Migros: Another very impressive quarter. Stay tuned...

  • Migros realised TL807mn net income in 3Q22, better than our estimate of TL575mn and consensus estimate of TL567mn

  • The management revised its 2022E (1) topline growth guidance to “c.100%” from “c.80-85%” versus our estimate of 90.6%

  • We see upside risk to our estimates and 12M TP of TL160/shr for Migros

November 4th, 2022
Subscribe to read this report

You can read this report by subscribing to a Starter or Pro plan today.

Already have an account? Log in


Access to recommendations is a Pro feature.


This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.

This publication is not intended for distribution to, or use by, any person or entity in any jurisdiction in any country where such distribution or use would be contrary to law or regulation, or which would subject Tellimer to any registration requirement within such jurisdiction or country.