Ford Otosan: Romania’s contribution was dilutive for the margins

  • Ford Otosan posted TL3,816mn net income in 3Q22, 7% lower than our estimate and 13% lower than consensus estimate.

  • Ford Otosan realized TL4,853mn EBITDA in 3Q22, 14% above our estimate of TL4,262mn.

  • EBITDA margin of 9.7% was 222bps lower than our estimate of 11.9% (Ras Cons: 10.0%).

November 4th, 2022
Subscribe to read this report

You can read this report by subscribing to a Starter or Pro plan today.

Already have an account? Log in


Access to recommendations is a Pro feature.


This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.

This publication is not intended for distribution to, or use by, any person or entity in any jurisdiction in any country where such distribution or use would be contrary to law or regulation, or which would subject Tellimer to any registration requirement within such jurisdiction or country.

This research is produced by a third party. The Tellimer team has had no editorial input into the content of the note.