Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₺3.04, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 191% over the past three years. New Risk • May 13
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (₺3.51b market cap, or US$77.4m). Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺3.29, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 155% over the past three years. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺3.75, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 174% over the past three years. Announcement • Feb 24
Hedef Girisim Sermayesi Yatirim Ortakligi A.S., Annual General Meeting, Mar 31, 2026 Hedef Girisim Sermayesi Yatirim Ortakligi A.S., Annual General Meeting, Mar 31, 2026. Location: crowne plaza istanbul oryapark inkilap mahallesi, kucuksu caddesi, no: 58, 34768, umraniye, istanbul Turkey Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺3.45, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 12x in the Capital Markets industry in Turkey. Total returns to shareholders of 180% over the past three years. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺3.42, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 12x in the Capital Markets industry in Turkey. Total returns to shareholders of 129% over the past three years. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₺3.15, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₺6.03, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 17x in the Capital Markets industry in Turkey. Total returns to shareholders of 322% over the past three years. Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: ₺0.39 (vs ₺0.38 loss in 3Q 2024) Third quarter 2025 results: EPS: ₺0.39 (up from ₺0.38 loss in 3Q 2024). Revenue: ₺160.7m (up 58% from 3Q 2024). Net income: ₺331.8m (up ₺548.5m from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. New Risk • Sep 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 58% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₺3.21b market cap, or US$77.4m). New Risk • Aug 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Turkish stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 58% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺1.37b market cap, or US$33.4m). Announcement • Mar 14
Hedef Girisim Sermayesi Yatirim Ortakligi A.S., Annual General Meeting, Apr 15, 2025 Hedef Girisim Sermayesi Yatirim Ortakligi A.S., Annual General Meeting, Apr 15, 2025. Location: crowne plaza istanbul oryapark inkilap mahallesi, kucuksu caddesi, no: 58, 34768, umraniye, istanbul Turkey Reported Earnings • Feb 24
Full year 2024 earnings released: ₺0.52 loss per share (vs ₺0.57 loss in FY 2023) Full year 2024 results: ₺0.52 loss per share (improved from ₺0.57 loss in FY 2023). Revenue: ₺446.3m (up 1.8% from FY 2023). Net loss: ₺294.7m (loss narrowed 8.2% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. New Risk • Feb 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 6.9% 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 Earnings have declined by 34% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (₺1.03b market cap, or US$28.8m). Reported Earnings • Oct 27
Third quarter 2024 earnings released: ₺0.38 loss per share (vs ₺0.50 profit in 3Q 2023) Third quarter 2024 results: ₺0.38 loss per share (down from ₺0.50 profit in 3Q 2023). Revenue: ₺101.8m (down 63% from 3Q 2023). Net loss: ₺216.8m (down 177% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 05
Second quarter 2024 earnings released Second quarter 2024 results: Net loss: ₺125.2m (loss widened ₺120.8m from 2Q 2023). New Risk • Jun 20
New major risk - Revenue and earnings growth Earnings have declined by 19% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺1.04b market cap, or US$31.8m). Reported Earnings • Jun 10
First quarter 2024 earnings released: ₺0.26 loss per share (vs ₺0.25 loss in 1Q 2023) First quarter 2024 results: ₺0.26 loss per share (further deteriorated from ₺0.25 loss in 1Q 2023). Net loss: ₺145.4m (loss widened 3.1% from 1Q 2023). 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 10% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 15
Now 25% undervalued Over the last 90 days, the stock has risen 15% to ₺2.13. The fair value is estimated to be ₺2.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 11
Full year 2023 earnings released Full year 2023 results: Revenue: ₺438.2m (down 30% from FY 2022). Net loss: ₺321.2m (down 152% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺2.19, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺2.27, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Total returns to shareholders of 42% over the past three years. Reported Earnings • Oct 29
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺273.8m (up 112% from 3Q 2022). Net income: ₺282.2m (up 110% from 3Q 2022). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺2.25, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 206% over the past three years. Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Net loss: ₺4.41m (down 124% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺2.14, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 301% over the past three years. Reported Earnings • May 01
