Turkey

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
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