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 ... (+2)
  • Erol Danis
  • Salih Koseoglu
EUR 57.54
TURSG TURKIYE SIGORTA

Model Portfolio Update - Including Türkiye Sigorta to our model portfo...

We are adding Türkiye Sigorta to our Model Portfolio. We believe the company is well positioned to benefit from the current higher interest rate environment while maintaining structural profitability supported by its exposure to the agricultural insurance segment. Higher interest rates should support investment income: Türkiye Sigorta stands to directly benefit from the recent hike in market rates. The TLREF (Turkish Lira Overnight Reference Rate) has risen to around 40% from approximately 37%,...

03/12/26 March 12, 2026 1 EN
Koray Pamir ... (+2)
  • Koray Pamir
  • Mehmet Yigit Yorulmaz
EUR 57.54
TUPRS TUPRAS

Monthly Refining Margin Data (February 2026)

In February, within mid distillates, diesel cracks (in USD/bbl.) registered at 23.1 (up 2.6 m/m, up 3.5 y/y) and jet fuel cracks registered at 23.7 (up 2.6 m/m, up 7.8 y/y) based on Tupras provided data. Gasoline cracks came to 13.4 (up 1.0 m/m, down 1.0 y/y). HSFO cracks were realized at negative 15.5 (up 0.3 m/m, down 9.6 y/y). Differentials were wider m/m. Shares underperformed BIST-100 by 10% and declined by 6% in USD over the past one month. European refining economics stayed soft in Febru...

03/02/26 March 2, 2026 1 EN
Esra Demiroglu ... (+2)
  • Esra Demiroglu
  • Koray Pamir
EUR 57.54
TCELL Turkcell Iletis...
TTKOM Turk Telekomuni...

Turkish Telcos - M/T FCF Pressure, L/T Upside Intact

Buy on both Türk Telekom and Turkcell; valuation discounts remain compelling, but FCF is the swing factor: On our 2026 estimates, Türk Telekom trades at 3.5x EV/EBITDA (c.30% discount to EM peers) while Turkcell trades at 3.3x EV/EBITDA (c.34% discount). For reference, we calculate 2026 P/E of 8.9x for Türk Telekom and 10.8x for Turkcell, implying 22% and 5% discounts respectively to EM peers; however, we do not view P/E as a primary valuation metric at this stage, given both companies are in an...

TCELL TURKCELL ILETISIM HIZMETLERI A.S.
TTKOM TURK TELEKOMUNIKASYON A.S.
02/16/26 February 16, 2026 1 EN
Koray Pamir ... (+2)
  • Koray Pamir
  • Mehmet Yigit Yorulmaz
EUR 57.54
TUPRS TUPRAS

Monthly Refining Margin Data (January 2026)

In January, within mid distillates, diesel cracks (in USD/bbl.) registered at 20.5 (down 2.5 m/m, up 3.7 y/y) and jet fuel cracks registered at 21.1 (down 2.0 m/m, up 7.3 y/y) based on Tupras provided data. Gasoline cracks came to 12.4 (down 5.2 m/m, up 0.8 y/y). HSFO cracks were realized at negative 15.8 (down 1.3 m/m, down 5.1 y/y). Differentials were wider m/m. Shares outperformed BIST-100 by 6% and rose by 30% in USD over the past one month. European refining economics softened in January, ...

02/02/26 February 2, 2026 1 EN
Erol Danis ... (+4)
  • Erol Danis
  • Koray Pamir
  • Mehmet Yigit Yorulmaz
  • Sevgi Onur
EUR 57.54

Turkish Equity Research - 4Q25 Preview

4Q25 earnings season to kick off today: 4Q25 earnings season for companies under our coverage is set to start today with Turkiye Sigorta and last until March 11th. Based on our projections, banks will show 38% y/y EPS growth (up 4% q/q) in 4Q25. As for non-financials, in USD terms, we estimate 31% y/y EPS growth (down 51% q/q), while estimating 18% y/y growth in EBITDA (down 19% q/q). Note that to facilitate comparisons, we calculated the overall figures for non-financial companies in USD terms,...

01/26/26 January 26, 2026 1 EN

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