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Koc Holding A.S. Unsponsored ADR Class B
(OTC:KHOLY)
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Rating:55Neutral
Price Target:
$21.50
â–²(3.02% Upside)
Action:Reiterated
Date:08/10/26
The score is held back primarily by weak cash-flow fundamentals (negative TTM operating and free cash flow) and meaningful leverage, despite improving revenue/margins. The latest earnings call was constructive on guidance and segment strength (notably Energy) but flagged notable cyclical and leverage-related risks in several subsidiaries and some one-off earnings support. Valuation (moderate P/E and ~3.9% yield) and neutral technicals provide partial offset.
Positive Factors
Diversified business portfolio
Koç's wide sector exposure (energy, automotive, appliances, finance, industrials) provides multiple, offsetting cash and earnings streams. This structural diversification reduces single‑sector cyclicality and supports resilience through commodity, demand and FX cycles over the next 2–6 months.
Negative Factors
Negative operating and free cash flow
Persistently negative operating and free cash flow erodes internal funding capacity, increasing reliance on external financing or asset sales to fund capex, dividends or subsidiary support; this elevates execution and liquidity risk across the conglomerate.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business portfolio
Koç's wide sector exposure (energy, automotive, appliances, finance, industrials) provides multiple, offsetting cash and earnings streams. This structural diversification reduces single‑sector cyclicality and supports resilience through commodity, demand and FX cycles over the next 2–6 months.
Read all positive factors
Koc Holding A.S. Unsponsored ADR Class B (KHOLY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.98B
Dividend Yield3.72%
Average Volume (3M)32.00
Price to Earnings (P/E)14.8
Beta (1Y)0.05
Revenue Growth9.66%
EPS Growth467.56%
CountryUS
Employees120,219
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)71.85
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
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 AS engages in the provision of industrial services. It operates through the following segments: Energy, Automotive, Consumer Durables, Finance, and Other. The Energy segment focuses on refinery, fuel distribution, LPG distribution, pow...
How the Company Makes Money
Koç Holding primarily makes money as a parent holding company by owning controlling or significant stakes in operating companies and recognizing income from those investments. Key earnings sources typically include: (1) Dividends and profit distri...
Koc Holding A.S. Unsponsored ADR Class B Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call presented strong consolidated financial results driven largely by exceptional performance in the Energy segment and favorable deferred tax/one-off items, alongside solid holding-level liquidity and active portfolio optimization. However, several operating segments faced meaningful headwinds — notably Consumer Durables and parts of Automotive — with rising asset-quality and leverage concerns at certain subsidiaries and dilutive inflation-accounting losses in the Other segment. Management emphasized portfolio resilience, disciplined capital allocation and readiness to support subsidiaries, while pursuing monetization and optimization actions.Positive Updates
Consolidated revenue growth
Combined revenue exceeded TRY 2.7 trillion (~$58.8 billion), up ~7.2% year-on-year for H1 2026.
Negative Updates
Consumer Durables (Arçelik) revenue contraction
Arçelik domestic revenues -9% and international revenues -11% in H1; industrial sales down ~7% and export volumes down ~19% amid soft demand, pricing pressure and unfavorable product mix despite margin improvement initiatives.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated revenue growth
Combined revenue exceeded TRY 2.7 trillion (~$58.8 billion), up ~7.2% year-on-year for H1 2026.
