New Risk • Jun 04
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 9.0% 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 Risks High level of non-cash earnings (33% accrual ratio). Shareholders have been substantially diluted in the past year (90% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺70.20, the stock trades at a trailing P/E ratio of 32.3x. Average trailing P/E is 38x in the IT industry in Turkey. Total returns to shareholders of 752% over the past three years. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺49.50, the stock trades at a trailing P/E ratio of 31.2x. Average trailing P/E is 33x in the IT industry in Turkey. Total returns to shareholders of 596% over the past three years. New Risk • Mar 09
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: 12% Last year net profit margin: 18% 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. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (35% accrual ratio). Shareholders have been substantially diluted in the past year (90% increase in shares outstanding). Minor Risk Profit margins are more than 30% lower than last year (12% net profit margin). New Risk • Jan 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 90% 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 High level of non-cash earnings (42% accrual ratio). Shareholders have been substantially diluted in the past year (90% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺37.58, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 14x in the IT industry in Turkey. Total returns to shareholders of 297% over the past three years. New Risk • Dec 17
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 High level of non-cash earnings (42% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺36.40, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 15x in the IT industry in Turkey. Total returns to shareholders of 256% over the past three years. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺29.70, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 18x in the IT industry in Turkey. Total returns to shareholders of 195% over the past three years. Upcoming Dividend • Nov 10
Upcoming dividend of ₺0.032 per share Eligible shareholders must have bought the stock before 17 November 2025. Payment date: 19 November 2025. Payout ratio is a comfortable 1.2% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Turkish dividend payers (3.1%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺29.46, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 49x in the IT industry in Turkey. Total returns to shareholders of 283% over the past three years. Announcement • Sep 09
Ard Grup Bilisim Teknolojileri Anonim Sirketi, Annual General Meeting, Sep 30, 2025 Ard Grup Bilisim Teknolojileri Anonim Sirketi, Annual General Meeting, Sep 30, 2025. Location: sogutozu mah. sogutozu cad. no:2 c ickapi no:17, koc kuleleri, ankara Turkey Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₺24.94, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 23x in the IT industry in Asia. Total returns to shareholders of 379% over the past three years. Reported Earnings • Mar 10
Full year 2024 earnings released Full year 2024 results: Revenue: ₺2.08b (up 83% from FY 2023). Net income: ₺373.2m (down 13% from FY 2023). Profit margin: 18% (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 fallen by 34% per year but the company’s share price has increased by 82% per year, which means it is well ahead of earnings. Reported Earnings • Nov 12
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺487.1m (up 53% from 3Q 2023). Net income: ₺38.9m (down 81% from 3Q 2023). Profit margin: 8.0% (down from 65% in 3Q 2023). 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 68% per year, which means it is well ahead of earnings. Reported Earnings • Sep 08
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺394.6m (up 138% from 2Q 2023). Net income: ₺61.7m (down 52% from 2Q 2023). Profit margin: 16% (down from 77% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 68% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 26
Upcoming dividend of ₺0.022 per share Eligible shareholders must have bought the stock before 03 July 2024. Payment date: 05 July 2024. The company last paid an ordinary dividend in September 2022. The average dividend yield among industry peers is 1.8%. Reported Earnings • Jun 23
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺363.8m (up 313% from 1Q 2023). Net loss: ₺25.0m (down 155% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺40.82, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 31x in the IT industry in Turkey. Total returns to shareholders of 424% over the past three years. Reported Earnings • May 08
Full year 2023 earnings released Full year 2023 results: Revenue: ₺1.14b (up 105% from FY 2022). Net income: ₺428.9m (up 40% from FY 2022). Profit margin: 38% (down from 55% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺46.66, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 24x in the IT industry in Asia. Total returns to shareholders of 502% over the past three years. 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 ₺63.90, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 24x in the IT industry in Asia. Total returns to shareholders of 682% over the past three years. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺47.52, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 23x in the IT industry in Asia. Total returns to shareholders of 493% over the past three years. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺37.54, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 24x in the IT industry in Asia. Total returns to shareholders of 362% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺27.00, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 24x in the IT industry in Asia. Total returns to shareholders of 309% over the past three years. 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 10% 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 (73% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: ₺1.21 (vs ₺0.38 in 3Q 2022) Third quarter 2023 results: EPS: ₺1.21 (up from ₺0.38 in 3Q 2022). Revenue: ₺318.3m (up 218% from 3Q 2022). Net income: ₺206.0m (up 219% from 3Q 2022). Profit margin: 65% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺25.14, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 24x in the IT industry in Asia. Total returns to shareholders of 410% over the past three years. