Strategy Note /
Turkey

Turkey 3Q21 earnings estimates: Attractive valuations for selected blue chips

  • We forecast 2021 earnings increase for our coverage universe to be 94.2% and followed by a 11.1% increase in 2022

  • Bottom-up valuation: We revised up our 12-month BIST-100 target to 2,000 from 1,900, indicating an upside of 40%

  • Our top picks: ARCLK, BIMAS, EREGL, MGROS, SISE, TOASO, TAVHL, TTKOM. (** NO CHANGE IN OUR TOP PICKS LIST)

Zeynep Erman
Zeynep Erman

Equity Research Analyst

Contributors
Aytunc Uz
Batuhan Ozsahin
Cemal Demirtas
ATA Invest
20 October 2021
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