Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ₺2.02 (vs ₺0.65 in 1Q 2025) First quarter 2026 results: EPS: ₺2.02 (up from ₺0.65 in 1Q 2025). Revenue: ₺313.4m (up 35% from 1Q 2025). Net income: ₺175.5m (up 209% from 1Q 2025). Profit margin: 56% (up from 24% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 74% per year, which means it is well ahead of earnings. New Risk • May 06
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 8.7% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.7% average weekly change). Declared Dividend • Apr 26
Fourth quarter dividend of ₺3.90 announced Shareholders will receive a dividend of ₺3.90. Ex-date: 24th June 2026 Payment date: 26th June 2026 Dividend yield will be 3.6%, which is lower than the industry average of 5.6%. Announcement • Apr 02
Panora Gayrimenkul Yatirim Ortakligi A.S., Annual General Meeting, Apr 24, 2026 Panora Gayrimenkul Yatirim Ortakligi A.S., Annual General Meeting, Apr 24, 2026. Location: oran mahallesi kudus caddesi no:3/235 panora, avm kat: 2 panora sanat merkezi konferans salonu, ankara Turkey Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺104, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 13x in the Retail REITs industry in Asia. Total returns to shareholders of 408% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺83.85, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 15x in the Retail REITs industry in Asia. Total returns to shareholders of 581% over the past three years. Upcoming Dividend • Jul 16
Upcoming dividend of ₺0.66 per share Eligible shareholders must have bought the stock before 23 July 2025. Payment date: 25 July 2025. Trailing yield: 3.8%. Within top quartile of Turkish dividend payers (3.3%). Lower than average of industry peers (6.1%). Upcoming Dividend • Jun 18
Upcoming dividend of ₺0.80 per share Eligible shareholders must have bought the stock before 25 June 2025. Payment date: 27 June 2025. Trailing yield: 4.1%. Within top quartile of Turkish dividend payers (3.8%). Lower than average of industry peers (5.9%). Upcoming Dividend • May 21
Upcoming dividend of ₺0.80 per share Eligible shareholders must have bought the stock before 28 May 2025. Payment date: 30 May 2025. Trailing yield: 4.0%. Within top quartile of Turkish dividend payers (3.4%). Lower than average of industry peers (6.0%). Upcoming Dividend • Apr 22
Upcoming dividend of ₺2.87 per share Eligible shareholders must have bought the stock before 29 April 2025. Payment date: 02 May 2025. Trailing yield: 4.6%. Within top quartile of Turkish dividend payers (3.2%). Lower than average of industry peers (6.3%). Announcement • Apr 01
Panora Gayrimenkul Yatirim Ortakligi A.S., Annual General Meeting, Apr 25, 2025 Panora Gayrimenkul Yatirim Ortakligi A.S., Annual General Meeting, Apr 25, 2025. Location: oran mahallesi kudus caddesi no:3/235, panora avm kat::2 panora sanat merkezi konferans, salonu, ankara Turkey Reported Earnings • Mar 12
Full year 2024 earnings released Full year 2024 results: Revenue: ₺758.2m (up 68% from FY 2023). Net income: ₺820.7m (down 69% from FY 2023). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 17
Upcoming dividend of ₺0.56 per share Eligible shareholders must have bought the stock before 24 December 2024. Payment date: 26 December 2024. Trailing yield: 4.0%. Within top quartile of Turkish dividend payers (2.5%). Lower than average of industry peers (6.5%). Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: ₺1.78 (vs ₺0.85 in 3Q 2023) Third quarter 2024 results: EPS: ₺1.78 (up from ₺0.85 in 3Q 2023). Revenue: ₺224.6m (up 167% from 3Q 2023). Net income: ₺154.8m (up 109% from 3Q 2023). Profit margin: 69% (down from 88% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has increased by 102% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺139.1m (up 100% from 1Q 2023). Net income: ₺149.0m (up 205% from 1Q 2023). Reported Earnings • May 22
Full year 2023 earnings released: EPS: ₺30.34 (vs ₺21.12 in FY 2022) Full year 2023 results: EPS: ₺30.34 (up from ₺21.12 in FY 2022). Revenue: ₺450.5m (up 161% from FY 2022). Net income: ₺2.64b (up 44% from FY 2022). Over the last 3 years on average, earnings per share has increased by 104% per year whereas the company’s share price has increased by 100% per year. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺48.48, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 13x in the Retail REITs industry in Asia. Total returns to shareholders of 783% over the past three years. New Risk • Mar 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.14b (US$97.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (88% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₺3.14b market cap, or US$97.6m). Upcoming Dividend • Dec 14
Upcoming dividend of ₺0.35 per share at 2.0% yield Eligible shareholders must have bought the stock before 21 December 2023. Payment date: 25 December 2023. Trailing yield: 2.0%. Lower than top quartile of Turkish dividend payers (2.2%). Lower than average of industry peers (6.2%). Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: ₺0.85 (vs ₺0.37 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.85 (up from ₺0.37 in 3Q 2022). Revenue: ₺84.0m (up 99% from 3Q 2022). Net income: ₺74.2m (up 133% from 3Q 2022). Profit margin: 88% (up from 76% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 81% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 14
