Turkcell (TKC +1.3%) reports Q3 revenue climbed 8% Y/Y to TRY2.981B. Net income of TRY699M climbed 22%. (PR, results)
EBITDA expanded 11% Y/Y to TRY1.016B while margin improved to 34.1% from 33.1% in Q3 2012.
Mobile revenue in Turkey grew 3% (7% excl. the impact of cuts to MTR) to TRY2.365B. Mobile broadband revenue jumped 39% to TRY385M. Growth was dragged by a Voice revenue decline of 3% to TRY1.664B as a result of mobile termination rate cuts.
Management reiterated full-year guidance and believes the company "could post results around the high end of our revenue and EBITDA target ranges." Analysts expect $6.219B in full-year revenue and EPS of $1.35.
"We are more bullish than ever" on Turkcell (TKC), IS Investment effuses. The court decision favoring Cukurova means Altimo will fail in its bid to become TKC's majority shareholder (providing Cukurova makes its payment to Altimo), and makes a dividend - frozen since 2011 - imminent. Triple dividend yield for 2013 could fall between 12% and 16%, and strong fundamentals offer shareholders another 18% upside, firm says.