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Turkcell Iletisim Hizmetleri

DB:TUL1
Snowflake Description

Very undervalued with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TUL1
DB
TRY28B
Market Cap
  1. Home
  2. DE
  3. Telecom
Company description

Turkcell Iletisim Hizmetleri A.S. provides digital services in Turkey, Ukraine, Belarus, Azerbaijan, Cyprus, Germany, and the Netherlands. The last earnings update was 18 days ago. More info.


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TUL1 Share Price and Events
7 Day Returns
1%
DB:TUL1
-3%
Europe Wireless Telecom
0%
DE Market
1 Year Returns
8.5%
DB:TUL1
1.1%
Europe Wireless Telecom
9.9%
DE Market
TUL1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Turkcell Iletisim Hizmetleri (TUL1) 1% 8.9% 8.5% 8.5% -23.4% -57.8%
Europe Wireless Telecom -3% -3.3% 2.2% 1.1% -14.3% -26.2%
DE Market 0% 4.6% 12.1% 9.9% 14.6% 18.2%
1 Year Return vs Industry and Market
  • TUL1 outperformed the Wireless Telecom industry which returned 1.1% over the past year.
  • TUL1 underperformed the Market in Germany which returned 9.9% over the past year.
Price Volatility
TUL1
Industry
5yr Volatility vs Market
Related Companies

TUL1 Value

 Is Turkcell Iletisim Hizmetleri undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Turkcell Iletisim Hizmetleri to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Turkcell Iletisim Hizmetleri.

DB:TUL1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:TUL1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Wireless Telecom Unlevered Beta Simply Wall St/ S&P Global 0.34
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.337 (1 + (1- 22%) (75.01%))
0.687
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:TUL1 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Turkcell Iletisim Hizmetleri is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:TUL1 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (TRY, Millions) Source Present Value
Discounted (@ 5%)
2020 2,635.42 Analyst x3 2,510.02
2021 3,433.91 Analyst x3 3,114.90
2022 3,182.00 Analyst x1 2,749.05
2023 3,028.03 Est @ -4.84% 2,491.55
2024 2,927.54 Est @ -3.32% 2,294.24
2025 2,861.53 Est @ -2.25% 2,135.80
2026 2,818.32 Est @ -1.51% 2,003.46
2027 2,790.46 Est @ -0.99% 1,889.27
2028 2,773.06 Est @ -0.62% 1,788.15
2029 2,762.85 Est @ -0.37% 1,696.80
Present value of next 10 years cash flows TRY22,673.00
DB:TUL1 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= TRY2,762.85 × (1 + 0.23%) ÷ (5% – 0.23%)
TRY58,077.82
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= TRY58,077.82 ÷ (1 + 5%)10
TRY35,668.33
DB:TUL1 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= TRY22,673.00 + TRY35,668.33
TRY58,341.33
Equity Value per Share
(TRY)
= Total value / Shares Outstanding
= TRY58,341.33 / 2,058.47
TRY28.34
DB:TUL1 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:TUL1 represents 0.39894x of IBSE:TCELL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.39894x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (TRY) x Listing Adjustment Factor
= TRY 28.34 x 0.39894
€11.31
Value per share (EUR) From above. €11.31
Current discount Discount to share price of €5.25
= -1 x (€5.25 - €11.31) / €11.31
53.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Turkcell Iletisim Hizmetleri is available for.
Intrinsic value
>50%
Share price is €5.25 vs Future cash flow value of €11.31
Current Discount Checks
For Turkcell Iletisim Hizmetleri to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Turkcell Iletisim Hizmetleri's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Turkcell Iletisim Hizmetleri's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Turkcell Iletisim Hizmetleri's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Turkcell Iletisim Hizmetleri's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:TUL1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in TRY TRY1.18
IBSE:TCELL Share Price ** IBSE (2019-11-18) in TRY TRY13.16
Europe Wireless Telecom Industry PE Ratio Median Figure of 7 Publicly-Listed Wireless Telecom Companies 22.75x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 20.03x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Turkcell Iletisim Hizmetleri.

