Upcoming Dividend • May 02
Upcoming dividend of ₺0.65 per share Eligible shareholders must have bought the stock before 08 May 2026. Payment date: 12 May 2026. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Turkish dividend payers (2.7%). Higher than average of industry peers (0.3%). Announcement • Apr 22
Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi, Annual General Meeting, Apr 21, 2026 Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi, Annual General Meeting, Apr 21, 2026. Location: levent mah. prof. ahmet kemal aru sok. no:4, kaleseramik binasi, istanbul Turkey Declared Dividend • Apr 01
Dividend increased to ₺0.65 Dividend of ₺0.65 is 50% higher than last year. Ex-date: 8th May 2026 Payment date: 12th May 2026 Dividend yield will be 1.8%, which is higher than the industry average of 0.7%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 41% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to grow by 101% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 31
Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi announces Annual dividend, payable on May 12, 2026 Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi announced Annual dividend of TRY 0.6522 per share payable on May 12, 2026, ex-date on May 08, 2026 and record date on May 11, 2026. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺40.16, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 20x in the Chemicals industry in Asia. Total returns to shareholders of 191% over the past three years. Reported Earnings • Mar 15
Full year 2025 earnings released Full year 2025 results: Revenue: ₺10.7b (up 43% from FY 2024). Net income: ₺1.14b (up 22% from FY 2024). Profit margin: 11% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Buy Or Sell Opportunity • Oct 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to ₺32.46. The fair value is estimated to be ₺26.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 29% in a year. Earnings are forecast to grow by 29% in the next year. New Risk • Sep 02
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Aug 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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. Board Change • Aug 21
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Board Member Durmus Topcu was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Aug 15
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ₺33.36. The fair value is estimated to be ₺27.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 58% in 2 years. Earnings are forecast to grow by 65% in the next 2 years. Buy Or Sell Opportunity • May 30
Now 21% overvalued Over the last 90 days, the stock has fallen 1.2% to ₺28.06. The fair value is estimated to be ₺23.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 58% in 2 years. Earnings are forecast to grow by 65% in the next 2 years. Upcoming Dividend • Apr 29
Upcoming dividend of ₺0.43 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 08 May 2025. Payout ratio is a comfortable 8.7% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Turkish dividend payers (3.2%). Lower than average of industry peers (0.8%). Announcement • Apr 09
Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi announces Annual dividend, payable on May 08, 2025 Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi announced Annual dividend of TRY 0.4348 per share payable on May 08, 2025, ex-date on May 06, 2025 and record date on May 07, 2025. Announcement • Apr 08
Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi, Annual General Meeting, Apr 29, 2025 Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi, Annual General Meeting, Apr 29, 2025. Location: levent mah. prof. ahmet kemal aru sok. no:4, kaleseramik binasi, istanbul Turkey Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺35.78, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 17x in the Chemicals industry in Asia. Total returns to shareholders of 902% over the past three years. Reported Earnings • Mar 06
Full year 2024 earnings released Full year 2024 results: Revenue: ₺7.49b (up 61% from FY 2023). Net income: ₺929.2m (up 116% from FY 2023). Profit margin: 12% (up from 9.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Major Estimate Revision • Nov 27
Consensus revenue estimates increase by 36%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ₺5.57b to ₺7.56b. EPS estimate fell from ₺2.40 to ₺1.94. Net income forecast to grow 26% next year vs 35% growth forecast for Chemicals industry in Turkey. Consensus price target of ₺43.83 unchanged from last update. Share price fell 7.1% to ₺29.82 over the past week. Reported Earnings • Nov 06
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺1.87b (up 71% from 3Q 2023). Net income: ₺241.0m (down 1.6% from 3Q 2023). Profit margin: 13% (down from 22% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 104% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 06
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺1.54b (up 81% from 2Q 2023). Net income: ₺175.3m (down 24% from 2Q 2023). Profit margin: 11% (down from 27% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 106% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 23
Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi to Report First Half, 2024 Results on Sep 05, 2024 Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi announced that they will report first half, 2024 results on Sep 05, 2024 Reported Earnings • Jun 14
First quarter 2024 earnings released: EPS: ₺0.23 (vs ₺0.22 in 1Q 2023) First quarter 2024 results: EPS: ₺0.23 (up from ₺0.22 in 1Q 2023). Revenue: ₺1.44b (up 139% from 1Q 2023). Net income: ₺104.1m (up 11% from 1Q 2023). Profit margin: 7.2% (down from 16% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 14
First quarter 2024 earnings released: EPS: ₺0.23 (vs ₺0.22 in 1Q 2023) First quarter 2024 results: EPS: ₺0.23 (up from ₺0.22 in 1Q 2023). Revenue: ₺1.44b (up 139% from 1Q 2023). Net income: ₺104.1m (up 11% from 1Q 2023). Profit margin: 7.2% (down from 16% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 05
Upcoming dividend of ₺0.14 per share Eligible shareholders must have bought the stock before 12 June 2024. Payment date: 14 June 2024. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Turkish dividend payers (2.2%). Higher than average of industry peers (0.6%). Reported Earnings • Apr 19
Full year 2023 earnings released: EPS: ₺0.94 (vs ₺1.14 in FY 2022) Full year 2023 results: EPS: ₺0.94 (down from ₺1.14 in FY 2022). Revenue: ₺4.67b (up 118% from FY 2022). Net income: ₺430.4m (down 15% from FY 2022). Profit margin: 9.2% (down from 24% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Announcement • Mar 27
Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi to Report Fiscal Year 2023 Results on Apr 17, 2024 Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi announced that they will report fiscal year 2023 results on Apr 17, 2024 Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺31.28, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Chemicals industry in Asia. Total returns to shareholders of 151% over the past year. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺23.42, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Chemicals industry in Asia. Total returns to shareholders of 117% over the past year. Price Target Changed • Oct 23
