1 Midlincoln
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Key Info

Turkcell Iletisim Hizmetleri AS Web - www.turkcell.com

Tel - 902 123 131 888

Next Reporting Date - 20.02.2020

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Wireless Telecommunication Ser Sector Link to Midlincoln Rural Investment Banking Ideas

From Pigeon post into Telecommunication Services Sector

Village Telecand Media


Rural Investment Banking Craft News

  • Chihuahua and pigeon, two roommates at pet shelter, are touching the hearts of millions New York Post
  • Dogs of a feather? Puppy, pigeon become playmates at pet shelter Regina Leader-Post
  • People Are In Love With This Disabled Puppy And His Fat Pigeon ... Junkee
  • This pigeon snuggling a chihuahua puppy is post-Valentine's friend goals Mashable SE Asia

    Turkcell Iletisim Hizmetleri AS

    Telecommunication Services

    TURKEY


    DCF Model Assumptions

    Risk Free Rate

    7.12%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    5.02%

    Cost of Debt

    5.02%

    Long Term Growth

    2.00%

    Beta Assumption

    0.91

    Current Market Cap mln$

    5,319.50

    Net Debt mln$

    1,689.74

    WACC Estimate

    10.76%

    Ordinary Current Price $

    2.42

    DCF Model

    < style="font-size: 10px">721.67
    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue4710.104739.854840.854540.684482.644652.454872.265051.995190.795383.915584.205791.956007.436230.936462.74
    EBITDA Costs3313.193286.133345.202653.852601.173014.643549.873987.514325.494881.445508.856216.907015.957917.708935.35
    EBITDA1396.911453.721495.651886.831881.471637.811322.391064.48865.30502.4675.35-424.94-1008.52-1686.77-2472.61
    EBITDA Margin29.6630.6730.9041.5541.9735.2027.1421.0716.679.331.35-7.34-16.79-27.07-38.26
    Operating Costs3919.503995.974046.753560.253497.253786.284160.434466.354702.625055.705435.305843.396282.136753.817260.90
    Operating Profit790.60743.88794.10980.43985.39866.17711.83585.63488.17328.20148.91-51.44-274.70-522.88-798.16
    Operating Margin16.7915.6916.4021.5921.9818.6214.6111.599.406.102.67-0.89-4.57-8.39-12.35
    Pretax Costs3896.364065.574124.423970.693901.753986.574096.374186.154255.494349.144444.854542.674642.644744.814849.23
    PTP813.75674.28716.44569.99580.89665.88775.89865.84935.311034.771139.351249.281364.791486.111613.50
    Pretax Margin17.2814.2314.8012.5512.9614.3115.9217.1418.0219.2220.4021.5722.7223.8524.97
    Net Income Costs3946.614238.264160.254109.684063.164101.264150.594190.924222.074263.134304.604346.464388.734431.424474.52
    Net Income763.50501.58680.61431.00419.49551.19861.06968.721120.771279.611445.491618.701799.511988.22
    Net Margin16.2110.5814.069.499.3611.8514.8117.0418.6620.8222.9124.9626.9428.8830.76
    Revenue Less Capex5497.755593.355647.265172.055104.065385.685750.246048.326278.526608.336955.467320.837705.398110.158536.17
    Capex-787.64-853.50-806.40-631.37-621.42-733.23-877.98-996.33-1087.73-1224.42-1371.26-1528.87-1697.96-1879.22-2073.43
    Capex to Revenues-16.72-18.01-16.66-13.90-13.86-15.76-18.02-19.72-20.96-22.74-24.56-26.40-28.26-30.16-32.08
    Revenue less FCF4515.615189.244643.973772.763744.614337.035103.925730.976215.237011.167909.008921.8210064.3511353.1812807.07
    FCF194.49-449.39196.89767.92738.03315.41-231.66-678.98-1024.44-1627.25-2324.80-3129.87-4056.92-5122.26-6344.33
    FCF to Revenue4.13-9.484.0716.9116.466.78-4.75-13.44-19.74-30.22-41.63-54.04-67.53-82.21-98.17

    TURKEY Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    TCELL TITurkcell Iletisim Hizmetleri ASTURKEY 5319.510.358.014.013.521.285.3141.461.8418.47-6.7
    TTKOM TITurk Telekomunikasyon ASTURKEY 4877.2810.728.873.743.710.67-472.7328.49-0.06

