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BGC PARTNERS - TURKEY EQUITY STRATEGY UPDATE
Valuation remains attractive… Following the revisions, Turkish equities still trade at 9.4x on 2017 and 8.3x on 2018 forecast earnings. Based on 2018 P/E multiple, this implies that Turkish equities trade at 17% discount to its 5-year historical average and 40% discount to GEM median. We continue to believe that Turkish equities will trade at single digit discount to its historical average or around 9.5x to its forecast 2018 earnings over the next six months. We raise our BIST target by 2% to 134k or 15% higher from current levels due to our earnings revision. Key risk to this scenario is likely to be of global origin such as a global trade war.
Provider
BGC Partners
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
Ali Incekara Incekara
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