Earnings Report /
Turkey

Ford Otosan: Better than expected operating results

  • FROTO posted TL999mn net income in 2Q21, 5% above our estimate of TL951mn and 8% above consensus estimate of TL924mn

  • Ford Otosan’s EBITDA surged by 100% y/y to TL1,258mn, 14% above our estimate of TL1,105mn in 2Q21.

  • Based on our current estimates, the company trades at 9.1x 21E EV/EBITDA and 10.3x P/E

Aytunc Uz
Aytunc Uz

Equity Research Analyst

Cemal Demirtas
Cemal Demirtas

Head of Research

ATA Invest
9 August 2021
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