DB:TUL1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= IBSE:TCELL Share Price ÷ EPS (both in TRY)

= 13.16 ÷ 1.18

11.14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Turkcell Iletisim Hizmetleri is good value based on earnings compared to the Europe Wireless Telecom industry average.
  • Turkcell Iletisim Hizmetleri is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Turkcell Iletisim Hizmetleri's expected growth come at a high price?
Raw Data
DB:TUL1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.14x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
17.8%per year
Europe Wireless Telecom Industry PEG Ratio Median Figure of 5 Publicly-Listed Wireless Telecom Companies 2.38x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

DB:TUL1 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.14x ÷ 17.8%

0.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Turkcell Iletisim Hizmetleri is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Turkcell Iletisim Hizmetleri's assets?
Raw Data
DB:TUL1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in TRY TRY8.02
IBSE:TCELL Share Price * IBSE (2019-11-18) in TRY TRY13.16
Europe Wireless Telecom Industry PB Ratio Median Figure of 9 Publicly-Listed Wireless Telecom Companies 1.82x
Germany Market PB Ratio Median Figure of 577 Publicly-Listed Companies 1.84x
DB:TUL1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= IBSE:TCELL Share Price ÷ Book Value per Share (both in TRY)

= 13.16 ÷ 8.02

1.64x

* Primary Listing of Turkcell Iletisim Hizmetleri.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Turkcell Iletisim Hizmetleri is good value based on assets compared to the Europe Wireless Telecom industry average.
X
Value checks
We assess Turkcell Iletisim Hizmetleri's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Wireless Telecom industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Wireless Telecom industry average (and greater than 0)? (1 check)
  5. Turkcell Iletisim Hizmetleri has a total score of 6/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TUL1 Future Performance

 How is Turkcell Iletisim Hizmetleri expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
17.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Turkcell Iletisim Hizmetleri expected to grow at an attractive rate?
  • Turkcell Iletisim Hizmetleri's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Turkcell Iletisim Hizmetleri's earnings growth is expected to exceed the Germany market average.
  • Turkcell Iletisim Hizmetleri's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:TUL1 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:TUL1 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 17.8%
DB:TUL1 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 11.4%
Europe Wireless Telecom Industry Earnings Growth Rate Market Cap Weighted Average 15.8%
Europe Wireless Telecom Industry Revenue Growth Rate Market Cap Weighted Average 1.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:TUL1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in TRY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:TUL1 Future Estimates Data
Date (Data in TRY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 39,085 5,707 1
2022-12-31 35,862 10,835 5,028 1
2021-12-31 31,940 8,950 4,890 8
2020-12-31 28,579 7,769 3,887 13
2019-12-31 25,029 8,467 3,174 13
2019-11-18
DB:TUL1 Past Financials Data
Date (Data in TRY Millions) Revenue Cash Flow Net Income *
2019-09-30 24,080 7,543 2,582
2019-06-30 23,292 7,386 2,022
2019-03-31 22,206 7,333 1,972
2018-12-31 21,292 6,562 2,021
2018-09-30 20,332 7,853 1,373
2018-06-30 19,130 6,059 1,732
2018-03-31 18,341 4,108 2,021
2017-12-31 17,632 3,654 1,979
2017-09-30 17,010 1,745 2,178
2017-06-30 16,071 1,664 1,745
2017-03-31 15,113 1,122 1,465
2016-12-31 14,286 1,218 1,554

