BGC Partners - TURK TELEKOM (Company Update - BUY (maintained), 27% upside)
TP raised by 12% to TL10.1/share (ex div.), BUY maintained… We updated our valuation with the latest 4Q19 financials and 2020 guidance of the company. We slightly upped our top line estimates, EBITDA margin forecasts and also capex figures; the net impact is a 12% rise in our TP. Turk Telekom continues to record strong operational profitability thanks to soaring top line via inflationary price adjustments, increasing data usage, subscriber growth, and successful opex management. Thanks to stable TL, declining interest rates and indebtedness, and hedging efforts, Turk Telekom is likely to improve its net earnings significantly in 2020 (we estimate 69% y/y growth).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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