Earnings Report /
Turkey

Ulker Biskuvi Sanayi AS: Weaker margins as expected but negatives are mostly priced in

  • Realised TL207mn net income, higher than our estimate of TL186mn but lower than consensus estimate of TL236mn net income

  • Topline growth of 18.5% fell 0.8% short of our estimates.

  • We believe that most of the negatives priced into the share price but still lacks a catalyst.

Cemal Demirtas
Cemal Demirtas

Head of Research

ATA Invest
16 August 2021
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