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.TRY141.8m
Last close1.90TRY
High / Low (52 weeks)2.3TRY / 1.5TRY
Stock market listingBIST
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

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Investment summary

The overall valuation of Is Private Equity’s (ISGSY) private equity investments remained resilient in 2017, with gross asset exposure to these investments increasing (and liquid assets reduced) as ISGSY invested further, for larger stakes in existing assets. With economic recovery taking hold, investee companies saw total revenue growth of c 35% in 2017, and the increased investment may prove to be well timed, especially if inflation and interest rates decline as the Central Bank expects. A pick-up in M&A activity may also provide additional opportunity for capital recycling from mature assets into new opportunities. The significant 52% discount to NAV provides scope for a re-rating.

Last updated on 16/03/2018

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 02/03/2018

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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