Mesut Ellialtioglu of Talas Turkey Value Fund presented his in-depth investment thesis on KOC Holding (Istanbul: KCHOL) at Best Ideas 2018.
KOC Holding is the largest industrial group in Turkey based on leadership positions in strategic and high-growth sectors, including energy (Tupras), automotive (Ford Otosan, Tofas Fiat, Turk Tractor Case New Holland), consumer durables (Arcelik), and banking (Yapi kredi Unicredit). The company is a beneficiary of economic growth and resilient through diversification. Koc has JV partnerships in Turkey with global blue chip companies, including Ford Motor, FCA, Case New Holland, Unicredit, and Kagome. Nearly 50% of total revenues, which is around $25 billion, is not sensitive to fluctuations in the domestic economy. Koc trades at ~35% discount to estimated NAV.
About the instructor:
Mesut Ellialtioglu, the Fund’s Turkey Investment Officer, has 23 years of Turkey focused equity research and fund management experience and focuses on value investing opportunities in the Turkish equity market. Prior to forming Talas Capital with Mr. Matthew Peterson, Mr. Ellialtioglu worked with Bankers Trust Company as an associate, Korfez Securities (Garanti Bank) as Co-Head of Research, UB Ulusal Securities (formerly SAMBA Saudi American Bank) as Managing Director for research and asset management, Kent Securities as Head of Asset Management, and ABN AMRO Asset Management Turkey as Chief Investment Officer. Mr. Ellialtioglu graduated with BS in Economics degree from the Wharton School of Business of the University of Pennsylvania in 1993.
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