Doğan Holding (DOHOL) Company Report

We are initiating coverage of Doğan Holding with a 12-month target price of TL22.60, implying 55% upside potential, and assign a “BUY” recommendation. Key catalysts include: i) A strong solo net cash position of USD 646 million and low leverage, ii) High growth potential in the attractive sectors where the company operates, iii) Potential asset sales, new acquisitions, and IPOs.