New Risk • May 24
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 9.1% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 08
Full year 2025 earnings released Full year 2025 results: Revenue: ₺2.76b (up 6.7% from FY 2024). Net loss: ₺729.9m (down 132% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺43.10, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 15x in the Software industry in Turkey. Total returns to shareholders of 532% over the past three years. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺35.94, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 45x in the Software industry in Turkey. Total returns to shareholders of 1,212% over the past three years. Announcement • May 29
MIA Teknoloji Anonim Sirketi, Annual General Meeting, Jun 20, 2025 MIA Teknoloji Anonim Sirketi, Annual General Meeting, Jun 20, 2025. Location: wyndham hotel ankara, yasamcaddesi 4. sokak, no:4 sogutozuyenimahalle/ankara, ankara Turkey Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺34.76, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 43x in the Software industry in Turkey. Total returns to shareholders of 1,406% over the past three years. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺46.24, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 39x in the Software industry in Turkey. Total returns to shareholders of 1,645% over the past three years. New Risk • Mar 20
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 6.7% 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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (53% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺41.76, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 41x in the Software industry in Turkey. Total returns to shareholders of 1,755% over the past three years. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: ₺4.61 (vs ₺1.02 in FY 2023) Full year 2024 results: EPS: ₺4.61 (up from ₺1.02 in FY 2023). Revenue: ₺2.58b (up 84% from FY 2023). Net income: ₺2.28b (up 352% from FY 2023). Profit margin: 88% (up from 36% in FY 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has increased by 146% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 34% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 08
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺1.75b (up 427% from 3Q 2023). Net income: ₺845.6m (up 308% from 3Q 2023). Profit margin: 48% (down from 62% in 3Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 27
Second quarter 2024 earnings released: ₺0.061 loss per share (vs ₺0.19 profit in 2Q 2023) Second quarter 2024 results: ₺0.061 loss per share (down from ₺0.19 profit in 2Q 2023). Revenue: ₺305.9m (up 18% from 2Q 2023). Net loss: ₺30.0m (down 133% from profit in 2Q 2023). Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺64.60, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 52x in the Software industry in Turkey. Total returns to shareholders of 445% over the past year. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺66.90, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 49x in the Software industry in Turkey. Total returns to shareholders of 638% over the past year. Reported Earnings • Jun 06
First quarter 2024 earnings released: EPS: ₺1.35 (vs ₺0.18 in 1Q 2023) First quarter 2024 results: EPS: ₺1.35 (up from ₺0.18 in 1Q 2023). Revenue: ₺944.8m (up 391% from 1Q 2023). Net income: ₺669.1m (up ₺578.2m from 1Q 2023). Profit margin: 71% (up from 47% in 1Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺61.85, the stock trades at a trailing P/E ratio of 60.6x. Average trailing P/E is 49x in the Software industry in Turkey. Total returns to shareholders of 688% over the past year. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: ₺1.02 (vs ₺0.67 in FY 2022) Full year 2023 results: EPS: ₺1.02 (up from ₺0.67 in FY 2022). Revenue: ₺1.40b (up 132% from FY 2022). Net income: ₺504.0m (up 52% from FY 2022). Profit margin: 36% (down from 55% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺62.60, the stock trades at a trailing P/E ratio of 58.3x. Average trailing P/E is 52x in the Software industry in Turkey. Total returns to shareholders of 777% over the past year. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺38.02, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 39x in the Software industry in Turkey. Total returns to shareholders of 395% over the past year. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺28.80, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 30x in the Software industry in Turkey. Total returns to shareholders of 194% over the past year. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺44.52, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 38x in the Software industry in Turkey. Total returns to shareholders of 427% over the past year. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺815, the stock trades at a trailing P/E ratio of 58.3x. Average trailing P/E is 32x in the Software industry in Turkey. Total returns to shareholders of 525% over the past year. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ₺5.45 (vs ₺2.18 in 3Q 2022) Third quarter 2023 results: EPS: ₺5.45 (up from ₺2.18 in 3Q 2022). Revenue: ₺332.8m (up 95% from 3Q 2022). Net income: ₺207.1m (up 150% from 3Q 2022). Profit margin: 62% (up from 49% in 3Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺581, the stock trades at a trailing P/E ratio of 54.3x. Average trailing P/E is 28x in the Software industry in Turkey. Total returns to shareholders of 764% over the past year. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 58% After last week's 58% share price gain to ₺719, the stock trades at a trailing P/E ratio of 67.2x. Average trailing P/E is 23x in the Software industry in Turkey. Total returns to shareholders of 1,326% over the past year. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improves as stock rises 44% After last week's 44% share price gain to ₺421, the stock trades at a trailing P/E ratio of 39.3x. Average trailing P/E is 22x in the Software industry in Turkey. Total returns to shareholders of 737% over the past year. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺243, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 24x in the Software industry in Turkey. Total returns to shareholders of 504% over the past year. Reported Earnings • Aug 01
Second quarter 2023 earnings released: EPS: ₺2.42 (vs ₺2.14 in 2Q 2022) Second quarter 2023 results: EPS: ₺2.42 (up from ₺2.14 in 2Q 2022). Revenue: ₺259.0m (up 107% from 2Q 2022). Net income: ₺92.1m (up 13% from 2Q 2022). Profit margin: 36% (down from 65% in 2Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺145, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 21x in the Software industry in Turkey. Total returns to shareholders of 328% over the past year. Reported Earnings • Apr 26
First quarter 2023 earnings released: EPS: ₺2.39 (vs ₺0.68 in 1Q 2022) First quarter 2023 results: EPS: ₺2.39 (up from ₺0.68 in 1Q 2022). Revenue: ₺192.4m (up 213% from 1Q 2022). Net income: ₺90.9m (up 254% from 1Q 2022). Profit margin: 47% (up from 42% in 1Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺119, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 16x in the Software industry in Turkey. Total returns to shareholders of 310% over the past year. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺104, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 18x in the Software industry in Turkey. Total returns to shareholders of 179% over the past year. Reported Earnings • Jan 24
Full year 2022 earnings released Full year 2022 results: EPS: ₺8.70. Revenue: ₺604.5m (up 268% from FY 2021). Net income: ₺330.7m (up ₺276.5m from FY 2021). Profit margin: 55% (up from 33% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺104, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 23x in the Software industry in Turkey. Total returns to shareholders of 189% over the past year. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺130, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 25x in the Software industry in Turkey. Total returns to shareholders of 324% over the past year. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 18% share price gain to ₺75.60, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 26x in the Software industry in Turkey. Reported Earnings • Oct 26
Third quarter 2022 earnings released Third quarter 2022 results: EPS: ₺2.18. Net income: ₺82.8m (up ₺82.8m from 3Q 2021). Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 17% share price gain to ₺58.10, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 18x in the Software industry in Turkey. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 15% share price gain to ₺44.64, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 14x in the Software industry in Turkey. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 18% share price gain to ₺41.54, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 19x in the Software industry in Turkey.