Upcoming Dividend • Jun 11
Upcoming dividend of ₺2.00 per share Eligible shareholders must have bought the stock before 18 June 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Within top quartile of Turkish dividend payers (3.3%). Higher than average of industry peers (3.7%). Declared Dividend • May 07
Dividend of ₺2.00 announced Shareholders will receive a dividend of ₺2.00. Ex-date: 20th July 2026 Payment date: 22nd July 2026 Dividend yield will be 4.1%, which is lower than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (41% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has increased by an average of 28% per year over the past 4 years. However, payments have been volatile during that time. Earnings per share has grown by 45% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 06
Full year 2025 earnings released Full year 2025 results: Revenue: ₺47.8b (up 30% from FY 2024). Net income: ₺3.40b (up 43% from FY 2024). Profit margin: 7.1% (up from 6.5% in FY 2024). The increase in margin was driven by higher revenue. Upcoming Dividend • Jul 11
Upcoming dividend of ₺2.00 per share Eligible shareholders must have bought the stock before 18 July 2025. Payment date: 22 July 2025. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 7.7%. Within top quartile of Turkish dividend payers (3.3%). Higher than average of industry peers (3.9%). New Risk • May 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 8.9% 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. Payout ratio: 0% Paying a dividend despite having no free cash flows. High level of non-cash earnings (22% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (8.0% net profit margin). Announcement • May 09
Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi A.S., Annual General Meeting, Jun 13, 2025 Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi A.S., Annual General Meeting, Jun 13, 2025. Location: kizilirmak mahallesi ufuk universitesi caddesi no:, 13 a/b cukurambar ankara, ankara Turkey Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₺33.52, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 13x in the Gas Utilities industry in Asia. Total returns to shareholders of 179% over the past three years. Buy Or Sell Opportunity • Apr 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ₺27.80. The fair value is estimated to be ₺35.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 74%. Buy Or Sell Opportunity • Mar 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.1% to ₺27.52. The fair value is estimated to be ₺35.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 74%. New Risk • Mar 04
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: 6.5% Last year net profit margin: 13% 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: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.5% net profit margin). Reported Earnings • Mar 04
Full year 2024 earnings released Full year 2024 results: EPS: ₺3.40. Revenue: ₺36.7b (up 26% from FY 2023). Net income: ₺2.38b (down 39% from FY 2023). Profit margin: 6.5% (down from 13% in FY 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 01
Third quarter 2024 earnings released: ₺0.87 loss per share (vs ₺0.54 loss in 3Q 2023) Third quarter 2024 results: ₺0.87 loss per share (further deteriorated from ₺0.54 loss in 3Q 2023). Revenue: ₺4.33b (up 89% from 3Q 2023). Net loss: ₺612.0m (loss widened 62% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 09
Upcoming dividend of ₺0.80 per share Eligible shareholders must have bought the stock before 16 October 2024. Payment date: 18 October 2024. Payout ratio is a comfortable 5.2% and the cash payout ratio is 79%. Trailing yield: 11%. Within top quartile of Turkish dividend payers (3.0%). Higher than average of industry peers (3.5%). Reported Earnings • Sep 22
Second quarter 2024 earnings released: EPS: ₺1.09 (vs ₺0.23 in 2Q 2023) Second quarter 2024 results: EPS: ₺1.09 (up from ₺0.23 in 2Q 2023). Revenue: ₺4.32b (up 47% from 2Q 2023). Net income: ₺765.2m (up 378% from 2Q 2023). Profit margin: 18% (up from 5.4% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 01
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 71% to ₺31.16. The fair value is estimated to be ₺25.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 59% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Jun 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 53% to ₺30.44. The fair value is estimated to be ₺25.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 59% over the last 3 years, while earnings per share has been flat. Reported Earnings • Jun 13
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺11.1b (up 16% from 1Q 2023). Net income: ₺1.03b (up 105% from 1Q 2023). Profit margin: 9.3% (up from 5.2% in 1Q 2023). The increase in margin was driven by higher revenue. New Risk • May 30
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 Dividend is not well covered by earnings and cash flows. Payout ratio: 176% Cash payout ratio: 97% Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Reported Earnings • May 11
Full year 2023 earnings released Full year 2023 results: Revenue: ₺29.1b (up 65% from FY 2022). Net income: ₺3.90b (up ₺3.52b from FY 2022). Profit margin: 13% (up from 2.2% in FY 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺24.68, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 14x in the Gas Utilities industry in Asia. Total returns to shareholders of 119% over the past year. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺23.88, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 14x in the Gas Utilities industry in Asia. Total returns to shareholders of 75% over the past year. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺20.84, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 15x in the Gas Utilities industry in Asia. Total returns to shareholders of 28% over the past year. Reported Earnings • Oct 31
Third quarter 2023 earnings released: ₺0.54 loss per share (vs ₺0.20 loss in 3Q 2022) Third quarter 2023 results: ₺0.54 loss per share (further deteriorated from ₺0.20 loss in 3Q 2022). Revenue: ₺2.29b (down 12% from 3Q 2022). Net loss: ₺376.9m (loss widened 171% from 3Q 2022). Upcoming Dividend • Oct 04
