Is Private Equity

BIST: ISGSY

TRY173.9m market cap

TRY2.33 last close

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

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.

Share price graph
Balance sheet
Forecast net debt (TRYm) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 26.0 33.9 47.5
Relative* 20.4 21.1 67.4
52-week high/low TRY2.8/TRY1.5
*% relative to local index
Key management
Serdar Gencer Chairman
Murat Özgen CEO
Banu Gul FD