First quarter 2023 earnings released: ₺0.43 loss per share (vs ₺0.037 profit in 1Q 2022) First quarter 2023 results: ₺0.43 loss per share (down from ₺0.037 profit in 1Q 2022). Net loss: ₺141.1m (down ₺153.1m from profit in 1Q 2022). 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 21% per year, which means it is well ahead of earnings. Reported Earnings • Feb 20
Full year 2022 earnings released Full year 2022 results: Revenue: ₺627.4m (up ₺608.5m from FY 2021). Net income: ₺622.8m (up ₺603.1m from FY 2021). Profit margin: 99% (down from 104% in FY 2021). 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. 6 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 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. 6 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Mehmet Balaban was the last independent director to join the board, commencing their role in 2015. 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 • Mar 03
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Net income: ₺19.7m (down 92% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 31
Third quarter 2021 earnings released Third quarter 2021 results: Revenue: ₺98.5m (up 50% from 3Q 2020). Net income: ₺107.3m (up 66% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and revenues, although control over costs improved. Second quarter 2021 results: Revenue: -₺113.9m (down 2,014% from 2Q 2020). Net loss: ₺113.7m (down ₺118.7m from profit in 2Q 2020). Profit margin: 100% (up from 84% in 2Q 2020). The increase in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS ₺3.01 (vs ₺0.30 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ₺218.4m (up ₺196.8m from 1Q 2020). Net income: ₺210.8m (up ₺189.6m from 1Q 2020). Profit margin: 97% (down from 98% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 10
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: ₺263.1m (up ₺233.0m from FY 2019). Net income: ₺259.5m (up ₺229.0m from FY 2019). Profit margin: 99% (down from 101% in FY 2019). The decrease in margin was primarily driven by lower 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 30% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 15% share price gain to ₺4.42, the stock is trading at a trailing P/E ratio of 3x, up from the previous P/E ratio of 2.6x. This compares to an average P/E of 19x in the Capital Markets industry in Turkey. Total returns to shareholders over the past three years are 473%. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorated over the past week After last week's 57% share price decline to ₺3.47, the stock is trading at a trailing P/E ratio of 2.3x, down from the previous P/E ratio of 5.4x. This compares to an average P/E of 15x in the Capital Markets industry in Turkey. Total returns to shareholders over the past three years are 50%. Is New 90 Day High Low • Jan 08
New 90-day high: ₺8.77 The company is up 58% from its price of ₺5.55 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 Capital Markets industry, which is up 38% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: ₺8.52 The company is up 87% from its price of ₺4.56 on 24 September 2020. The Turkish market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 47% over the same period. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 17% share price gain to ₺7.94, the stock is trading at a trailing P/E ratio of 5.3x, up from the previous P/E ratio of 4.6x. This compares to an average P/E of 12x in the Capital Markets industry in Turkey. Total returns to shareholders over the past three years are 341%. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 17% share price gain to ₺7.43, the stock is trading at a trailing P/E ratio of 5x, up from the previous P/E ratio of 4.3x. This compares to an average P/E of 12x in the Capital Markets industry in Turkey. Total returns to shareholders over the past three years are 281%. Is New 90 Day High Low • Dec 07
New 90-day high: ₺6.75 The company is up 89% from its price of ₺3.57 on 08 September 2020. The Turkish market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 39% over the same period. Is New 90 Day High Low • Oct 27
New 90-day high: ₺6.51 The company is up 95% from its price of ₺3.35 on 29 July 2020. The Turkish market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 26% over the same period. Is New 90 Day High Low • Oct 09
New 90-day high: ₺5.55 The company is up 112% from its price of ₺2.62 on 10 July 2020. The Turkish market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 35% over the same period. Is New 90 Day High Low • Sep 24
New 90-day high: ₺4.26 The company is up 62% from its price of ₺2.63 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 Capital Markets industry, which is up 28% over the same period.