reports
Koc Holding: 1 director
A director at Koc Holding bought 2,369,669 shares at 138.270TRY and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
- Koray Pamir
Koc Holding
12-month TP up 57%, to TL180/share; Buy maintained: We raise our TP for Koc Holding (Koc) by 57%, to TL180/share and re-iterate our Buy rating. The TP revision was driven by 1) incorporation of an updated macro deck; 2) a lower discount to Koc’s target NAV (TNAV) by 5pps, to 20%, considering the improved risk perception regarding Turkey due to the rapid improvement in the country’s CDs; 3) updated valuation and estimates for listed subsidiaries, such as Tupras, Aygaz, Autos, and Arcelik, followi...
- Erol Danis
- Koray Pamir
Top Picks Portfolio
Excluding Koc Holding from our model portfolio: We are excluding Koc Holding from our model portfolio. Shares have outperformed the BIST-100 by 33% and returned 118% in USD since its inclusion on January 6, 2022. Bulk of the alpha vs. the index was led by the strength of its recent share performance with respective YTD and one-week outperformances of 36% and 17% and respective USD returns of 13% and 27% in USD in the interim. Substantial improvement in Koc’s discount to current NAV had been on...
- Koray Pamir
Koc Holding
Increasing 12M TP by 16%, to TL115.0/share, implying 43% potential 12M upside: We are increasing our 12-month TP for Koc Holding (Koc) by 16%, to TL115.0/share, implying 43% potential upside on 12M horizon. Accordingly, we reiterate our Buy rating on Koc which continues to be a constituent of our model portfolio. The upward TP revision is primarily driven by a mechanical NAV update, incorporating updated macro estimates, a valuation update of unlisted assets and updated TPs for listed subsidiari...
- Koray Pamir
Koc Holding
Increasing 12M TP by 19% to TL77.7/sh, implying 30% potential upside: We are increasing our 12M TP for Koc Holding (“Koc”) by 19% to TL77.7/sh, implying 30% potential upside. The upward TP revision is primarily driven by a mechanical NAV update, incorporating updated macro estimates, and updated TPs for subsidiaries post 3Q, with revisions in the target valuation of Yapi Kredi and Tupras being the largest contributors of the TP revision in Koc. We continue to apply a 20% holding discount to it...
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on August 26th, 2022; • KCHOL NAV discount has been 38%, 24 ppt below its 5Y median discount of 14%. KCHOL trades at 34% discount to its listed assets. • SAHOL NAV discount has been 30%, 6 ppt above its 5Y median discount of 36%. SAHOL trades at 11% discount to its listed assets. • AGHOL NAV discount has been 41%, 10 ppt below 3Y median discount of 31%. AGHOL trades at 44% discount to its listed assets.
- Koray Pamir
Koc Holding
Increasing 12M TP by 12% to TL65.30/sh, implying 52% potential upside: We have increased our 12M TP for Koc up 12% to TL65.30/sh, implying 52% potential upside. The upward TP revision is primarily driven by a mechanical NAV update, incorporating updated macro estimates and updated TPs for subsidiaries (and unlisted assets) post 2Q. We continue to apply a 20% holding discount to Koc’s target NAV (“TNAV”) vs. its spot discount of 36% and its five-year average discount of 18%. In a nutshell, we rei...
