Table of Contents
Executive summary ........................................................................... 3
SWOT analysis................................................................................... 5
Turkish telco sector........................................................................... 7
3G: a new era… for Turkey ............................................................. 15
Possible impact of the crisis........................................................... 20
Turkcell ............................................................................................. 26
Valuation and risks.......................................................................... 28
Turkcell ownership: a long tale........................................................ 30
Turkcell subsidiaries........................................................................ 34
Turk Telekom ................................................................................... 40
Valuation and risks.......................................................................... 42
Turk Telekom ownership ................................................................ 45
Turk Telekom subsidiaries.............................................................. 48
Vodafone Turkey ............................................................................. 54
Appendix: regional expansion........................................................ 55