Turk Traktor: Q322 review – Stronger than expected results

  • Turk Traktor posted TL653mn net income in 3Q22, 24% higher than our estimate and 22% higher than consensus estimate.

  • The company posted TL920mn EBITDA, 15% above our estimate of TL800mn and 17% above consensus estimate of TL785mn

  • EBITDA margin of 16.0% was 85ps higher than our estimate of 15.2% (Consensus: 14.8%).

October 31st, 2022
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