Equity Analysis /
Turkey

Erdemir: After a peak of US$419 in 3Q21, we expect US$392 EBITDA/ton in 4Q21E

  • We revised up our 12-mnth TP to TL43 from TL28 now implies 49% upside potential including 12.5% cash dividend potential

  • We expect EREGL to distribute TL3.96/shr cash dividend in 2022E from 2021E earnings

  • We are keeping EREGL in our top picks list

Cemal Demirtas
Cemal Demirtas

Head of Research

ATA Invest
14 January 2022
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