TCELL Telecom
🏢 Company Profile
Mobile telecommunications; also serves in Northern Cyprus, Ukraine and Central Asia through its subsidiaries Kıbrıs Telekom, Astelit and Fintur.
- TVF BİLGİ TEKNOLOJİLERİ İLETİŞİM HİZMETLERİ YATIRIM SANAYİ VE TİCARET ANONİM ŞİRKETİ — 26.20% ( vote 57.83%)
- IMTIS HOLDINGS S.A.R.L. — 19.80% ( vote 11.31%)
- CITIBANK N.A. — 14.66% ( vote 8.38%)
- Last quarter (2026/6): sales 137467389000 TL, net profit margin 7.4% (normal)
- Sales growth: YoY %+5.7 (increase).
- Net profit growth: YoY +3.3% (increase).
- Owners' Equity Growth: YoY %+6.4 (increase)
- Asset turnover 1.0 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 68.5% (high leverage); total liabilities (short+long) / owners' equity 113.2%.
- Net financial debt 122793156000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 1.5 — balanced liquidity.
- Current ratio (TradingView balance sheet section) 1.5 — balanced liquidity.
- Multiples: P/E 11.4 · P/B 0.7 · EV/EBITDA 2.7 · dividend yield 4.0.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
📋 Announced Financial Statements· manually added financial table summary · last pull: 2026-09-23
| Period | Sales Revenues (mlr TL) | Net Profit (mlr TL) | Profit Margin | Total Assets (mlr TL) | Equity (mlr TL) | Financial Debt (mlr TL) | Financial Debt / Equity |
|---|---|---|---|---|---|---|---|
| 2026/6 | 137.5 (+ 5.7% YoY) | 10.2 (+ 3.3% YoY) | 7.4% | 659.9 | 309.6 | 212.1 | 68.5% |
| 2026/3 | 65.0 (+ 9.3% YoY) | 4.6 (+ 14.9% YoY) | 7.1% | 618.2 | 290.9 | 206.3 | 70.9% |
| 2025/12 | 269.7 (+ 29.7% YoY) | 20.7 (- 32.6% YoY) | 7.7% | 589.5 | 305.4 | 186.8 | 61.2% |
| 2025/9 | 162.4 (+ 11.4% YoY) | 13.4 (- 51.0% YoY) | 8.3% | 491.4 | 243.0 | 181.3 | 74.6% |
| 2025/6 | 130.0 (+ 47.5% YoY) | 9.9 (+ 27.0% YoY) | 7.6% | 457.4 | 219.7 | 172.9 | 78.7% |
| 2025/3 | 59.4 (+ 46.0% YoY) | 4.0 (+ 11.1% YoY) | 6.8% | 418.1 | 209.8 | 150.7 | 71.8% |
| 2024/12 | 207.9 | 30.8 | 14.8% | 450.6 | 244.7 | 136.6 | 55.8% |
| 2024/9 | 145.8 | 27.4 | 18.8% | 326.7 | 174.5 | 106.7 | 61.2% |
| 2024/6 | 88.2 | 7.8 | 8.8% | 299.7 | 152.3 | 99.2 | 65.1% |
| 2024/3 | 40.7 | 3.6 | 8.9% | 282.3 | 143.4 | 98.0 | 68.4% |
Income statement items (sales revenues and net profit) are cumulative from the beginning of the year; balance sheet items are period-end balances. Source: İş Yatırım financial statements (based on KAP announcements).
🔎 Fundamental Analysis Summary · automatic
- Revenue (TTM) 269.96 billion TL, EBITDA 116.88 billion TL — EBITDA margin 43.3% (high EBITDA margin).
- Net profit margin 7.2% (normal net profit margin).
- EV/EBITDA 2.5 (2.5) — low EV/EBITDA — cheap zone.
- Net financial debt 122.79 billion TL (62% of market value).
- Current ratio 1.49 — balanced liquidity.
- Dividend yield 4.4%.
Rule-based summary: It is generated from İş Yatırım financial statements (TTM) and TradingView base data with fixed thresholds; no LLM, no hallucination risk. It is not investment advice.
