New Risk • Apr 13
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 8.1% 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: Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Upcoming Dividend • Apr 07
Upcoming dividend of ₺6.25 per share Eligible shareholders must have bought the stock before 14 April 2026. Payment date: 16 April 2026. Trailing yield: 2.9%. Within top quartile of Turkish dividend payers (2.7%). In line with average of industry peers (2.7%). Declared Dividend • Mar 16
Dividend of ₺6.25 announced Shareholders will receive a dividend of ₺6.25. Ex-date: 14th April 2026 Payment date: 16th April 2026 Dividend yield will be 8.4%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has increased by an average of 37% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 34% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 16
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri A.S., Annual General Meeting, Apr 09, 2026 Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri A.S., Annual General Meeting, Apr 09, 2026. Location: altunizade mahallesi kusbakisi caddesi, no:35 uskudar, istanbul Turkey Announcement • Mar 14
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri A.S. announces Annual dividend, payable on April 16, 2026 Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri A.S. announced Annual dividend of TRY 6.2500 per share payable on April 16, 2026, ex-date on April 14, 2026 and record date on April 15, 2026. Reported Earnings • Mar 10
Full year 2025 earnings released: EPS: ₺0.36 (vs ₺5.04 in FY 2024) Full year 2025 results: EPS: ₺0.36 (down from ₺5.04 in FY 2024). Revenue: ₺19.9b (up 34% from FY 2024). Net income: ₺57.0m (down 93% from FY 2024). Profit margin: 0.3% (down from 5.4% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Nov 12
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺4.34b (up 41% from 3Q 2024). Net income: ₺221.4k (down 97% from 3Q 2024). Profit margin: 0% (down from 0.2% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Sep 22
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri A.S.(IBSE:VAKKO) dropped from FTSE All-World Index (USD) Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri A.S.(IBSE:VAKKO) dropped from FTSE All-World Index (USD) Buy Or Sell Opportunity • Jul 18
Now 21% overvalued Over the last 90 days, the stock has fallen 5.6% to ₺63.10. The fair value is estimated to be ₺52.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last 3 years. Earnings per share has grown by 21%. Upcoming Dividend • Apr 08
Upcoming dividend of ₺4.00 per share Eligible shareholders must have bought the stock before 15 April 2025. Payment date: 17 April 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.3%. Within top quartile of Turkish dividend payers (3.2%). Higher than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺64.45, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 21x in the Luxury industry in Turkey. Total returns to shareholders of 514% over the past three years. Reported Earnings • Mar 11
Full year 2024 earnings released Full year 2024 results: Revenue: ₺14.9b (up 51% from FY 2023). Net income: ₺806.5m (down 59% from FY 2023). Profit margin: 5.4% (down from 20% 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 42% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.4% Last year net profit margin: 20% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. New Risk • Nov 26
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 7.3% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺95.20, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 24x in the Luxury industry in Turkey. Total returns to shareholders of 956% over the past three years. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ₺0.044 (vs ₺2.82 in 3Q 2023) Third quarter 2024 results: EPS: ₺0.044 (down from ₺2.82 in 3Q 2023). Revenue: ₺3.09b (up 50% from 3Q 2023). Net income: ₺7.02m (down 98% from 3Q 2023). Profit margin: 0.2% (down from 22% 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 49% per year but the company’s share price has increased by 99% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 24
Now 22% overvalued Over the last 90 days, the stock has fallen 39% to ₺81.05. The fair value is estimated to be ₺66.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 64% over the last 3 years. Earnings per share has grown by 66%. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺95.25, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 16x in the Luxury industry in Turkey. Total returns to shareholders of 1,019% over the past three years. Reported Earnings • Oct 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺3.19b (up 71% from 2Q 2023). Net income: ₺540.5m (up 10% from 2Q 2023). Profit margin: 17% (down from 26% in 2Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Jun 17
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺2.66b (up 127% from 1Q 2023). Net income: ₺409.8m (up 228% from 1Q 2023). Profit margin: 15% (up from 11% in 1Q 2023). The increase in margin was driven by higher revenue. Upcoming Dividend • May 28
Upcoming dividend of ₺2.50 per share Eligible shareholders must have bought the stock before 04 June 2024. Payment date: 06 June 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Turkish dividend payers (2.2%). Lower than average of industry peers (2.5%). Buy Or Sell Opportunity • May 14
