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Country:
Turkey
Capital:
Ankara
Currency:
Turkish lira (TRY);
Riedel Research Coverage by Region
Turkey

Recent Reports

Arcelik - Solid Exposure to Healthy Turkich Consumer - BUY - Archived 4/25/2013
Growth From Turkish Base in White Goods - BUY
Dogus Otomotiv - High and Estimates Going Higher - BUY - Archived 1/10/2013
DOAS - Industry Contacts Confirm Strong Trends for Turkish Auto Co - BUY
DYHOL – TAX PENALTIES WILL DETERMINE FATE - Archived 2/11/2010

During 2009, DYHOL was hit with a wave of tax penalties relating to previous years totaling TL4.8bn ($3.2bn) on top the economic, which drove down its revenues and EBITDA. Excluding the tax fines, we think DYHOL is trading close to fair value based on valuation multiples (i.e. 15.0x EV/EBITDA ’10E).



TURKCELL - FURTHER INCREASE IN MARKET SHARE A POSITIVE SURPRISE - WATCH COMPETITION AND MARGINS - Archived 9/18/2009
Total GSM subscribers in Turkey continued to contract in 2q09 but at a slower pace likely as a result of the economic crisis, reduction in multiple SIM card usage has led to lower subscriber numbers in Turkey. Numbers in recent months have suggested a stabilization.

TEKFEN HOLDING – DEFENSIVE PLAY ON THE MIDDLE EAST – BUY - Archived 9/5/2008
One of the leading Turkish conglomerates operating in fertilizer, construction, real estate and finance industries. According to our NAV estimation for TKFEN, 52% of estimated NAV comes from Agri-Industry, 25% from Contracting Group, 10% from Real Estate, 4% from Finance and the remaining from net cash position.
TTKOM – NEW BLUE CHIP OF ISE; COMPELLING UPSIDE POTENTIAL! – BUY - Archived 8/25/2008
Our price target of TRY6.3 per share put the stock on 4.8x EV/EBITDA’09e and 10.2x P/E’09e, in line with global peers.
DOAS – LACKS SHORT TERM CATALYSTS! – DOWNGRADE TO HOLD - Archived 3/17/2008
DOAS – LACKS SHORT TERM CATALYSTS! – DOWNGRADE TO HOLD
TCELL– WHERE WILL THE CASH GO? – DOWNGRADE TO HOLD - Archived 3/6/2008
TCELL– WHERE WILL THE CASH GO? – DOWNGRADE TO HOLD
HEKTAS (HEKTS.IS) – ARE THE MARGINS SUSTAINABLE? – HOLD - Archived 1/15/2008
HEKTAS (HEKTS.IS) – ARE THE MARGINS SUSTAINABLE? – HOLD
SıSECAM (SıSE.IS), TRAKYA CAM (TRKCM), ANADOLU CAM (ANACM) – GLASS COMPANIES AT DISCOUNT. - Archived 12/20/2007
SıSECAM (SıSE.IS), TRAKYA CAM (TRKCM), ANADOLU CAM (ANACM) – GLASS COMPANIES AT DISCOUNT – MAINTAIN BUY
AKENERJI (AKENR.IS) – BETTER GROWTH AND PROFITABILITY PROSPECTS – BUY - Archived 12/20/2007
AKENERJI (AKENR.IS) – BETTER GROWTH AND PROFITABILITY PROSPECTS – BUY
TUPRAS (TUPRS.IS) – REFINED EARNINGS, RAISED PRICE TARGET – HOLD MAINTAINED - Archived 12/20/2007
TUPRAS (TUPRS.IS) – REFINED EARNINGS, RAISED PRICE TARGET – HOLD MAINTAINED
S?SECAM (S?SE.IS), TRAKYA CAM (TRKCM), ANADOLU CAM (ANACM) – GLASS IN HIGH GEAR – BUY - Archived 12/20/2007
S?SECAM (S?SE.IS), TRAKYA CAM (TRKCM), ANADOLU CAM (ANACM) – GLASS IN HIGH GEAR – BUY
UNYE CIMENTO (UNYEC.IS) – TIME TO TAKE PROFIT – HOLD - Archived 12/20/2007
UNYE CIMENTO (UNYEC.IS) – TIME TO TAKE PROFIT – HOLD
TURKCELL (TCELL.IS) – EXCELLENT 2Q07 RESULTS – BUY - Archived 12/20/2007
TURKCELL (TCELL.IS) – EXCELLENT 2Q07 RESULTS – BUY
HURRıYET GAZETECILIK (HURGZ.IS) – MEDIA BET ON REGIONAL GROWTH – BUY - Archived 12/20/2007
HURRıYET GAZETECILIK (HURGZ.IS) – MEDIA BET ON REGIONAL GROWTH – BUY
AKENERJI (AKENR.IS) – DO NOT BE ALARMED WITH POOR BOTTOM LINE IN 9M07 – BUY MAINTAINED - Archived 12/20/2007
AKENERJI (AKENR.IS) – DO NOT BE ALARMED WITH POOR BOTTOM LINE IN 9M07 – BUY MAINTAINED
TOFAS FABRIKA (TOASO.IS) – DO NOT MISS THIS BUYING OPPORTUNITY – BUY - Archived 12/20/2007
TOFAS FABRIKA (TOASO.IS) – DO NOT MISS THIS BUYING OPPORTUNITY – BUY
AKENERJI (AKENR.IS) – ASSET SALE IS ACTUALLY POSITIVE – BUY MAINTAINED - Archived 12/20/2007
AKENERJI (AKENR.IS) – ASSET SALE IS ACTUALLY POSITIVE – BUY MAINTAINED
TUPRAS PETROL (TUPRS.IS) – DOWNGRADE ON VALUATION; WATCH FOR NEW INVESTMENT! – HOLD - Archived 12/19/2007
TUPRAS PETROL (TUPRS.IS) – DOWNGRADE ON VALUATION; WATCH FOR NEW INVESTMENT! – HOLD
DOGUS OTOMOTIV (DOAS.IS) – ADDING VALUE VIA DIFFERENTIATION! – BUY - Archived 12/19/2007
DOGUS OTOMOTIV (DOAS.IS) – ADDING VALUE VIA DIFFERENTIATION! – BUY
KOC HOLDING (KCHOL.IS) – PRICE TARGET REVISED AFTER RIGHTS ISSUE AND SUBSIDIARY SALE – BUY... - Archived 12/19/2007
KOC HOLDING (KCHOL.IS) – PRICE TARGET REVISED AFTER RIGHTS ISSUE AND SUBSIDIARY SALE – BUY MAINTAINED
KARSAN OTOMOTIV (KARSN.IS) – A BEGINNING OF A NEW ERA – BUY - Archived 12/19/2007
KARSAN OTOMOTIV (KARSN.IS) – A BEGINNING OF A NEW ERA – BUY
KOC HOLDING (KCHOL.IS) – EXCELLENT PROXY FOR THE COUNTRY’S EXPOSURE – BUY - Archived 12/19/2007
KOC HOLDING (KCHOL.IS) – EXCELLENT PROXY FOR THE COUNTRY’S EXPOSURE – BUY
PETROL OFISI (PTOFS.IS) – RAISED TO BUY; BETTER CHANCES OF POSITIVE SURPRISES – BUY - Archived 12/19/2007
PETROL OFISI (PTOFS.IS) – RAISED TO BUY; BETTER CHANCES OF POSITIVE SURPRISES – BUY
DOGAN YAYIN HOLDING (DYHOL.IS) – GROWTH PROSPECTS AND IMPROVING MARGINS JUSTIFY HIGHER VALUATION! –. - Archived 11/29/2007
DOGAN YAYIN HOLDING (DYHOL.IS) – GROWTH PROSPECTS AND IMPROVING MARGINS JUSTIFY HIGHER VALUATION! – BUY

