Upcoming Dividend • Jun 25
Upcoming dividend of ₺0.22 per share Eligible shareholders must have bought the stock before 01 July 2026. Payment date: 03 July 2026. Trailing yield: 3.1%. Within top quartile of Turkish dividend payers (3.1%). Higher than average of industry peers (1.0%). Price Target Changed • Apr 17
Price target increased by 14% to ₺14.30 Up from ₺12.58, the current price target is an average from 2 analysts. New target price is 43% above last closing price of ₺10.00. Stock is up 51% over the past year. The company posted earnings per share of ₺0.69 last year. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺8.65, the stock trades at a trailing P/E ratio of 21x. Average forward P/E is 21x in the Electronic industry in Turkey. Total returns to shareholders of 66% over the past three years. Buy Or Sell Opportunity • Feb 24
Now 21% undervalued Over the last 90 days, the stock has risen 15% to ₺8.35. The fair value is estimated to be ₺10.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 11%. Buy Or Sell Opportunity • Feb 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.0% to ₺8.31. The fair value is estimated to be ₺10.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 11%. Buy Or Sell Opportunity • Jan 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.1% to ₺7.67. The fair value is estimated to be ₺9.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 11%. Reported Earnings • Nov 17
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺22.4b (down 23% from 3Q 2024). Net income: ₺109.3m (down 25% from 3Q 2024). Profit margin: 0.5% (in line with 3Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 29
Price target increased by 8.8% to ₺13.64 Up from ₺12.54, the current price target is an average from 2 analysts. New target price is 67% above last closing price of ₺8.15. Stock is up 13% over the past year. The company posted earnings per share of ₺0.44 last year. Reported Earnings • Aug 21
Second quarter 2025 earnings released: EPS: ₺0.15 (vs ₺0.001 in 2Q 2024) Second quarter 2025 results: EPS: ₺0.15 (up from ₺0.001 in 2Q 2024). Revenue: ₺17.1b (up ₺17.0b from 2Q 2024). Net income: ₺111.8m (up ₺111.2m from 2Q 2024). Profit margin: 0.7% (in line with 2Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electronic industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 20
Indeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, May 28, 2025 Indeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, May 28, 2025. Location: ayazaga mahallesi mimar sinan sokak no:21 seba, office boulevard d blok kat: 1 bolum no:11 sariyer, istanbul 34485 Turkey Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺6.71, the stock trades at a trailing P/E ratio of 15.3x. Average forward P/E is 18x in the Electronic industry in Turkey. Total returns to shareholders of 200% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺10.00 per share. Reported Earnings • Mar 13
Full year 2024 earnings released Full year 2024 results: Revenue: ₺66.7b (up 35% from FY 2023). Net income: ₺328.0m (down 36% from FY 2023). Profit margin: 0.5% (down from 1.0% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 03
Now 20% undervalued Over the last 90 days, the stock has risen 21% to ₺8.30. The fair value is estimated to be ₺10.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Meanwhile, the company has become profitable. Price Target Changed • Jan 28
Price target decreased by 8.7% to ₺11.48 Down from ₺12.57, the current price target is an average from 2 analysts. New target price is 43% above last closing price of ₺8.02. Stock is up 7.4% over the past year. The company posted earnings per share of ₺0.68 last year. Buy Or Sell Opportunity • Nov 28
Now 20% overvalued Over the last 90 days, the stock has fallen 6.6% to ₺6.75. The fair value is estimated to be ₺5.61, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 12
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺29.0b (up 154% from 3Q 2023). Net income: ₺146.1m (down 47% from 3Q 2023). Profit margin: 0.5% (down from 2.4% 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 12% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Oct 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺12.1b (up 47% from 2Q 2023). Net income: ₺92.2m (down 56% from 2Q 2023). Profit margin: 0.8% (down from 2.5% 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 12% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 28
Upcoming dividend of ₺0.35 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 09 July 2024. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 3.0%. Within top quartile of Turkish dividend payers (2.4%). Higher than average of industry peers (1.3%). Reported Earnings • Jun 17
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺14.7b (up 75% from 1Q 2023). Net income: ₺109.3m (down 16% from 1Q 2023). Profit margin: 0.7% (down from 1.6% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jun 09
