Buy Or Sell Opportunity • May 21
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at ₺3.50. The fair value is estimated to be ₺4.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company became loss making. New Risk • May 18
New major risk - Revenue and earnings growth Earnings have declined by 15% 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 15% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺3.69b market cap, or US$81.0m). Announcement • Apr 09
Hun Yenilenebilir Enerji Üretim A.S., Annual General Meeting, May 06, 2026 Hun Yenilenebilir Enerji Üretim A.S., Annual General Meeting, May 06, 2026. Location: levent mah. comert sk. yapi kredi plaza sitesi b, blok no:1b kat 10 ic kapi no:26, besiktas-istanbul / turkiye, istanbul Turkey Reported Earnings • Mar 15
Full year 2025 earnings released: ₺0.23 loss per share (vs ₺0.50 profit in FY 2024) Full year 2025 results: ₺0.23 loss per share (down from ₺0.50 profit in FY 2024). Revenue: ₺995.8m (up 19% from FY 2024). Net loss: ₺234.9m (down 147% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. New Risk • Nov 27
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (43% net debt to equity). Market cap is less than US$100m (₺3.41b market cap, or US$80.3m). Reported Earnings • Aug 22
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₺308.5m (up 17% from 2Q 2024). Net income: ₺55.0m (up ₺68.0m from 2Q 2024). Profit margin: 18% (up from net loss in 2Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺4.70, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 17x in the Renewable Energy industry in Turkey. Total returns to shareholders of 137% over the past three years. New Risk • May 31
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 47% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Minor Risks High level of debt (47% net debt to equity). Market cap is less than US$100m (₺3.41b market cap, or US$86.9m). Announcement • Mar 26
Hun Yenilenebilir Enerji Üretim A.S., Annual General Meeting, Apr 22, 2025 Hun Yenilenebilir Enerji Üretim A.S., Annual General Meeting, Apr 22, 2025. Location: levent mah. comert sk. yapi kredi plaza sitesi b, blok no:1b kat 10 ic kapi no:26 besiktas, istanbul Turkey Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺3.54, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 113% over the past three years. New Risk • Mar 20
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 Risks Earnings have declined by 4.5% per year over the past 5 years. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Mar 11
Full year 2024 earnings released Full year 2024 results: Revenue: ₺839.5m (up 51% from FY 2023). Net income: ₺496.8m (up ₺453.6m from FY 2023). Profit margin: 59% (up from 7.7% in FY 2023). The increase in margin was primarily driven by higher revenue. New Risk • Jan 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.58b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization 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 Risks Earnings have declined by 23% per year over the past 5 years. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Minor Risks High level of debt (50% net debt to equity). Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (₺3.58b market cap, or US$99.8m). New Risk • Aug 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.9x 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 (0.9x net interest cover). Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₺3.38b market cap, or US$99.5m). Reported Earnings • Aug 21
Second quarter 2024 earnings released: ₺0.022 loss per share (vs ₺0.22 profit in 2Q 2023) Second quarter 2024 results: ₺0.022 loss per share (down from ₺0.22 profit in 2Q 2023). Revenue: ₺263.1m (up 108% from 2Q 2023). Net loss: ₺12.9m (down 110% from profit in 2Q 2023). New Risk • Aug 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 72% 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 Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings have declined by 1.6% per year over the past 5 years. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Reported Earnings • May 27
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺105.3m (up 22% from 1Q 2023). Net loss: ₺59.3m (loss widened 28% from 1Q 2023). New Risk • May 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺2.63b (US$81.5m) This is considered a minor risk. Companies with a small market capitalization 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 Risks Interest payments are not well covered by earnings (2.1x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (₺2.63b market cap, or US$81.5m). Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 38% After last week's 38% share price decline to ₺4.53, the stock trades at a trailing P/E ratio of 60.8x. Average trailing P/E is 20x in the Renewable Energy industry in Turkey. Total loss to shareholders of 23% over the past year. Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: ₺0.074 (vs ₺0.29 in FY 2022) Full year 2023 results: EPS: ₺0.074 (down from ₺0.29 in FY 2022). Revenue: ₺557.8m (up 21% from FY 2022). Net income: ₺43.2m (down 75% from FY 2022). Profit margin: 7.7% (down from 37% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺7.50, the stock trades at a trailing P/E ratio of 59.5x. Average trailing P/E is 21x in the Renewable Energy industry in Turkey. Total loss to shareholders of 19% over the past year. Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: ₺0.008 (vs ₺0.11 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.008 (down from ₺0.11 in 3Q 2022). Revenue: ₺194.5m (up 37% from 3Q 2022). Net income: ₺4.41m (down 93% from 3Q 2022). Profit margin: 2.3% (down from 45% in 3Q 2022). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺9.31, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 25x in the Renewable Energy industry in Turkey. Total returns to shareholders of 122% over the past year. New Risk • Aug 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.2x 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 Risk Interest payments are not well covered by earnings (0.2x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (27% net profit margin). Reported Earnings • Aug 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺126.8m (flat on 2Q 2022). Net income: ₺125.8m (up 6.9% from 2Q 2022). Profit margin: 99% (up from 93% in 2Q 2022). New Risk • Jul 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 9.3% 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: Minor Risks High level of debt (75% net debt to equity). 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 (33% net profit margin). Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺11.35, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 18x in the Renewable Energy industry in Turkey. Total returns to shareholders of 282% over the past year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺8.44, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 17x in the Renewable Energy industry in Turkey. Total returns to shareholders of 207% over the past year. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺6.56, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 133% over the past year. Reported Earnings • May 14
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺92.6m (up 60% from 1Q 2022). Net loss: ₺9.33m (down ₺9.65m from profit in 1Q 2022). Reported Earnings • Mar 16
Full year 2022 earnings released Full year 2022 results: Revenue: ₺459.5m (up 181% from FY 2021). Net income: ₺170.6m (down 54% from FY 2021). Profit margin: 37% (down from 224% in FY 2021). Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₺7.34, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 13x in the Renewable Energy industry in Turkey. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺9.76, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 16x in the Renewable Energy industry in Turkey. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺11.41, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 19x in the Renewable Energy industry in Turkey. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 22% share price gain to ₺12.29, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 15x in the Renewable Energy industry in Turkey. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 22% share price gain to ₺8.03, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 15x in the Renewable Energy industry in Turkey. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 18% share price gain to ₺4.94, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 11x in the Renewable Energy industry in Turkey. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 19% share price gain to ₺4.11, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 10x in the Renewable Energy industry in Turkey. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 15% share price gain to ₺3.06, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 12x in the Renewable Energy industry in Turkey.