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    T USAT&T IncUNITED STATES 277503.7517.3910.588.447.511.135.25311.547.5529.08
    VZ USVerizon Communications IncUNITED STATES 241997.3612.7711.838.27.281.773.9735.694.1433.645.68
    941 HKChina Mobile LtdHONG KONG 173996.9211.1411.283.032.961.634.8138.711.19.89-17.99
    9984 JPSoftBank Group CorpJAPAN 105375.188.4714.376.1611.40.950.4142.161.5923.35-10.57
    9432 JPNippon Telegraph & Telephone CorpJAPAN 98788.9810.6812.034.895.870.833.8325.480.979.3315.57
    9437 JPNTT DOCOMO IncJAPAN 94195.1613.0517.235.417.242.114.4930.671.5212.0317.18
    DTE GRDeutsche Telekom AGGERMANY 81040.715.3414.276.86.320.934.1330.882.4112.980.84
    9433 JPKDDI CorpJAPAN 73553.179.212.544.525.591.314.430.931.3415.5218.65
    AMXL MMAmerica Movil SAB de CVMEXICO 59109.2314.6614.475.675.880.89031.155.636.230.76
    VOD LNVodafone Group PLCBRITAIN 52497.1-22.67.347.341.325.5622.340.71-12.357.24
    BCE CNBCE IncCANADA 43945.2917.2117.978.498.562.075.2741.73.1618.1211.69
    BHARTI INBharti Airtel LtdINDIA 43189.04326.57-10.1212.491.93031.961.860.588.9
    ORA FPOrange SAFRANCE 38627.8912.7412.665.085.620.915.3433.811.3410.78-1.46
    S USSprint CorpUNITED STATES 35728.3513.28-5.726.870.6029.130.88-7.418.14
    TEF SMTelefonica SASPAIN 35502.6111.289.385.975.690.686.3432.281.8812.24-13.57
    728 HKChina Telecom Corp LtdCHINA 32720.1610.7310.342.862.80.63.929.970.646.21-10.05
    TLS AUTelstra Corp LtdAUSTRALIA 29766.7421.2718.517.837.21.22.631.563.1514.7610.15
    2412 TTChunghwa Telecom Co LtdTAIWAN 28419.342627.25-11.454.07----7.03
    762 HKChina Unicom Hong Kong LtdHONG KONG 26750.2614.9611.991.991.90.642.6732.140.573.92-12.97
    TLKM IJTelekomunikasi Indonesia Persero Tbk PTINDONESIA 26137.617.2515.46.245.692.584.4947.433.3419.7718.74
    TEL NOTelenor ASANORWAY 25498.6626.6414.887.16.992.235.5344.285.9617.77-1.95
    T CNTELUS CorpCANADA 24647.9116.8317.958.748.391.884.4837.892.8816.784.06
    VIVT4 BZTelefonica Brasil SABRAZIL 22245.5118.5616.26.145.882.175.4838.671.427.619.85
    ADVANC TBAdvanced Info Service PCLTHAILAND 20381.220.3118.999.038.533.023.3243.319.1449.229.73
    017670 KSSK Telecom Co LtdSOUTH KOREA 15559.5221.612.88-5.171.13-----10.16
    CTL USCenturyLink IncUNITED STATES 15154.1810.069.8222.545.330.697.579.391.07-31.6517.12
    VOD SJVodacom Group LtdSOUTH AFRICA 15118.6412.8412.917.027.212.877.3637.432.6220.816.41
    3045 TTTaiwan Mobile Co LtdTAIWAN 12749.1523.8523.8312.9312.893.095.1275.3520.557.71
    TIT IMTelecom Italia SpA/MilanoITALY 11886.18.798.365.785.840.6041.970.535.96-6.8
    TITR IMTelecom Italia SpA/MilanoITALY 11868.088.668.225.785.840.65.6741.970.525.967.49

    EV, Debt, Cash

    Fields2018
    EV7009.24
    Cash1412.09
    Debt3809.55
    Debt/Equity29.27
    Pref Equity0
    Shares Out2191.57
    minorities24.91

    Last Price

    Fields2018
    Last Price2.42
    Next DVD Ex Date20.10.2020
    DVD Announcement Date31.10.2019
    Last Ex Date31.10.2019

    CashflowSummary

    Fields201520162017201820192020
    Revenue4710.1036484739.8465844840.8544784540.6792014146.2894773.235
    Operating Profit790.6022184743.879173794.1042622980.4283149910.8111074.004
    PTP813.7477026674.2793247716.4386458569.9854066596.789856.962
    Net Income763.4970412501.5831521680.6054158430.9977027535.013655.179
    EPS0.3470955820.2279924320.3093660480.1959080660.2330.301
    DPS00.4512382370.23611160.0831685790.1280.171
    EBITDA1396.9143881453.7160711495.6503061886.8293441718.9291955.626
    BPS2.2337970212.0711184181.8046123631.3731398731.3151.495
    Capex-787.6443443-853.5041846-806.4021075-631.3663769-886.691-908.255
    FCF194.4900852-449.3891552196.8887963767.9229992441.637601.407
    EV TO T12M EBIT10.811.2314.468.598.598.59
    EV/EBITDA6.115.747.684.464.013.52
    CUR RATIO1.41.811.531.561.561.56

    Ratios

    Fields201520162017201820192020
    Market Cap5319.55319.55319.55319.55319.55319.5
    PE RATIO12.7913.817.1513.0910.358.01
    EV/EBITDA6.115.747.684.464.013.52
    P/S1.711.51.251.931.281.11
    DIVIDEND YIELD013.955.563.25.317.1
    EBITDA Margin29.6630.6730.941.5541.460.23
    P/B1.521.342.271.681.841.62
    ROE13.189.9612.7713.0818.4720.88
    6 month return-6.7-6.7-6.7-6.7-6.7-6.7