Turkey’s leading mobile services provider, Turkcell (TKC), has had a mixed performance run since my last update on the shares. Operationally, the company continues to do quite well, with relatively stable share in the mobile business despite aggressive pricing and ongoing growth in ancillary services. While the shares have risen more than 10%, they’ve lagged the broader Turkish market a bit, and I’d say the performance is relatively lackluster given the heightened macro risk.
Although I still think Turkcell shares are undervalued, I likewise still think that macro issues tied to Turkey’s economy