New Risk • Mar 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Turkish stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 52% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺1.22b market cap, or US$27.6m). Reported Earnings • Nov 13
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺375.0m (up 23% from 3Q 2024). Net loss: ₺23.1m (loss narrowed 85% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Sep 18
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 78% to ₺4.55. The fair value is estimated to be ₺3.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company became loss making. New Risk • Sep 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 57% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (₺1.05b market cap, or US$25.4m). Announcement • May 23
A.V.O.D Kurutulmus Gida ve Tarim Ürünleri Sanayi Ticaret Anonim Sirketi, Annual General Meeting, Jun 17, 2025 A.V.O.D Kurutulmus Gida ve Tarim Ürünleri Sanayi Ticaret Anonim Sirketi, Annual General Meeting, Jun 17, 2025. Location: yildirim mahallesi 35.sokak no:62/1, izim Turkey New Risk • Apr 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 55% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (₺931.5m market cap, or US$24.4m). Reported Earnings • Mar 12
Full year 2024 earnings released: ₺1.07 loss per share (vs ₺0.063 profit in FY 2023) Full year 2024 results: ₺1.07 loss per share (down from ₺0.063 profit in FY 2023). Revenue: ₺1.41b (up 28% from FY 2023). Net loss: ₺289.0m (down ₺305.9m from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 13
Third quarter 2024 earnings released: ₺0.56 loss per share (vs ₺0.001 loss in 3Q 2023) Third quarter 2024 results: ₺0.56 loss per share (further deteriorated from ₺0.001 loss in 3Q 2023). Revenue: ₺304.2m (up 30% from 3Q 2023). Net loss: ₺151.0m (loss widened ₺150.7m from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 24
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺256.3m (up 29% from 2Q 2023). Net loss: ₺11.1m (down 253% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. New Risk • Jun 21
New major risk - Revenue and earnings growth Earnings have declined by 45% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₺341m free cash flow). Earnings have declined by 45% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺942.3m market cap, or US$28.7m). Reported Earnings • Jun 16
First quarter 2024 earnings released: ₺0.30 loss per share (vs ₺0.019 profit in 1Q 2023) First quarter 2024 results: ₺0.30 loss per share (down from ₺0.019 profit in 1Q 2023). Revenue: ₺319.3m (up 81% from 1Q 2023). Net loss: ₺81.3m (down ₺86.4m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • May 05
Full year 2023 earnings released: EPS: ₺0.063 (vs ₺0.42 in FY 2022) Full year 2023 results: EPS: ₺0.063 (down from ₺0.42 in FY 2022). Revenue: ₺1.10b (up 86% from FY 2022). Net income: ₺16.9m (down 85% from FY 2022). Profit margin: 1.5% (down from 19% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Nov 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 99x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (40% accrual ratio). Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Minor Risk Profit margins are more than 30% lower than last year (9.9% net profit margin). Reported Earnings • Nov 10
Third quarter 2023 earnings released: ₺0.001 loss per share (vs ₺0.12 profit in 3Q 2022) Third quarter 2023 results: ₺0.001 loss per share (down from ₺0.12 profit in 3Q 2022). Revenue: ₺233.9m (up 55% from 3Q 2022). Net loss: ₺282.4k (down 101% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺4.25, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 15x in the Food industry in Turkey. Total loss to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺4.69, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 16x in the Food industry in Turkey. Total returns to shareholders of 60% over the past three years. New Risk • Aug 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (50% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Market cap is less than US$100m (₺1.19b market cap, or US$43.9m). Reported Earnings • Aug 20