Price target increased by 24% to ₺13.50 Up from ₺10.89, the current price target is provided by 1 analyst. New target price is 58% above last closing price of ₺8.55. Stock is up 47% over the past year. The company posted earnings per share of ₺0.68 last year. New Risk • May 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 115% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (115% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.0% net profit margin). Reported Earnings • May 19
Full year 2023 earnings released Full year 2023 results: Revenue: ₺49.2b (up 97% from FY 2022). Net income: ₺508.2m (down 7.8% from FY 2022). Profit margin: 1.0% (down from 2.2% 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 53% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 08
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.1% net profit margin). Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺10.34, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 29x in the Electronic industry in Turkey. Total returns to shareholders of 591% over the past three years. Buy Or Sell Opportunity • Jan 22
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₺7.11. The fair value is estimated to be ₺5.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Earnings per share has grown by 53%. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺7.23, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 25x in the Electronic industry in Turkey. Total returns to shareholders of 589% over the past three years. Reported Earnings • Nov 09
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺11.4b (up 69% from 3Q 2022). Net income: ₺275.0m (up 66% from 3Q 2022). Profit margin: 2.4% (down from 2.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺21.70, the stock trades at a trailing P/E ratio of 7.5x. Average forward P/E is 16x in the Electronic industry in Turkey. Total returns to shareholders of 474% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺22.86, the stock trades at a trailing P/E ratio of 7.9x. Average forward P/E is 17x in the Electronic industry in Turkey. Total returns to shareholders of 510% over the past three years. Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺8.23b (up 66% from 2Q 2022). Net income: ₺209.5m (up 54% from 2Q 2022). Profit margin: 2.5% (down from 2.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Asia. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺21.06, the stock trades at a trailing P/E ratio of 8.2x. Average forward P/E is 18x in the Electronic industry in Turkey. Total returns to shareholders of 787% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺17.99, the stock trades at a trailing P/E ratio of 7x. Average forward P/E is 17x in the Electronic industry in Turkey. Total returns to shareholders of 646% over the past three years. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺8.41b (up 63% from 1Q 2022). Net income: ₺130.4m (up 26% from 1Q 2022). Profit margin: 1.6% (down from 2.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Asia. Upcoming Dividend • Apr 25
Upcoming dividend of ₺0.85 per share at 4.4% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 04 May 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 4.4%. Within top quartile of Turkish dividend payers (3.3%). Higher than average of industry peers (1.9%). Reported Earnings • Mar 03
Full year 2022 earnings released Full year 2022 results: Revenue: ₺25.0b (up 91% from FY 2021). Net income: ₺551.5m (up 37% from FY 2021). Profit margin: 2.2% (down from 3.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Asia. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺16.95, the stock trades at a trailing P/E ratio of 5.6x. Average forward P/E is 16x in the Electronic industry in Turkey. Total returns to shareholders of 559% over the past three years. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺17.81, the stock trades at a trailing P/E ratio of 5.9x. Average forward P/E is 15x in the Electronic industry in Turkey. Total returns to shareholders of 518% over the past three years. Price Target Changed • Nov 16
Price target increased to ₺20.00 Up from ₺12.63, the current price target is provided by 1 analyst. New target price is 19% above last closing price of ₺16.86. Stock is up 155% over the past year. The company posted earnings per share of ₺1.80 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Serdar Urcar was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 09
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺6.76b (up 105% from 3Q 2021). Net income: ₺166.2m (up 235% from 3Q 2021). Profit margin: 2.5% (up from 1.5% in 3Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 16% share price gain to ₺11.33, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 12x in the Electronic industry in Turkey. Total returns to shareholders of 682% over the past three years. Reported Earnings • Aug 20
