Kiti Pantskhava

Koç Holding: Expect lower dividends and net cash position; Hold

Conservative cash management at the holdco level will support Koç Holding in 2020 when dividends from subsidiaries are expected to decline on the back of Tupras’s decision not to reward the shareholders for 2019.
However, we expect Koç Holding to retain at least US$1.5bn cash after repaying US$750mn of bonds that mature this year and concluding the acquisition of 9% of Yapi Kredi.
Koç remains one of the strongest credits in Turkey. We reiterate our Hold recommendations on the KCHOL 23s and 25s.

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Kiti Pantskhava

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