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Turkcell Iletisim Hizmetleri's earnings are expected to grow by 17.8% yearly, however this is not considered high growth (20% yearly).
  • Turkcell Iletisim Hizmetleri's revenue is expected to grow by 11.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:TUL1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Turkcell Iletisim Hizmetleri Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TUL1 Future Estimates Data
Date (Data in TRY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.59 2.59 2.59 1.00
2022-12-31 2.29 2.29 2.29 1.00
2021-12-31 2.18 2.78 1.94 9.00
2020-12-31 1.80 2.21 1.57 11.00
2019-12-31 1.47 1.64 1.04 11.00
2019-11-18
DB:TUL1 Past Financials Data
Date (Data in TRY Millions) EPS *
2019-09-30 1.18
2019-06-30 0.92
2019-03-31 0.90
2018-12-31 0.93
2018-09-30 0.63
2018-06-30 0.79
2018-03-31 0.92
2017-12-31 0.90
2017-09-30 0.98
2017-06-30 0.79
2017-03-31 0.67
2016-12-31 0.71

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Turkcell Iletisim Hizmetleri is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Turkcell Iletisim Hizmetleri's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Turkcell Iletisim Hizmetleri has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TUL1 Past Performance

  How has Turkcell Iletisim Hizmetleri performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Turkcell Iletisim Hizmetleri's growth in the last year to its industry (Wireless Telecom).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Turkcell Iletisim Hizmetleri's year on year earnings growth rate has been positive over the past 5 years.
  • Turkcell Iletisim Hizmetleri's 1-year earnings growth exceeds its 5-year average (88.1% vs 4%)
  • Turkcell Iletisim Hizmetleri's earnings growth has exceeded the Europe Wireless Telecom industry average in the past year (88.1% vs 21%).
Earnings and Revenue History
Turkcell Iletisim Hizmetleri's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Turkcell Iletisim Hizmetleri Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TUL1 Past Revenue, Cash Flow and Net Income Data
Date (Data in TRY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 24,079.68 2,582.30 2,751.01
2019-06-30 23,292.06 2,022.41 2,737.67
2019-03-31 22,206.24 1,972.30 2,702.40
2018-12-31 21,292.48 2,021.07 2,619.61
2018-09-30 20,332.17 1,373.08 2,188.30
2018-06-30 19,130.36 1,732.32 2,343.73
2018-03-31 18,341.06 2,021.34 2,472.75
2017-12-31 17,632.06 1,979.13 2,626.27
2017-09-30 17,009.65 2,177.92 2,687.54
2017-06-30 16,070.71 1,745.04 2,650.13
2017-03-31 15,112.78 1,464.93 2,617.01
2016-12-31 14,285.56 1,553.90 2,612.48
2016-09-30 13,576.42 1,358.26 2,599.16
2016-06-30 13,281.75 1,820.97 2,596.22
2016-03-31 13,016.63 2,108.98 2,546.57
2015-12-31 12,769.42 1,702.56 2,503.71
2015-09-30 8,969.10 1,084.52 1,789.20
2015-06-30 10,981.19 1,658.32 2,236.14
2015-03-31 11,683.30 1,582.34 2,423.71
2014-12-31 12,043.59 1,864.64 2,537.23
2014-09-30 12,646.42 2,282.65 2,710.02
2014-06-30 11,831.64 2,128.40 2,533.11
2014-03-31 12,325.28 2,301.35 2,617.20
2013-12-31 11,407.89 2,325.91 2,393.98
2013-09-30 12,388.17 2,487.87 2,544.64
2013-06-30 11,881.39 2,302.67 2,405.17
2013-03-31 10,937.86 2,151.97 2,249.49
2012-12-31 10,468.08 2,068.06 2,183.75

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Turkcell Iletisim Hizmetleri has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Turkcell Iletisim Hizmetleri used its assets less efficiently than the Europe Wireless Telecom industry average last year based on Return on Assets.
  • Turkcell Iletisim Hizmetleri has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Turkcell Iletisim Hizmetleri's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Wireless Telecom industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Turkcell Iletisim Hizmetleri has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TUL1 Health

 How is Turkcell Iletisim Hizmetleri's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Turkcell Iletisim Hizmetleri's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Turkcell Iletisim Hizmetleri is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Turkcell Iletisim Hizmetleri's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Turkcell Iletisim Hizmetleri's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Turkcell Iletisim Hizmetleri Company Filings, last reported 1 month ago.

