New Risk • Apr 27
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 Less than 1 year of cash runway based on free cash flow trend (-₺179m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 55% per year over the past 5 years. Revenue is less than US$1m (₺2.2m revenue, or US$49k). Minor Risk Market cap is less than US$100m (₺1.10b market cap, or US$24.4m). Announcement • Mar 26
Hub Girisim Sermayesi Yatirim Ortakligi A.S., Annual General Meeting, Apr 28, 2026 Hub Girisim Sermayesi Yatirim Ortakligi A.S., Annual General Meeting, Apr 28, 2026. Location: crowne plaza istanbul oryapark inkilap mahallesi, kucuksu caddesi, no: 58, 34768, umraniye, istanbul Turkey New Risk • Mar 24
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₺179m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₺179m free cash flow). Earnings have declined by 55% per year over the past 5 years. Revenue is less than US$1m (₺2.2m revenue, or US$50k). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (₺1.36b market cap, or US$30.6m). Reported Earnings • Nov 04
Third quarter 2025 earnings released Third quarter 2025 results: Net income: ₺91.4m (up ₺138.8m from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. New Risk • Sep 23
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 51% per year over the past 5 years. Revenue is less than US$1m (₺1.1m revenue, or US$27k). Minor Risk Market cap is less than US$100m (₺893.2m market cap, or US$21.6m). New Risk • Jul 30
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 8.2% 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 Less than 1 year of cash runway based on free cash flow trend (-₺560m free cash flow). Earnings have declined by 41% per year over the past 5 years. Revenue is less than US$1m (₺1.9m revenue, or US$46k). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (₺728.0m market cap, or US$17.9m). New Risk • May 20
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₺560m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₺560m free cash flow). Earnings have declined by 39% per year over the past 5 years. Revenue is less than US$1m (₺1.9m revenue, or US$48k). Minor Risk Market cap is less than US$100m (₺481.6m market cap, or US$12.4m). Announcement • Apr 10
Hub Girisim Sermayesi Yatirim Ortakligi A.S., Annual General Meeting, May 13, 2025 Hub Girisim Sermayesi Yatirim Ortakligi A.S., Annual General Meeting, May 13, 2025. Location: crowne plaza istanbul oryapark inkilap mahallesi, kucuksu caddesi no:58 34768 umraniye, istanbul Turkey New Risk • Nov 28
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 7.2% 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 Earnings have declined by 24% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₺712.6m market cap, or US$20.6m). Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺10.18, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 13x in the Capital Markets industry in Turkey. Total returns to shareholders of 117% over the past three years. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺13.30, the stock trades at a trailing P/E ratio of 60.5x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 150% over the past three years. New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 24% 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 24% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₺788.9m market cap, or US$24.0m). New Risk • Jun 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 182% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₺704.9m market cap, or US$21.8m). 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 Risks High level of non-cash earnings (44% accrual ratio). Revenue is less than US$1m (₺4.7m revenue, or US$144k). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Profit margins are more than 30% lower than last year (2,176% net profit margin). Market cap is less than US$100m (₺787.5m market cap, or US$24.4m). Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺11.50, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺15.88, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Total returns to shareholders of 94% over the past three years. Buy Or Sell Opportunity • Feb 16
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 72% to ₺14.97. The fair value is estimated to be ₺11.80, however this is not to be taken as a sell 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 25%. New Risk • Feb 02
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 9.6% 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 (44% accrual ratio). Revenue is less than US$1m (₺4.7m revenue, or US$153k). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Profit margins are more than 30% lower than last year (2,176% net profit margin). Market cap is less than US$100m (₺861.0m market cap, or US$28.2m). Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺9.97, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 7x in the Capital Markets industry in Turkey. Total returns to shareholders of 14% over the past three years. Buying Opportunity • Dec 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.5%. The fair value is estimated to be ₺11.66, 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 25%. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺10.34, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 7x in the Capital Markets industry in Turkey. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺9.31, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 10% over the past three years. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₺10.80, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺6.84, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₺5.34, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 7x in the Capital Markets industry in Turkey. Total loss to shareholders of 40% over the past three years. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Deputy Chairman of the Board & GM Bogac Goncu is the most experienced director on the board, commencing their role in 2020. Independent Director Mert Sadi was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 15% share price gain to ₺12.35, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 200% over the past three years. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 15% share price gain to ₺8.72, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 346% over the past three years. 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. 4 experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Independent Director Riza Ercan 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 05
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Net income: ₺107.7m (up 310% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 65% per year, which means it is well ahead of earnings. Reported Earnings • Feb 28
Full year 2020 earnings released Full year 2020 results: Net income: ₺26.2m (up 286% from FY 2019). 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 143% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 24
New 90-day low: ₺16.32 The company is down 4.0% from its price of ₺17.05 on 26 November 2020. The Turkish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 71% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: ₺20.44 The company is up 16% from its price of ₺17.68 on 14 October 2020. The Turkish market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 38% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of ₺4.60m, down 79% from the prior year.