Reported Earnings • May 21
First quarter 2026 earnings released: EPS: ₺0.005 (vs ₺0.51 in 1Q 2025) First quarter 2026 results: EPS: ₺0.005. Revenue: ₺750.9m (up 26% from 1Q 2025). Net income: ₺63.0m (up 306% from 1Q 2025). Profit margin: 8.4% (up from 2.6% in 1Q 2025). The increase in margin was driven by higher revenue. Announcement • Apr 02
Bosch Fren Sistemleri Sanayi ve Ticaret A.S., Annual General Meeting, Apr 29, 2026 Bosch Fren Sistemleri Sanayi ve Ticaret A.S., Annual General Meeting, Apr 29, 2026. Location: crowne plaza bursa convention center & thermal spa, zumrut salonu odunluk mahallesi akpinar caddesi, no:17 16110, bursa Turkey New Risk • Dec 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 49% 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. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (49% accrual ratio). Shareholders have been substantially diluted in the past year (300% increase in shares outstanding). Reported Earnings • Nov 21
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺666.3m (up 36% from 3Q 2024). Net income: ₺51.4m (up 148% from 3Q 2024). Profit margin: 7.7% (up from 4.2% in 3Q 2024). New Risk • Sep 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 300% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (300% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.1% net profit margin). New Risk • Aug 27
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: 3.1% Last year net profit margin: 5.7% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.1% net profit margin). New Risk • Jun 06
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). Share price has been highly volatile over the past 3 months (23% average weekly change). High level of non-cash earnings (29% accrual ratio). New Risk • May 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). High level of non-cash earnings (38% accrual ratio). New Risk • May 05
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 22% 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. This is currently the only risk that has been identified for the company. Announcement • Mar 26
Bosch Fren Sistemleri Sanayi ve Ticaret A.S., Annual General Meeting, Apr 22, 2025 Bosch Fren Sistemleri Sanayi ve Ticaret A.S., Annual General Meeting, Apr 22, 2025. Location: crowne plaza bursa convention center & thermal spa, zumrut salonu odunluk mahallesi akpinar, caddesi no:17 16110, nilufer, bursa Turkey Reported Earnings • Mar 03
Full year 2024 earnings released Full year 2024 results: Revenue: ₺2.07b (up 71% from FY 2023). Net income: ₺94.4m (up ₺157.3m from FY 2023). Profit margin: 4.6% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 96% per year, which means it is well ahead of earnings. New Risk • Nov 22
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). Earnings have declined by 6.2% per year over the past 5 years. High level of non-cash earnings (119% accrual ratio). Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₺0.68 (vs ₺0.41 in 3Q 2023) Third quarter 2024 results: EPS: ₺0.68 (up from ₺0.41 in 3Q 2023). Revenue: ₺490.1m (up 89% from 3Q 2023). Net income: ₺20.8m (up 64% from 3Q 2023). Profit margin: 4.2% (down from 4.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 120% per year, which means it is well ahead of earnings. New Risk • Sep 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 9.2% per year over the past 5 years. High level of non-cash earnings (28% accrual ratio). Reported Earnings • Sep 23
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺424.1m (up 107% from 2Q 2023). Net income: ₺9.23m (up ₺48.3m from 2Q 2023). Profit margin: 2.2% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Reported Earnings • Jul 14
First quarter 2024 earnings released: EPS: ₺0.67 (vs ₺0.37 in 1Q 2023) First quarter 2024 results: EPS: ₺0.67 (up from ₺0.37 in 1Q 2023). Revenue: ₺424.1m (up 118% from 1Q 2023). Net income: ₺20.6m (up 84% from 1Q 2023). Profit margin: 4.9% (down from 5.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 130% per year, which means it is well ahead of earnings. New Risk • May 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • May 08
Full year 2023 earnings released Full year 2023 results: Revenue: ₺1.21b (up 79% from FY 2022). Net loss: ₺62.9m (down 158% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 132% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 04
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 Interest payments are not well covered by earnings (1.3x net interest cover). High level of non-cash earnings (30% accrual ratio). 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 (2.9% net profit margin). New Risk • Nov 07
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (2.9% net profit margin). Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: ₺5.08 (vs ₺8.87 in 3Q 2022) Third quarter 2023 results: EPS: ₺5.08 (down from ₺8.87 in 3Q 2022). Revenue: ₺259.4m (up 51% from 3Q 2022). Net income: ₺12.7m (down 43% from 3Q 2022). Profit margin: 4.9% (down from 13% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 123% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 10
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 10% 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 Debt is not well covered by operating cash flow (3.6% operating cash flow to total debt). High level of non-cash earnings (58% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (4.4% net profit margin). Upcoming Dividend • Sep 19
Upcoming dividend of ₺24.31 per share at 0.4% yield Eligible shareholders must have bought the stock before 26 September 2023. Payment date: 28 September 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 0.4%. Lower than top quartile of Turkish dividend payers (2.1%). Lower than average of industry peers (1.6%). New Risk • Aug 11
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: 4.4% 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 Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (4.4% net profit margin). New Risk • Aug 11