Upcoming dividend of ₺0.35 per share at 0.8% yield Eligible shareholders must have bought the stock before 21 September 2023. Payment date: 25 September 2023. Trailing yield: 0.8%. Lower than top quartile of Turkish dividend payers (2.0%). Lower than average of industry peers (6.4%). Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺45.14, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 15x in the Retail REITs industry in Asia. Total returns to shareholders of 833% over the past three years. New Risk • Jun 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺2.35b (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (91% accrual ratio). Minor Risks Dividend is not well covered by cash flows (32% cash payout ratio). Market cap is less than US$100m (₺2.35b market cap, or US$99.3m). Reported Earnings • May 15
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺69.4m (up 130% from 1Q 2022). Net income: ₺48.9m (up 131% from 1Q 2022). Profit margin: 71% (in line with 1Q 2022). Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺21.22, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 3x in the REITs industry in Turkey. Total returns to shareholders of 313% 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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Vahdettin Ertas was the last independent director to join the board, commencing their role in 2019. 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 • Oct 10
Investor sentiment improved over the past week After last week's 15% share price gain to ₺19.38, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 5x in the REITs industry in Turkey. Total returns to shareholders of 422% over the past three years. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺19.43, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 5x in the REITs industry in Turkey. Total returns to shareholders of 414% over the past three years. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improved over the past week After last week's 17% share price gain to ₺16.79, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 5x in the REITs industry in Turkey. Total returns to shareholders of 369% over the past three years. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: ₺0.29 (vs ₺0.08 in 2Q 2021) Second quarter 2022 results: EPS: ₺0.29 (up from ₺0.08 in 2Q 2021). Net income: ₺25.3m (up 243% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 13
First quarter 2022 earnings released First quarter 2022 results: Net income: ₺21.2m (up 187% from 1Q 2021). 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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Vahdettin Ertas was the last independent director to join the board, commencing their role in 2019. 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 06
Investor sentiment improved over the past week After last week's 18% share price gain to ₺11.27, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 7x in the REITs industry in Turkey. Total returns to shareholders of 219% over the past three years. Reported Earnings • Mar 05
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Net income: ₺249.7m (up ₺220.3m from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ₺0.085 (vs ₺0.006 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺13.6m (up 201% from 2Q 2020). Net income: ₺7.36m (up ₺7.91m from 2Q 2020). Profit margin: 54% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 24
Upcoming dividend of ₺0.043 per share Eligible shareholders must have bought the stock before 01 July 2021. Payment date: 05 July 2021. Trailing yield: 11%. Within top quartile of Turkish dividend payers (3.7%). Higher than average of industry peers (3.1%). Upcoming Dividend • May 25
Upcoming dividend of ₺0.043 per share Eligible shareholders must have bought the stock before 01 June 2021. Payment date: 03 June 2021. Trailing yield: 11%. Within top quartile of Turkish dividend payers (4.1%). Higher than average of industry peers (2.6%). Reported Earnings • May 23
First quarter 2021 earnings released: EPS ₺0.085 (vs ₺0.17 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺12.8m (down 39% from 1Q 2020). Net income: ₺7.38m (down 49% from 1Q 2020). Profit margin: 58% (down from 70% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 25
Upcoming dividend of ₺0.043 per share Eligible shareholders must have bought the stock before 01 May 2021. Payment date: 05 May 2021. Trailing yield: 11%. Within top quartile of Turkish dividend payers (3.3%). Higher than average of industry peers (2.8%). 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 ₺6.06, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 10x in the REITs industry in Turkey. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₺7.02, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 11x in the REITs industry in Turkey. Total returns to shareholders of 105% over the past three years. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 16% share price gain to ₺7.35, the stock is trading at a trailing P/E ratio of 16.6x, up from the previous P/E ratio of 14.3x. This compares to an average P/E of 14x in the REITs industry in Turkey. Total returns to shareholders over the past three years are 168%. Is New 90 Day High Low • Nov 10
New 90-day high: ₺6.89 The company is up 28% from its price of ₺5.39 on 12 August 2020. The Turkish market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 12% over the same period. Is New 90 Day High Low • Oct 20
New 90-day high: ₺6.40 The company is up 12% from its price of ₺5.72 on 22 July 2020. The Turkish market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 15% over the same period. Is New 90 Day High Low • Sep 24
New 90-day high: ₺5.97 The company is up 12% from its price of ₺5.34 on 26 June 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the REITs industry, which is up 16% over the same period.