TURKCELL 3Q13 - BETTER
TL241m NI beat the cons of TL4m by wide margin but down by 60% y/y due to FX losses, increased interest expenses on loans, higher D&A, and higher tax rate. Financial costs were not as high as the consensus estimates; and strong top line and operational margins supported the bottom line to a level higher than market expectations. EBITDA of TL2,387m in 3Q18 (up by 47% y/y at 41.2% margin) was 7% above cons and was all time high. 2018 guidance upped for 20-22% top line growth (prev. 16-18%) and EBITDA margin of 39%-41% (prev. 37%-40%). Op. capex/sales guidance is unchanged at 18%-19%. Results are positive.Turkcell Iletisim Hizmetleri is a provider of mobile services in Turkey. Co. provides mobile voice, internet and other services over its mobile communications network. Subscribers can choose between postpaid and prepaid services. Postpaid subscribers sign a subscription contract, and receive monthly bills for services, while prepaid subscribers must purchase a starter pack which consists of a SIM card and inclusive airtime. GSM offers a range of services that include voice, circuit switched data, packet data and fax, in addition to standard service offerings such as call barring, call forwarding, call waiting and roaming into areas serviced by other GSM carriers.
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
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