Edison Investment Research - Is Yatirim Menkul Degerler AS (ISMEN) Resilience in difficult times

Report

Edison Investment Research

Julian Roberts

Resilience in difficult times

Although the geopolitical background in Turkey remains unsettled, some areas of Is Yatirim Menkul Degerler’s (ISY) business, notably its core investment banking activities, have performed well in Q316, posting large increases in revenue and profit over Q315. The current market valuation seems reasonable, but improvements in the economic and political climate could increase the value indicated by our model considerably, making ISY potentially attractive to investors looking beyond current uncertainties.

29/11/2016 8 EN

Underlying

Is Yatirim Menkul Degerler AS

See profile

TREISMD00011 Istanbul Stock Exchange Turkey

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Julian Roberts

Other Reports on these Companies

Edison Investment Research

Is Yatirim Menkul Degerler - Termination of coverage

Edison Investment Research is terminating coverage on Is Yatirim Menkul Degerler (ISMEN). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

November 12, 2017 November 12, 2017 1 EN

Edison Investment Research

Increasing estimates again

Is Yatirim (ISY) produced a very strong result in H117 against the backdrop of an improved political and economic environment in Turkey, which has seen a strong improvement across capital markets. With the benefit of leading market positions, ISY has seen revenues increase across all product areas with particular strength in interest and trading. Meanwhile, costs have been kept under tight control and below the level of inflation, which is running in excess of 9% pa. We have significantly increased our forecasts for the current year, while prudently making little change to FY18 given the inher...

August 14, 2017 August 14, 2017 8 EN

Edison Investment Research

Ahead of expectations

Is Yatirim’s (ISY) Q117 results showed a strong performance by the investment banking business, driven by robust equity, debt and derivatives markets, slight increases to some commission margins as well as continued growth in AUM, particularly from higher-fee pension fund assets. Is Investment (the investment bank) posted net profits more than 50% up on Q116, which was the strongest quarter in that year. With the exception of the NPL business, all the consolidated segments beat our expectations and we have revised our estimates upwards as a result. The government’s success in the 16 April refe...

May 11, 2017 May 11, 2017 7 EN

IP Group - Management sees positive portfolio momentum

IP Group reported broadly stable private portfolio values in H124, assisted by the positive revaluation of Featurespace, an AI-powered fraud and financial crime detection business, which delivered strong top-line growth of 46.5% in 2023 to £50.4m. This helped offset a further carrying value reduction of First Light Fusion and a partial write-down of Ultraleap Holdings, a human-machine interface business. The de-rating of listed Oxford Nanopore (ONT) was therefore the major driver behind IP Group’s 9% NAV fall in total return (TR) terms in H124. Roughly half of ONT’s share price decline has rev...

September 19, 2024 September 19, 2024 1 EN

Sean Conroy

Sean Conroy

Creo Medical - Consumables business divested in strategic move

Creo Medical has announced the sale of a majority (51%) stake in its European consumable business to Chinese medical-device manufacturer Micro‐Tech for an enterprise value of €72m (2.3x EV/sales; 20x EV/EBIT). The deal is expected to complete in Q125 and will net the company c €30m (£25m) in dry powder. We see the sale of this mature business as a strategic move, providing liquidity as Creo accelerates its effort to launch its core suite of electrosurgical devices and partner its proprietary Kamaptive technology, both areas of higher growth potential. The European consumables business, which p...

September 19, 2024 September 19, 2024 1 EN

Pedro Fonseca

Pedro Fonseca

Utilico Emerging Markets Trust - Market not reflecting very strong fundamentals

Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings, at specialist value-based investor ICM. He reports that, operationally, the trust’s investee companies are performing extraordinarily well, although this is not being reflected in the market. The manager suggests that investors have multiple distractions including concerns about a US recession, the US presidential election and wars in Ukraine and the Middle East. UEM’s investments in infrastructure and utility assets ensure the fund has a consistently low beta. The use of gearing has resumed following the arrangement of a new...

September 18, 2024 September 18, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Resilience in difficult times

Is Yatirim Menkul Degerler - Termination of coverage

Increasing estimates again

Ahead of expectations

IP Group - Management sees positive portfolio momentum

Creo Medical - Consumables business divested in strategic move

Utilico Emerging Markets Trust - Market not reflecting very strong fundamentals

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe