Koc Holding A.S. Unsponsored ADR Class B (KHOLY)
OTHER OTC:KHOLY
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Koc Holding A.S. Unsponsored ADR Class B
(OTC:KHOLY)
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Rating:52Neutral
Price Target:
$22.50
▲(5.83% Upside)
Action:Reiterated
Date:05/14/26
The score is held back primarily by weakened financial resilience—compressed margins, negative operating/free cash flow, and elevated leverage. Offsetting this, the earnings call indicates operational recovery and strengthened liquidity, while technicals are neutral-to-mildly supportive. Valuation remains a notable risk due to the very high P/E despite a moderate dividend yield.
Positive Factors
Automotive strength & export exposure
The automotive platform is a durable earnings engine: large absolute contribution, ~30% domestic share and ~43% export exposure support scale economics, diversified demand and production leverage. Structural export growth and market leadership improve revenue stability and long-term cash generation.
Negative Factors
Negative cash generation
A persistent negative OCF and FCF profile erodes internal funding, forcing reliance on external financing or asset sales. Over a multi-month horizon this constrains capex, dividends and M&A optionality and raises refinancing and liquidity risk if cash generation does not normalize.
Read all positive and negative factors
Positive Factors
Negative Factors
Automotive strength & export exposure
The automotive platform is a durable earnings engine: large absolute contribution, ~30% domestic share and ~43% export exposure support scale economics, diversified demand and production leverage. Structural export growth and market leadership improve revenue stability and long-term cash generation.
Read all positive factors
Koc Holding A.S. Unsponsored ADR Class B (KHOLY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.85B
Dividend Yield4.41%
Average Volume (3M)32.00
Price to Earnings (P/E)217.4
Beta (1Y)0.11
Revenue Growth2.57%
EPS GrowthN/A
CountryUS
Employees130,760
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)46.85
Shares Outstanding371,424,930
10 Day Avg. Volume96
30 Day Avg. Volume32
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.64
Price to Sales (P/S)0.14
P/FCF Ratio-2.02
Enterprise Value/Market Cap104.41
Enterprise Value/Revenue0.40
Enterprise Value/Gross Profit2.30
Enterprise Value/Ebitda5.26
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.33
Revenue Forecast (FY)$82.31B
Koc Holding A.S. Unsponsored ADR Class B Business Overview & Revenue Model
Company Description
Koç Holding A.S., through its subsidiaries, engages in the energy, automotive, consumer durables, finance, and other businesses in Turkey and internationally. The company's energy business operates petroleum refineries; distributes petroleum produ...
How the Company Makes Money
Koç Holding makes money primarily through (1) earnings generated by its consolidated subsidiaries and (2) income from its equity-accounted investments (associates and joint ventures). For consolidated businesses, the group records revenue from the...
Koc Holding A.S. Unsponsored ADR Class B Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive operational and financial recovery: a pronounced turnaround in consolidated net income (TRY 22.0 billion), higher operating profit (+9%), strong performance in automotive and energy and marked improvement at the bank underpin the group’s resilience. These positives are tempered by persistent macro challenges (elevated inflation and higher interest rates), softer demand in consumer durables and tractors, a wide NAV discount versus historical norms, and some asset‑specific underperformance. On balance the material earnings and cash‑flow improvements and strengthened liquidity position outweigh the noted sectoral headwinds.Positive Updates
Strong Consolidated Profitability Turnaround
Consolidated net income rose to TRY 22.0 billion in 2025 from TRY 1.7 billion in 2024 (approximately +1194% YoY), reflecting a material recovery at the bottom line driven by improved operating profit and lower net monetary losses.
Negative Updates
High Inflation and Macroeconomic Uncertainty
Turkey annual inflation remained elevated at 30.9% in 2025 (down from 44.4% in 2024) and market interest rates were higher than anticipated, creating a volatile operating environment and weighing on consumer demand and costs.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Consolidated Profitability Turnaround
Consolidated net income rose to TRY 22.0 billion in 2025 from TRY 1.7 billion in 2024 (approximately +1194% YoY), reflecting a material recovery at the bottom line driven by improved operating profit and lower net monetary losses.