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺17.23, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 23x in the IT industry in Asia. Total returns to shareholders of 226% over the past three years. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺23.86, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 24x in the IT industry in Asia. Total returns to shareholders of 414% over the past three years. Reported Earnings • Aug 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺166.1m (up 40% from 2Q 2022). Net income: ₺127.7m (up 99% from 2Q 2022). Profit margin: 77% (up from 54% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺15.62, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 24x in the IT industry in Asia. Total returns to shareholders of 297% over the past three years. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺12.69, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 25x in the IT industry in Asia. Total returns to shareholders of 225% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺7.60, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 23x in the IT industry in Asia. Total returns to shareholders of 86% over the past three years. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺88.2m (up 147% from 1Q 2022). Net income: ₺45.6m (up 117% from 1Q 2022). Profit margin: 52% (down from 59% in 1Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 13
Full year 2022 earnings released Full year 2022 results: Revenue: ₺555.3m (up 100% from FY 2021). Net income: ₺306.5m (up 103% from FY 2021). Profit margin: 55% (in line with FY 2021). Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺6.36, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 22x in the IT industry in Asia. Total returns to shareholders of 245% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 18% share price gain to ₺6.12, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 21x in the IT industry in Asia. Total loss to shareholders of 20% over the past year. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: ₺0.12 (vs ₺0.11 in 1Q 2021) First quarter 2022 results: EPS: ₺0.12 (up from ₺0.11 in 1Q 2021). Revenue: ₺35.8m (up 9.6% from 1Q 2021). Net income: ₺21.0m (up 15% from 1Q 2021). Profit margin: 59% (up from 56% in 1Q 2021). The increase in margin was driven by higher revenue. Buying Opportunity • May 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ₺6.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 62% over the last 3 years. Earnings per share has grown by 60%. Buying Opportunity • Mar 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 38%. The fair value is estimated to be ₺6.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 62% per annum over the last 3 years. Earnings per share has grown by 60% per annum over the last 3 years. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺0.89 (up from ₺0.41 in FY 2020). Revenue: ₺278.2m (up 122% from FY 2020). Net income: ₺151.3m (up 130% from FY 2020). Profit margin: 54% (up from 53% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺4.89, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 23x in the IT industry in Asia. Total loss to shareholders of 39% over the past year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improved over the past week After last week's 20% share price gain to ₺9.24, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 26x in the IT industry in Asia. Total returns to shareholders of 11% over the past year. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₺7.01, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 26x in the IT industry in Asia. Total returns to shareholders of 4.6% over the past year. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS ₺1.61 (vs ₺0.43 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ₺72.5m (up 340% from 3Q 2020). Net income: ₺38.5m (up 271% from 3Q 2020). Profit margin: 53% (down from 63% in 3Q 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺49.50, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 28x in the IT industry in Asia. Total returns to shareholders of 299% over the past year. Is New 90 Day High Low • Feb 21
New 90-day high: ₺62.60 The company is up 74% from its price of ₺36.04 on 20 November 2020. The Turkish market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 7.0% over the same period. Reported Earnings • Feb 08
Full year 2020 earnings released: EPS ₺2.89 (vs ₺1.47 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺125.2m (up 121% from FY 2019). Net income: ₺65.7m (up 149% from FY 2019). Profit margin: 53% (up from 47% in FY 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Jan 26
New 90-day high: ₺57.95 The company is up 70% from its price of ₺34.00 on 28 October 2020. The Turkish market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 7.0% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: ₺51.30 The company is up 44% from its price of ₺35.56 on 09 October 2020. The Turkish market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 1.0% over the same period. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 18% share price gain to ₺47.70, the stock is trading at a trailing P/E ratio of 22x, up from the previous P/E ratio of 18.7x. This compares to an average P/E of 26x in the IT industry in Asia. Is New 90 Day High Low • Dec 17
New 90-day high: ₺43.48 The company is up 39% from its price of ₺31.38 on 18 September 2020. The Turkish market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 3.0% over the same period. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 18% share price gain to ₺40.54, the stock is trading at a trailing P/E ratio of 18.7x, up from the previous P/E ratio of 15.9x. This compares to an average P/E of 26x in the IT industry in Asia. Valuation Update With 7 Day Price Move • Oct 17
Market bids up stock over the past week After last week's 16% share price gain to ₺41.40, the stock is trading at a trailing P/E ratio of 20.8x, up from the previous P/E ratio of 17.9x. This compares to an average P/E of 26x in the IT industry in Asia. Valuation Update With 7 Day Price Move • Oct 14
Market bids up stock over the past week After last week's 19% share price gain to ₺39.94, the stock is trading at a trailing P/E ratio of 20.1x, up from the previous P/E ratio of 16.8x. This compares to an average P/E of 27x in the IT industry in Asia. Is New 90 Day High Low • Oct 06
New 90-day high: ₺33.94 The company is up 5.0% from its price of ₺32.20 on 08 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 12% over the same period. 
