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.

Koray Pamir ... (+2)
  • Koray Pamir
  • Zekai Unal
EUR 59.44
EREGL Eregli Demir ye...

Erdemir - Reserved view on steel ops; gauging upside on gold mining po...

Conservative view on steel operations mainly due to weak FCF outlook, placing gold mining prospect into perspective, maintain Hold: We have updated our valuation (blended target 6.0x FY25E–FY26E EV/EBITDA (net debt adjusted)) and estimates for Erdemir, raising our 12M target price by 6% to TL30.1/share. This revision primarily reflects updated macro assumptions including FX and steel price forecasts. Our 12M TP implies a 26% upside potential yet remains below the 54% average upside across our no...

EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
05/29/25 May 29, 2025 1 EN
Ece Mandaci
  • Ece Mandaci
EUR 59.44
LOGO Logo Yazilim Sa...

Logo

Logo’s increased strategic focus on its core Turkey operations—following the planned divestment of its stake in Total Soft—combined with the improving outlook for recurring revenues and strong momentum in cloud-based platforms, will be key growth drivers going forward. While we take a prudent stance on sustainable margin forecasts, disciplined cost management, particularly in operating expenses, should help offset potential margin pressure from high-growth segments. Free cash flow generation is ...

LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
05/16/25 May 16, 2025 1 EN
Ece Mandaci
  • Ece Mandaci
EUR 59.44
TCELL Turkcell Iletis...

Turkcell

Turkcell delivered solid operational profitability in 1Q25, with 13% revenue growth and a 230bp y/y improvement in EBITDA margin, driven by effective cost management and successful repricing initiatives. We have revised our 2025 estimates upward across major financial indicators, while expecting growth to normalize and capex intensity to increase in 2H25. Accordingly, we raise our target price to TL152 per share and reiterate our BUY rating. Turkcell is trading at 2.5x 2025E EV/EBITDA, represent...

TCELL TURKCELL ILETISIM HIZMETLERI A.S.
05/14/25 May 14, 2025 1 EN
Zekai Unal
  • Zekai Unal
EUR 59.44

Rönesans Gayrimenkul

Strategic Assets, Scalable Potential: Ronesans manages a portfolio of 16 income-generating assets, consisting of 12 shopping malls, 4 with a total gross leasable area of approximately 650k sqm from the malls and 742k sqm² including the offices. These assets are strategically located across seven major Turkish cities, with a concentration in high-income, well-connected urban districts such as Istanbul and Izmir. Key flagship malls include Hilltown Kucukyali, Optimum Istanbul, Optimum Izmir, Hillt...

05/13/25 May 13, 2025 1 EN
Ece Mandaci
  • Ece Mandaci
EUR 59.44
TTKOM Turk Telekomuni...

Turk Telekom

Turk Telekom posted a strong set of results in 1Q25, marked by 18% revenue growth and a 260bps y/y expansion in EBITDA margin, underpinned by buoyant ARPU dynamics in mobile and fixed segments, and effective execution of costs. Net income surged 45% y/y, supported by a meaningful reduction in financial expenses and improved financial leverage. Reflecting the stronger-than-anticipated momentum, we have revised our 2025 forecasts upward across key financial metrics, while anticipating a normalizat...

TTKOM TURK TELEKOMUNIKASYON A.S.
05/09/25 May 9, 2025 1 EN

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