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
  • Koray Pamir
EUR 57.40
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 57.40
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 57.40
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
Erol Danis ... (+2)
  • Erol Danis
  • Mehmet Yigit Yorulmaz
EUR 57.40
TAVHL TAV Havalimanla...
PGSUS.E Pegasus Hava Ta... ... (+3)

Turkish Aviation - Cloudier Skies

Passenger traffic momentum has weakened in 2025, and we do not expect it to improve significantly in 2026. Turkey’s aviation traffic trends showed 6.6% y/y growth in 10M25 (international +7%; domestic +6%), marking a slowdown from previous years (2023: +18%; 2024: +8% y/y) as the tourism sector faces headwinds from TL appreciation and geopolitics. Foreign tourist arrivals stayed flattish y/y in 10M25, marking the slowest y/y performance since the Covid rebound. Looking ahead to 2026, continued T...

TAVHL TAV HAVALIMANLARI HOLDING A.S.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
THYAO TURK HAVA YOLLARI A.O.
12/04/25 December 4, 2025 1 EN
Erol Danis ... (+2)
  • Erol Danis
  • Koray Pamir
EUR 57.40
AYGAZ AYGAZ A.S.

Model Portfolio Update - Removing Aygaz from our Model Portfolio

Following a very strong run and the partial normalization of the core valuation anomaly that underpinned our initial call, we have downgraded Aygaz to Hold from Buy and simultaneously remove it from our model portfolio, while retaining a constructive fundamental stance. Since the inclusion in our model portfolio, the shares are up 23% in USD, outperforming the BIST-100 by 22%. At the time of our rating upgrade, Aygaz’s participation portfolio (Tupras, Opet Aygaz REIC, United LPG, Sendeo) more t...

11/26/25 November 26, 2025 1 EN

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