TKC
Turkcell Iletisim Hizmetleri A.S.
Telecommunications Services
Market Cap$5.59B
5Y Perf.+23.9%
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Stock Comparison
TKC vs VEON vs TEF
Revenue, margins, valuation, and 5-year total return — side by side.
VEON
VEON Ltd.
Telecommunications Services
Market Cap$3.39B
5Y Perf.+33.5%
TEF
Telefónica, S.A.
Telecommunications Services
Market Cap$24.41B
5Y Perf.-16.0%
TKC vs VEON vs TEF — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | TKC | VEON | TEF |
|---|---|---|---|
| Industry | Telecommunications Services | Telecommunications Services | Telecommunications Services |
| Market Cap | $5.59B | $3.39B | $24.41B |
| Revenue (TTM) | $212.60B | $4.23B | $38.27B |
| Net Income (TTM) | $15.65B | $644M | $-2.12B |
| Gross Margin | 27.6% | 88.2% | 83.7% |
| Operating Margin | 14.6% | 31.9% | 6.9% |
| Forward P/E | 0.2x | 6.5x | 12.5x |
| Total Debt | $104.34B | $4.69B | $45.02B |
| Cash & Equiv. | $68.93B | $1.69B | $8.06B |
TKC vs VEON vs TEF — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
TKC
VEON
TEF
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Turkcell Iletisim H… (TKC) | 100 | 123.9 | +23.9% |
| VEON Ltd. (VEON) | 100 | 133.5 | +33.5% |
| Telefónica, S.A. (TEF) | 100 | 84.0 | -16.0% |
Price return only. Dividends and distributions are not included.
Quick Verdict: TKC vs VEON vs TEF
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: TKC leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. VEON Ltd. is the stronger pick specifically for profitability and margin quality and operational efficiency and capital deployment. As sector peers, any of these can serve as alternatives in the same allocation.
TKC
Turkcell Iletisim Hizmetleri A.S.
The Growth Play
TKC carries the broadest edge in this set and is the clearest fit for growth exposure and long-term compounding.
- Rev growth 55.6%, EPS growth 87.6%, 3Y rev CAGR 15.3%
- -3.3% 10Y total return vs VEON's -14.0%
- Lower volatility, beta 0.60, Low D/E 55.8%, current ratio 1.25x
Best for: growth exposure and long-term compounding
VEON
VEON Ltd.
The Quality Compounder
VEON is the clearest fit if your priority is quality and efficiency.
- 15.2% margin vs TEF's -5.5%
- 7.7% ROA vs TEF's -2.3%, ROIC 19.4% vs 2.9%
Best for: quality and efficiency
TEF
Telefónica, S.A.
The Income Pick
TEF is the clearest fit if your priority is income & stability and defensive.
- Dividend streak 0 yrs, beta 0.16, yield 8.5%
- Beta 0.16, yield 8.5%, current ratio 0.87x
- Beta 0.16 vs VEON's 1.47, lower leverage
Best for: income & stability and defensive
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | TKC | 55.6% revenue growth vs TEF's 1.6% |
| Value | TKC | Lower P/E (0.2x vs 6.5x) |
| Quality / Margins | VEON | 15.2% margin vs TEF's -5.5% |
| Stability / Safety | TEF | Beta 0.16 vs VEON's 1.47, lower leverage |
| Dividends | TKC | 2.9% yield, 3-year raise streak, vs TEF's 8.5%, (1 stock pays no dividend) |
| Momentum (1Y) | TKC | +15.9% vs TEF's -6.6% |
| Efficiency (ROA) | VEON | 7.7% ROA vs TEF's -2.3%, ROIC 19.4% vs 2.9% |
TKC vs VEON vs TEF — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
FY 2024
Segment breakdown not available.
TKC vs VEON vs TEF — Financial Metrics
Side-by-side numbers across 3 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLVEONLAGGINGTEF
TEFTelefónica, S.A.
1leads
TKCTurkcell Iletisim Hiz…
1leads
VEONVEON Ltd.
2leads
6 Total Categories
CATEGORYLEADERvs TKCvs TEFMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
VEON4/6
Valuation MetricsMultiples, price ratios, and targets
TEF4/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
VEON6/9
Total Returns1Y, 3Y, 5Y total returns with dividends
TKC4/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
VEON leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
TKC is the larger business by revenue, generating $212.6B annually — 50.3x VEON's $4.2B. VEON is the more profitable business, keeping 15.2% of every revenue dollar as net income compared to TEF's -5.5%. On growth, TKC holds the edge at +48.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | TKCTurkcell Iletisim… | VEONVEON Ltd. | TEFTelefónica, S.A. |
|---|---|---|---|
| RevenueTrailing 12 months | $212.6B | $4.2B | $38.3B |
| EBITDAEarnings before interest/tax | $90.8B | $2.1B | $12.3B |
| Net IncomeAfter-tax profit | $15.6B | $644M | -$2.1B |
| Free Cash FlowCash after capex | $107M | $590M | $4.0B |
| Gross MarginGross profit ÷ Revenue | +27.6% | +88.2% | +83.7% |
| Operating MarginEBIT ÷ Revenue | +14.6% | +31.9% | +6.9% |
| Net MarginNet income ÷ Revenue | +7.4% | +15.2% | -5.5% |
| FCF MarginFCF ÷ Revenue | +0.1% | +14.0% | +10.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +48.2% | +7.5% | -6.6% |
| EPS Growth (YoY)Latest quarter vs prior year | -62.3% | -164.7% | — |
VEON leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
TEF leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
At 8.6x trailing earnings, VEON trades at a 20% valuation discount to TKC's 10.8x P/E. On an enterprise value basis, VEON's 3.9x EV/EBITDA is more attractive than TEF's 5.2x.