DB:TUL1 Past Debt and Equity Data
Date (Data in TRY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 17,430.77 19,131.19 11,174.57
2019-06-30 17,330.55 20,485.15 10,915.03
2019-03-31 17,102.28 21,457.15 9,034.38
2018-12-31 16,053.55 18,741.59 7,471.10
2018-09-30 14,890.89 21,796.17 8,761.63
2018-06-30 14,952.29 17,180.02 7,095.22
2018-03-31 14,247.62 15,006.40 4,603.13
2017-12-31 15,045.09 12,413.43 4,723.67
2017-09-30 14,816.75 11,813.26 4,917.04
2017-06-30 14,201.15 11,146.17 4,997.77
2017-03-31 16,536.40 10,680.17 6,450.52
2016-12-31 16,068.40 9,733.05 6,052.35
2016-09-30 15,445.28 8,137.59 5,646.21
2016-06-30 15,349.81 7,304.85 3,769.42
2016-03-31 14,901.76 3,990.63 2,522.41
2015-12-31 14,399.25 4,172.40 2,918.80
2015-09-30 13,731.50 3,405.45 3,883.82
2015-06-30 13,462.46 3,964.88 4,290.72
2015-03-31 12,876.83 4,075.24 8,148.60
2014-12-31 16,710.65 3,657.08 9,051.23
2014-09-30 16,227.30 3,507.10 8,732.71
2014-06-30 15,507.29 3,414.67 7,925.88
2014-03-31 14,695.60 3,399.60 7,892.16
2013-12-31 14,735.14 3,335.13 8,186.61
2013-09-30 14,336.00 3,144.98 7,703.25
2013-06-30 13,820.24 3,093.72 7,071.25
2013-03-31 13,306.80 2,991.25 6,662.64
2012-12-31 12,777.99 3,009.21 7,046.35
  • Turkcell Iletisim Hizmetleri's level of debt (109.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (21.6% vs 109.8% today).
  • Debt is well covered by operating cash flow (39.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 17.3x coverage).
X
Financial health checks
We assess Turkcell Iletisim Hizmetleri's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Turkcell Iletisim Hizmetleri has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TUL1 Dividends

 What is Turkcell Iletisim Hizmetleri's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.49%
Current annual income from Turkcell Iletisim Hizmetleri dividends. Estimated to be 7.6% next year.
If you bought €2,000 of Turkcell Iletisim Hizmetleri shares you are expected to receive €70 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Turkcell Iletisim Hizmetleri's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.33%).
  • Turkcell Iletisim Hizmetleri's dividend is below the markets top 25% of dividend payers in Germany (3.68%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:TUL1 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
Europe Wireless Telecom Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 334 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.3%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:TUL1 Future Dividends Estimate Data
Date (Data in TRY) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.00 1.00
2022-12-31 0.97 1.00
2021-12-31 1.30 9.00
2020-12-31 1.06 10.00
2019-12-31 0.78 10.00
2019-11-18
DB:TUL1 Past Annualized Dividends Data
Date (Data in TRY) Dividend per share (annual) Avg. Yield (%)
2019-10-31 0.459 3.552
2019-02-20 0.459 3.615
2018-07-26 0.864 7.126
2018-02-15 0.864 6.512
2017-04-27 0.814 6.143
2017-02-15 0.814 6.760
2016-05-02 0.545 5.362
2016-03-18 0.545 4.618
2016-02-18 0.545 4.773
2015-04-30 1.805 17.717
2015-03-10 1.780 14.960
2012-10-19 0.000 0.000
2012-10-18 0.000 0.000
2012-07-26 0.000 0.000
2012-07-25 0.000 0.000
2012-05-04 0.000 0.000
2012-05-02 0.000 0.000
2012-04-20 0.000 0.000
2012-02-24 0.000 0.000
2011-11-03 0.574 6.607
2011-04-20 0.696 9.102
2011-04-18 0.697 7.904
2011-02-25 0.691 7.839
2010-05-07 0.363 4.165
2010-05-05 0.398 4.429
2010-03-10 0.375 4.102
2009-08-26 0.471 4.797
2009-05-20 0.469 5.660
2009-05-13 0.489 6.197
2009-05-11 0.505 6.321
2009-04-30 0.603 7.581
2009-03-13 0.609 7.975
2009-02-25 0.653 8.116

