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  • 12 Nov 17
Is Yatirim Menkul Degerler - Termination of coverage

Edison Investment Research is terminating coverage on Is Yatirim Menkul Degerler (ISMEN). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Companies: Is Yatirim Menkul Degerler AS

Edison
  • 14 Aug 17
Increasing estimates again

Is Yatirim (ISY) produced a very strong result in H117 against the backdrop of an improved political and economic environment in Turkey, which has seen a strong improvement across capital markets. With the benefit of leading market positions, ISY has seen revenues increase across all product areas with particular strength in interest and trading. Meanwhile, costs have been kept under tight control and below the level of inflation, which is running in excess of 9% pa. We have significantly increa

Companies: Is Yatirim Menkul Degerler AS

Edison
  • 11 May 17
Ahead of expectations

Is Yatirim’s (ISY) Q117 results showed a strong performance by the investment banking business, driven by robust equity, debt and derivatives markets, slight increases to some commission margins as well as continued growth in AUM, particularly from higher-fee pension fund assets. Is Investment (the investment bank) posted net profits more than 50% up on Q116, which was the strongest quarter in that year. With the exception of the NPL business, all the consolidated segments beat our expectations

Companies: Is Yatirim Menkul Degerler AS

Edison
  • 21 Feb 17
A steady ship

Despite exceptional political events in Turkey during 2016, Is Yatirim’s (ISY) FY16 results showed that its core investment banking business performed well, contributing to strong consolidated net profits, 33% ahead of FY15. Two of its subsidiaries suffered losses but steps have been taken to reduce these in FY17 and other segments performed better than forecast against a challenging backdrop. ISY continues to have a strong balance sheet and is committed to making high distributions to sharehold

Companies: Is Yatirim Menkul Degerler AS

Edison
  • 29 Nov 16
Resilience in difficult times

Although the geopolitical background in Turkey remains unsettled, some areas of Is Yatirim Menkul Degerler’s (ISY) business, notably its core investment banking activities, have performed well in Q316, posting large increases in revenue and profit over Q315. The current market valuation seems reasonable, but improvements in the economic and political climate could increase the value indicated by our model considerably, making ISY potentially attractive to investors looking beyond current uncerta

Companies: Is Yatirim Menkul Degerler AS

Edison
  • 19 Sep 16
Making progress in challenging conditions

The political and economic background in Turkey has been challenging this year but some areas of Is Yatirim Menkul Degerler’s (ISY) investment banking business have seen large increases in activity in the first half and ISY has maintained its leading market positions. The current valuation seems reasonable, but a modest increase in assumed returns would increase the indicated value significantly, suggesting an opportunity for investors looking beyond near-term uncertainties.

Companies: Is Yatirim Menkul Degerler AS

Edison
  • 24 May 16
High yield in Turkish lira

In Q116, Is Yatirim’s (ISY) investment banking operations increased net income by 11% y-o-y to TRY29.5m, but setbacks at certain of its subsidiaries resulted in flat y-o-y consolidated net attributable profit of TRY12.6m. There are many economic and political uncertainties affecting its activities, but ISY remains profitable and offers investors a yield of c 10%, assuming it maintains last year’s dividend. It is modestly rated on a P/E basis compared with some of its European investment bank pee

Companies: Is Yatirim Menkul Degerler AS

Edison
  • 18 Feb 16
Uncertainty remains

Despite financial market volatility, Is Yatirim Menkul Degerler’s (ISY) investment banking activities at its parent organisations held up well in 2015 on the back of good trading conditions, and actually increased profits by 8% y-o-y. However, there were a number of negatives in its subsidiary operations, which resulted in group net profits falling 36% to TRY40.5m for the year. ISY has a strong balance sheet and is committed to rewarding shareholders with high dividend payments, so we maintain

Companies: Is Yatirim Menkul Degerler AS

Edison
  • 19 Nov 15
Possible beneficiary of Turkish political stability

Is Yatirim Menkul Degerler (ISY) is Turkey’s leading investment bank with significant market shares in all aspects of investment banking, as well as asset management and private equity. Its 2015 financial results have benefited from high levels of trading activity, but there have been a number of negatives and we have lowered our attributable profit forecasts. We tentatively maintain the dividend at Kr13.2 per share as we believe ISY is committed to rewarding shareholders with high dividend paym

Companies: Is Yatirim Menkul Degerler AS

Edison
  • 20 Aug 15
Mixed results for H115

In H115 Is Yatirim (ISY) benefited from the volatile Turkish financial markets as a result of a variety of local and geopolitical concerns, and achieved good increases in brokerage fees. The higher level of the equity market also boosted the results of the asset management business. However, these positive results were accompanied by several negatives, resulting in H115 attributable profits declining 28% y-o-y, Q215 falling 62% y-o-y and 12% in Q115. Consequently, we have lowered our 2015 profit

Companies: Is Yatirim Menkul Degerler AS

Edison

Is Yatirim Menkul Degerler AS

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