Eregli Demir ve Celik Fabrikalari TAS last = 8.9 TRY 1w: +0.2 (2.3%)
% vs. spot / Price1M6M12MLT(2Y)LT(3Y)
Target Price (consensus)6.5%19.6%---
Upside (Bull Case)6.7%20.1%---
Downside (Bear Case)-2.5%----

According to my view, major Erdemir's perspectives come from EBITDA margin increasing due to favorable commodity prices. On the one hand, steel prices remains strong. On the other hand, there is more moderate growth for coking coal and iron ore prices (major raw material, ~50% of total cost). Despite I expect normalization in the spread of commodity prices and, thus, EBITDA margin decreasing, I believe that Erdemir financials will remain strong