Arçelik A.Ş: Depressed bottom line as expected

  • Arcelik realised TL336mn net income in 3Q22, slightly lower than our estimate of TL390mn and consensus of TL390mn

  • Weak margins could be explained by slower than expected growth and higher raw material costs to some extent

  • Net margin of 1% is not sustainable and might be a concern if it continues

October 25th, 2022
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