TTKOM Telecom
🏢 Company Profile
Offers fixed phone, mobile, internet and TV services under a single brand; total 17.3 million subscribers in fixed and mobile. Source: Midas company cards, 24.10.2026.
- TURKISH WEALTH FUND — 61.68%
- T.C. HAZİNE VE MALİYE BAKANLIĞI — 25.00%
- Last quarter (2026/6): sales 142212593000 TL, net profit margin 12.1% (normal)
- Sales growth: YoY %+9.0 (increase).
- Net profit growth: YoY +25.9% (increase).
- Owners' Equity Growth: YoY %+8.9 (increase)
- Asset turnover 1.0 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 54.7% (moderate leverage); total liabilities (short+long) / owners' equity 141.7%.
- Net financial debt 119058122000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 0.8 — short-term liability pressure.
- Current ratio (TradingView balance sheet section) 0.8 — short-term liability pressure.
- Multiples: P/E 6.6 · P/B 0.7 · EV/EBITDA 2.7.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
| Total Assets | 641.2 bln TL | Total Debt | 375.9 bln TL |
| Current Assets | 109.4 bln TL | Equity | 265.3 mlr TL |
| Financial Debt | 145.1 billion TL | Net Profit | 17.2 mlr TL |
📋 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 | 142.2 (+ 9.0% YoY) | 17.2 (+ 25.9% YoY) | 12.1% | 641.2 | 265.3 | 145.1 | 54.7% |
| 2026/3 | 64.9 (+ 8.7% YoY) | 10.5 (+ 55.6% YoY) | 16.1% | 601.5 | 243.6 | 142.0 | 58.3% |
| 2025/12 | 285.2 (+ 34.8% YoY) | 27.1 (+ 144.5% YoY) | 9.5% | 502.4 | 250.2 | 147.2 | 58.8% |
| 2025/9 | 165.7 (+ 13.8% YoY) | 21.3 (+ 69.4% YoY) | 12.9% | 346.7 | 202.7 | 71.4 | 35.2% |
| 2025/6 | 130.5 (+ 52.8% YoY) | 13.6 (+ 70.0% YoY) | 10.4% | 308.0 | 179.6 | 65.9 | 36.7% |
| 2025/3 | 59.7 (+ 54.8% YoY) | 6.7 (+ 90.0% YoY) | 11.3% | 285.4 | 165.2 | 65.0 | 39.3% |
| 2024/12 | 211.6 | 11.1 | 5.2% | 353.7 | 191.2 | 92.3 | 48.3% |
| 2024/9 | 145.6 | 12.6 | 8.7% | 243.3 | 135.1 | 71.7 | 53.1% |
| 2024/6 | 85.4 | 8.0 | 9.4% | 225.2 | 123.3 | 67.3 | 54.6% |
| 2024/3 | 38.5 | 3.5 | 9.2% | 218.2 | 113.5 | 73.8 | 65.0% |
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) 273.72 billion TL, EBITDA 113.65 billion TL — EBITDA margin 41.5% (high EBITDA margin).
- Net profit margin 10.3% (normal net profit margin).
- EV/EBITDA 2.5 (2.5) — low EV/EBITDA — cheap zone.
- Net financial debt 119.06 (119.06) billion TL (72% of market value).
- Current ratio 0.82 — under short-term liability pressure.
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: -0.2%
| Market value | 163.7 billion TL |
| Equity (2026/6) | 265.3 mlr TL |
| Net profit (last 12 months) | 30.6 mlr TL |
| P/E (last 12 months) | 5.4 |
| P/B | 0.62 |
| ROE (last 12 months) | 11.5% |
| Financial debt / equity | 55% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 113.6 mlr TL |
| EBITDA margin | 41.5% |
| 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 | SELL |
| Short term (EMA 5-8-13-21) | SELL |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | SELL |
| Wave Trend (indicator) | BUY AT THE BOTTOM |
| Channel position | 14% |
| Trend strength (r) | -0.64 |
| Score | 1 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- Ismael Bako Was Not Enough; Türk Telekom Lost Heavily on the London Away Game — Eurohoops · 29.10
- Türk Telekom COP31’in assumes the digital infrastructure — Yeni Şafak · 28.10
- Türk Telekom COP31'in weaves the digital backbone — Anadolu Ajansı · 28.10
- 1 billion dollar loan from 14 international banks to Türk Telekom — Bloomberght · 26.10
- Türk Telekom received a $1 billion loan — Foreks.com · 26.10
- Worker layoffs after subcontracting at Türk Telekom: Either resignation or exile — soL Haber · 23.10
📋 KAP Notifications
- 23 October 11:53 — Circuit Breaker Notification on a Share Basis→
- 21 October 15:41 — Corporate Governance Principles Compliance Rating →
- 15 October 18:42 — Company General Information Form→
- 13 October 18:01 — Special Situation Disclosure (General)→
- 7 October 17:34 — Notification Regarding Capital Market Intermediary Transactions Outside Share (Interest-Bearing) →
- 1 October 17:06 — Financial Calendar→
- 29 September 20:25 — Notification Regarding Share Buyback→
- 25 September 18:50 — Notification Regarding Share Buyback→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Turk Telekom is trading at 54.50 TL with a 0.74% gain on September 23, 2026. Long-term EMA is in SELL position; short/medium-term is HOLD, Wave Trend is BUY — chart is at 1/4 SELL level. Channel position is 74%, trend strength (r) -0.56 indicates medium-term pressure continues. The stock is trying to hold at a critical threshold just above the 60-day low of 54.20 TL (1%); it's priced 24% below its peak of 72.10 TL and the 60-day return is -11.24%, showing weak performance.
🌍 Macroeconomic Evaluation
Fixed-line and broadband offer a more predictable pricing environment compared to mobile competition; fiber conversion in Turkey still has structural growth potential with low penetration. Inflation falling to 31.5% limits real value loss from delayed tariff hikes, while CBRT's rate cut expectations reduce financing costs; the company's low leverage makes this channel less critical. USD/TL at 48.83 balances equipment import costs. Exponential growth in data traffic and cloud/digital service demand expands the fixed-fee revenue base. With gold at 6.786 TL in an uncertain environment, regular cash flow infrastructure assets find place in defensive portfolios. Key risks; tighter tariff regulations, longer fiber investment payback period, and competition-driven ARPU pressure.
🧾 Balance Sheet Evaluation
Turk Telekom increased sales by 9.0% and net profit by 25.9% in the first half of 2026; in the second quarter, it showed stable operational performance with 77.4 billion TL sales (+9.3%) and 6.7 billion TL net profit (-3.1%). Quarterly net margin was 8.7%, slightly below the four-quarter average of 10.3%; currency effect and financing costs erode profitability. The company, which generated 297.0 billion TL sales and 30.6 billion TL net profit in the last four quarters, has a market cap of ~191 billion TL; P/E ~6.2x, P/B ~0.7x, and particularly EV/EBITDA ~3.1x, offering one of BIST-30's cheapest valuation multiples. Considering global fixed-line operators trade at 6-8x EV/EBITDA, the discount is significant; justified by tariff regulation risk and state ownership perception. Financial debt/equity 54.7%, net debt ~119.4 billion TL at ~1.2x EBITDA; leverage is low and room exists for fiber investment program. ROE 11.5% shows recovery trend. Fiber subscriber transition and ARPU increase are medium-term growth drivers. In summary, Turk Telekom has a defensive-value profile with deep operational discount, low leverage, and strong cash flow; catalysts are tariff hikes and rising fiber revenue share.
This section is manually updated; for informational purposes only, not investment advice.