Financials Turkcell Iletisim Hizmetleri

Equities

TCELL

TRATCELL91M1

Integrated Telecommunications Services

Market Closed - Borsa Istanbul 11:09:58 2024-04-26 am EDT 5-day change 1st Jan Change
79.1 TRY +0.76% Intraday chart for Turkcell Iletisim Hizmetleri +3.33% +41.00%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 30,138 35,148 40,300 82,696 122,416 172,605 - -
Enterprise Value (EV) 1 39,854 44,172 58,394 109,823 122,416 204,896 237,909 174,121
P/E ratio 9.26 x 8.3 x 8.03 x 7.43 x 9.67 x 7.04 x 5.12 x 4.86 x
Yield 2.68% 7.33% 6.37% 1.51% - 6.6% 11.1% -
Capitalization / Revenue 1.2 x 1.21 x 1.12 x 1.53 x 1.14 x 1.14 x 0.84 x 0.63 x
EV / Revenue 1.59 x 1.52 x 1.63 x 2.04 x 1.14 x 1.36 x 1.16 x 0.64 x
EV / EBITDA 3.82 x 3.6 x 3.89 x 4.99 x 2.79 x 3.22 x 2.73 x 1.49 x
EV / FCF 13.2 x 6.49 x 5.04 x 8.58 x - 22.4 x 13.7 x 7.3 x
FCF Yield 7.55% 15.4% 19.8% 11.7% - 4.47% 7.3% 13.7%
Price to Book 1.67 x 1.69 x 1.79 x 2.68 x - 2.66 x 1.93 x -
Nbr of stocks (in thousands) 2,183,922 2,183,106 2,183,106 2,183,106 2,182,106 2,182,106 - -
Reference price 2 13.80 16.10 18.46 37.88 56.10 79.10 79.10 79.10
Announcement Date 2/20/20 2/19/21 2/17/22 3/9/23 3/20/24 - - -
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 53,878 107,116 150,897 205,738 273,373
EBITDA 1 10,426 12,270 15,014 21,994 43,877 63,642 87,230 116,567
EBIT 1 5,380 6,296 7,722 12,516 23,598 24,719 57,500 54,561
Operating Margin 21.4% 21.63% 21.5% 23.23% 22.03% 16.38% 27.95% 19.96%
Earnings before Tax (EBT) 1 3,290 4,627 4,541 7,536 5,887 18,768 45,249 39,416
Net income 1 3,246 4,237 5,031 11,053 12,554 18,314 35,263 35,789
Net margin 12.92% 14.56% 14.01% 20.52% 11.72% 12.14% 17.14% 13.09%
EPS 2 1.490 1.940 2.300 5.100 5.800 11.24 15.46 16.27
Free Cash Flow 1 3,010 6,807 11,589 12,806 - 9,166 17,367 23,857
FCF margin 11.98% 23.39% 32.26% 23.77% - 6.07% 8.44% 8.73%
FCF Conversion (EBITDA) 28.87% 55.48% 77.19% 58.22% - 14.4% 19.91% 20.47%
FCF Conversion (Net income) 92.73% 160.66% 230.34% 115.85% - 50.05% 49.25% 66.66%
Dividend per Share 2 0.3700 1.180 1.175 0.5717 - 5.217 8.783 -
Announcement Date 2/20/20 2/19/21 2/17/22 3/9/23 3/20/24 - - -
1TRY in Million2TRY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4
Net sales 1 9,354 10,192 10,695 12,477 14,662 16,044 17,276 21,651 25,993 42,196
EBITDA 1 4,030 4,212 4,302 5,030 5,990 6,671 6,759 9,522 11,314 16,282
EBIT 1 2,212 2,136 2,217 2,550 3,593 4,156 4,073 - - -2,025
Operating Margin 23.65% 20.96% 20.73% 20.44% 24.5% 25.9% 23.58% - - -4.8%
Earnings before Tax (EBT) - - - - - - - - - -
Net income 1 1,429 1,385 802.9 1,858 2,396 5,996 2,817 3,161 5,478 1,098
Net margin 15.28% 13.59% 7.51% 14.89% 16.34% 37.37% 16.3% 14.6% 21.08% 2.6%
EPS 0.6500 0.6300 0.3700 - - 2.700 - - - -
Dividend per Share - 1.175 - - - - - - - -
Announcement Date 11/4/21 2/17/22 4/28/22 8/18/22 11/3/22 3/9/23 5/9/23 8/17/23 11/7/23 3/20/24
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 - 32,291 65,305 1,516
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.9319 x 0.7354 x 1.205 x 1.233 x - 0.5074 x 0.7486 x 0.013 x
Free Cash Flow 1 3,010 6,807 11,589 12,806 - 9,166 17,367 23,857
ROE (net income / shareholders' equity) 19.1% 21.8% 23.2% 24.1% - 47.4% 48% -
ROA (Net income/ Total Assets) 7.34% 8.72% 8.24% 7.5% - 8.95% 17.8% -
Assets 1 44,240 48,591 61,091 147,445 - 204,626 198,109 -
Book Value Per Share 2 8.260 9.520 10.30 14.20 - 29.80 41.00 -
Cash Flow per Share 2 4.130 6.450 9.680 12.30 - 18.30 28.20 -
Capex 1 6,016 7,280 9,583 14,086 - 37,921 50,604 65,885
Capex / Sales 23.93% 25.02% 26.68% 26.14% - 25.13% 24.6% 24.1%
Announcement Date 2/20/20 2/19/21 2/17/22 3/9/23 3/20/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
79.1 TRY
Average target price
93.69 TRY
Spread / Average Target
+18.44%
Consensus
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