KYIV vs TKC: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: KYIV is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. KYIV and TKC share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined KYIV and TKC exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Kyivstar Group Ltd. (Nasdaq: KYIV) is Ukraine's leading digital telecom operator, serving roughly 22 to 23 million mobile customers and over 1.2 million fixed broadband connections as of late 2025. It runs the country's largest mobile network and fiber footprint, and is expanding beyond connectivity into digital services (fintech, entertainment, health, and ads) that reached about 16% of revenue in 2025. The company listed on Nasdaq in August 2025 via a roughly $2.2B business combination with Cohen Circle Acquisition Corp. I, making it the first Ukrainian company to trade directly on a US market. Its former parent, Amsterdam-based VEON, retained roughly 89.6% of the combined entity.

Full KYIV guide

Turkcell is Turkey's largest mobile operator, with roughly ~46.7 million registered Group subscribers as of March 31, 2026, and it runs well beyond SIM cards. The Turkcell Turkey segment covers mobile plus Superonline fiber broadband and TV+, the Techfin segment holds Paycell (mobile payments and wallet) and Financell (consumer finance for handsets and devices), and a growing Digital Business Services and data center and cloud unit sells connectivity, hosting and integration to corporates. Turkcell International is much smaller after the company exited Ukraine: lifecell LLC, Global Bilgi and Ukrtower were sold to DVL Telecom, part of Xavier Niel's NJJ Holding, for ~$538.7 million, with the share transfer completed on September 9, 2024 and ~$524.3 million received. The Turkey Wealth Fund holds the controlling stake, which makes state ownership a permanent feature of the story rather than an event risk.

Full TKC guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• KYIV drivers: Core connectivity leadership and pricing power; Digital services expansion.
• TKC drivers: 5G monetization after a paid-for spectrum position; Techfin and digital services growing off a small base.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is the ongoing war: infrastructure can be damaged by strikes, power grids are unreliable, and a worsening of the conflict would hit both operations and sentiment directly. For TKC, currency is the dominant risk for a dollar holder: lira depreciation can convert lira-denominated growth into a flat or negative ADR return, and the last twelve months saw the ADR near ~$5.50 after a decline of roughly ~14%.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick KYIV if you believe its drivers more; TKC if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the KYIV and TKC guides.

KYIV. Kyivstar is a real, profitable operating telecom whose trailing revenue (roughly $1.2B) is substantial relative to its ~$2.8B market cap, so the valuation is grounded in genuine cash flows rather than speculation. The low mid-single-digit EV/EBITDA multiple reflects war risk, currency exposure, and a thin float rather than a lack of earnings. No dividend is paid at present.

TKC. Every operating figure is reported in Turkish lira and restated under IAS 29 inflation accounting, so the growth rates above are real rather than nominal and do not map cleanly onto a dollar-based valuation multiple. Guidance for 2026 is real revenue growth of ~5% to ~7%, an EBITDA margin of ~40% to ~42% and capex intensity near ~25% of revenue. Second quarter 2026 results are scheduled for release after the Borsa Istanbul close on August 13, 2026, which will be the first full quarter with commercial 5G in the numbers.

Headline figures (approximate, July 2026): KYIV shows revenue (fy2025) ~$1.16B, revenue growth (yoy, usd) ~26%, ebitda margin ~53%, operating cash flow (fy2025) ~$558M; TKC shows revenue (fy2025) ~TRY 241.5 billion, up ~10.7% in real terms, ebitda (fy2025) ~TRY 104.0 billion, margin ~43.1%, q1 2026 revenue and net income revenue ~TRY 68.4 billion (up ~8.9%), net income ~TRY 4.63 billion (up ~15%), q1 2026 adjusted ebitda margin ~41.4%, down ~2.3 percentage points year on year.

KYIV and TKC are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined KYIV and TKC exposure against your real portfolio. It is not an investment adviser.