Report

Turkey - Conglomerates - Net Asset Value Discounts

According to the last closing on September 17th, 2021;

·KCHOL NAV discount has been 23%, 13 ppt below its 5Y median discount of 10%. KCHOL share trades at 16% discounted to its listed assets.

·SAHOL NAV discount has been 52%, 8 ppt below its 5Y median discount of 44%. SAHOL share trades at 39% discount to its listed assets.

·AGHOL NAV discount has been 21%, 16 ppt above its 3Y median discount of 37%. AGHOL share trades at 41% discount to its listed assets.
Underlyings
Anadolu Grubu A

Yazicilar Holding is a holding company. Co., through its subsidiaries, operates in four segments: automotive; financial service; retailing; and other. Co.'s automotive segment offers passenger vehicles, commercial vehicles, generators, and spare and component parts. Co.'s financial services segment including banking, leasing, brokerage, and investment banker services. The Retailing segment offers stationery, chain restaurant management, food, information technologies and tourism. Co.'s other segment is engaged in trade, asset management and energy.

Haci Omer Sabanci Holding A.S.

Hace Omer Sabanci Holding is the holding company of Sabanci Group. Co. is organized under seven strategic business units: Banking, Tire, Tire Reinforcement Materials and Automotive, Retail, Cement, Energy, and Insurance. Co.'s other activities consists of tourism facilities management, information technology and telecommunication services, and tobacco production and distribution. Co. operates in 18 countries and exports products to Europe, the Middle East, Asia, North Africa, North and South America. Co. has partnerships with international companies such as Ageas, Aviva, Bridgestone, Carrefour, Citigroup, Dia, Heidelberg Cement, International Paper, Philip Morris and Verbund.

Koc Holding A.S.

Koc Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the business of natural gas, marketing, petroleum shipping, liquefied petroleum gas, power generation, production and trading of petroleum products and mining in the energy sector, production, trading, insurance and car rental in the automotive sector, production and sales, procurement, research and developement in the consumer durables sector, consumer finance, banking, custody, financial consulting, leasing, brokerage, real estate and portfolio management and brokerage banking in the finance sector, and tourism, trading, technology, ship construction and foreign trade in the other sectors.

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.

The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.

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