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Turkcell ?leti?im Hizmetleri A.?.

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TKC.N

ISIN: US9001112047
SEDOL: 2801687

Rating:

HOLD

Target Price:

11.63 USD

Investment Horizon:

6 to 12 months
14th May 2009 View Report   Download

1Q 09 News Alert

Turkcell Iletisim Hizmetleri A.S. (Turkcell) posted its 1Q 09 results today. While revenues were in line with our estimate, EBITDA, operating income and adjusted1 net income were above our estimates. In 1Q 09, revenues declined on a y-o-y basis due to a decline in blended Average Revenue Per User (ARPU) further augmented by the devaluation of the Turkish lira against the US dollar. Going forward, we expect EBITDA2 margin to remain under…

7th Apr 2009 View Report   Download

4Q 08 & FY 2008 Update Report

The introduction of MNP in Turkey (on 09 November 2008), intensified competition and forced Turkcell to carry out various promotional activities to attract new subscribers during 4Q 08, resulting in higher subscriber acquisition costs. Going forward, we expect intensified competition (due to MNP) to result in a decline in subscriber-base and blended ARPU negatively impacting revenues from Turkish operations…

26th Feb 2009 View Report   Download

4Q 08 & FY 2008 News Alert

Turkcell Iletisim Hizmetleri A.S.’s (Turkcell) 4Q 08 revenues, EBITDA and operating income were below our estimates, while adjusted1 net income was in line with our expectations. Revenues declined in 4Q 08 due to a y-o-y fall in blended Average Revenue Per User (ARPU), augmented by the weakening of the Turkish lira against the US dollar. EBITDA and operating margin declined in 4Q 08, reflecting an increase in overall operating expenses, as a percentage of…

5th Dec 2008 View Report   Download

3Q 08 Update Report

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During 3Q 08, Turkcell Iletisim Hizmetleri A.S. (Turkcell) registered 19.3% y-o-y growth in revenues, above our estimate due to higher than expected blended Average Revenue Per User (ARPU), partially offset by lower than expected subscriber-base. EBITDA margin declined on a y-o-y basis, below our estimate, mainly due to higher than expected direct costs (excluding depreciation & amortization expenses), Selling & Marketing expenses…

10th Nov 2008 View Report   Download

3Q 08 News Alert

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Turkcell Iletisim Hizmetleri A.S. (Turkcell) posted mixed 3Q 08 results. In 3Q 08, top-line was driven by robust expansion in subscriber-base, increased blended Average Revenue Per User (ARPU) and the appreciation of the Turkish lira against the US dollar. Going forward, we expect Turkcell’s revenues to be driven by impressive performance from Turkish and non Turkish operations....