2024-05-29 08:38:55 ET
Summary
- Turkcell is a leading telecommunications provider in Turkey.
- My margin expansion thesis continues to play out as the company was able to raise prices faster than inflation in Q1.
- Looking forward, as long as this dynamic remains, Turkcell's earnings should continue to rise, driving shares higher.
A few weeks ago, I wrote a bullish follow-up article on Turkcell ( TKC ), noting that the company's guidance looked 'beatable' given the inflation hurdle was low and Turkcell had strong operating momentum. So far, the stock has rallied a further 20% since my update (Figure 1)....
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Turkcell: Margin Expansion Thesis Playing Out; Maintain Buy