Read all positive updates
Company Guidance
Koc guided a conservative, acquisition‑ready stance: management plans to draw down a 5‑year $600m club loan before the April deadline and hold it as a war‑chest for selective M&A while preserving liquidity (holding solo net cash $815m, 69% in hard currency; year‑end net cash TRY34.9bn). On group targets and positioning they highlighted resilient results and normalization plans — group revenues TRY4.6tn, operating profit TRY155.5bn (≈+9% y/y), profit before tax TRY124.5bn and consolidated net income TRY22bn (Q4: TRY7bn vs -TRY8bn prior year) — with conservative balance‑sheet metrics (combined current ratio 1.2x; net financial debt/EBITDA ex‑finance 1.2x) and a belief NAV discount (weekly avg 34% vs long‑term ~14%) understates fundamentals. Segment‑level forward signals included Ford Otosan capex set to normalize, Tofas expecting accelerated volumes in 2026 under the amended K0 contract, TurkTraktor aiming to strengthen share in a flat tractor market, and Otokar scaling Mercedes‑Benz Conecto city‑bus production in 2026; the finance arm (Yapi Kredi) flagged continued momentum with performing cash loan growth +45%, deposits +44%, swap‑adjusted NIM 2.24%, ROE 21.4% and CAR 14.8%.Koc Holding A.S. Unsponsored ADR Class B Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
52
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.86T | 2.99T | 2.32T | 1.60T | 901.86B | 346.69B |
| Gross Profit | 491.90B | 470.65B | 327.83B | 376.65B | 226.84B | 80.06B |
| EBITDA | 215.14B | 193.16B | 143.77B | 309.02B | 142.16B | 35.24B |
| Net Income | 23.69B | 23.88B | 1.31B | 72.23B | 118.22B | 26.18B |
Balance Sheet | ||||||
| Total Assets | 5.76T | 5.31T | 3.91T | 2.86T | 1.58T | 1.02T |
| Cash, Cash Equivalents and Short-Term Investments | 1.02T | 907.07B | 575.01B | 486.29B | 306.72B | 207.25B |
| Total Debt | 1.54T | 1.51T | 879.32B | 670.38B | 378.55B | 286.29B |
| Total Liabilities | 4.61T | 4.22T | 3.05T | 2.18T | 1.34T | 899.45B |
| Stockholders Equity | 716.24B | 677.00B | 528.63B | 404.73B | 149.35B | 63.64B |
Cash Flow | ||||||
| Free Cash Flow | -151.04B | -212.96B | 18.38B | 270.74B | 87.88B | 38.14B |
| Operating Cash Flow | -44.21B | -101.29B | 116.31B | 339.02B | 115.48B | 50.66B |
| Investing Cash Flow | -333.00B | -354.99B | -121.37B | -165.46B | -86.42B | -53.60B |
| Financing Cash Flow | 275.18B | 316.90B | 9.60B | -17.42B | -5.56B | 10.20B |
Koc Holding A.S. Unsponsored ADR Class B Technical Analysis
Negative
21.26
Price Trends
22.16
Negative
22.07
Negative
21.08
Positive
Market Momentum
-0.14
Positive
37.32
Neutral
0.03
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KHOLY, the sentiment is Negative. The current price of 21.26 is below the 20-day moving average (MA) of 22.54, below the 50-day MA of 22.16, and above the 200-day MA of 21.08, indicating a neutral trend. The MACD of -0.14 indicates Positive momentum. The RSI at 37.32 is Neutral, neither overbought nor oversold. The STOCH value of 0.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KHOLY.
Koc Holding A.S. Unsponsored ADR Class B Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $9.72B | 17.67 | 21.43% | 0.63% | 2.40% | 4.95% | |
65 Neutral | $4.46B | 11.89 | 11.47% | 0.21% | 6.56% | 501.77% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $137.65B | 43.68 | 23.56% | 2.24% | 1.15% | -19.00% | |
52 Neutral | $10.85B | 217.45 | 3.47% | 4.41% | 2.57% | ― | |
52 Neutral | $79.55B | 29.42 | 66.03% | 1.82% | 2.08% | -34.33% | |
46 Neutral | $5.13B | -2.41 | -13.03% | 27.59% | 1.28% | 69.04% |
* Industrials Sector Average
KHOLY
Koc Holding A.S. Unsponsored ADR Class B
21.39
2.43
12.84%
MMM
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149.36
2.66
1.82%
HON
Honeywell International
217.15
12.58
6.15%
IEP
Icahn Enterprises
7.50
0.82
12.33%
SEB
Seaboard
4,811.30
2,356.94
96.03%
VMI
Valmont
491.15
179.97
57.84%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.