TRKNY - Turkcell Is Performing Well While Turkey Wilts

Turkcell (TKC) is a great case in a point as to why you can never completely separate a company from the context of its home market. While Turkey’s leading cell phone service provider continues to perform very well from an operational perspective, the problems in Turkey (both economic and political) and the resulting pressures on Turkey’s stock market and currency have pulled these ADRs down for a greater than 30% drop over the past year. While the local shares have performed meaningfully better (down 5%), that’s really not much comfort to shareholders holding