Turk Traktor ve Ziraat Makineleri AS

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Turk Traktor posted TL653mn net income in 3Q22, 24% higher than our estimate and 22% higher than consensus estimate. The company posted TL920mn EBITDA, 15% above our estimate of TL800mn and 17% above consensus estimate of TL785mn. EBITDA margin of 16...

Turk Traktor recorded TL483mn net income in 2Q22, 2% above consensus estimate of TL474mn and 2% above our estimate of TL474mn. Positive impact of higher than expected EBIT and lower than expected financial expense were offset by higher than expected ...

Turk Traktor recorded TL572mn net income in 1Q22, 5% above consensus estimate of TL452mn and 5% above our estimate of TL454mn. Despite higher than expected other expenses, positive impact of TL26.5mn higher than expected EBIT and TL23.3mn higher than...

The company posted TL541mn EBITDA, 10% above our estimate of TL491mn and 6% above the consensus estimate of TL509mn in 4Q21. EBITDA margin declined by 409bps y/y to 15.0% in 4Q21. TTRAK announced its guidance for 2022E. The company expects 53K-59K do...

The company posted TL330mn EBITDA, 4% above our estimate of TL318mn and 5% above the consensus estimate of TL315mn in 3Q21. Total sales volume increased by 11% y/y in 3Q21. Domestic sales volume increased by 8% y/y in 3Q21, 5% higher than our estimat...