Cemal Demirtas

ATA Invest

Head of Research @ ATA Invest

Cemal Demirtas has been head of Research at ATA Invest since October 2012 and has a total of 25 years of experience in Equity Research. He was previously Head of Non-Financials Research at Standard Unlu. He has been in both buy-side and sell-side research in Turkey coverage throughout his career and active in the valuation of privatisation projects as well as IPOs at leading local brokerage houses. He also worked for Industrial Development Bank in Turkey and participated in the restructuring of Turkish companies back in 2011. He has a strong track record in stock picking in specific sectors such as steel, retail, autos, and telecoms in Turkey. Cemal holds an MBA from the University of Indiana and a BA in Management from Middle East Technical University, Turkey, in 1994. He also participated in the financial markets trading program at Illinois Institute of Technology

Cemal Demirtas
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Latest articles from Cemal Demirtas

Turkey Strategy: It’s all about monetary policy once again

Once again, unorthodox monetary policies by the CBRT and how it has managed its reserves since the past year, have led to a massive Turkish lira devaluation (47% y/y against US$ and 56% y/y against Euro). At 9.1x 2020 P/E (6.8x Bloom. We are also con...
ATA Invest Cemal Demirtas
Cemal Demirtas @ ATA Invest 12 November 2020

Turkey Strategy: Between a rock and a hard place

The hybrid lockdown measures and a strong response by the public/private health sector helped to keep both infection and mortality rates in Turkey significantly lower than many countries. Erdemir : Erdemir is currently trading at 5.2x 20E a...
ATA Invest Cemal Demirtas
Cemal Demirtas @ ATA Invest 14 September 2020
Turkey Strategy: Between a rock and a hard place
Turkey Strategy: Between a rock and a hard place

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Cemal Demirtas
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2020
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2019
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