Arçelik (ARCLK) Company Report

We included Arçelik in our research coverage with a 12-month target price of TRY 206.60 and a BUY recommendation with a 44% upside potential. The main catalysts highlighted in our valuation are: i) the gradual increase in the European share of total revenues following the Whirlpool acquisition, ii) signs of recovery in demand in the European market, iii) the increasing footprint of Beko in the African region with the newly established factory in Egypt.