Turk Telekom (TTKOM TI) - Operationally better: Maintain Buy
Turk Telekom posted TRY56m net income in 1Q18. The company has adopted IFRS 15, which affected net income by TRY18m. Excluding the accounting change impact, the bottom line would be TRY38m, in line with RT consensus but lower than our estimate of TRY77m.
Stripping out the IFRS 15 impact, EBITDA would have been TRY1,879m, beating both our estimate of TRY1,695m and RT consensus of TRY1,711m.
1Q18 results reflected operational improvement overall. We thus maintain our BUY rating and 12-month DCF-based TP of TRY8.3
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.
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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