Ford Otosan (FROTO) Company Report

We revise our estimates and 12-month target price for Ford Otosan from 847 TL to 1,292 TL per share, and we reiterate our BUY recommendation. The main catalysts driving our valuation for FROTO are: i) the ongoing increase in production volumes following the Craiova acquisition, ii) the launch of new production models, and iii) the continued electrification transformation. Our target indicates a 43% upside potential. In our estimates for the 2024F period, FROTO trades at 9.3x EV/EBITDA and 8.9x P/E, while in the 2025F period, it trades at 6.7x EV/EBITDA and 7.3x P/E.