Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺221, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 14,204% over the past three years. New Risk • May 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 46% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. New Risk • May 13
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 8.6% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₺289, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 14x in the Capital Markets industry in Turkey. Total returns to shareholders of 16,381% over the past three years. Announcement • Apr 14
Tera Yatirim Menkul Degerler A.S., Annual General Meeting, May 08, 2026 Tera Yatirim Menkul Degerler A.S., Annual General Meeting, May 08, 2026. Location: maslak mah. eski buyukdere cad. kapital, plaza no: 17-19 ic kapi no: 5 sariyer, istanbul Turkey Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺268, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 16,884% over the past three years. 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 ₺207, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 12x in the Capital Markets industry in Turkey. Total returns to shareholders of 11,517% over the past three years. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺178, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 13x in the Capital Markets industry in Turkey. Total returns to shareholders of 9,409% over the past three years. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺266, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 24,149% over the past three years. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺236, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 12x in the Capital Markets industry in Turkey. Total returns to shareholders of 3,567% over the past year. New Risk • Nov 26
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 8.6% 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. This is currently the only risk that has been identified for the company. New Risk • Nov 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (173% accrual ratio). Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺777, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 3,146% over the past year. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺491, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 20x in the Capital Markets industry in Turkey. Total returns to shareholders of 2,922% over the past year. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺366, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 19x in the Capital Markets industry in Turkey. Total returns to shareholders of 3,098% over the past year. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 45% After last week's 45% share price gain to ₺376, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 17x in the Capital Markets industry in Turkey. Total returns to shareholders of 3,149% over the past year. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺293, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 15x in the Capital Markets industry in Turkey. Total returns to shareholders of 2,162% over the past year. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₺185, the stock trades at a trailing P/E ratio of 71.7x. Average trailing P/E is 22x in the Capital Markets industry in Turkey. Total returns to shareholders of 1,113% over the past year. Announcement • May 03
Tera Yatirim Menkul Degerler A.S., Annual General Meeting, May 27, 2025 Tera Yatirim Menkul Degerler A.S., Annual General Meeting, May 27, 2025. Location: eski buyukdere caddesi, iz plaza giz, n:9, 34485, maslak, sariyer / istanbul, istanbul Turkey Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺116, the stock trades at a trailing P/E ratio of 44.9x. Average trailing P/E is 21x in the Capital Markets industry in Turkey. Total returns to shareholders of 704% over the past year. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to ₺77.20, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 18x in the Capital Markets industry in Turkey. Total returns to shareholders of 476% over the past year. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₺55.50, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 20x in the Capital Markets industry in Turkey. Total returns to shareholders of 334% over the past year. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺42.90, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 15x in the Capital Markets industry in Turkey. Total returns to shareholders of 213% over the past year. New Risk • Jan 31
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 6.6% 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Nov 13
Third quarter 2024 earnings released: ₺0.25 loss per share (vs ₺1.21 profit in 3Q 2023) Third quarter 2024 results: ₺0.25 loss per share (down from ₺1.21 profit in 3Q 2023). Revenue: ₺2.16b (up 3.0% from 3Q 2023). Net loss: ₺40.0m (down 121% from profit in 3Q 2023). Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺21.98, the stock trades at a trailing P/E ratio of 37.9x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 76% over the past year. New Risk • Oct 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.0% Last year net profit margin: 4.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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). High level of non-cash earnings (64% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (2.0% net profit margin). Reported Earnings • Sep 26
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺2.03b (up 262% from 2Q 2023). Net income: ₺49.0m (up 42% from 2Q 2023). Profit margin: 2.4% (down from 6.2% in 2Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₺22.12, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 86% over the past year. New Risk • Aug 14
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 Risk High level of non-cash earnings (130% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (₺2.56b market cap, or US$76.3m). Reported Earnings • Jun 23
First quarter 2024 earnings released: EPS: ₺0.23 (vs ₺0.41 in 1Q 2023) First quarter 2024 results: EPS: ₺0.23 (down from ₺0.41 in 1Q 2023). Revenue: ₺728.7m (up 139% from 1Q 2023). Net income: ₺12.0m (down 44% from 1Q 2023). Profit margin: 1.6% (down from 7.1% in 1Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺48.88, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 142% over the past year. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺40.22, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 7x in the Capital Markets industry in Turkey. Reported Earnings • Nov 12
Third quarter 2023 earnings released Third quarter 2023 results: EPS: ₺3.63. Revenue: ₺2.11b (up 492% from 3Q 2022). Net income: ₺190.5m (up ₺187.0m from 3Q 2022). Profit margin: 9.0% (up from 1.0% in 3Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺40.50, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Reported Earnings • Aug 23
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺511.8m (up 38% from 2Q 2022). Net income: ₺1.54m (down 69% from 2Q 2022). Profit margin: 0.3% (down from 1.3% in 2Q 2022). Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺35.50, the stock trades at a trailing P/E ratio of 33.5x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. 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 ₺24.76, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺293.1m (up 40% from 1Q 2022). Net income: ₺21.5m (down 33% from 1Q 2022). Profit margin: 7.3% (down from 15% in 1Q 2022). Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₺25.66, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Board Change • Dec 22
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Zekeriya Ozturk was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
