ALERT** ATA INVEST RESEARCH - 1Q22 Earnings Estimates and Valuation Updates - Attractive valuations for selected blue chip companies. Earnings growth continues in 2022 helped by high inflation.
Ahead of earnings season starting today, we revised up our 2022 and 2023 estimates and valuations based on our macroeconomic assumptions.
Bottom-up valuation: We revised up our 12-month BIST-100 target to 4,400 from 3,000, indicating an upside of 47%.
We continue to see a significant upside for selected stocks considering the risks and rewards.
We expect 99.4% earnings growth for our coverage universe in 2022E, following a 139.9% increase in 2021.
For non-financials coverage, we foresee 58.8% earnings growth in 2022E, while expecting 157.1% earnings growth for the banks during the same period.
Bottom-up valuation: We revised up our 12-month BIST-100 target to 4,400 from 3,000, indicating an upside of 47%.
Our top picks: Arcelik, Bimas, Erdemir, Migros, Sisecam, Tav Havalimanları, Turk Telekom.