| Metric | TKCTurkcell Iletisim… | VEONVEON Ltd. | TEFTelefónica, S.A. |
|---|---|---|---|
| Market CapShares × price | $5.6B | $3.4B | $24.4B |
| Enterprise ValueMkt cap + debt − cash | $6.4B | $6.4B | $68.0B |
| Trailing P/EPrice ÷ TTM EPS | 10.76x | 8.58x | -65.09x |
| Forward P/EPrice ÷ next-FY EPS est. | 0.23x | 6.50x | 12.47x |
| PEG RatioP/E ÷ EPS growth rate | 0.19x | — | — |
| EV / EBITDAEnterprise value multiple | 4.70x | 3.94x | 5.15x |
| Price / SalesMarket cap ÷ Revenue | 1.52x | 0.85x | 0.50x |
| Price / BookPrice ÷ Book value/share | 1.35x | 2.83x | 0.91x |
| Price / FCFMarket cap ÷ FCF | 9.67x | 6.48x | 3.98x |
TEF leads this category, winning 4 of 6 comparable metrics.
Profitability & Efficiency
VEON leads this category, winning 6 of 9 comparable metrics.
Profitability & Efficiency
VEON delivers a 44.5% return on equity — every $100 of shareholder capital generates $45 in annual profit, vs $-10 for TEF. TKC carries lower financial leverage with a 0.56x debt-to-equity ratio, signaling a more conservative balance sheet compared to VEON's 3.73x. On the Piotroski fundamental quality scale (0–9), TKC scores 8/9 vs TEF's 6/9, reflecting strong financial health.
| Metric | TKCTurkcell Iletisim… | VEONVEON Ltd. | TEFTelefónica, S.A. |
|---|---|---|---|
| ROE (TTM)Return on equity | +7.3% | +44.5% | -9.9% |
| ROA (TTM)Return on assets | +3.7% | +7.7% | -2.3% |
| ROICReturn on invested capital | +11.8% | +19.4% | +2.9% |
| ROCEReturn on capital employed | +13.3% | +24.5% | +3.1% |
| Piotroski ScoreFundamental quality 0–9 | 8 | 6 | 6 |
| Debt / EquityFinancial leverage | 0.56x | 3.73x | 1.98x |
| Net DebtTotal debt minus cash | $35.4B | $3.0B | $37.0B |
| Cash & Equiv.Liquid assets | $68.9B | $1.7B | $8.1B |
| Total DebtShort + long-term debt | $104.3B | $4.7B | $45.0B |
| Interest CoverageEBIT ÷ Interest expense | 3.07x | 2.24x | 0.80x |
VEON leads this category, winning 6 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
TKC leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in TKC five years ago would be worth $16,102 today (with dividends reinvested), compared to $10,860 for VEON. Over the past 12 months, TKC leads with a +15.9% total return vs TEF's -6.6%. The 3-year compound annual growth rate (CAGR) favors VEON at 37.3% vs TEF's 6.6% — a key indicator of consistent wealth creation.
| Metric | TKCTurkcell Iletisim… | VEONVEON Ltd. | TEFTelefónica, S.A. |
|---|---|---|---|
| YTD ReturnYear-to-date | +14.8% | -6.8% | +8.3% |
| 1-Year ReturnPast 12 months | +15.9% | +9.8% | -6.6% |
| 3-Year ReturnCumulative with dividends | +66.6% | +158.6% | +21.3% |
| 5-Year ReturnCumulative with dividends | +61.0% | +8.6% | +26.4% |
| 10-Year ReturnCumulative with dividends | -3.3% | -14.0% | -16.8% |
| CAGR (3Y)Annualised 3-year return | +18.6% | +37.3% | +6.6% |
TKC leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
Evenly matched — TKC and TEF each lead in 1 of 2 comparable metrics.
