Turk Telekom - Deleveraging continues with solid operations, May 14, 2020
This analysis by GLOBAL Securities is presented to you by Raiffeisen Centrobank AG. Raiffeisen Centrobank AG acts solely as a distributor of this analysis and has not introduced any material changes to the content of this analysis or any recommendation included herein.Turk Telekom - Deleveraging continues with solid operations, May 14, 2020
Turk Telekom differentiates itself through improving operational performance coupled with strong financials, as well as its deleveraging efforts. In its 1Q20 results, the company managed to improve its net debt to EBITDA multiple to 1.38x, down from 1.86x a year ago. This is also the lowest in last five years. The company also increased the hedging ratio and its F/X short position declined to 225mn - USD equivalent from 665mn - USD equivalent, which is manageable. Considering the strong outlook and deleveraging efforts, Turk Telekom shares are trading an attractive 1yr EV/EBITDA multiple of 3.3x, with 33% discount to its 5y median as well as 42% and 52% discounts to its European and Global peers.
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