Doğuş Otomotiv (DOAS) Company Report

While we include DOAS in our research scope with a 12-month target price of 431 TL, we recommend BUY with its 41% return potential. i) A more limited contraction in the automotive market than anticipated, ii) After-sales service and contribution from subsidiaries stand out as the main factors of our valuation. DOAS, whose current market value we find attractive, is traded with 3.0x P/E and 1.1x FD/EBITDA multipliers in 2024T, according to our estimates.