Price target increased by 30% to ₺22.58 Up from ₺17.31, the current price target is an average from 2 analysts. New target price is 24% below last closing price of ₺29.82. Stock is up 236% over the past year. The company is forecast to post earnings per share of ₺1.50 for next year compared to ₺0.011 last year. Reported Earnings • Oct 22
Third quarter 2023 earnings released: EPS: ₺0.53 (vs ₺0.002 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.53 (up from ₺0.002 in 3Q 2022). Revenue: ₺1.09b (up 95% from 3Q 2022). Net income: ₺244.8m (up 192% from 3Q 2022). Profit margin: 22% (up from 15% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in Asia. Buying Opportunity • Sep 26
Now 46% undervalued after recent price drop Over the last 90 days, the stock is down 37%. The fair value is estimated to be ₺65.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 106% over the last year. Earnings per share has grown by 102%. Revenue is forecast to grow by 136% in 2 years. Earnings is forecast to grow by 73% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺100.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Chemicals industry in Asia. Total returns to shareholders of 209% over the past year. New Risk • Aug 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 16x earnings per share. Dividend per share is over 27x cash flows per share. Dividend yield: 1.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 16x earnings per share. Dividend per share is over 27x cash flows per share. High level of non-cash earnings (34% accrual ratio). Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Reported Earnings • Aug 11
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺848.1m (up 53% from 2Q 2022). Net income: ₺229.4m (up 108% from 2Q 2022). Profit margin: 27% (up from 20% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺66.20, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Chemicals industry in Asia. Total returns to shareholders of 207% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₺55.29 per share. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺53.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Chemicals industry in Asia. Total returns to shareholders of 165% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₺42.88 per share. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: ₺0.82 (vs ₺0.006 in 1Q 2022) First quarter 2023 results: EPS: ₺0.82 (up from ₺0.006 in 1Q 2022). Revenue: ₺602.2m (up 99% from 1Q 2022). Net income: ₺94.0m (up 32% from 1Q 2022). Profit margin: 16% (down from 24% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Upcoming Dividend • Apr 03
Upcoming dividend of ₺1.00 per share at 1.8% yield Eligible shareholders must have bought the stock before 10 April 2023. Payment date: 12 April 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.8%. Lower than top quartile of Turkish dividend payers (3.2%). Lower than average of industry peers (2.0%). 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 ₺63.20, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Chemicals industry in Asia. Total returns to shareholders of 362% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₺33.21 per share. Reported Earnings • Mar 04
Full year 2022 earnings released Full year 2022 results: Revenue: ₺2.14b (up 165% from FY 2021). Net income: ₺506.9m (up 138% from FY 2021). Profit margin: 24% (down from 26% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in Asia. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺46.10, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Chemicals industry in Asia. Total returns to shareholders of 198% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₺32.65 per share. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 17% share price gain to ₺46.08, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Chemicals industry in Asia. Total returns to shareholders of 180% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₺43.84 per share. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 17% share price gain to ₺49.18, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Chemicals industry in Asia. Total returns to shareholders of 190% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₺46.17 per share. Price Target Changed • Dec 09
Price target increased to ₺43.65 Up from ₺33.57, the current price target is an average from 3 analysts. New target price is 6.9% above last closing price of ₺40.82. Stock is up 114% over the past year. Reported Earnings • Oct 20
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺560.9m (up 169% from 3Q 2021). Net income: ₺84.0m (up 90% from 3Q 2021). Profit margin: 15% (down from 21% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in Asia. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improved over the past week After last week's 15% share price gain to ₺38.04, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Chemicals industry in Asia. Total returns to shareholders of 182% over the past year. Buying Opportunity • Sep 28
Now 20% undervalued Over the last 90 days, the stock is up 58%. The fair value is estimated to be ₺41.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 99% over the last year. Earnings per share has grown by 192%. Revenue is forecast to grow by 184% in 2 years. Earnings is forecast to grow by 74% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 21% share price gain to ₺30.02, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Chemicals industry in Asia. Total returns to shareholders of 153% over the past year. Reported Earnings • Aug 11
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺555.5m (up 186% from 2Q 2021). Net income: ₺110.3m (up 297% from 2Q 2021). Profit margin: 20% (up from 14% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 109%, compared to a 24% growth forecast for the industry in Turkey. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 17% share price gain to ₺24.32, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Chemicals industry in Asia. Total returns to shareholders of 108% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₺38.81 per share. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 15% share price gain to ₺20.50, the stock trades at a trailing P/E ratio of 11.1x. Average forward P/E is 14x in the Chemicals industry in Turkey. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 15% share price gain to ₺16.16, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 13x in the Chemicals industry in Turkey. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ₺810.0m (up 54% from FY 2020). Net income: ₺213.3m (up 154% from FY 2020). Profit margin: 26% (up from 16% 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 • Nov 17
Investor sentiment improved over the past week After last week's 21% share price gain to ₺17.48, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 15x in the Chemicals industry in Turkey.