Digital DNA
Private Equity


Indeks Bilgisayar, Turkish company from MCI.EuroVentures portfolio, with record stock exchange valuation

14.03.2018 Download PDF

The leader of the IT distribution market in Turkey, Indeks from the MCI.EuroVentures fund, is currently valued at approx. TRY 900 million. In early March the company’s capitalisation reached more than TRY 967 million. The latest analytical report of BNP Paribas, with “buy” recommendation, predicts an increase of the company’s value to more than TRY one billion, i.e. by another 17% (on the share price of TRY 16.16).

The company was founded in 1989 by Erol Bilecik, one of the most influential local businessmen. He is currently also the chairman of the largest Turkish business organisation — TUSIAD.

The Turkish ICT (Information and Communication Technologies) market is already worth USD 22.5 billion, over USD 5 billion more than the market in Poland. The increasing wealth of the society and population growth will result in increasingly higher demand for electronic goods.

In its annual report, published at the beginning of March, the company announced a 24% increase in revenues y-o-y, from TRY 3.8 billion to TRY 4.72 billion.

When the MCI.EuroVentures fund invested in Indeks for the first time, the value of its shares stood at TRY 3.40 per share. It is currently approx. TRY 16.

“Indeks is an example of an investment in a sector we know well. Additionally, the company benefits from the economic boom in Turkey and trends to digitalize the economy. We acquired the first holding of Indeks in 2013. At the end of last year we made a partial exit. Still, we are the second largest investor and we are counting on further increase of the company’s value,” said Maciej Kowalski, co-manager of the MCI.EuroVentures Fund, Partner of MCI Capital.

Analytical reports of brokerage houses predict further dynamic development of the company. BNP Paribas estimates that the level of revenues in 2020 will be TRY 6.77 billion (as compared to 4.72 currently), with nearly doubled net profit, from TRY 56 million to TRY 107 million during the analogous period.

According to the financial statements of MCI.EuroVentures at the end of H1’17, Indeks accounted for approx. 25% of the value of the Fund’s net assets.

14.03.2018 Download PDF