Analyst Research Report Snapshot

Title:

IS YATIRIM MENKUL DEGERLER - REGULATION CHANGE CREATING OPPORTUNITIES

Price:

$10.00

Provider:

Edison Investment Research

Date:

10 May 2013

Pages:

13

Type:

AcrobatPDF

Companies referenced:

ISMEN.IS ANHYT.IS ISCTR.IS ISGSY.IS ISUVTf.IS

Available for Immediate Download
Summary:

IS Yatirim Mekul Degerler (ISY) recorded its strongest-ever results in 2012 due to record returns from underlying subsidiaries. Supported by strong performance in Q1 and Q4, operating revenues increased 35% to TRY312m (Edison: TRY290m) while non-consolidated net profit grew 14% to TRY51m. ISY’s market-leading position in Turkey and strong balance sheet means it is well positioned to benefit from the changing regulatory environment in Turkey and capitalise on any recovery in global markets. While an undemanding valuation (FY13e P/E 5.5x vs peers: 8.6x; P/B 0.9x vs peers: 0.8x) presents a compelling long-term investment opportunity.

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