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺4.96b (up 71% from 2Q 2021). Net income: ₺136.3m (up 320% from 2Q 2021). Profit margin: 2.7% (up from 1.1% in 2Q 2021). The increase in margin was driven by higher revenue. Buying Opportunity • May 25
Now 25% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be ₺11.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Earnings per share has grown by 48%. Upcoming Dividend • May 18
Upcoming dividend of ₺0.54 per share Eligible shareholders must have bought the stock before 25 May 2022. Payment date: 27 May 2022. Payout ratio is a comfortable 2.7% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Turkish dividend payers (4.0%). Lower than average of industry peers (2.2%). Reported Earnings • May 13
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₺5.17b (up 80% from 1Q 2021). Net income: ₺103.3m (up 89% from 1Q 2021). Profit margin: 2.0% (up from 1.9% in 1Q 2021). The increase in margin was driven by higher revenue. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Serdar Urcar was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ₺13.1b (up 28% from FY 2020). Net income: ₺403.0m (up 181% from FY 2020). Profit margin: 3.1% (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 next year, revenue is forecast to grow 66%, compared to a 21% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺6.94, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 18x in the Electronic industry in Asia. Total returns to shareholders of 480% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ₺3.30b (up 9.1% from 3Q 2020). Net income: ₺49.6m (up 4.9% from 3Q 2020). Profit margin: 1.5% (down from 1.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₺2.90b (up 42% from 2Q 2020). Net income: ₺32.5m (up 11% from 2Q 2020). Profit margin: 1.1% (down from 1.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 58% per year, which means it is well ahead of earnings. Upcoming Dividend • May 21
Inaugural dividend of ₺0.20 per share Eligible shareholders must have bought the stock before 28 May 2021. Payment date: 01 June 2021. The company last paid an ordinary dividend in April 2013. The average dividend yield among industry peers is 1.5%. Reported Earnings • May 06
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺2.87b (up 45% from 1Q 2020). Net income: ₺54.6m (up 111% from 1Q 2020). Profit margin: 1.9% (up from 1.3% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Reported Earnings • Mar 03
Full year 2020 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₺10.3b (up 104% from FY 2019). Net income: ₺143.3m (up 55% from FY 2019). Profit margin: 1.4% (down from 1.8% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 15% share price gain to ₺25.20, the stock is trading at a trailing P/E ratio of 10x, up from the previous P/E ratio of 8.6x. This compares to an average P/E of 19x in the Electronic industry in Turkey. Total returns to shareholders over the past three years are 97%. Is New 90 Day High Low • Feb 22
New 90-day high: ₺22.10 The company is up 33% from its price of ₺16.58 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 Electronic industry, which is up 36% over the same period. Is New 90 Day High Low • Feb 06
New 90-day high: ₺21.08 The company is up 15% from its price of ₺18.29 on 06 November 2020. The Turkish market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 27% over the same period. Is New 90 Day High Low • Jan 18
New 90-day high: ₺20.74 The company is up 19% from its price of ₺17.48 on 20 October 2020. The Turkish market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: ₺19.13 The company is up 13% from its price of ₺16.91 on 02 October 2020. The Turkish market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electronic industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 22
New 90-day high: ₺18.75 The company is up 48% from its price of ₺12.70 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 Electronic industry, which is up 75% over the same period. Is New 90 Day High Low • Sep 23
New 90-day high: ₺15.82 The company is up 43% from its price of ₺11.08 on 25 June 2020. The Turkish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 123% over the same period. Announcement • Jul 31
An unknown buyer acquired 5.6% stake in Indeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret Anonim Sirketi (IBSE:INDES) from Alfanor 13131 AS for TRY 28.4 million. An unknown buyer acquired 5.6% stake in Indeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret Anonim Sirketi (IBSE:INDES) from Alfanor 13131 AS for TRY 28.4 million on April 22, 2020.
An unknown buyer completed the acquisition of 5.6% stake in Indeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret Anonim Sirketi (IBSE:INDES) from Alfanor 13131 AS on April 22, 2020. 
