Company/Industry Reports

Mavi reported TL 12.7 billion in net sales, TL 2.4 billion in EBITDA and TL 686 million in net income attributable to shareholders in 1Q26. Consensus stood at TL 12.6 billion in net sales, TL 2.5 billion in EBITDA and TL 590 million in net income. We view 1Q26 as a neutral quarter. Sales came in line with expectations, while operating profitability saw limited pressure stemming from operating expenses. The...
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Tüpraş announced its May product margins. Among middle distillates, the diesel margin declined 13% m/m and the jet fuel margin declined 26%. Among light distillates, the gasoline margin rose 210% versus the prior month, while the fuel oil margin came in at -$17.6/bbl. For Tüpraş, which is included in our model portfolio, we maintain a target price of TL352.00 and a Buy...
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Following Astor Enerji’s 1Q26 results, we view the strong order inflow, details regarding capacity expansion investments, acceleration in exports, and particularly the company’s expectations for the US market shared during the analyst meeting positively. In line with the updated guidance shared by management during the analyst meeting, the contribution from new factory investments, the strong backlog outlook, and...
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Turkcell reported 1Q26 financial results slightly above our expectations, posting TL 68,377 million in revenue, TL 28,300 million in EBITDA, and TL 4,634 million in net income. Relative to our estimates, revenue and EBITDA came in c.1% above, while net income was c.3% ahead. This quarter was marked by sustained operational growth, with net income exceeding expectations despite a high tax burden, supported by...
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We evaluate Pegasus Airlines’s 1Q26 financial results as neutral overall, with significant weakness on the operational side but no meaningful deviation from our expectations. Considering the recent weak share price performance, rising geopolitical risks, upward pressure on energy costs, and the current uncertainty environment, we revise our 12-month target price to TL 252 from TL 300 while maintaining our Buy...
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We evaluate Dogus Otomotiv’s 1Q26 financial results as neutral overall, as the company delivered results in line with our expectations despite continued annual weakness in both operational performance and net profitability. Following the recent weak share price performance and financial results broadly in line with our expectations, we revise our 12-month target price to TL 255 from TL 278 in line with our updated...
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We evaluate Astor Enerji’s 1Q26 financial results as broadly in line with our expectations and neutral overall. While the company maintained strong annual operational profitability, we observed a more normalized trend on a quarterly basis. ASTOR reported net income of TL 1,812mn in 1Q26, up 53% YoY, with net income coming in 9% below market expectations but 4% above our estimate. For ASTOR, we are revising our...
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Koç Holding posted a net profit of TL 522 million in 1Q26. While the figure came in below the market expectation of TL 5.3 billion, it points to a meaningful recovery compared to the TL 1.9 billion net loss recorded in the same period last year. Strengthening operational performance at subsidiaries — particularly Yapı Kredi and Tüpraş — along with easing financial expenses versus the prior year and a narrower...
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