Now 20% undervalued Over the last 90 days, the stock has risen 21% to ₺107. The fair value is estimated to be ₺133, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 73% over the last 3 years. Earnings per share has grown by 102%. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺111, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 19x in the Luxury industry in Turkey. Total returns to shareholders of 1,027% over the past three years. Reported Earnings • May 05
Full year 2023 earnings released Full year 2023 results: Revenue: ₺9.86b (up 133% from FY 2022). Net income: ₺1.94b (up 80% from FY 2022). Profit margin: 20% (down from 26% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺79.80, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 12x in the Luxury industry in Turkey. Total returns to shareholders of 1,398% over the past three years. Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: ₺2.82 (vs ₺2.06 in 3Q 2022) Third quarter 2023 results: EPS: ₺2.82 (up from ₺2.06 in 3Q 2022). Revenue: ₺2.06b (up 82% from 3Q 2022). Net income: ₺451.4m (up 37% from 3Q 2022). Profit margin: 22% (down from 29% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has increased by 145% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺107, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 16x in the Luxury industry in Turkey. Total returns to shareholders of 1,969% over the past three years. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: ₺3.06 (vs ₺1.29 in 2Q 2022) Second quarter 2023 results: EPS: ₺3.06 (up from ₺1.29 in 2Q 2022). Revenue: ₺1.86b (up 107% from 2Q 2022). Net income: ₺489.9m (up 134% from 2Q 2022). Profit margin: 26% (up from 23% 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 109% per year but the company’s share price has increased by 154% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺77.35, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 14x in the Luxury industry in Turkey. Total returns to shareholders of 1,882% over the past three years. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺68.20, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 12x in the Luxury industry in Turkey. Total returns to shareholders of 1,324% over the past three years. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: ₺0.78 (vs ₺0.54 in 1Q 2022) First quarter 2023 results: EPS: ₺0.78 (up from ₺0.54 in 1Q 2022). Revenue: ₺1.17b (up 91% from 1Q 2022). Net income: ₺125.0m (up 45% from 1Q 2022). Profit margin: 11% (down from 14% 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 111% per year whereas the company’s share price has increased by 115% per year. Valuation Update With 7 Day Price Move • May 03
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₺47.68, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 8x in the Luxury industry in Turkey. Total returns to shareholders of 1,104% over the past three years. Upcoming Dividend • Apr 11
Upcoming dividend of ₺2.75 per share at 4.2% yield Eligible shareholders must have bought the stock before 18 April 2023. Payment date: 24 April 2023. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of Turkish dividend payers (3.3%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 08
Full year 2022 earnings released: EPS: ₺6.76 (vs ₺1.39 in FY 2021) Full year 2022 results: EPS: ₺6.76 (up from ₺1.39 in FY 2021). Revenue: ₺4.24b (up 150% from FY 2021). Net income: ₺1.08b (up 386% from FY 2021). Profit margin: 26% (up from 13% 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 111% per year but the company’s share price has increased by 139% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺51.00, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 10x in the Luxury industry in Turkey. Total returns to shareholders of 991% over the past three years. Buying Opportunity • Feb 01
Now 22% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be ₺61.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 102%. Buying Opportunity • Jan 11
Now 25% undervalued Over the last 90 days, the stock is up 68%. The fair value is estimated to be ₺61.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 102%. Buying Opportunity • Dec 06
Now 20% undervalued Over the last 90 days, the stock is up 157%. The fair value is estimated to be ₺73.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 102%. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 16% share price gain to ₺57.45, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 12x in the Luxury industry in Turkey. Total returns to shareholders of 1,267% 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. 4 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Non-Executive Board Member Erol Tezman 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 • Nov 07
Investor sentiment improved over the past week After last week's 22% share price gain to ₺37.58, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 10x in the Luxury industry in Turkey. Total returns to shareholders of 903% over the past three years. Reported Earnings • Nov 03
