Teknosa (TKNSA) Company Report

We are initiating coverage on Teknosa with a target price of 48.00 TL,
assigning a Buy recommendation, offering a 69% upside potential. Key
catalysts in our valuation include: i) Teknosa's established and solid
presence in the sector, ii) efficiency gains driven by its digital
transformation journey, and iii) value creation potential through
complementary products and services, including İklimsa.