Turkish Steel - Further Room to Grow
Over the past 12 months, Erdemir and Kardemir have outperformed the BIST 100 by a respective 23% and 13%, and the Bloomberg Iron & Steel Index by 12% and 3%. Even after the robust performance, we expect the positive momentum to continue, as valuations remain attractive thanks to Erdemir's superior profitability, supported by its solid balance sheet, and Kardemir's stronger than anticipated turnaround and still-impressive growth potential. We upgrade our recommendation for both stocks to BUY from HOLD.Eregli Demir Ve Celik Fabrikalari is engaged in the production of iron and steel rolled products, alloyed and non-alloyed iron, steel and pig iron castings, cast and pressed products, coke and their by-products.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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