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on August 12th, 2022; ·KCHOL NAV discount has been 39%, 25 ppt below its 5Y median discount of 14%. KCHOL trades at 36% discount to its listed assets. ·SAHOL NAV discount has been 21%, 15 ppt above its 5Y median discount of 36%. SAHOL trades at 6% discount to its listed assets. ·AGHOL NAV discount has been 29%, only 1 ppt above 3Y median discount of 30%. AGHOL trades at 35% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on August 5th, 2022; • KCHOL NAV discount has been 39%, 25 ppt below its 5Y median discount of 14%. KCHOL trades at 35% discount to its listed assets. • SAHOL NAV discount has been 25%, 11 ppt above its 5Y median discount of 36%. SAHOL trades at 11% discount to its listed assets. • AGHOL NAV discount has been 26%, 4 ppt above 3Y median discount of 30%. AGHOL trades at 32% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on July 29th, 2022; ·KCHOL NAV discount has been 40%, 26 ppt below its 5Y median discount of 14%. KCHOL trades at 37% discount to its listed assets. ·SAHOL NAV discount has been 29%, 7 ppt above its 5Y median discount of 36%. SAHOL trades at 14% discount to its listed assets. ·AGHOL NAV discount has been 31%, 1 ppt below 3Y median discount of 30%. AGHOL trades at 38% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on July 22nd, 2022; • KCHOL NAV discount has been 38%, 24 ppt below its 5Y median discount of 14%. KCHOL trades at 34% discount to its listed assets. • SAHOL NAV discount has been 28%, 8 ppt above its 5Y median discount of 36%. SAHOL trades at 13% discount to its listed assets. • AGHOL NAV discount has been 27%, 3 ppt above 3Y median discount of 30%. AGHOL trades at 35% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on June 24th, 2022; • KCHOL NAV discount has been 34%, 20 ppt below its 5Y median discount of 14%. KCHOL trades at 30% discount to its listed assets. • SAHOL NAV discount has been 35%, 5 ppt above its 5Y median discount of 40%. SAHOL trades at 12% discount to its listed assets. • AGHOL NAV discount has been 24%, 7 ppt below 3Y median discount of 31%. AGHOL trades at 35% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on June 17th, 2022; • KCHOL NAV discount has been 36%, 23 ppt below its 5Y median discount of 13%. KCHOL trades at 32% discount to its listed assets. • SAHOL NAV discount has been 38%, 2 ppt above its 5Y median discount of 40%. SAHOL trades at 17% discount to its listed assets. • AGHOL NAV discount has been 28% 3 ppt below 3Y median discount of 31%. AGHOL trades at 38% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on June 10th, 2022; • KCHOL NAV discount has been 37%, 24 ppt below its 5Y median discount of 13%. KCHOL trades at 33% discount to its listed assets. • SAHOL NAV discount has been 38%, 1 ppt above its 5Y median discount of 39%. SAHOL trades at 16% discount to its listed assets. • AGHOL NAV discount has been 32% 1 ppt below 3Y median discount of 31%. AGHOL trades at 42% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on June 3rd, 2022; • KCHOL NAV discount has been 35%, 22 ppt below its 5Y median discount of 13%. KCHOL trades at 31% discount to its listed assets. • SAHOL NAV discount has been 35%, 4 ppt above its 5Y median discount of 39%. SAHOL trades at 12% discount to its listed assets. • AGHOL NAV discount has been 34% 3 ppt below 3Y median discount of 31%. AGHOL trades at 44% discount to its listed assets.
Turkey - Conglomerates - Net Asset Value Discounts
According to the last closing on May 27th, 2022; • KCHOL NAV discount has been 33%, 20 ppt below its 5Y median discount of 13%. KCHOL trades at 29% discount to its listed assets. • SAHOL NAV discount has been 31%, 8 ppt above its 5Y median discount of 39%. SAHOL trades at 5% discount to its listed assets. • AGHOL NAV discount has been 37%, 6 ppt below 3Y median discount of 31%. AGHOL trades at 46% discount to its listed assets.
- Koray Pamir
Koc Holding
Increasing 12M TP by 17% to TL58.5/sh, implying 50% potential upside: We are increasing our 12M TP for Koc Holding (“Koc”) by 17% to TL58.5/sh, implying 50% potential upside. The upward TP revision is primarily driven by a mechanical NAV update, incorporating updated macro estimates, updated TPs for subsidiaries post 1Q and the prospects for the Entek transaction. We continue to apply a 20% holding discount to its target NAV (“TNAV”), mainly due to the risks relating to its market proxy status. ...
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