Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺9.42, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 35% over the past year. Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺11.47, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 13x in the Capital Markets industry in Turkey. Total returns to shareholders of 125% over the past year. New Risk • Mar 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 33% 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 (33% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). New Risk • Feb 23
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 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺15.22, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 12x in the Capital Markets industry in Turkey. Total returns to shareholders of 210% over the past year. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺12.83, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 12x in the Capital Markets industry in Turkey. Total returns to shareholders of 140% over the past year. Reported Earnings • Nov 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺10.9b (up 251% from 3Q 2024). Net income: ₺473.3m (up ₺673.3m from 3Q 2024). Profit margin: 4.4% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺11.81, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 134% over the past year. 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 ₺11.13, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 12x in the Capital Markets industry in Turkey. Total returns to shareholders of 112% over the past year. Reported Earnings • Aug 18
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₺4.97b (down 72% from 2Q 2024). Net income: ₺232.5m (up 267% from 2Q 2024). Profit margin: 4.7% (up from 0.4% in 2Q 2024). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺12.26, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 20x in the Capital Markets industry in Turkey. Total returns to shareholders of 132% over the past year. New Risk • Jul 24
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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺10.02, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 19x in the Capital Markets industry in Turkey. Total returns to shareholders of 83% over the past year. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺8.90, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 17x in the Capital Markets industry in Turkey. Total returns to shareholders of 63% over the past year. Announcement • Jun 16
A1 Capital Yatirim Menkul Degerler A.S., Annual General Meeting, Jul 22, 2025 A1 Capital Yatirim Menkul Degerler A.S., Annual General Meeting, Jul 22, 2025. Location: esentepe mah. buyukdere cad. levent plaza blok no:, 173 ic kapi no: 29 sisli, istanbul Turkey Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺8.30, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 17x in the Capital Markets industry in Turkey. Total returns to shareholders of 55% over the past year. New Risk • May 21
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 8.8% 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. Reported Earnings • May 15
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₺4.37b (down 67% from 1Q 2024). Net income: ₺579.8m (up 407% from 1Q 2024). Profit margin: 13% (up from 0.9% in 1Q 2024). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₺6.41, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 22x in the Capital Markets industry in Turkey. Total returns to shareholders of 10.0% over the past year. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺5.03, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 15x in the Capital Markets industry in Turkey. Total loss to shareholders of 24% over the past year. Reported Earnings • Nov 13
Third quarter 2024 earnings released: ₺1.48 loss per share (vs ₺1.49 profit in 3Q 2023) Third quarter 2024 results: ₺1.48 loss per share (down from ₺1.49 profit in 3Q 2023). Revenue: ₺3.10b (down 27% from 3Q 2023). Net loss: ₺200.0m (down 200% from profit in 3Q 2023). New Risk • Oct 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.33b (US$97.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Sep 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺15.1b (up 284% from 2Q 2023). Net income: ₺48.9m (down 79% from 2Q 2023). Profit margin: 0.3% (down from 6.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Jun 13
First quarter 2024 earnings released: EPS: ₺0.78 (vs ₺0.50 in 1Q 2023) First quarter 2024 results: EPS: ₺0.78 (up from ₺0.50 in 1Q 2023). Revenue: ₺12.1b (up 199% from 1Q 2023). Net income: ₺105.5m (up 110% from 1Q 2023). Profit margin: 0.9% (down from 1.2% in 1Q 2023). The decrease in margin was driven by higher expenses. New Risk • May 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺29.14, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺35.00, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺44.32, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. 