Ford Otosan (FROTO) 3Q26 Financial Results
Tacirler Investment
We view Ford Otosan's 3Q26 financial results as slightly positive, reflecting stronger-than-expected profitability and a QoQ recovery. We believe the prolonged decline in the share price has largely priced in the challenging operating environment, while we expect the recovery in 2027 to be gradual. Based on the latest financial results and revisions to our growth and profitability assumptions for the coming years, we lower our 12-month target price from TL132 to TL122 per share. Considering the upside potential at current levels, we maintain our BUY recommendation and keep Ford Otosan in our model portfolio.






