Turkcell Iletisim Hizmetleri AS (TKC) vs VEON Ltd. (VEON)

Turkcell Iletisim Hizmetleri AS and VEON Ltd. are both Telecom Services companies. VEON Ltd. is the larger, with a market value of $5.3B against $4.0B — 1.3× the size. Turkcell Iletisim Hizmetleri AS trades at the lower P/E: 9.3× against 99.4×. Turkcell Iletisim Hizmetleri AS grew revenue faster over the last twelve months: 15.5% against 14.7%. Turkcell Iletisim Hizmetleri AS has the higher net margin (7.21% vs 1.24%) and the lower return on invested capital (7.40% vs 12.7%). Across the 21 metrics below, Turkcell Iletisim Hizmetleri AS leads on 14 and VEON Ltd. on 7.

Valuation

Metric TKC VEON Telecom Services median
P/E 9.35 99.45 13.99
P/S 0.60 1.21 0.88
P/B 0.58 2.99 1.27
Price to free cash flow n/m 8.42 8.44
EV/EBITDA 2.50 4.72 6.79
EV/Sales 1.04 1.87 1.88
Earnings yield 10.70% 1.01% 1.96%
Free cash flow yield (4.35%) 11.88% 5.99%

Profitability

Metric TKC VEON Telecom Services median
Gross margin 27.44% 87.07% 48.78%
Operating margin 14.60% 21.75% 7.62%
Net margin 7.21% 1.24% 4.22%
Free cash flow margin (2.63%) 14.35% 4.73%
Return on equity 7.61% 3.45% 4.38%
Return on assets 3.61% 0.63% 0.00%
Return on invested capital 7.40% 12.72% 3.41%

Growth

Metric TKC VEON Telecom Services median
Revenue growth (TTM) 15.54% 14.71% 3.31%
EPS growth (last fiscal year) (37.80%) 29.49% 0.62%
Revenue growth, 5-year CAGR 7.97% (9.61%) 2.53%
Net income growth, 5-year CAGR (5.97%) 0.00% 0.00%

Health

Metric TKC VEON Telecom Services median
Debt to equity 0.57 3.05 0.63
Current ratio 1.49 0.97 1.13
Net debt to EBITDA 0.15 1.30 1.86

Dividend

Metric TKC VEON Telecom Services median
Dividend yield 7.04% — 2.83%
Payout ratio 0.66 — 0.43

Size

Metric TKC VEON Telecom Services median
Market cap 3.99b 5.26b 2.65b

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