Independent research built to be challenged
Dilikoglu Research is a specialist independent equity-research publication focused on AI infrastructure and the semiconductor value chain.
About Tugay Dilikoğlu
Tugay Dilikoğlu is the founder of Dilikoglu Research, an independent equity research platform focused on AI infrastructure and the semiconductor value chain.
His professional background spans treasury product control, valuation, financial forecasting, balance-sheet analysis and financial markets. That experience informs a research approach centered on how operating performance translates into equity value after accounting for capital intensity, financing, dilution and balance-sheet risk.
At Dilikoglu Research, company underwriting is built from primary-source evidence and company-specific operating models. Reported facts, management guidance and independent estimates are treated separately, while valuation is tested through explicit scenarios, sensitivities and thesis falsifiers rather than a single-point forecast.
Tugay holds a BA in Economics from Boğaziçi University and an MSc in Finance from Koç University.
Research published by Dilikoglu Research is produced independently and separately from his professional responsibilities.
Research approach
The objective is not to publish a single-point forecast. Each company is underwritten through explicit Failure, Bear, Base and Bull cases, with assumptions separated from evidence and financing treated as part of the investment case rather than an afterthought.
Published valuations use dated research assumptions and reference prices. Models are reviewed as new filings, contracts, operating data and market evidence change the investment case. Sentiment and market positioning are tracked separately from intrinsic value.
Portfolio Analytics emphasizes discounts to probability-weighted intrinsic value, alongside evidence quality, volatility and position limits. Simulations apply current research scores retrospectively; they are not a record of historical investment decisions.
Connect on LinkedIn
For professional contact, research discussion or feedback on Dilikoglu Research, use LinkedIn.
Research standards & methodology
Primary evidence, transparent assumptions, company-specific valuation methods and explicit falsifiers guide the research. Financing and dilution form part of the economic model.
Scenario Governance & Methodology →Disclosures
Independent research for informational purposes, not personalized investment advice. Views are the author’s own and do not represent an employer or affiliated institution. Publication-date targets may differ from later model updates.
Research updates
Free email updates when we publish new reports or substantive research changes. No fixed sending schedule; unsubscribe at any time.
If the form does not load, use the signup link below.
Subscribe free →Sign up through Beehiiv and confirm your email address to join. Beehiiv manages your subscription and unsubscribe options. Questions? research@dilikogluresearch.com.