It has been a while since I’ve written on Turkcell (TKC), and much what I said last time still applies. Taken in isolation, Turkcell continues to run itself well, with a business strategy focused on its higher-value services like 4G, digital services, and e-commerce. But at the same time, Turkey’s macroeconomic challenges have not gone away, and Turkcell continues to face significant inflation and foreign currency headwinds and an overall lack of investor confidence/interest in Turkey.
You can’t really fully separate the company-specific and macro factors here, as the U.S.-listed ADRs have fallen