Upcoming Dividend • Mar 25
Upcoming dividend of ₺1.50 per share Eligible shareholders must have bought the stock before 01 April 2026. Payment date: 03 April 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.8%. Within top quartile of Turkish dividend payers (2.8%). Higher than average of industry peers (3.4%). Declared Dividend • Feb 26
Dividend increased to ₺1.50 Dividend of ₺1.50 is 50% higher than last year. Ex-date: 1st April 2026 Payment date: 3rd April 2026 Dividend yield will be 10%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (163% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 71% per year over the past 3 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 81% to bring the payout ratio under control, which is more than the 45% EPS growth achieved over the last 5 years. Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: ₺0.19 (vs ₺0.07 in 3Q 2024) Third quarter 2025 results: EPS: ₺0.19 (up from ₺0.07 in 3Q 2024). Revenue: ₺1.05b (up 20% from 3Q 2024). Net income: ₺77.9m (up 174% from 3Q 2024). Profit margin: 7.4% (up from 3.2% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 27% per year. Reported Earnings • Aug 08
Second quarter 2025 earnings released: ₺0.25 loss per share (vs ₺0.39 profit in 2Q 2024) Second quarter 2025 results: ₺0.25 loss per share (down from ₺0.39 profit in 2Q 2024). Revenue: ₺743.5m (down 5.2% from 2Q 2024). Net loss: ₺99.8m (down 163% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ₺12.80. The fair value is estimated to be ₺16.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 64%. New Risk • Apr 13
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 93% Dividend yield: 7.4% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (93% payout ratio). Profit margins are more than 30% lower than last year (13% net profit margin). Upcoming Dividend • Apr 01
Upcoming dividend of ₺1.00 per share Eligible shareholders must have bought the stock before 08 April 2025. Payment date: 10 April 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Turkish dividend payers (3.2%). In line with average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺13.68, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 21x in the Basic Materials industry in Turkey. Total returns to shareholders of 327% over the past three years. Announcement • Feb 24
Afyon Çimento Sanayi Türk Anonim Sirketi, Annual General Meeting, Mar 27, 2025 Afyon Çimento Sanayi Türk Anonim Sirketi, Annual General Meeting, Mar 27, 2025. Location: sabanci center kule:2,4 .levent, istanbul Turkey Reported Earnings • Feb 23
Full year 2024 earnings released: EPS: ₺1.07 (vs ₺2.48 in FY 2023) Full year 2024 results: EPS: ₺1.07 (down from ₺2.48 in FY 2023). Revenue: ₺3.24b (up 25% from FY 2023). Net income: ₺429.1m (down 57% from FY 2023). Profit margin: 13% (down from 38% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Announcement • Feb 23
Afyon Çimento Sanayi Türk Anonim Sirketi announces Annual dividend, payable on April 10, 2025 Afyon Çimento Sanayi Türk Anonim Sirketi announced Annual dividend of TRY 1.0000 per share payable on April 10, 2025, ex-date on April 08, 2025 and record date on April 09, 2025. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: ₺0.071 (vs ₺0.41 in 3Q 2023) Third quarter 2024 results: EPS: ₺0.071 (down from ₺0.41 in 3Q 2023). Revenue: ₺880.7m (up 48% from 3Q 2023). Net income: ₺28.4m (down 83% from 3Q 2023). Profit margin: 3.2% (down from 27% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 13
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to ₺16.10. The fair value is estimated to be ₺13.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 59% over the last 3 years. Earnings per share has grown by 93%. Buy Or Sell Opportunity • Aug 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to ₺15.72. The fair value is estimated to be ₺13.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 59% over the last 3 years. Earnings per share has grown by 93%. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: ₺0.36 (vs ₺0.36 in 2Q 2023) Second quarter 2024 results: EPS: ₺0.36 (up from ₺0.36 in 2Q 2023). Revenue: ₺671.3m (up 34% from 2Q 2023). Net income: ₺144.3m (flat on 2Q 2023). Profit margin: 22% (down from 29% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 27
Upcoming dividend of ₺0.40 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 05 June 2024. Payout ratio is a comfortable 16% and the cash payout ratio is 95%. Trailing yield: 2.9%. Within top quartile of Turkish dividend payers (2.2%). Higher than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺12.28, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 12x in the Basic Materials industry in Turkey. Total returns to shareholders of 205% over the past three years. Reported Earnings • Mar 26
Full year 2023 earnings released Full year 2023 results: Revenue: ₺2.60b (up 96% from FY 2022). Net income: ₺992.5m (up 271% from FY 2022). Profit margin: 38% (up from 20% in FY 2022). The increase in margin was driven by higher revenue. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: ₺0.41 (vs ₺0.21 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.41 (up from ₺0.21 in 3Q 2022). Revenue: ₺597.2m (up 43% from 3Q 2022). Net income: ₺163.1m (up 91% from 3Q 2022). Profit margin: 27% (up from 21% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺14.49, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 17x in the Basic Materials industry in Turkey. Total returns to shareholders of 226% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺13.99, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 17x in the Basic Materials industry in Turkey. Total returns to shareholders of 241% over the past three years. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: ₺0.36 (vs ₺0.22 in 2Q 2022) Second quarter 2023 results: EPS: ₺0.36 (up from ₺0.22 in 2Q 2022). Revenue: ₺500.1m (up 39% from 2Q 2022). Net income: ₺143.6m (up 67% from 2Q 2022). Profit margin: 29% (up from 24% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺9.19, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 10x in the Basic Materials industry in Turkey. Total returns to shareholders of 216% over the past three years. Upcoming Dividend • May 25
