Turkey's largest mobile services provider, Turkcell (NYSE:TKC),
continues to find itself mired in uncertainties that have weighed
heavily on the shares. From questions about market share and
competitiveness with Vodafone (NASDAQ:VOD) and Turk Telekom's (OTC:TRKNY)
AVEA, to management's capital allocation priorities, to the seemingly
endless squabbles between the largest owners, this is a consummate case
of "it's always something".
While Turkcell's shares
do look undervalued, and it seems as though the ownership spat may be
nearing an end, I'm not sure the discount to fair value is so large as
to be worth the trouble. Turkcell has its work cut out moving its
subscriber base on to more lucrative post-paid contracts and higher-end
phones, and I'm more concerned about the value to be gained from the
company's expansion plans.
Read more here:
Turkcell Still Bedeviled By Uncertainty
No comments:
Post a Comment