Turbo codes are a very efficient method for communicating reliably through a
noisy channel. There is no theoretical understanding of their effectiveness. In
[1] they are mapped onto a class of disordered spin models. The analytical
calculations concerning these models are reported here. We prove the existence
of a no-error phase and compute its local stability threshold. As a byproduct,
we gain some insight into the dynamics of the decoding algorithm.Comment: 26 pages, 3 eps figure