Major Estimate Revision • May 17
Consensus revenue estimates increase by 17% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from ₺73.5b to ₺85.9b. EPS estimate unchanged from ₺0.64 at last update. Metals and Mining industry in Turkey expected to see average net income growth of 45% next year. Consensus price target up from ₺39.65 to ₺43.25. Share price rose 3.6% to ₺41.98 over the past week. Reported Earnings • May 14
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₺15.5b (up 1.3% from 1Q 2025). Net income: ₺24.5m (up ₺1.59b from 1Q 2025). Profit margin: 0.2% (up from net loss in 1Q 2025). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Metals and Mining industry in Turkey. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 16
Kardemir Karabük Demir Çelik Sanayi Ve Ticaret A.S., Annual General Meeting, Apr 10, 2026 Kardemir Karabük Demir Çelik Sanayi Ve Ticaret A.S., Annual General Meeting, Apr 10, 2026. Location: kardemir egitim ve kultur merkezi, karabuk Turkey Reported Earnings • Mar 15
Full year 2025 earnings released Full year 2025 results: Revenue: ₺66.7b (up 18% from FY 2024). Net loss: ₺1.68b (loss narrowed 45% from FY 2024). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Dec 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.5% to ₺26.06. The fair value is estimated to be ₺32.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 09
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺16.1b (up 10% from 3Q 2024). Net loss: ₺681.8m (loss narrowed 30% from 3Q 2024). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 33% growth forecast for the Metals and Mining industry in Turkey. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.2% to ₺27.70. The fair value is estimated to be ₺35.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 02
Now 21% undervalued Over the last 90 days, the stock has risen 15% to ₺27.14. The fair value is estimated to be ₺34.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 24
Kardemir Karabük Demir Çelik Sanayi Ve Ticaret A.S., Annual General Meeting, Apr 28, 2025 Kardemir Karabük Demir Çelik Sanayi Ve Ticaret A.S., Annual General Meeting, Apr 28, 2025. Location: kardemir egitim ve kultur merkezi-karabuk, karabuk Turkey Reported Earnings • Mar 09
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Revenue: ₺56.5b (up 9.5% from FY 2023). Net loss: ₺3.03b (down 291% from profit in FY 2023). Revenue missed analyst estimates by 3.7%. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺30.66, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Metals and Mining industry in Asia. Total returns to shareholders of 131% over the past three years. Major Estimate Revision • Jan 18
Consensus revenue estimates decrease by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from ₺59.8b to ₺52.9b. EPS estimate unchanged from -₺1.98 per share at last update. Metals and Mining industry in Turkey expected to see average net income growth of 31% next year. Consensus price target broadly unchanged at ₺41.05. Share price fell 3.6% to ₺26.22 over the past week. Major Estimate Revision • Jan 11
Consensus revenue estimates increase by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ₺51.0b to ₺58.2b. EPS estimate unchanged from -₺1.98 at last update. Metals and Mining industry in Turkey expected to see average net income growth of 31% next year. Consensus price target broadly unchanged at ₺41.91. Share price fell 4.1% to ₺27.20 over the past week. Reported Earnings • Nov 10
Third quarter 2024 earnings released: ₺0.85 loss per share (vs ₺0.044 profit in 3Q 2023) Third quarter 2024 results: ₺0.85 loss per share (down from ₺0.044 profit in 3Q 2023). Revenue: ₺14.5b (up 38% from 3Q 2023). Net loss: ₺970.8m (down ₺1.02b from profit in 3Q 2023). Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Major Estimate Revision • Sep 25
Consensus revenue estimates decrease by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from ₺57.8b to ₺45.8b. EPS estimate unchanged from ₺5.19 per share at last update. Metals and Mining industry in Turkey expected to see average net income growth of 32% next year. Consensus price target broadly unchanged at ₺40.51. Share price rose 8.3% to ₺26.22 over the past week. Reported Earnings • Aug 26
Second quarter 2024 earnings released: ₺0.81 loss per share (vs ₺0.49 profit in 2Q 2023) Second quarter 2024 results: ₺0.81 loss per share (down from ₺0.49 profit in 2Q 2023). Revenue: ₺11.1b (up 40% from 2Q 2023). Net loss: ₺927.2m (down 266% from profit in 2Q 2023). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Metals and Mining industry in Turkey. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Aug 22
Now 22% overvalued Over the last 90 days, the stock has fallen 15% to ₺25.36. The fair value is estimated to be ₺20.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 58% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 18% in a year. Earnings are forecast to grow by 222% in the next year. Reported Earnings • Jun 17
First quarter 2024 earnings released: ₺0.73 loss per share (vs ₺0.56 profit in 1Q 2023) First quarter 2024 results: ₺0.73 loss per share (down from ₺0.56 profit in 1Q 2023). Revenue: ₺12.2b (up 38% from 1Q 2023). Net loss: ₺832.0m (down 230% from profit in 1Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Metals and Mining industry in Turkey. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 64% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jun 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to ₺29.30. The fair value is estimated to be ₺24.10, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 55% over the last 3 years. Earnings per share has declined by 12%. Revenue is forecast to grow by 43% in 2 years. Earnings are forecast to grow by 428% in the next 2 years. Major Estimate Revision • May 29