Upcoming dividend of ₺0.45 per share at 3.7% yield Eligible shareholders must have bought the stock before 11 October 2023. Payment date: 13 October 2023. The company is paying out more than 100% of its profits and is paying out 81% of its cash flow. Trailing yield: 3.7%. Within top quartile of Turkish dividend payers (1.9%). In line with average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺25.00, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 15x in the Gas Utilities industry in Asia. Total returns to shareholders of 78% over the past year. Reported Earnings • Aug 11
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺2.95b (up 19% from 2Q 2022). Net income: ₺160.1m (up ₺372.4m from 2Q 2022). Profit margin: 5.4% (up from net loss in 2Q 2022). New Risk • Jul 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% 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: Minor Risks Dividend is not well covered by earnings (151% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.4% net profit margin). Reported Earnings • May 03
First quarter 2023 earnings released: EPS: ₺0.72 (vs ₺0.54 in 1Q 2022) First quarter 2023 results: EPS: ₺0.72 (up from ₺0.54 in 1Q 2022). Revenue: ₺9.55b (up 89% from 1Q 2022). Net income: ₺501.0m (up 33% from 1Q 2022). Profit margin: 5.2% (down from 7.4% in 1Q 2022). The decrease in margin was driven by higher expenses. Upcoming Dividend • Apr 27
Upcoming dividend of ₺1.16 per share at 8.3% yield Eligible shareholders must have bought the stock before 04 May 2023. Payment date: 08 May 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.3%. Within top quartile of Turkish dividend payers (3.5%). Higher than average of industry peers (3.4%). Buying Opportunity • Mar 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be ₺20.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 50% over the last 3 years, while earnings per share has been flat. Reported Earnings • Mar 06
Full year 2022 earnings released Full year 2022 results: Revenue: ₺17.6b (up 169% from FY 2021). Net income: ₺382.2m (down 47% from FY 2021). Profit margin: 2.2% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Gas Utilities industry in Asia. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺14.04, the stock trades at a trailing P/E ratio of 29.7x. Average forward P/E is 11x in the Gas Utilities industry in Asia. Total returns to shareholders of 22% over the past year. Buying Opportunity • Feb 08
Now 28% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ₺20.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years, while earnings per share has been flat. Buying Opportunity • Dec 06
Now 21% undervalued Over the last 90 days, the stock is up 37%. The fair value is estimated to be ₺27.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years, while earnings per share has been flat. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 23% share price gain to ₺21.86, the stock trades at a trailing P/E ratio of 46.3x. Average forward P/E is 13x in the Gas Utilities industry in Asia. Total returns to shareholders of 85% over the past year. Reported Earnings • Nov 02
Third quarter 2022 earnings released: ₺0.20 loss per share (vs ₺0.043 loss in 3Q 2021) Third quarter 2022 results: ₺0.20 loss per share (further deteriorated from ₺0.043 loss in 3Q 2021). Revenue: ₺2.61b (up 278% from 3Q 2021). Net loss: ₺139.1m (loss widened 365% from 3Q 2021). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Gas Utilities industry in Asia. Upcoming Dividend • Jun 29
Upcoming dividend of ₺0.20 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 13 July 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.4%. Within top quartile of Turkish dividend payers (3.7%). Higher than average of industry peers (2.8%). Reported Earnings • May 06
First quarter 2022 earnings released: EPS: ₺0.50 (vs ₺0.59 in 1Q 2021) First quarter 2022 results: EPS: ₺0.50 (down from ₺0.59 in 1Q 2021). Revenue: ₺5.07b (up 110% from 1Q 2021). Net income: ₺347.0m (down 15% from 1Q 2021). Profit margin: 6.9% (down from 17% in 1Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 02
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₺14.61, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 16x in the Gas Utilities industry in Asia. Upcoming Dividend • Mar 28
Upcoming dividend of ₺0.79 per share Eligible shareholders must have bought the stock before 04 April 2022. Payment date: 06 April 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Turkish dividend payers (3.9%). Lower than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 15% share price gain to ₺12.89, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 17x in the Gas Utilities industry in Asia. Buying Opportunity • Mar 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ₺13.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% per annum over the last 3 years. Earnings per share has grown by 20% per annum over the last 3 years. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺1.02 (up from ₺0.76 in FY 2020). Revenue: ₺6.55b (up 30% from FY 2020). Net income: ₺716.7m (up 35% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺11.46, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 17x in the Gas Utilities industry in Asia. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment deteriorated over the past week After last week's 23% share price decline to ₺11.95, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 16x in the Gas Utilities industry in Asia. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺31.14, the stock trades at a trailing P/E ratio of 37.1x. Average trailing P/E is 27x in the Gas Utilities industry in Asia. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improved over the past week After last week's 16% share price gain to ₺33.30, the stock trades at a trailing P/E ratio of 39.7x. Average trailing P/E is 17x in the Gas Utilities industry in Asia. 