Second quarter 2023 earnings released: EPS: ₺0.027 (vs ₺0.04 in 2Q 2022) Second quarter 2023 results: EPS: ₺0.027 (down from ₺0.04 in 2Q 2022). Revenue: ₺199.2m (up 61% from 2Q 2022). Net income: ₺7.31m (down 32% from 2Q 2022). Profit margin: 3.7% (down from 8.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺4.04, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 13x in the Food industry in Turkey. Total returns to shareholders of 115% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺3.66, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 11x in the Food industry in Turkey. Total returns to shareholders of 108% over the past three years. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺2.90, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 9x in the Food industry in Turkey. Total returns to shareholders of 65% over the past three years. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: ₺0.019 (vs ₺0.014 in 1Q 2022) First quarter 2023 results: EPS: ₺0.019 (up from ₺0.014 in 1Q 2022). Revenue: ₺176.1m (up 49% from 1Q 2022). Net income: ₺5.08m (up 37% from 1Q 2022). Profit margin: 2.9% (down from 3.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺3.20, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 11x in the Food industry in Turkey. Total returns to shareholders of 273% over the past three years. Reported Earnings • Mar 08
Full year 2022 earnings released Full year 2022 results: Revenue: ₺591.4m (up 133% from FY 2021). Net income: ₺113.3m (up 420% from FY 2021). Profit margin: 19% (up from 8.6% in FY 2021). The increase in margin was driven by higher revenue. Announcement • Feb 17
A.V.O.D Kurutulmus Gida ve Tarim Ürünleri Sanayi Ticaret Anonim Sirketi (IBSE:AVOD) announces an Equity Buyback for 20,000,000 shares, for TRY 65 million. A.V.O.D Kurutulmus Gida ve Tarim Urunleri Sanayi Ticaret A.S. (IBSE:AVOD) announces a share repurchase program. Under the program, the company will repurchase up to 20,000,000 shares for TRY 65 million. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺2.08, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 13x in the Food industry in Turkey. Total returns to shareholders of 71% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 16% share price gain to ₺3.41, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 17x in the Food industry in Turkey. Total returns to shareholders of 310% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₺2.75, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 14x in the Food industry in Turkey. Total returns to shareholders of 219% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 15% share price gain to ₺2.71, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 12x in the Food industry in Turkey. Total returns to shareholders of 214% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: ₺0.054 (vs ₺0.047 loss in 2Q 2021) Second quarter 2022 results: EPS: ₺0.054 (up from ₺0.047 loss in 2Q 2021). Revenue: ₺242.4m (up 405% from 2Q 2021). Net income: ₺14.5m (up ₺18.7m from 2Q 2021). Profit margin: 6.0% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: ₺0.041 (vs ₺0.065 loss in 1Q 2021) First quarter 2022 results: EPS: ₺0.041 (up from ₺0.065 loss in 1Q 2021). Revenue: ₺118.5m (up 175% from 1Q 2021). Net income: ₺3.72m (up ₺9.56m from 1Q 2021). Profit margin: 3.1% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 19% share price gain to ₺1.72, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 17x in the Food industry in Turkey. Total returns to shareholders of 120% over the past three years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ₺0.047 (vs ₺0.074 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₺51.7m (up 24% from 3Q 2020). Net income: ₺4.19m (up ₺10.9m from 3Q 2020). Profit margin: 8.1% (up from net loss in 3Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 21
Second quarter 2021 earnings released The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: ₺48.0m (up 8.8% from 2Q 2020). Net loss: ₺4.20m (loss widened 59% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 06
First quarter 2021 earnings released: ₺0.065 loss per share (vs ₺0.004 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: ₺43.0m (down 26% from 1Q 2020). Net loss: ₺5.84m (down ₺6.16m from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 28
Full year 2020 earnings released: ₺0.043 loss per share (vs ₺0.15 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: ₺199.5m (up 12% from FY 2019). Net loss: ₺3.90m (down 128% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 24
New 90-day low: ₺7.06 The company is down 31% from its price of ₺10.20 on 26 November 2020. The Turkish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is down 19% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: ₺7.54 The company is up 115% from its price of ₺3.50 on 09 July 2020. The Turkish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 26% over the same period.