Strategy Note /
Turkey

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

Zeynep Erman
Zeynep Erman

Equity Research Analyst

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Cemal Demirtas
Batuhan Ozsahin
ATA Invest
26 July 2022
Published byATA Invest
  • We expect 155.6%  earnings growth for our coverage universe in 2022E, following a 139.9% increase in 2021.

  • For non-financials coverage, we foresee 66.2% earnings growth in 2022E, while expecting 282.5% earnings growth for the banks during the same period.

  • 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.