Dogus Otomotiv: Tax income leads to higher-than-expected results

  • Dogus Otomotiv posted TL2,698mn net income which is 62% higher than our est and 61% higher than consensus est.

  • The company recorded TL2,378mn EBITDA which was 13% higher than our est and 13% higher than the cons in 3Q22.

  • In 3Q22, EBITDA margin was 20.1% which is 215bps higher than our estimates of 17.9% (Consensus: 18.2%).

November 10th, 2022
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