Doğuş Otomotiv (DOAS) 4Q24 Financial Performance Analysis
Tacirler Investment
Despite a decline on an annual basis, we view the better-than-expected quarterly profitability performance and satisfactory dividend performance as positive for DOAS. In line with our updated forecasts, we have revised our 12-month target price for DOAS to TL259.00 from TL253.00 per share. The revised target price, indicating a 36% upside potential, is in line with our index expectations and reflects our view that margin recovery across the sector will be gradual. Accordingly, we reiterate our 'HOLD' recommendation. Based on our 2025 projections, the stock is trading at a P/E ratio of 3.7x and an EV/EBITDA multiple of 1.3x.