TKC - Turkcell Under Pressure On All Sides

• Turkcell's core operations have continued to perform well, but that's been overwhelmed by the ongoing decline in the value of the Turkish lira due to continued government economic mismanagement.
• Analysts are growing increasingly worried about the high cost of upcoming capex, as Turkcell will be looking at a 5G upgrade cycle in addition to spending on fiber build-outs.
• A major shareholder has sent a shot across the bow, agitating for a larger dividend payout and changes to the board (and presumably management).
• Turkcell looks undervalued on its own revenue/FCF growth prospects, but the macro outlook continues to far outweigh those prospects.

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