Is Private Equity (ISGSY)

Business description

Is Private Equity (ISGSY) is a listed private equity fund, which invests directly in Turkey's growing mid-cap private companies.

Stock data

Market cap.TRY124.7m
Last close1.67TRY
High / Low (52 weeks)1.7TRY / 1.3TRY
Stock market listingBIST
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

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Investment summary

Is Private Equity (ISGSY) makes direct private equity investments in mid-sized Turkish companies with the aim of providing capital gains and attractive dividends. 2016 was a year of considerable uncertainty in Turkey, creating challenging market conditions for ISGSY’s investee companies and for the wider Turkish economy. Despite this, valuations have remained resilient, with a like-for-like fall of 2.5% versus a reduction of c 4% in 2015, which was arguably a less turbulent year. Including a further TRY10m investment in one of its leisure businesses, PE investments comprised 54% of total assets at 31 December 2016, up from 51% at the end of FY15. The discount to NAV remains over 50%, but further political stabilisation following a referendum in April 2017 could cause this to narrow.

Last updated on 17/03/2017

Industry outlook

The role that private equity firms like ISGSY can play in the development of Turkey remains considerable. However, progress on portfolio disposals is likely to suffer from market uncertainties. These include the rate at which interest rates in the US are increased, the political instability in its neighbours in Ukraine, Iraq and Syria, as well as local domestic economic and political uncertainties arising from the desire to lower inflation without suppressing economic growth.

Last updated on 02/03/2017

Key management

Serdar Gencer, Chairman
Murat Özgen, CEO
Banu Gul, FD

Company address

Kuleleri Kule:2
Kat:8 Levent
Istanbul
34330
Turkey
+90 0212 325 17 44
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