Sabancı Holding

Sabancı Holding is a Turkish conglomerate, and that means a spread of interests rather than a single product line. By our assessment, its value is in that mix: banking, energy, retail and industrial holdings give it several ways to earn and several ways to be affected by the economy. The downside is the usual one for a conglomerate, namely that the picture is less transparent than a pure-play company and the pieces can move differently. In practice it feels like a large parent company balancing businesses that are not all alike. Compared with smaller Turkish firms, Sabancı sits near the center of corporate Turkey as a broad owner of assets. It is a name for people who want diversified Turkish exposure, not for anyone looking for a narrow specialist.