Koton (KOTON) Company Report

We are initiating coverage on Koton with a 12-month target price of TL30.00, implying a 94% upside potential and an BUY recommendation. Key catalysts include: i) the company’s wide product range and competitive pricing strategy in an attractive sector, ii) potential to increase market share through new store openings both domestically and internationally, iii) acceleration in e-commerce operations supporting margins, iv) an efficient supply chain.