Turkcell 4Q24 Financial Results

TCELL announced its 4Q24 financial results, reporting a net profit of TL 1.68 billion, which was below market expectations. During this period, the company's revenue and EBITDA generation were in line with expectations, while operating expenses, non-operating expenses, and net monetary loss adjustments created pressure on net profit. We evaluate TCELL’s 4Q24 financial results as Slightly Negative and continue to hold it in our model portfolio with a target price of TL 156.30, implying a 45% upside potential.