Financials Turkcell Iletisim Hizmetleri Nyse

Equities

TKC

US9001112047

Integrated Telecommunications Services

Market Closed - Nyse Other stock markets 01:30:01 27/06/2024 am IST			5-day change	1st Jan Change
7.27 ^USD	-1.49%		-1.49%	+51.14%

29/05	Turkcell Iletisim Hizmetleri A.S. Signs a Non-Binding Term Sheet with the China Development Bank	CI
29/05	Turkcell Iletisim Hizmetleri A.S. Approves Dividend, Payable on 5 December 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	30,138	35,148	40,300	82,696	1,22,416	2,13,956	-	-
Enterprise Value (EV) ¹	39,854	44,172	58,394	1,09,823	1,56,522	2,29,734	2,68,762	2,20,649
P/E ratio	9.26 x	8.3 x	8.03 x	7.43 x	9.67 x	11.5 x	8.04 x	7.29 x
Yield	2.68%	7.33%	6.37%	1.51%	-	5.64%	8.01%	7.59%
Capitalization / Revenue	1.2 x	1.21 x	1.12 x	1.53 x	1.14 x	1.42 x	1.06 x	0.89 x
EV / Revenue	1.59 x	1.52 x	1.63 x	2.04 x	1.46 x	1.53 x	1.34 x	0.92 x
EV / EBITDA	3.82 x	3.6 x	3.89 x	4.99 x	3.57 x	3.3 x	3 x	1.87 x
EV / FCF	13.2 x	6.49 x	5.04 x	8.58 x	7.77 x	20 x	17.7 x	10.4 x
FCF Yield	7.55%	15.4%	19.8%	11.7%	12.9%	5%	5.64%	9.62%
Price to Book	1.67 x	1.69 x	1.79 x	2.68 x	1.19 x	1.21 x	1.63 x	0.81 x
Nbr of stocks (in thousands)	21,83,922	21,83,106	21,83,106	21,83,106	21,82,106	21,82,106	-	-
Reference price ²	13.80	16.10	18.46	37.88	56.10	98.05	98.05	98.05
Announcement Date	20/02/20	19/02/21	17/02/22	09/03/23	20/03/24	-	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,137	29,104	35,921	53,878	1,07,116	1,50,449	2,01,036	2,40,464
EBITDA ¹	10,426	12,270	15,014	21,994	43,877	69,638	89,593	1,18,237
EBIT ¹	5,380	6,296	7,722	12,516	23,598	22,221	46,449	44,108
Operating Margin	21.4%	21.63%	21.5%	23.23%	22.03%	14.77%	23.1%	18.34%
Earnings before Tax (EBT) ¹	3,290	4,627	4,541	7,536	5,887	18,682	41,250	32,816
Net income ¹	3,246	4,237	5,031	11,053	12,554	23,232	30,795	29,580
Net margin	12.92%	14.56%	14.01%	20.52%	11.72%	15.44%	15.32%	12.3%
EPS ²	1.490	1.940	2.300	5.100	5.800	8.500	12.20	13.44
Free Cash Flow ¹	3,010	6,807	11,589	12,806	20,137	11,483	15,151	21,228
FCF margin	11.98%	23.39%	32.26%	23.77%	18.8%	7.63%	7.54%	8.83%
FCF Conversion (EBITDA)	28.87%	55.48%	77.19%	58.22%	45.89%	16.49%	16.91%	17.95%
FCF Conversion (Net income)	92.73%	160.66%	230.34%	115.85%	160.4%	49.43%	49.2%	71.76%
Dividend per Share ²	0.3700	1.180	1.175	0.5717	-	5.529	7.853	7.440
Announcement Date	20/02/20	19/02/21	17/02/22	09/03/23	20/03/24	-	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	10,192	10,695	12,477	14,662	16,044	17,276	21,651	25,993	42,196	30,822
EBITDA ¹	4,212	4,302	5,030	5,990	6,671	6,759	9,522	11,314	16,282	12,754
EBIT ¹	2,136	2,217	2,550	3,593	4,156	4,073	-	-	-2,025	2,534
Operating Margin	20.96%	20.73%	20.44%	24.5%	25.9%	23.58%	-	-	-4.8%	8.22%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income ¹	1,385	802.9	1,858	2,396	5,996	2,817	3,161	5,478	1,098	2,635
Net margin	13.59%	7.51%	14.89%	16.34%	37.37%	16.3%	14.6%	21.08%	2.6%	8.55%
EPS	0.6300	0.3700	-	-	2.700	-	-	-	-	-
Dividend per Share	1.175	-	-	-	-	-	-	-	-	-
Announcement Date	17/02/22	28/04/22	18/08/22	03/11/22	09/03/23	09/05/23	17/08/23	07/11/23	20/03/24	27/05/24

¹TRY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,716	9,024	18,094	27,126	34,105	15,778	54,807	6,694
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9319 x	0.7354 x	1.205 x	1.233 x	0.7773 x	0.2266 x	0.6117 x	0.0566 x
Free Cash Flow ¹	3,010	6,807	11,589	12,806	20,137	11,483	15,151	21,228
ROE (net income / shareholders' equity)	19.1%	21.8%	23.2%	24.1%	10.8%	12.7%	38.5%	10.6%
ROA (Net income/ Total Assets)	7.34%	8.72%	8.24%	7.5%	5.21%	13.2%	13.9%	11.1%
Assets ¹	44,240	48,591	61,091	1,47,445	2,41,038	1,75,996	2,21,547	2,66,486
Book Value Per Share ²	8.260	9.520	10.30	14.20	47.20	81.20	60.10	122.0
Cash Flow per Share ²	4.130	6.450	9.680	12.30	19.20	29.80	30.00	41.50
Capex ¹	6,016	7,280	9,583	14,086	29,504	41,985	51,346	62,255
Capex / Sales	23.93%	25.02%	26.68%	26.14%	27.54%	27.91%	25.54%	25.89%
Announcement Date	20/02/20	19/02/21	17/02/22	09/03/23	20/03/24	-	-	-

¹TRY in Million²TRY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Turkcell Iletisim Hizmetleri

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

98.05 TRY

Average target price

115.5 TRY

Spread / Average Target

+17.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+15.05%	21TCr
VERIZON COMMUNICATIONS	+8.81%	17TCr
DEUTSCHE TELEKOM AG	+7.22%	12TCr
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-12.59%	7.94TCr
CHINA TELECOM CORPORATION LIMITED	+20.86%	7.04TCr
AMÉRICA MÓVIL, S.A.B. DE C.V.	-1.59%	5.2TCr
SAUDI TELECOM COMPANY	-8.17%	4.98TCr
CHARTER COMMUNICATIONS, INC.	-24.98%	4.19TCr
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-19.25%	3.81TCr

Other Integrated Telecommunications Services