Equity Analysis /
Turkey

Turk Traktor: Total sales volume increased by 4% y/y in October

  • On a segmental basis, domestic volume increased by 2% y/y whereas export sales volume increased by 7% y/y respectively.

  • We maintain our “Outperform” recommendation for TTRAK with our 12M TP of TL208.0.

  • Based on our estimates, the company trades at 22E 4.6x EV/EBITDA and 22E 6.3x P/E

Aytunc Uz
Aytunc Uz

Equity Research Analyst

ATA Invest
5 November 2021
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