Dogan Holding (DOHOL) Company Note

We attended Doğan Holding’s institutional investor meeting, which also included the senior management of its subsidiaries Hepiyi Insurance and Gümüştaş Mining. The key messages from the meeting were that momentum in the non-automotive portfolio remains intact despite volatility in the automotive segment, 2025 is being managed with a focus on margin protection and cost discipline, and the portfolio simplification that has accelerated over the past two years is strengthening balance-sheet flexibility. Management emphasized that it will continue to grow a portfolio with approximately USD 2.7bn in Net Asset Value (NAV), centered around its strategic focus areas—Galata Wind, Hepiyi Insurance, and Gümüştaş Mining. The most important complement to this strategy is the strong USD 617m standalone net cash position. We maintain our 12-month target price of TL25.90 for Doğan Holding and reiterate our BUY recommendation.