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 59.45
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.
21h / 46m 21h / 46m 1 EN
Zekai Unal
  • Zekai Unal
EUR 59.45

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 59.45
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
Zekai Unal
  • Zekai Unal
EUR 59.45

Tinaztepe

Tinaztepe Sağlık Hizmetleri (Tinaztepe) is a healthcare provider based in Izmir, Turkey. The company operates three hospitals and one medical center, serving a wide range of patients across the region. In addition to its core healthcare operations, Tinaztepe offers exposure to Izmir’s appreciating real estate market, having accumulated a portfolio of land assets over the years. These holdings, some of which are now being monetized through development projects, add a unique dimension to the compa...

04/22/25 April 22, 2025 1 EN
Ece Mandaci ... (+6)
  • Ece Mandaci
  • Erol Danis
  • Koray Pamir
  • Mehmet Yigit Yorulmaz
  • Sevgi Onur
  • Zekai Unal
EUR 59.45

Turkish Equity Research - 1Q25 Preview

1Q25 earnings season to kick off today (April 21st): 1Q25 earnings season for companies under our coverage is set to start on April 21st with Turkiye Sigorta and last until May 12th. Based on our projections, banks will show 5% y/y EPS growth (up 14% q/q) in 1Q25. As for non-financials, in USD terms, we estimate 50% y/y EPS contraction (down 68% q/q), while EBITDA should decrease 16% y/y (down 21% q/q). Note that to facilitate comparisons, we calculated the overall figures for non-financial comp...

04/21/25 April 21, 2025 1 EN

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