Gedik Investment: Removing Ulker

Removing Ulker: We are removing Ulker on our expectation of sluggish second quarter results. In Q225, albeit decent YoY top line performance, we are expecting 814bps lower margin and a 28% contraction in EBITDA, along with a net income of TL300m. With this report we are also downgrading the stock to Market Perform from Outperform.

Gedik Investment Research