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Turkcell cut to ‘sell’ level at Goldman Monday, May 16, 2011 ISTANBUL - Bloomberg Turkcell, Turkey’s largest mobile-phone operator, was downgraded by The Goldman Sachs Group Monday for “slim chance for a sustainable turnaround” and disputes among its shareholders. The rating on Turkcell, owned by Scandinavian telecoms operator TeliaSonera, Russian Altimo and Turkey’s Çukurova Holding, was cut to “sell” level from “neutral” by Goldman Sachs analyst Alexander Balakhnin, the investment bank said in an e-mailed report. TeliaSonera and Altimo are embroiled in a struggle with Çukurova over how Turkcell is run. The two companies blocked a shareholders’ dividend at the annual general meeting in April after chairman Colin Williams refused to discuss board changes and government officials backed him. TeliaSonera and Altimo want Williams dismissed. “News flow on intensifying competition in Turkey and signs of aggressive marketing activity will likely be negative for the stock,” Balakhnin said. “Moreover as the Turkish macro situation remains challenging, weak statistics as well as a start of tightening would add additional pressure on Turkcell shares.” “Evolution of the shareholder disputes add to the level of uncertainty and negative tension,” the analyst wrote. “Mobile competition in Turkey remains highly unstable with all three operators fighting for market share. We see a slim chance for a sustainable turnaround of Turkcell’s business, as the company will likely need to sacrifice profitability for market share retention.” Goldman expects Turkcell to post a margin of earnings before interest, tax, depreciation and amortization, or Ebitda, of 31.9 percent in 2011 with higher capital expenditure spending, the report said. Turkcell’s Ebitda was 32.7 percent in 2010, according to information on its website. |
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| aus der Diskussion: | Turkcell - Mobilfunk Türkei |
| Autor (Datum des Eintrages): | R-BgO (20.07.11 15:23:31) |
| Beitrag: | 7 von 57 (ID:41816875) |
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