WOOD Flash – Kalekim: 3Q23 – strong set of results, but failed to meet expectations
Kalekim announced its 3Q23 results on 20 October, and posted net earnings of TRY 245m, +192% yoy. Although Kalekim has posted an exceptionally strong set of results, with all-time high gross and EBITDA margins, the reported figures were lower than both our and the consensus estimates. Given Kalekim’s strong share price performance since the end of May, outperforming the BIST-100 index by 50%, we believe that the positive expectations have been priced in, to a large extent.
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