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: 4.4% 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 Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (4.4% net profit margin). Reported Earnings • Aug 11
Second quarter 2023 earnings released: ₺15.62 loss per share (vs ₺12.35 profit in 2Q 2022) Second quarter 2023 results: ₺15.62 loss per share (down from ₺12.35 profit in 2Q 2022). Revenue: ₺204.6m (up 21% from 2Q 2022). Net loss: ₺39.0m (down 226% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 03
Full year 2022 earnings released: EPS: ₺43.48 (vs ₺16.11 in FY 2021) Full year 2022 results: EPS: ₺43.48 (up from ₺16.11 in FY 2021). Revenue: ₺678.1m (up 112% from FY 2021). Net income: ₺108.7m (up 170% from FY 2021). Profit margin: 16% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 129% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 03
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₺3,177, the stock trades at a trailing P/E ratio of 73.1x. Average trailing P/E is 17x in the Auto Components industry in Turkey. Total returns to shareholders of 1,127% over the past three years. Reported Earnings • Mar 04
Full year 2022 earnings released Full year 2022 results: Revenue: ₺678.1m (up 112% from FY 2021). Net income: ₺108.7m (up 170% from FY 2021). Profit margin: 16% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Board Change • Nov 16
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. 6 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 18% share price gain to ₺2,470, the stock trades at a trailing P/E ratio of 79.4x. Average trailing P/E is 15x in the Auto Components industry in Turkey. Total returns to shareholders of 1,128% over the past three years. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: ₺8.87 (vs ₺2.91 in 3Q 2021) Third quarter 2022 results: EPS: ₺8.87 (up from ₺2.91 in 3Q 2021). Revenue: ₺172.0m (up 114% from 3Q 2021). Net income: ₺22.2m (up 204% from 3Q 2021). Profit margin: 13% (up from 9.1% in 3Q 2021). The increase in margin was driven by higher revenue. 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 117% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 16% share price gain to ₺1,462, the stock trades at a trailing P/E ratio of 58.1x. Average trailing P/E is 13x in the Auto Components industry in Turkey. Total returns to shareholders of 609% over the past three years. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 19% share price gain to ₺1,437, the stock trades at a trailing P/E ratio of 57.1x. Average trailing P/E is 11x in the Auto Components industry in Turkey. Total returns to shareholders of 776% over the past three years. Upcoming Dividend • Jun 08
Upcoming dividend of ₺14.36 per share Eligible shareholders must have bought the stock before 15 June 2022. Payment date: 17 June 2022. Payout ratio is on the higher end at 95%, and the cash payout ratio is above 100%. Trailing yield: 1.4%. Lower than top quartile of Turkish dividend payers (3.7%). Lower than average of industry peers (3.3%). Reported Earnings • May 06
First quarter 2022 earnings released: EPS: ₺6.37 (vs ₺7.31 in 1Q 2021) First quarter 2022 results: EPS: ₺6.37 (down from ₺7.31 in 1Q 2021). Revenue: ₺134.0m (up 60% from 1Q 2021). Net income: ₺15.9m (down 13% from 1Q 2021). Profit margin: 12% (down from 22% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 94% per year, which means it is tracking significantly ahead of earnings growth. 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. 6 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . 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 • Feb 24
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ₺319.4m (up 54% from FY 2020). Net income: ₺40.3m (up 71% from FY 2020). Profit margin: 13% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 78% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺1,049, the stock trades at a trailing P/E ratio of 70.9x. Average trailing P/E is 13x in the Auto Components industry in Turkey. Total returns to shareholders of 600% over the past three years. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₺1,068, the stock trades at a trailing P/E ratio of 72.1x. Average trailing P/E is 13x in the Auto Components industry in Turkey. Total returns to shareholders of 568% over the past three years. Reported Earnings • Nov 05
Third quarter 2021 earnings released The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₺80.5m (up 43% from 3Q 2020). Net income: ₺7.28m (down 29% from 3Q 2020). Profit margin: 9.1% (down from 18% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 73% per year, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺64.6m (up 165% from 2Q 2020). Net income: ₺5.92m (up 321% from 2Q 2020). Profit margin: 9.2% (up from 5.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 82% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 28
Inaugural dividend of ₺6.90 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 07 May 2021. This is the first dividend for Bosch Fren Sistemleri Sanayi ve Ticaret since going public. The average dividend yield among industry peers is 1.8%. Reported Earnings • Mar 04
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺207.9m (down 1.7% from FY 2019). Net income: ₺23.5m (down 14% from FY 2019). Profit margin: 11% (down from 13% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 82% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 24
New 90-day low: ₺1,150 The company is down 11% from its price of ₺1,289 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 Auto Components industry, which is up 29% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: ₺1,042 The company is up 9.0% from its price of ₺954 on 13 August 2020. The Turkish market is down 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Auto Components industry, which is up 45% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of ₺25.0m, down 8.9% from the prior year. Total revenue was ₺178.7m over the last 12 months, down 19% from the prior year. 
