- Turkcell posted another typical "modest beat and raise" quarter, with very strong subscriber growth and healthy ARPU growth. The guidance does call for more capex to support growth projects like fiber.
- Management has a good set of growth priorities, including ongoing switches from pre-to-paid subscriptions, digital financial services to a meaningfully underbanked customer base, and more fiber/digital services.
- Turkcell shares are cheap on their standalone fundamentals, but the market wants nothing to do with Turkish stocks.
For further details see:
Turkcell Continues To Execute Very Well, But Macro Issues Cancel Out The Benefits