Read all positive updates
Company Guidance
Management's forward guidance emphasized disciplined capital allocation and specific targets: Tüpras revised full‑year net refining margin to $13–$15/boe (H1 $15.6/boe) and capacity utilization stayed at 95%; holding liquidity is strong with ~ $1.0bn net cash and $1.6bn gross cash after a $600m club loan (first repayment April 2028), ~76% in hard currency and no near‑term debt service for almost 3 years; priority is reinvesting in existing businesses and opportunistic M&A (buybacks described as tactical), with H1 capex ~ $1.7bn; leverage and liquidity metrics remain conservative (current ratio 1.25x; net financial debt/EBITDA incl. finance 1.1x); H1 consolidated revenue was TRY 2.7tr (~$58.8bn, +7.2% YoY), PBT ~TRY 84bn (+154%), net income ~TRY 20.3bn (+147%); portfolio composition highlighted automotive 32%/finance 23%/refining 20%, ~31% of revenues international and ~50% hard‑currency linked, unlisted book value ~TRY 117bn (~$2.5bn); Yapi Kredi transaction (asset management sale implied ~$425m) is expected to add ~70bps to CET1, and bank metrics were: net profit +36% YoY, RoTE 23.4%, NIM 2.9% (+68bps), NPL 4.3%, cost of risk 201bps, CAR 14.4%, CET1 9.4%; other operational signposts include Otokar backlog €669m, Ford Otosan 33% of Turkey production/75% of commercial output and group export share rising to ~51% (up ~8pp).Koc Holding A.S. Unsponsored ADR Class B Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
48
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.19T | 2.99T | 2.32T | 1.60T | 901.86B | 346.69B |
| Gross Profit | 559.39B | 470.65B | 327.83B | 376.65B | 226.84B | 80.06B |
| EBITDA | 270.66B | 193.16B | 143.77B | 309.02B | 142.16B | 35.24B |
| Net Income | 36.26B | 23.88B | 1.31B | 72.23B | 118.22B | 26.18B |
Balance Sheet | ||||||
| Total Assets | 6.25T | 5.31T | 3.91T | 2.86T | 1.58T | 1.02T |
| Cash, Cash Equivalents and Short-Term Investments | 1.06T | 907.07B | 575.01B | 486.29B | 306.72B | 207.25B |
| Total Debt | 1.75T | 1.51T | 879.32B | 670.38B | 378.55B | 286.29B |
| Total Liabilities | 4.96T | 4.22T | 3.05T | 2.18T | 1.34T | 899.45B |
| Stockholders Equity | 795.23B | 677.00B | 528.63B | 404.73B | 149.35B | 63.64B |
Cash Flow | ||||||
| Free Cash Flow | -229.86B | -212.96B | 18.38B | 270.74B | 87.88B | 38.14B |
| Operating Cash Flow | -111.56B | -101.29B | 116.31B | 339.02B | 115.48B | 50.66B |
| Investing Cash Flow | -324.11B | -354.99B | -121.37B | -165.46B | -86.42B | -53.60B |
| Financing Cash Flow | 393.77B | 316.90B | 9.60B | -17.42B | -5.56B | 10.20B |
Koc Holding A.S. Unsponsored ADR Class B Technical Analysis
Positive
20.87
Price Trends
20.78
Positive
21.41
Positive
21.18
Positive
Market Momentum
0.16
Negative
56.68
Neutral
81.93
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KHOLY, the sentiment is Positive. The current price of 20.87 is below the 20-day moving average (MA) of 21.00, above the 50-day MA of 20.78, and below the 200-day MA of 21.18, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 56.68 is Neutral, neither overbought nor oversold. The STOCH value of 81.93 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $74.15B | 9.08 | 41.71% | 4.05% | -2.41% | 53.63% | |
71 Outperform | $4.18B | 6.59 | 12.09% | 0.19% | 8.17% | 361.79% | |
67 Neutral | $94.20B | 32.27 | 77.12% | 1.75% | 2.35% | -21.55% | |
67 Neutral | $9.56B | 19.54 | 29.84% | 0.60% | 3.80% | 138.85% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | $10.98B | 14.76 | 5.03% | 3.86% | 9.66% | 467.56% | |
51 Neutral | $5.27B | -10.05 | -22.42% | 26.39% | 12.39% | 40.27% |
* Industrials Sector Average
KHOLY
Koc Holding A.S. Unsponsored ADR Class B
21.64
0.30
1.38%
MMM
3M
182.65
32.60
21.72%
HON
Honeywell International
233.96
24.35
11.62%
IEP
Icahn Enterprises
7.42
0.30
4.23%
SEB
Seaboard
4,364.15
793.33
22.22%
VMI
Valmont
495.25
122.14
32.73%
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.