Dogus Otomotiv (DOAS.IS), mcap=try14bn, price try71.9 vs try64.45

Pitch: Exclusive distributor of all VWAGY group cars in Turkey with a network of over 400 dealerships. Trades at low single-digit PE. In 2021 posted 60% earnings growth despite a severe shortage of vehicles which capped deliveries. The Turkish car market is undersupplied after a decade of artificial demand suppression due to the highest car taxes in the world. Further growth to come with increasing incomes, macroeconomic normalization, likely car policy reform, and strong visible growth in secondhand and repairs.

Valuation: Trades at 5x 2022 PE. Looking 5 years down the road the stock may be sitting on as low as 1x to 2x P/E.

Exp. gain: Not specified

Full DOAS.IS write-up (free guest account required):

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