Teb Yatirim - Turkcell Iletisim Hizmetleri A.S. (TCELL) Turkcell (TCELL TI) - 2H19 outlook muted: Maintain Hold

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Teb Yatirim

Akif Dasıran

EUR 8.55 For Business Accounts Only

Turkcell (TCELL TI) - 2H19 outlook muted: Maintain Hold

Turkcell posted TRY465m net income in 2Q19, worse than RT consensus of TRY514m but largely in-line with our estimate of TRY478m.

However, Turkcell maintained its 2019 top-line growth guidance of 17-19% (BNPPe: 17%) and increased EBITDA margin guidance from 38-40% to 39-41% (BNPPe: 41.2%). In our view, the previous guidance was too conservative and we maintain our 41.2% EBITDA margin estimate, which is still above but now closer to the guidance. In our view, the positive impact of guidance revision may allay the negative impact of 2Q19 bottom-line miss on Turkcell’s share price performance

01/08/2019 1 EN

Underlying

Turkcell Iletisim Hizmetleri A.S.

Turkcell Iletisim Hizmetleri is a provider of mobile services in Turkey. Co. provides mobile voice, internet and other services over its mobile communications network. Subscribers can choose between postpaid and prepaid services. Postpaid subscribers sign a subscription contract, and receive monthly bills for services, while prepaid subscribers must purchase a starter pack which consists of a SIM card and inclusive airtime. GSM offers a range of services that include voice, circuit switched data, packet data and fax, in addition to standard service offerings such as call barring, call forwarding, call waiting and roaming into areas serviced by other GSM carriers.

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TRATCELL91M1 Istanbul Stock Exchange Turkey

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Teb Yatirim

TEB Investment equity research analysts and strategist team consists of 8 analysts with an average finance sector experience of 15 years and special focus on international investors.

With our 6 equity research analysts we cover 93 companies across 21 sectors, reflecting 80% of the total market capitalization of all BIST companies and 86% of the BIST100 companies. Our strategy team provides in depth top-down and bottom-up market views with insight on FX and bond markets by publishing sectoral and strategic reports both in English and Turkish.

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Analysts

Akif Dasıran

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Turkcell (TCELL TI) - 2H19 outlook muted: Maintain Hold

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