Equity Analysis /
Turkey

Arçelik A.Ş:  Impressive topline growth but weak margins likely in 4Q21

  • Arcelik is currently trading at 4.2x  EV/EBITDA and 5.8x P/E based on our 2022E estimates

  • We revise up our 12 mn TP to TL71/shr from TL51/shr, implying 42% upside potential (inc. 4.4% cash dividend yield)

  • We continue to keep Arcelik in our top picks list

Cemal Demirtas
Cemal Demirtas

Head of Research

ATA Invest
13 January 2022
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