TürkTraktör Company Report

We are revising our target price for TTRAK and adjusting our recommendation to HOLD.

Following our updated macro forecasts and the 2Q24 financial results, we are revising our 12-month target price for TTRAK to 995 TL per share. Although our revised 12-month target price for the company indicates a return potential slightly above the index, due to the limited near-term catalysts for the company, we are updating our recommendation from BUY to HOLD. In our 2024E forecasts, TTRAK is trading at a 5.4x EV/EBITDA and 8.7x P/E ratio, while in our 2025E forecasts, it is trading at a 3.8x EV/EBITDA and 4.7x P/E ratio.