Tofas: evolving into a multi-year growth story (stays BUY)
In this report, we have revised our model to account for the potential effects of the Stellantis agreement, as well as our new operating and macro assumptions. We believe that the agreement with Stellantis is likely to be a game changer for Tofas, as it will expand its operating scale significantly in local distribution, without putting significant strain on its profitability. We also believe that the agreement will strengthen the existing partnership between Tofas and Stellantis, leading to the awarding of new models by Stellantis. Hence, we believe that Tofas’ investment case is likely to evolve into a multi-year growth story,which investors have yet to price in. We maintain our BUY on the stock, with an increased price target (PT) of TRY 280.00.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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