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Is Yatirim Menkul Degerler (ISMEN)

Business description

Is Yatirim Menkul Degerler is a leading Turkey-based brokerage group established by Turkiye Is Bankasi Yatirim Menkul Degerler. In addition to its core investment banking operations, offering brokerage, corporate finance, investment advisory and portfolio management services, the group includes four subsidiaries engaged in portfolio management, non-performing loan management and private equity, and an investment trust.

Strength in diversity

Outlook | Financials | 19/04/2011

Is Yatirim Menkul Degerler (ISY) has diversified financial earnings, enabling it to withstand market volatility. 2010 results were in line with expectations, with commission income driving growth. ISY offers upside to stable or rising equity markets and interest rates, with gearing to company flotations. Management continues to invest in new revenue opportunities. The stock trades on a 2011 P/E of 6.4x, and a 2011e P/BV of 1.2x. A 2010 yield of 4% and an ROE in 2010 of 18.2% reflect a conservative balance sheet.

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