Turkey

Bizim Toptan: Slightly weaker-than-expected results

  • Bizim Toptan recorded TL30.6mn net income in 3Q22, slightly lower than our est. of TL33.6mn

  • EBITDA of TL179.4mn was lower than our estimate of TL211.4mn.

  • 2022 Guidance: Topline growth guidance is revised up to 95% (+/- 5%) (excl tobacco &sugar) from 75% (+/-5%) (ATA: 93%).

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November 10th, 2022
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