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.

Ece Mandaci ... (+2)
  • Ece Mandaci
  • Erol Danis
EUR 57.71
TCELL Turkcell Iletis...
ASELS Aselsan Elektro...

Model Portfolio Update - Inclusion of Astor, Exclusion of Aselsan and ...

Astor is Turkey’s largest and most profitable transformer and switchgear producer, with 31% revenue CAGR in 2019–24 and best-in-class margins supported by vertical integration and long-standing ties to TEIAS, distribution companies, and industrial clients. Capacity expansions from 4Q25, including new transformer lines, conductor production, and a switchgear plant, are set to boost production, underpinning our forecast of 9.8% revenue CAGR and 30% average EBITDA margin in 2025–34. Global transfor...

TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
08/12/25 August 12, 2025 1 EN
EUR 57.71

Astor - Initiation of Coverage

Market leadership underpinned by capacity expansion and export growth: Astor Enerji is Turkey’s largest and most profitable transformer and switchgear manufacturer, combining market leadership with strong growth and high margins. The company has outperformed peers with rapid revenue expansion at 31% CAGR between 2019-24 and best in class profitability, supported by vertical integration and long standing client relationships with TEIAS, distribution companies and industrial customers. Ongoing inv...

08/12/25 August 12, 2025 1 EN
Erol Danis
  • Erol Danis
EUR 57.71

Macroeconomics Insight - August 2025

The macroeconomic outlook for July painted a generally positive picture, supported by the continuation of the disinflation process and favorable developments in CBRT reserves. According to our calculations, the CBRT made foreign exchange purchases close to USD12bn in July, while the reserve indicator we closely monitor, “Net International Reserves Excluding All Swaps,” settled above the USD45bn level. On the other hand, during a period when global trade wars and tariffs are intensively debated, ...

08/07/25 August 7, 2025 1 EN
Koray Pamir
  • Koray Pamir
EUR 57.71
KCHOL Koc Holding A.S...

Koc Holding - Attractive discount to NAV. Higher EPS visibility & qual...

Increasing 12M TP to TL285, Positive View on Key Subs and 2H25 EPS outlook, Buy Reiterated: We have raised our 12-month target price for Koc Holding (“Koc”) by 4% to TL285/share, implying 59% upside potential (compared to 37% for our full coverage and 34% for our ex-bank coverage). Accordingly, we reiterate our Buy rating on Koc. We maintain a positive view on Koc’s key subsidiaries and consider the 30% discount to its current NAV (“CNAV”) attractive—particularly given the tangible improvement i...

KCHOL KOC HOLDING A.S.
08/01/25 August 1, 2025 1 EN
Koray Pamir
  • Koray Pamir
EUR 57.71
AYGAZ AYGAZ A.S.

Aygaz - Core business valuation gyrates back to attractive following U...

Upgraded to Buy on improved relative valuation: We upgrade Aygaz to Buy (from Hold) with a revised 12-month target price of TL230/share (+23%), implying 50% upside potential. This follows a valuation refresh—including updated subsidiary assumptions and a shift in our valuation horizon to mid-2026. Our key argument centers on a compelling relative valuation reset: Aygaz has underperformed Tupras by 17% since our downgrade in January 2025, despite Tupras constituting approximately 68% of Aygaz’s t...

07/30/25 July 30, 2025 1 EN

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