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 ... (+4)
  • Erol Danis
  • Koray Pamir
  • Mehmet Yigit Yorulmaz
  • Sevgi Onur
EUR 57.65

Turkey Strategy: 2026 Outlook - Improving trajectory; Cautious optimis...

Macro outlook for 2026 is relatively balanced and predictable: Entering 2026, Turkey’s macroeconomic outlook offers a relatively balanced and predictable framework, with CPI expected to decline from 30.9% in 2025 to 23.9%, supported by positive real interest rates and fiscal discipline. The CBRT is projected to implement gradual rate cuts, ending the policy rate at ~30%, while maintaining a cautious stance amid persistent credibility gaps in inflation expectations. FX stability remains a priorit...

01/12/26 January 12, 2026 1 EN
Erol Danis ... (+2)
  • Erol Danis
  • Salih Koseoglu
EUR 57.65
ANSGR ANADOLU SIGORTA
AKGRT Aksigorta Anoni... ... (+3)

Turkish Non-life Insurance Sector - Robust Earnings Despite Rate Cuts

Investor sentiment on the non-life insurance sector has cooled and sector multiples have derated, as Turkey’s easing cycle has progressed. However, we believe this pessimism is overdone. Despite lower policy rates, we do not expect a substantial deterioration in investment income of the sector, as the sector’s steadily expanding and compounding asset base should continue to underpin returns. We forecast strong ROEs in 2026, which warrants a higher P/BVs for the sector. Importantly, non-life insu...

ANSGR ANADOLU SIGORTA
AKGRT AKSIGORTA ANONIM SIRKETI A.S.
TURSG TURKIYE SIGORTA
01/09/26 January 9, 2026 1 EN
Koray Pamir
  • Koray Pamir
EUR 57.65
ENJSA Enerjisa Enerji...

View on Regulatory Changes - Distribution WACC increased for FY26-30

EPDK published the awaited 2026–30 distribution return reset in the Official Gazette: The Board decision is dated 11 Dec 2025, published in the official gazette and effective 1 Jan 2026–31 Dec 2030. The key revision is the gross real, pre-tax “reasonable return” parameter set at 14.46% which is the core WACC/return input used in the distribution revenue requirement. Net WACC, which is the comparable figure to the prevailing net WACC of 12.30% (2021-2025) has not been disclosed but could material...

ENJSA ENERJISA ENERJI AS
12/17/25 December 17, 2025 1 EN
Koray Pamir
  • Koray Pamir
EUR 57.65
KRDMD Kardemir Karabu...

Kardemir - Upgrade to Buy. Domestic tailwinds, cautious on the global ...

Upgrading to Buy on valuation and potential domestic tailwinds: We upgrade Kardemir to Buy (from Hold) and raise our 12-month target price to TL40.4/share (from TL34.5), implying 49% upside from the current share price. The change reflects (1) a modestly higher FY26–27 EBITDA/tonne trajectory, (2) slightly higher FY26–27 volume assumptions as partial debottlenecking is expected around March 2026, and (3) updated macro inputs. Despite the slight recovery in share price over the past one month, 5%...

KRDMD KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET A.S. D
12/16/25 December 16, 2025 1 EN
Sevgi Onur
  • Sevgi Onur
EUR 57.65
GARAN Turkiye Garanti...
YKBNK Yapi ve Kredi B... ... (+7)

Turkish Banking Sector - Initial glance into 2026: Funding mix to driv...

Macro outlook: The CBT has reduced the policy rate by 950bps to 38% in YE25. For the subsequent cycle, we expect the policy rate to decline to 30% by 2026E, with a more gradual, rather than steep, trajectory of quarterly margin improvements throughout 2026. Inflation is projected to ease to 31% in FY25 and 23.2% in FY26, down from 44.4% in 2024. For the valuation of CPI-linked securities, we use an Oct–Oct inflation assumption of 24%. Turkish banks are transitioning from CPI-driven to spread-d...

GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
AKBNK AKBANK TAS
HALKB TURKIYE HALK BANKASI ANONIM SIRKETI
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
TSKB TSKB
12/15/25 December 15, 2025 1 EN

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