Earnings Report /
Turkey

Arçelik A.Ş: Impressive results and encouraging guidance…

  • Arcelik realised TL1,163mn net income in 4Q20, beating our estimate of TL948mn and consensus of TL938mn

  • Following better than expected 4Q20 results and upbeat guidance, we revised up our off-cons. 2021 EBITDA and net income

  • We also revised our 12-month TP for Arcelik to TL46 from TL44 while keeping Arcelik in our top picks

Cemal Demirtas
Cemal Demirtas

Head of Research

ATA Invest
26 January 2021
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