Koc Holding & few thoughts on Turkey
On Monday, Koc Holding released 2015 results. As always, they have a very decent presentation which nicely summarizes what happened.
Consolidated net income went up +32% in 2015 in local currency. Even including the 2015 depreciation of around -12%, for me as EUR based shareholders, profits increased significantly.
Based on 2015, Koc now trades at around 8,5 times P/E. The discount to a “sum of part” calculation is around 20%, a value which has been relatively stable over the last 2-3 years.