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
  • Ece Mandaci
EUR 58.40
MPARK MLP Saglik Hizm...

MLP Care

MLP Care has effectively restructured its hospital portfolio over the past four years and implemented cost optimization measures, resulting in a 10% EBITDA CAGR in USD terms from 2019 to 2023. As private health insurance and foreign medical tourism revenues continued to recover, the proportion of revenue exposed to the social security system decreased to 14% by 2023. Concurrently, net debt decreased from USD348m in 2019 to USD110m in 2023, with 70% attributed to lease liabilities. Anticipating a...

MPARK MLP SAGLIK HIZMETLERI AS
04/18/24 April 18, 2024 1 EN
Erol Danis
  • Erol Danis
EUR 58.40

Macroeconomics Insight

Erdogan to visit Biden in May: The prominent agenda in foreign relations was the resurgence of momentum in the relationship between Turkey and Sweden following Turkey's approval of Sweden's NATO membership and the steps taken by the US regarding the F-16 issue. In this context, following the visit of the head of the National Intelligence Organization, Ibrahim Kalin, Foreign Minister Hakan Fidan visited Washington on March 7-8 upon the invitation of his American counterpart Blinken, and the 7th T...

04/15/24 April 15, 2024 1 EN
Ece Mandaci
  • Ece Mandaci
EUR 58.40
TCELL Turkcell Iletis...

Turkcell

We favor Turkcell due to its strong revenue growth, primarily driven by price adjustments, mitigated impact of cost pressures and decline in financial leverage. We incorporate IAS29 effect to financials, revise up target price to TL110 per share (previously TL96) and maintain BUY rating. At 2024E EV/EBITDA ratio of 2.8x, Turkcell is trading at a 38% discount to its peers. 4Q23 Review, without the effect of inflationary accounting: Turkcell witnessed an 83% y/y revenue growth, thanks to ARPU gro...

TCELL TURKCELL ILETISIM HIZMETLERI A.S.
04/03/24 April 3, 2024 1 EN
Koray Pamir
  • Koray Pamir
EUR 58.40
EREGL Eregli Demir ye...

Erdemir

Revising estimates, Maintain Hold: We have updated our estimates for Erdemir and increased our 12M TP by 2%, to TL53.6/share, mainly led by the update of our macro assumptions, implying a 27% upside potential (vs. 28% upside potential of our coverage). Thus, we reiterate our Hold rating for the shares (downgraded from Buy on January 2022, underperformed the BIST-100 by 64% since). Regarding near term outlook, we are constructive of improvement in Erdemir’s sales volume in FY24 (estimate of 13% y...

EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
03/27/24 March 27, 2024 1 EN
Ece Mandaci
  • Ece Mandaci
EUR 58.40
TTRAK Turk Traktor ve...

Turk Traktor

Turk Traktor has surpassed expectations and improved its cash position during 2023. However, after a year marked by historically high net income, we anticipate lower profitability in terms of USD for 2024. With our updated estimates, including the impact of inflationary accounting, Turk Traktor trades at 9.4x 2024E P/E, indicating an 12% discount to its peers. We have raised our target price to TL1,025 per share and maintain HOLD rating, given the recent share price outperformance. Turk Traktor ...

TTRAK TURK TRAKTOR VE ZIRAAT MAKINELERI A.S.
03/12/24 March 12, 2024 1 EN

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