Risk & Volatility
TEF is the less volatile stock with a 0.16 beta — it tends to amplify market swings less than VEON's 1.47 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. TKC currently trades 89.5% from its 52-week high vs TEF's 75.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | TKCTurkcell Iletisim… | VEONVEON Ltd. | TEFTelefónica, S.A. |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.60x | 1.47x | 0.16x |
| 52-Week HighHighest price in past year | $7.17 | $64.00 | $5.72 |
| 52-Week LowLowest price in past year | $5.35 | $34.55 | $3.67 |
| % of 52W HighCurrent price vs 52-week peak | +89.5% | +76.8% | +75.7% |
| RSI (14)Momentum oscillator 0–100 | 45.1 | 43.8 | 70.2 |
| Avg Volume (50D)Average daily shares traded | 1.1M | 107K | 516K |
Evenly matched — TKC and TEF each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — TKC and TEF each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: TKC as "Buy", VEON as "Buy", TEF as "Buy". For income investors, TEF offers the higher dividend yield at 8.50% vs TKC's 2.89%.
| Metric | TKCTurkcell Iletisim… | VEONVEON Ltd. | TEFTelefónica, S.A. |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Buy |
| Price TargetConsensus 12-month target | — | $74.00 | — |
| # AnalystsCovering analysts | 17 | 13 | 20 |
| Dividend YieldAnnual dividend ÷ price | +2.9% | — | +8.5% |
| Dividend StreakConsecutive years of raises | 3 | 0 | 0 |
| Dividend / ShareAnnual DPS | $8.38 | — | $0.31 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.1% | +0.2% | 0.0% |
Evenly matched — TKC and TEF each lead in 1 of 2 comparable metrics.
Key Takeaway
VEON leads in 2 of 6 categories (Income & Cash Flow, Profitability & Efficiency). TEF leads in 1 (Valuation Metrics). 2 tied.
Best OverallVEON Ltd. (VEON)Leads 2 of 6 categories
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TKC vs VEON vs TEF: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is TKC or VEON or TEF a better buy right now?
For growth investors, Turkcell Iletisim Hizmetleri A.
S. (TKC) is the stronger pick with 55. 6% revenue growth year-over-year, versus 1. 6% for Telefónica, S. A. (TEF). VEON Ltd. (VEON) offers the better valuation at 8. 6x trailing P/E (6. 5x forward), making it the more compelling value choice. Analysts rate Turkcell Iletisim Hizmetleri A. S. (TKC) a "Buy" — based on 17 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — TKC or VEON or TEF?
On trailing P/E, VEON Ltd.
(VEON) is the cheapest at 8. 6x versus Turkcell Iletisim Hizmetleri A. S. at 10. 8x. On forward P/E, Turkcell Iletisim Hizmetleri A. S. is actually cheaper at 0. 2x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — TKC or VEON or TEF?
Over the past 5 years, Turkcell Iletisim Hizmetleri A.
S. (TKC) delivered a total return of +61. 0%, compared to +8. 6% for VEON Ltd. (VEON). Over 10 years, the gap is even starker: TKC returned -3. 3% versus TEF's -16. 8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — TKC or VEON or TEF?
By beta (market sensitivity over 5 years), Telefónica, S.
A. (TEF) is the lower-risk stock at 0. 16β versus VEON Ltd. 's 1. 47β — meaning VEON is approximately 820% more volatile than TEF relative to the S&P 500. On balance sheet safety, Turkcell Iletisim Hizmetleri A. S. (TKC) carries a lower debt/equity ratio of 56% versus 4% for VEON Ltd. — giving it more financial flexibility in a downturn.
05Which is growing faster — TKC or VEON or TEF?
By revenue growth (latest reported year), Turkcell Iletisim Hizmetleri A.
S. (TKC) is pulling ahead at 55. 6% versus 1. 6% for Telefónica, S. A. (TEF). On earnings-per-share growth, the picture is similar: VEON Ltd. grew EPS 115. 9% year-over-year, compared to 71. 8% for Telefónica, S. A.. Over a 3-year CAGR, TKC leads at 15. 3% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — TKC or VEON or TEF?
Turkcell Iletisim Hizmetleri A.
S. (TKC) is the more profitable company, earning 14. 1% net margin versus -0. 1% for Telefónica, S. A. — meaning it keeps 14. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: VEON leads at 27. 7% versus 5. 8% for TEF. At the gross margin level — before operating expenses — VEON leads at 87. 1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is TKC or VEON or TEF more undervalued right now?
On forward earnings alone, Turkcell Iletisim Hizmetleri A.
S. (TKC) trades at 0. 2x forward P/E versus 12. 5x for Telefónica, S. A. — 12. 2x cheaper on a one-year earnings basis.
08Which pays a better dividend — TKC or VEON or TEF?
In this comparison, TEF (8.
5% yield), TKC (2. 9% yield) pay a dividend. VEON does not pay a meaningful dividend and should not be held primarily for income.
09Is TKC or VEON or TEF better for a retirement portfolio?
For long-horizon retirement investors, Telefónica, S.
A. (TEF) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 16), 8. 5% yield). Both have compounded well over 10 years (TEF: -16. 8%, VEON: -14. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between TKC and VEON and TEF?
Both stocks operate in the Communication Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: TKC is a small-cap high-growth stock; VEON is a small-cap deep-value stock; TEF is a mid-cap income-oriented stock. TKC, TEF pay a dividend while VEON does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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- Sector: Communication Services
- Market Cap > $100B
- Gross Margin > 50%
- Dividend Yield > 3.3%
Revenue Growth>
%
(TKC: 48.2% · VEON: 7.5%)Net Margin>
%
(TKC: 7.4% · VEON: 15.2%)P/E Ratio<
x
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