Earnings Report /
Turkey

Tekfen Holding AS: 3Q21 review – Stronger than expected results

  • Tekfen reported TL463mn net income in 3Q21, higher than our estimate of TL377mn and higher than consensus of TL406mn.

  • Tekfen revised up its 2021 EBITDA and net income guidance by 11% and 24% compared to previous guidance, respectively.

  • The company also revised up its 2021 EBITDA margin guidance to 8.6% from 7.7%.

Zeynep Erman
Zeynep Erman

Equity Research Analyst

ATA Invest
27 October 2021
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