Valuation and Profitability · single source, last 12 months
Last 5 trading days return: +1.2%
| Market value | 198.4 billion TL |
| Equity (2026/6) | 309.6 billion TL |
| Net profit (last 12 months) | 21.1 billion TL |
| P/E (last 12 months) | 9.4 |
| P/B | 0.64 |
| ROE (last 12 months) | 6.8% |
| Financial debt / equity | 69% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 116.9 billion TL |
| EBITDA margin | 43.3% |
| EV / EBITDA | 2.5 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Telecommunications sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | neutral |
| Score | +0 |
| Channels | interest rate increase, domestic demand increase |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | STRONG SELL |
| Short term (EMA 5-8-13-21) | SELL |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | SELL |
| Wave Trend (indicator) | SELL |
| Channel position | 9% |
| Trend strength (r) | -0.79 |
| Score | 0 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- KAP *** TURKCELL İLETİŞİM HİZMETLERİ A.Ş. *** TCELL *** Notification Regarding Share Buyback — Yeni Şafak · 28.10
- Turkcell bought back 3.2 million shares: average 86.75 TL — Investing.com Turkey · 26.10
- TURKCELL ILETISI - KAP News - dated 2026-10-23 — Bloomberght · 24.10
- Turkcell and Samsung extended 5G cooperation by one year — Dünya Gazetesi · 24.10
- Turkcell and Samsung extended 5G cooperation — Ekonomi Gazetesi · 23.10
- Turkcell and Samsung extend 5G cooperation to 2027 — Habertürk · 23.10
📋 KAP Notifications
- 23 October 20:45 — Notification Regarding Share Buyback→
- 23 October 13:43 — Circuit Breaker Notification on a Share Basis→
- 22 October 19:58 — Company General Information Form→
- 22 October 19:58 — Tangible Fixed Asset Acquisition→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- 20 October 09:58 — Financial Calendar→
- 20 October 09:57 — Company General Information Form→
- 9 October 11:25 — Notification Regarding Capital Market Intermediary Transactions Outside Share (Interest-Bearing) →
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Turkcell is trading at 100.80 TL with a 0.50% premium on September 23, 2026. Medium and long-term EMA sequence is in SELL position; Wave Trend is BUY, short-term is WAIT — chart is at 1/4 SELL level. Channel position is at 75%, trend strength (r) -0.77 indicating a downtrend with reaction search. The stock is trying to hold just above the psychological 100 TL threshold; leaning on the 60-day 100.50 TL support zone, priced 19% below the 123.90 TL peak.
🌍 Macroeconomic Evaluation
Telecom sector is experiencing the classic dilemma of disinflation period: while cost inflation eases, delayed and regulated tariff structure limits revenue side. Inflation falling to 31.5% opens room for real recovery in second half tariff adjustments; CBRT's easing path eases financing costs. USD/TL's stable position at 48.83 balances device and infrastructure import costs; increasing network's local equipment share reduces currency risk. Structural growth in data center and cloud demand creates new revenue pool for Turkcell's TechFin and digital services arms. Amid uncertainty with gram gold at 6.786 TL, interest in high-yield defensive stocks is strengthening; Turkcell fits this profile with ~4% yield. Main risks; tightening in tariff regulation, price pressure from competition and spectrum investment costs.
🧾 Balance Sheet Evaluation
Turkcell increased sales by 5.7% and net profit by 3.3% in the first half of 2026; in Q2, it drew a shrinking profitability picture with 72.5 billion TL sales (+2.7%) and 5.6 billion TL net profit (-4.7%). Quarterly net margin at 7.7% parallels 7.6% in first half of last year; tariff increases lagging behind inflation pressurize real profitability. The company, which generated 277.1 billion TL sales and 21.1 billion TL net profit in last four quarters, has market cap ~219 billion TL; with P/E ~10.4x, P/B ~0.7x and EV/EBITDA ~5.8x, trading below global telecom thresholds. Main reason for this discount is pricing power limited by regulation and competition; in return, defensive cash flow and strong subscriber base form valuation base. Financial debt/equity 68.5%, net debt ~96.9 billion TL at ~1.8x EBITDA; leverage is manageable and significant portion of debt is long-term. ROE 6.8% significantly below inflation; Data center and digital services investments offer medium-term growth option. 4.0% dividend yield is a strong support factor. In summary, Turkcell is a defensive, dividend-paying and discounted telecom asset; catalysts being tariff adjustments approaching inflation rate and acceleration of digital services revenues.
This section is manually updated; for informational purposes only, not investment advice.