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Turkcell Iletisim Hizmetleri's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess Turkcell Iletisim Hizmetleri's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Turkcell Iletisim Hizmetleri afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Turkcell Iletisim Hizmetleri has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TUL1 Management

 What is the CEO of Turkcell Iletisim Hizmetleri's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Murat Erkan
AGE 50
TENURE AS CEO 0.7 years
CEO Bio

Mr. Murat Erkan has been the Chief Executive Officer of Turkcell Iletisim Hizmetleri A.S. since May 2019 and served as its Acting Chief Executive Officer from March 15, 2019 to May 2019. Mr. Erkan served as an Executive Vice President of Sales at Turkcell Iletisim Hizmetleri AS from December 1, 2015 to March 15, 2019. Mr. Erkan served as Senior Vice President of Retail & Active Sales at Turkcell Iletisim Hizmetleri AS since October 1, 2015 and served as its Senior Vice President of Active Sales until October 1, 2015. He served as Senior Vice President Home of Consumer Business at Turkcell Iletisim Hizmetleri AS since April 2015. He joined Turkcell Group in June 2008 as the General Manager of Turkcell Superonline. Mr. Erkan started his professional life at Toshiba, took charge as Application Engineer in Biltam Mühendislik and then became the first “System Engineer” of Turkey at Cisco Turkey. He served as the Chief Officer of Cisco Systems in charge of technology, sales, business development and channel management for ten years. Mr. Erkan was the Business Unit Manager at Aneltech on solutions related to Telecommunication, Mobile, ICT, defense industry and industrial products sectors since 2006. Mr. Erkan graduated from the Yildiz Technical University Electronics and Telecommunication Engineering Department in 1992. He accomplished the Strategic Marketing Programme at Harvard Business School in 2010.

CEO Compensation
  • Insufficient data for Murat to compare compensation growth.
  • Insufficient data for Murat to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Turkcell Iletisim Hizmetleri management team in years:

3.5
Average Tenure
45
Average Age
  • The tenure for the Turkcell Iletisim Hizmetleri management team is about average.
Management Team

Murat Erkan

TITLE
Chief Executive Officer
AGE
50
TENURE
0.7 yrs

Osman Yilmaz

TITLE
Executive VP of Finance & CFO
AGE
36
TENURE
1.3 yrs

Nihat Narin

TITLE
Director of Investor Relations & Business Development

Izzet Demir

TITLE
Executive Vice President of Legal & Regulation
AGE
45
TENURE
4.5 yrs

Ömer Barbaros Yis

TITLE
Executive Vice President of Marketing
AGE
39
TENURE
0.9 yrs

Aziz Sezgin

TITLE
Executive Vice President of Network Technologies
AGE
53
TENURE
4.1 yrs

Banu Sezen

TITLE
Senior Vice President of Turkcell Academy
AGE
47
TENURE
4.6 yrs

Tugrul Cora

TITLE
Senior Vice President of Corporate Sales
AGE
50
TENURE
4.3 yrs

Serkan Öztürk

TITLE
Executive Vice President of Customer Experience & Information Technologies
AGE
43
TENURE
2.3 yrs

Ali Türk

TITLE
Executive Vice President of Supply Chain Management
AGE
42
TENURE
3.5 yrs
Board of Directors Tenure

Average tenure and age of the Turkcell Iletisim Hizmetleri board of directors in years:

1.7
Average Tenure
60
Average Age
  • The average tenure for the Turkcell Iletisim Hizmetleri board of directors is less than 3 years, this suggests a new board.
Board of Directors