Third quarter 2022 earnings released: EPS: ₺2.06 (vs ₺0.31 in 3Q 2021) Third quarter 2022 results: EPS: ₺2.06 (up from ₺0.31 in 3Q 2021). Revenue: ₺1.13b (up 129% from 3Q 2021). Net income: ₺329.6m (up ₺280.1m from 3Q 2021). Profit margin: 29% (up from 10.0% 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 102% per year but the company’s share price has increased by 108% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₺26.30, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 9x in the Luxury industry in Turkey. Total returns to shareholders of 703% over the past three years. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: ₺1.31 (vs ₺0.09 in 2Q 2021) Second quarter 2022 results: EPS: ₺1.31 (up from ₺0.09 in 2Q 2021). Revenue: ₺900.5m (up 179% from 2Q 2021). Net income: ₺209.5m (up ₺194.6m from 2Q 2021). Profit margin: 23% (up from 4.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 81% per year and the company’s share price has also increased by 81% per year. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 17% share price gain to ₺21.12, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 10x in the Luxury industry in Turkey. Total returns to shareholders of 596% over the past three years. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 16% share price gain to ₺16.70, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 9x in the Luxury industry in Turkey. Total returns to shareholders of 523% over the past three years. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: ₺0.54 (vs ₺0.004 in 1Q 2021) First quarter 2022 results: EPS: ₺0.54 (up from ₺0.004 in 1Q 2021). Revenue: ₺614.6m (up 132% from 1Q 2021). Net income: ₺86.4m (up ₺85.8m from 1Q 2021). Profit margin: 14% (up from 0.2% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of 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. 1 experienced director. 6 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Tuncer Akgün 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. Upcoming Dividend • Apr 19
Upcoming dividend of ₺1.08 per share Eligible shareholders must have bought the stock before 26 April 2022. Payment date: 28 April 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Turkish dividend payers (3.7%). Higher than average of industry peers (2.1%). Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺1.39 (up from ₺0.084 in FY 2020). Revenue: ₺1.69b (up 72% from FY 2020). Net income: ₺222.4m (up ₺209.0m from FY 2020). Profit margin: 13% (up from 1.4% 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 27% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ₺0.31 (vs ₺0.032 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₺493.4m (up 82% from 3Q 2020). Net income: ₺49.5m (up ₺44.3m from 3Q 2020). Profit margin: 10.0% (up from 1.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 48% per year, which means it is well ahead of earnings. Reported Earnings • Aug 24
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺322.4m (up 313% from 2Q 2020). Net income: ₺14.9m (up ₺42.5m from 2Q 2020). Profit margin: 4.6% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 54% per year, which means it is well ahead of earnings. Reported Earnings • Jun 11
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ₺265.4m (down 7.4% from 1Q 2020). Net income: ₺612.6k (up ₺3.94m from 1Q 2020). Profit margin: 0.2% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 67% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 21
Inaugural dividend of ₺0.52 per share Eligible shareholders must have bought the stock before 28 April 2021. Payment date: 30 April 2021. This is the first dividend for Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri since going public. The average dividend yield among industry peers is 1.5%. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS ₺0.084 (vs ₺0.52 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺984.0m (down 23% from FY 2019). Net income: ₺13.4m (down 84% from FY 2019). Profit margin: 1.4% (down from 6.5% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 22
New 90-day high: ₺7.38 The company is up 21% from its price of ₺6.12 on 24 November 2020. The Turkish market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 59% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: ₺7.17 The company is up 55% from its price of ₺4.62 on 19 August 2020. The Turkish market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 44% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ₺0.032 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₺271.5m (down 14% from 3Q 2019). Net income: ₺5.19m (down 63% from 3Q 2019). Profit margin: 1.9% (down from 4.4% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 15% share price decline to ₺5.54, the stock is trading at a trailing P/E ratio of 42.8x, down from the previous P/E ratio of 50.6x. This compares to an average P/E of 48x in the Luxury industry in Turkey. Total returns to shareholders over the past three years are 81%. Is New 90 Day High Low • Oct 22
New 90-day high: ₺6.55 The company is up 23% from its price of ₺5.31 on 24 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 29% over the same period. Is New 90 Day High Low • Sep 25
New 90-day high: ₺6.32 The company is up 20% from its price of ₺5.25 on 26 June 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 17% over the same period.