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 uncertainties.