Erdemir: Downward risks are mounting at current valuations

  • We are revising down our 2022E and 2023E net income estimates by 8.8% and 44.3%, respectively, to TL16.6bn and TL8.0bn.

  • Considering the risk-reward balance at current val., we are downgrading Erdemir to “Marketperform” from “Outperform”

  • Maintaining our 12-mnth TP at TL37.00, implying 11% upside potential including a cash dividend yield of 10%.

November 8th, 2022
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