BGC PARTNERS - TTKOM 1Q18 - BETTER
TTKOM 1Q18- POSITIVE: Reported NI TL56mn in 1Q18 vs cons TL38mn. More importantly, posted EBITDA TL2bn vs cons est TL1.71bn and IFRS 15 adjusted EBITDA margin at 39% (highest in the past 22 quarters). We currently maintain our BUY rating with 32% upside potential. FX rate fluctuations and parent Oger related newsflow are likely to weigh on the stock’s performance. Expect s.positive reaction to the results tdy.Turk Telekomuniksayon is an integrated telecommunications company in Turkey. Co.'s principal activities include the provision of local, national, international and mobile telecommunication services, internet products and services, as well as call centre and customer relationship management, technology and information management. Co. has service network and product range in the fields of individual and corporate services. Co. provides services in all 81 cities of Turkey. Co. has two main segments; fixed line and mobile. As of Dec 31 2015, Co. had 12.9 million fixed access lines, 8.0 million broadband and 17.3 million mobile subscribers.
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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