Tofas: Better than expected results

  • Tofas recorded TL1,129mn net income, 13% higher than our estimate of TL1,001mn in 1Q22

  • The company reported TL1,738mn EBITDA, 15% higher than our estimate of TL1,509mn

  • EBITDA margin of 15.9% was 125bps higher than our estimate of 14.7% but 52bps lower than consensus estimate of 16.5%

April 28th, 2022
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