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
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