New Risk • Jun 25
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: -₺4.9m 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 (-₺4.9m free cash flow). Earnings have declined by 65% per year over the past 5 years. Market cap is less than US$10m (₺324.8m market cap, or US$6.98m). Announcement • Mar 26
Orçay Ortaköy Çay Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, Apr 20, 2026 Orçay Ortaköy Çay Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, Apr 20, 2026. Location: ortakoy koyu ortakoy kume evleri orcay, blok no:103 guneysu, rize Turkey Reported Earnings • Feb 18
Full year 2025 earnings released Full year 2025 results: Revenue: ₺661.6m (up 50% from FY 2024). Net loss: ₺161.4m (loss widened 57% from FY 2024). Reported Earnings • Nov 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺160.1m (up ₺134.7m from 3Q 2024). Net loss: ₺21.3m (loss narrowed 11% 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. Reported Earnings • Aug 19
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₺108.0m (up 5.2% from 2Q 2024). Net loss: ₺24.5m (down ₺25.1m from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Reported Earnings • May 12
First quarter 2025 earnings released: ₺0.017 loss per share (vs ₺0.28 loss in 1Q 2024) First quarter 2025 results: ₺0.017 loss per share (improved from ₺0.28 loss in 1Q 2024). Revenue: ₺243.7m (up 20% from 1Q 2024). Net loss: ₺1.35m (loss narrowed 93% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Announcement • May 05
Orçay Ortaköy Çay Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, May 27, 2025 Orçay Ortaköy Çay Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, May 27, 2025. Location: ortakoy koyu ortakoy kume evleri, orcay blok no:103 guneysu/rize, rize Turkey Reported Earnings • Mar 02
Full year 2024 earnings released: ₺1.28 loss per share (vs ₺0.39 loss in FY 2023) Full year 2024 results: ₺1.28 loss per share (further deteriorated from ₺0.39 loss in FY 2023). Revenue: ₺442.6m (down 21% from FY 2023). Net loss: ₺102.5m (loss widened 228% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. New Risk • Nov 19
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₺172m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 79% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Revenue is less than US$5m (₺172m revenue, or US$5.0m). Market cap is less than US$100m (₺767.2m market cap, or US$22.2m). Reported Earnings • Oct 29
Third quarter 2024 earnings released: ₺0.30 loss per share (vs ₺0.15 profit in 3Q 2023) Third quarter 2024 results: ₺0.30 loss per share (down from ₺0.15 profit in 3Q 2023). Revenue: ₺25.4m (down 86% from 3Q 2023). Net loss: ₺23.9m (down 293% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 136 percentage points per year, which is a significant difference in performance. New Risk • Jun 21
New major risk - Revenue and earnings growth Earnings have declined by 80% 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 Risk Earnings have declined by 80% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₺947.2m market cap, or US$28.9m). Reported Earnings • Jun 12
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺188.1m (up 238% from 1Q 2023). Net loss: ₺18.2m (down 395% from profit in 1Q 2023). Buy Or Sell Opportunity • May 30
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.0% to ₺13.17. The fair value is estimated to be ₺17.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 54% over the last 3 years. Meanwhile, the company became loss making. New Risk • May 27
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 9.8% 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 (2.4x net interest cover). Revenue has declined by 16% over the past year. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (9.8% average weekly change). Market cap is less than US$100m (₺1.37b market cap, or US$42.7m). New Risk • May 15
New major risk - Revenue and earnings growth Revenue has declined by 16% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Interest payments are not well covered by earnings (2.4x net interest cover). Revenue has declined by 16% over the past year. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Market cap is less than US$100m (₺958.4m market cap, or US$29.7m). Reported Earnings • Apr 28
Full year 2023 earnings released Full year 2023 results: Revenue: ₺558.9m (up 55% from FY 2022). Net loss: ₺31.2m (down 164% from profit in FY 2022). Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺15.97, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 18x in the Food industry in Turkey. Total returns to shareholders of 127% over the past year. New Risk • Jan 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 9.8% 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 (2.6x net interest cover). Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 79x cash flows per share). Dividend is not well covered by cash flows (dividend per share is over 79x cash flows per share). Share price has been volatile over the past 3 months (9.8% average weekly change). Market cap is less than US$100m (₺1.01b market cap, or US$33.4m). Market cap is less than US$100m (₺1.01b market cap, or US$33.4m). Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺11.22, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 15x in the Food industry in Turkey. Total returns to shareholders of 47% over the past year. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺10.30, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 16x in the Food industry in Turkey. Total returns to shareholders of 15% over the past year. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ₺0.15 (vs ₺0.22 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.15 (down from ₺0.22 in 3Q 2022). Revenue: ₺175.8m (up 31% from 3Q 2022). Net income: ₺12.4m (down 29% from 3Q 2022). Profit margin: 7.1% (down from 13% in 3Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺9.49, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 17x in the Food industry in Turkey. Total returns to shareholders of 73% over the past year. Reported Earnings • Aug 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺170.1m (up 106% from 2Q 2022). Net income: ₺31.6m (up 126% from 2Q 2022). Profit margin: 19% (up from 17% in 2Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺7.10, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 10x in the Food industry in Turkey. Total returns to shareholders of 54% over the past year. Reported Earnings • May 07
First quarter 2023 earnings released First quarter 2023 results: EPS: ₺0.077. Revenue: ₺55.7m (up 59% from 1Q 2022). Net income: ₺6.17m (up ₺5.45m from 1Q 2022). Profit margin: 11% (up from 2.0% in 1Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Feb 21
Full year 2022 earnings released: EPS: ₺0.61 (vs ₺0.048 in FY 2021) Full year 2022 results: EPS: ₺0.61 (up from ₺0.048 in FY 2021). Revenue: ₺361.8m (up 121% from FY 2021). Net income: ₺48.6m (up ₺46.0m from FY 2021). Profit margin: 13% (up from 1.5% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺7.50, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 16x in the Food industry in Turkey. Negligible returns to shareholders over past year. Reported Earnings • Oct 23
Third quarter 2022 earnings released Third quarter 2022 results: EPS: ₺0.22. Net income: ₺17.5m (up ₺17.5m from 3Q 2021). Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment deteriorated over the past week After last week's 70% share price decline to ₺6.86, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 14x in the Food industry in Turkey. Total loss to shareholders of 60% over the past year. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 21% share price gain to ₺26.20, the stock trades at a trailing P/E ratio of 36.5x. Average trailing P/E is 11x in the Food industry in Turkey. Total returns to shareholders of 119% over the past year. 
