Earnings Report /
Turkey

Erdemir: 3Q21 review – Upward revisions are likely after strong results

  • Erdemir realised a net income of TL5,003mn, higher than our estimate of TL4,757mn mainly due to higher EBITDA.

  • We continue to keep EREGL  in our Top Picks list.

  • Considering strong 3Q21 results and  price-cost spread trends, we now see an upside risk to our  4Q21 and 2022 estimates

Cemal Demirtas
Cemal Demirtas

Head of Research

ATA Invest
27 October 2021
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