Turkcell AS: Stronger-than-expected results

  • Turkcell recorded TL2,396mn net income in 3Q22, 9.6% higher than our est. and 44.0% above cons.

  • Revenues were 1.1% above our estimates and EBITDA of TL5,990mn was 0.8% above our estimates.

  • Guidance for 2022 is revised up: (1) topline growth to 47-48%” from “>40%” and (2) EBITDA to c.TL21bn from c.TL20bn.

November 4th, 2022
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