Equity Analysis /
Turkey

Turk Traktor: Total sales volume stayed flat y/y in July

  •  On a segmental basis, domestic volume increased by 3% y/y whereas export sales volume decreased by 3% y/y respectively

  • We foresee TTRAK’s domestic volume to increase by 25% y/y and export volume to increase by 15% y/y in 2021E.

  • We maintain our “Outperform” recommendation for TTRAK with our 12M TP of TL196.0.

Aytunc Uz
Aytunc Uz

Equity Research Analyst

ATA Invest
5 August 2021
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