FROTO.IS

“Ford Otosan earns a TRACK: it is a well-managed, structurally protected business trading at a genuine cyclical trough valuation (~11x trough earnings), but the investment thesis rests almost entirely on Ford Motor Company's strategic survival and continued European commitment — a concentrated, non-diversifiable dependency on a financially leveraged OEM navigating an uncertain EV transition. Layer in Turkish lira secular devaluation (materially eroding hard-currency returns), 18% public float with zero minority governance recourse, and a capex cycle that has temporarily halved EBITDA margins, and the risk/reward profile is compelling only for TRY-denominated investors who can size it as a small speculative holding, not as a high-conviction core position.”