Upcoming dividend of ₺0.20 per share at 2.6% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 05 June 2023. Trailing yield: 2.6%. Lower than top quartile of Turkish dividend payers (3.9%). In line with average of industry peers (2.6%). Reported Earnings • May 03
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺397.5m (up 282% from 1Q 2022). Net income: ₺109.1m (up ₺94.8m from 1Q 2022). Profit margin: 27% (up from 14% in 1Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: ₺0.67 (vs ₺0.19 in FY 2021) Full year 2022 results: EPS: ₺0.67 (up from ₺0.19 in FY 2021). Revenue: ₺1.33b (up 221% from FY 2021). Net income: ₺267.4m (up 248% from FY 2021). Profit margin: 20% (up from 19% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 46% After last week's 46% share price gain to ₺12.60, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 25x in the Basic Materials industry in Turkey. Total returns to shareholders of 416% over the past three years. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₺7.84, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 14x in the Basic Materials industry in Turkey. Total returns to shareholders of 194% 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. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Hüsnü Ergöz was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: ₺0.21 (vs ₺0.04 in 3Q 2021) Third quarter 2022 results: EPS: ₺0.21 (up from ₺0.04 in 3Q 2021). Revenue: ₺417.2m (up 325% from 3Q 2021). Net income: ₺85.4m (up ₺71.3m from 3Q 2021). Profit margin: 21% (up from 14% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₺5.56, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 13x in the Basic Materials industry in Turkey. Total returns to shareholders of 228% over the past three years. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improved over the past week After last week's 17% share price gain to ₺5.25, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 14x in the Basic Materials industry in Turkey. Total returns to shareholders of 239% over the past three years. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: ₺0.22 (vs ₺0.08 in 2Q 2021) Second quarter 2022 results: EPS: ₺0.22 (up from ₺0.08 in 2Q 2021). Revenue: ₺361.0m (up 207% from 2Q 2021). Net income: ₺86.3m (up 169% from 2Q 2021). Profit margin: 24% (down from 27% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: ₺0.036 (vs ₺0.08 in 1Q 2021) First quarter 2022 results: EPS: ₺0.036 (down from ₺0.08 in 1Q 2021). Revenue: ₺104.1m (up 28% from 1Q 2021). Net income: ₺14.3m (down 58% from 1Q 2021). Profit margin: 14% (down from 42% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. 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. 3 experienced directors. 3 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Hüsnü Ergöz was the last independent director to join the board, commencing their role in 2012. 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 • Apr 12
Investor sentiment improved over the past week After last week's 15% share price gain to ₺4.03, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 16x in the Basic Materials industry in Turkey. Total returns to shareholders of 156% over the past three years. Upcoming Dividend • Mar 24
Inaugural dividend of ₺0.045 per share Eligible shareholders must have bought the stock before 31 March 2022. Payment date: 04 April 2022. The company is not currently making a profit and is not cash flow positive. This is the first dividend for Afyon Çimento Sanayi Türk Anonim Sirketi since going public. The average dividend yield among industry peers is 3.8%. Reported Earnings • Feb 20
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺0.19 (up from ₺0.05 in FY 2020). Revenue: ₺413.5m (up 53% from FY 2020). Net income: ₺76.9m (up 351% from FY 2020). Profit margin: 19% (up from 6.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺3.44, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 19x in the Basic Materials industry in Turkey. Total returns to shareholders of 108% over the past three years. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS ₺0.035 (vs ₺0.02 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₺98.1m (up 30% from 3Q 2020). Net income: ₺14.1m (up 44% from 3Q 2020). Profit margin: 14% (up from 13% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • May 05
First quarter 2021 earnings released: EPS ₺0.085 (vs ₺0.12 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺81.3m (up 86% from 1Q 2020). Net income: ₺33.9m (up ₺45.8m from 1Q 2020). Profit margin: 42% (up from net loss in 1Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺3.49, the stock trades at a trailing P/E ratio of 69.8x. Average trailing P/E is 28x in the Basic Materials industry in Turkey. Total returns to shareholders of 46% over the past three years. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ₺0.043 (vs ₺0.61 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺270.3m (up 66% from FY 2019). Net income: ₺17.1m (up ₺78.1m from FY 2019). Profit margin: 6.3% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 87% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 19
New 90-day high: ₺5.56 The company is up 18% from its price of ₺4.73 on 21 October 2020. The Turkish market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 43% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: ₺5.04 The company is up 20% from its price of ₺4.21 on 01 October 2020. The Turkish market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 35% over the same period. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total losses of ₺13.0m, with losses narrowing by 76% from the prior year. Total revenue was ₺238.8m over the last 12 months, up 53% from the prior year. Is New 90 Day High Low • Oct 13
New 90-day high: ₺4.79 The company is up 20% from its price of ₺3.99 on 14 July 2020. The Turkish market is up 14% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Basic Materials industry, which is also up 20% over the same period. 