Coverage

Akenerji (AKENR.IS) Add to my Watch List
Aksigorta (AKGRT) Add to my Watch List
Arcelik AS (ARCLK.IS) Add to my Watch List
Dogan Yayin Holding (DYHOL:IST) Add to my Watch List
Dogan Yayin Holding (DYHOL.IS) Add to my Watch List
Dogus Otomotiv (DOAS) Add to my Watch List
Enka Insaat (ENKAI.IS) Add to my Watch List
Hektas (HEKTS.IS) Add to my Watch List
Hürriyet Gazetecilik (HURGZ) Add to my Watch List
ISBANK (ISCTR.IS) Add to my Watch List
Karsan Otomotiv (KARSN.IS) Add to my Watch List
Koc Holding (KCHOL.IS) Add to my Watch List
Petrol Ofisi (PTOFS.IS) Add to my Watch List
Sisecam Holding (SISE.IS) Add to my Watch List
Tekfen Holding (TKFEN.TI) Add to my Watch List
Tofas Fabrika (TOASO.IS) Add to my Watch List
Tupras Petrol (TUPRS.IS) Add to my Watch List
Turk Ekonomi Bankasi (TEBNK.IS) Add to my Watch List
Turk Telecom (TTKOM) Add to my Watch List
Turkcell (TKC) Add to my Watch List
Unye Cement (UNYEC.IS) Add to my Watch List