TTRAK recorded TL222mn net income in 3Q21, 6% above consensus estimate of TL209mn and 8% above our estimate of TL206mn

  • The company posted TL330mn EBITDA, 4% above our estimate of TL318mn and 5% above consensus estimate of TL315mn in 3Q21

  • Based on our 2022E estimates, the company trades at 4.9x EV/EBITDA and 6.8x P/E

Aytunc Uz
Aytunc Uz

Equity Research Analyst

Cemal Demirtas
Cemal Demirtas

Head of Research

ATA Invest
27 October 2021
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