Ahmet Akça

TITLE
Independent Chairman of the Board
AGE
63
TENURE
6.3 yrs

Atilla Koç

TITLE
Independent Director
AGE
73
TENURE
6.7 yrs

Mehmet Güler

TITLE
Independent Director
AGE
70
TENURE
6.7 yrs

Bülent Aksu

TITLE
Director
AGE
45
TENURE
0.7 yrs

Ingrid Stenmark

TITLE
Director
AGE
53
TENURE
1.7 yrs

Mustafa Kiral

TITLE
Director
AGE
41
TENURE
1.7 yrs

Hüseyin Aydin

TITLE
Director
AGE
60
TENURE
0.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Turkcell Iletisim Hizmetleri's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Turkcell Iletisim Hizmetleri has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TUL1 News

Simply Wall St News

TUL1 Company Info

Description

Turkcell Iletisim Hizmetleri A.S. provides digital services in Turkey, Ukraine, Belarus, Azerbaijan, Cyprus, Germany, and the Netherlands. It operates in two segments, Turkcell Turkey and Turkcell International. It offers voice services, such as mobile communication and fixed voice services for consumers and corporate customers; and broadband services, including mobile broadband, fiber to the home/building and ADSL Docsis, and LTE. The company also provides BiP, an integrated IP-based communication platform; TV+, which enables subscribers to watch live television channels and on-demand video content; fizy, a digital music platform; Lifebox, a cloud service for data storage; Dergilik, a digital publishing platform; Yaani, a search engine application; Paycell, a platform that offers various payment services; My Account, an application for customers to track their bills and usage; Goals on Your Mobile that allows update on game scores and player transfers; Turkcell Academy that provides digital learning contents and services; UpCall, a call management service; Kopilot that connects cars to smartphones and enables real-time monitoring of metrics on the vehicle’s performance; and Supercam, which ensures the safety of the home and workplace. In addition, it offers Turkcell Smart WiFi, which provides Wifi hotspot services for businesses; Turkcell Smart Fax service that enables corporate customers to send and receive faxes digitally; digital messaging services; SMS donation services; digital identity management services; cloud services; hospital information systems; and e-commerce platform. Further, the company provides international roaming, and wholesale voice and data services. As of December 31, 2018, it had approximately 14.9 million prepaid subscribers and 18.8 million postpaid subscribers. The company was founded in 1993 and is headquartered in Istanbul, Turkey. Turkcell Iletisim Hizmetleri A.S. is a subsidiary of Turkcell Holding A.S.

Details
Name: Turkcell Iletisim Hizmetleri A.S.
TUL1
Exchange: DB
Founded: 1993
TRY4,342,325,182
2,058,466,000
Website: http://www.turkcell.com.tr
Address: Turkcell Iletisim Hizmetleri A.S.
Turkcell Kucukyali Plaza,
Aydinevler Mahallesi Inonu Caddesi No:20,
Istanbul,
Turkey
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
IBSE TCELL Common Stock Borsa Istanbul (BIST) TR TRY 11. Jul 2000
OTCPK TKCZ.F Common Stock Pink Sheets LLC US USD 11. Jul 2000
NYSE TKC ADS EACH REPR 2.5 TRADABLE SHS TRY1 New York Stock Exchange US USD 11. Jul 2000
DB TUL1 ADS EACH REPR 2.5 TRADABLE SHS TRY1 Deutsche Boerse AG DE EUR 11. Jul 2000
BMV TKC N ADS EACH REPR 2.5 TRADABLE SHS TRY1 Bolsa Mexicana de Valores MX MXN 11. Jul 2000
Number of employees
Current staff
Staff numbers
0
Turkcell Iletisim Hizmetleri employees.
Industry
Wireless Telecommunication Services
Telecom
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/18 20:32
End of day share price update: 2019/11/18 00:00
Last estimates confirmation: 2019/11/14
Last earnings filing: 2019/10/31
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.