Turkey: Earnings growth continues in 2022 helped by high inflation

  • We expect 155.6% earnings growth for our coverage universe in 2022E, following a 139.9% increase in 2021

  • Bottom-up valuation: We revised down our 12-month BIST-100 target to 4,000 from 4,400, implying an upside of 57%

  • Our top picks: Arcelik, Bimas, Erdemir, Migros, Sisecam, Tav Havalimanları, Turk Telekom

July 26th, 2022
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