Ünlü&Co

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ÜNLÜ & Co is a financial services group and Turkey’s leading provider of investment advisory and asset management products and services.

ÜNLÜ & Co’s extensive knowledge and experience is the foundation of its solid local market position combined with the ability to deliver world-class standards of service in order to design and provide products and solutions that uniquely address its clients’ needs. Headquartered in Istanbul, ÜNLÜ & Co has a staff of more than 350 high caliber professionals, working together for the aim of making ÜNLÜ the leading provider of financial products and servicesfor the entire region. ÜNLÜ & Co provides world class investment advisory and asset management solutions to a diverse client base ranging from domestic and international investors to leading corporates, multinationals and financial institutions.

Erol Danis ... (+2)
  • Erol Danis
  • Mehmet Yigit Yorulmaz
EUR 57.30
TAVHL TAV Havalimanla...
PGSUS.E Pegasus Hava Ta... ... (+3)

Turkish Aviation - Cloudier Skies

Passenger traffic momentum has weakened in 2025, and we do not expect it to improve significantly in 2026. Turkey’s aviation traffic trends showed 6.6% y/y growth in 10M25 (international +7%; domestic +6%), marking a slowdown from previous years (2023: +18%; 2024: +8% y/y) as the tourism sector faces headwinds from TL appreciation and geopolitics. Foreign tourist arrivals stayed flattish y/y in 10M25, marking the slowest y/y performance since the Covid rebound. Looking ahead to 2026, continued T...

TAVHL TAV HAVALIMANLARI HOLDING A.S.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
THYAO TURK HAVA YOLLARI A.O.
12/04/25 December 4, 2025 1 EN
Erol Danis ... (+2)
  • Erol Danis
  • Koray Pamir
EUR 57.30
AYGAZ AYGAZ A.S.

Model Portfolio Update - Removing Aygaz from our Model Portfolio

Following a very strong run and the partial normalization of the core valuation anomaly that underpinned our initial call, we have downgraded Aygaz to Hold from Buy and simultaneously remove it from our model portfolio, while retaining a constructive fundamental stance. Since the inclusion in our model portfolio, the shares are up 23% in USD, outperforming the BIST-100 by 22%. At the time of our rating upgrade, Aygaz’s participation portfolio (Tupras, Opet Aygaz REIC, United LPG, Sendeo) more t...

11/26/25 November 26, 2025 1 EN
Koray Pamir
  • Koray Pamir
EUR 57.30
AYGAZ AYGAZ A.S.

Aygaz - Relative upside compression following strong run. Downgrade to...

Downgraded to Hold on risk/reward normalization: Since our upgrade to Buy on 30 July 2025, Aygaz has delivered a 31% return in USD, outperforming the BIST-100 by 32% and Tupras by 12%. This has substantially eroded the relative valuation cushion. Our 12M TP of TL272/share is unchanged, but implied upside has compressed to 30%, versus 43% for our coverage universe and 40% for our ex-banks coverage. On a 12M rating basis, this moves Aygaz into Hold territory: we continue to like the name fundament...

11/26/25 November 26, 2025 1 EN
Erol Danis
  • Erol Danis
EUR 57.30

Macroeconomics Insight - November 2025

Inflation coming in significantly above expectations in August, and especially in September, markedly changed perceptions regarding price dynamics. These developments led to a substantial upward shift in inflation expectations and reshaped forward-looking views on monetary policy; expectations for higher levels of interest rates strengthened. This deterioration in expectations also placed notable pressure on financial markets, adversely affecting risk sentiment. Against this backdrop, markets we...

11/14/25 November 14, 2025 1 EN
Koray Pamir
  • Koray Pamir
EUR 57.30
EREGL Eregli Demir ye...

Erdemir - UMREK confirms Alacahan resource; Value accretive yet core v...

Resource confirmation & scope: The UMREK-compliant disclosure confirms that Ermaden’s Alacahan project hosts a 14.9 Mt inferred resource grading 0.89 g/t Au, translating to 424 Koz contained gold. This is closely aligned with our May 2025 base-case assumption of a 15 Mt deposit grading 1.0 g/t Au (~480 Koz), a 12% delta in contained ounces. The grade is marginally lower but within the range expected for heap-leach–amenable oxide systems. Drilling coverage of 45 hectares—about 0.8% of the 5,804 h...

EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
11/05/25 November 5, 2025 1 EN

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