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₺60.6b to ₺51.2b. EPS estimate fell from ₺5.87 to ₺5.18 per share. Net income forecast to grow 299% next year vs 299% growth forecast for Metals and Mining industry in Turkey. Consensus price target broadly unchanged at ₺40.60. Share price fell 2.2% to ₺29.00 over the past week. Buy Or Sell Opportunity • May 19
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₺28.44. The fair value is estimated to be ₺23.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 55% over the last 3 years. Earnings per share has declined by 7.2%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 428% in the next 2 years. Announcement • May 09
Kardemir Karabük Demir Çelik Sanayi Ve Ticaret A.S., Annual General Meeting, May 30, 2024 Kardemir Karabük Demir Çelik Sanayi Ve Ticaret A.S., Annual General Meeting, May 30, 2024, at 07:00 Coordinated Universal Time. Location: Kardemir Education and Culture Centre Karabük Turkey Agenda: To consider reading the 2023 Board of Directors' Annual Activity Report; to consider reading the Audit Report regarding to 2023 fiscal year; to consider reading, discussion and submission to Voting the Consolidated Financial Statements and the Independent Auditing Report which are prepared in accordance with the Capital Market Board's Communiqué on Principles of Financial Reporting in Capital Markets no. II-14.1; to consider acquittal of Members of the Board of Directors separately for the Fiscal Year 2023's operations; to consider informing the General Assembly Regarding the donations and Contributions made in 2023 and resolving the limit of donations to be made in 2024; and to transact other business. Reported Earnings • May 01
Full year 2023 earnings released: EPS: ₺1.39 (vs ₺1.91 in FY 2022) Full year 2023 results: EPS: ₺1.39 (down from ₺1.91 in FY 2022). Revenue: ₺51.6b (up 88% from FY 2022). Net income: ₺1.59b (down 27% from FY 2022). Profit margin: 3.1% (down from 7.9% in FY 2022). 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 27% growth forecast for the Metals and Mining industry in Turkey. 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 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺24.52, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Metals and Mining industry in Turkey. Total returns to shareholders of 259% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺24.09 per share. Major Estimate Revision • Feb 29
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₺40.7b to ₺38.1b. EPS estimate also fell from ₺2.56 per share to ₺2.12 per share. Net income forecast to grow 417% next year vs 21% growth forecast for Metals and Mining industry in Turkey. Consensus price target down from ₺41.61 to ₺39.91. Share price fell 6.6% to ₺27.18 over the past week. Major Estimate Revision • Jan 31
Consensus EPS estimates fall by 11%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ₺39.1b to ₺39.6b. EPS estimate fell from ₺2.80 to ₺2.49 per share. Net income forecast to grow 417% next year vs 34% growth forecast for Metals and Mining industry in Turkey. Consensus price target broadly unchanged at ₺40.49. Share price rose 6.6% to ₺26.80 over the past week. Upcoming Dividend • Nov 21
Upcoming dividend of ₺0.11 per share at 0.9% yield Eligible shareholders must have bought the stock before 28 November 2023. Payment date: 30 November 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Turkish dividend payers (2.0%). In line with average of industry peers (0.8%). Major Estimate Revision • Nov 13
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₺41.1b to ₺39.3b. EPS estimate also fell from ₺2.68 per share to ₺2.25 per share. Net income forecast to grow 525% next year vs 40% growth forecast for Metals and Mining industry in Turkey. Consensus price target down from ₺38.89 to ₺36.92. Share price fell 3.1% to ₺25.26 over the past week. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ₺0.045 (vs ₺0.09 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.045 (down from ₺0.09 in 3Q 2022). Revenue: ₺10.6b (up 55% from 3Q 2022). Net income: ₺51.4m (down 50% from 3Q 2022). Profit margin: 0.5% (down from 1.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Metals and Mining industry in Turkey. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 91% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺30.26, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Metals and Mining industry in Turkey. Total returns to shareholders of 902% over the past three years. Major Estimate Revision • Sep 22
Consensus EPS estimates increase by 10%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₺39.1b to ₺38.4b. EPS estimate rose from ₺2.27 to ₺2.50. Net income forecast to grow 343% next year vs 42% growth forecast for Metals and Mining industry in Turkey. Consensus price target broadly unchanged at ₺36.13. Share price rose 6.2% to ₺27.52 over the past week. Major Estimate Revision • Aug 18
Consensus EPS estimates fall by 47% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₺43.1b to ₺42.5b. EPS estimate also fell from ₺4.27 per share to ₺2.27 per share. Net income forecast to grow 343% next year vs 37% growth forecast for Metals and Mining industry in Turkey. Consensus price target broadly unchanged at ₺36.42. Share price rose 7.4% to ₺25.26 over the past week. Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺7.89b (up 16% from 2Q 2022). Net income: ₺558.2m (down 50% from 2Q 2022). Profit margin: 7.1% (down from 16% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Metals and Mining industry in Turkey. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺22.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Metals and Mining industry in Asia. Total returns to shareholders of 634% over the past three years. Upcoming Dividend • Jun 14
Upcoming dividend of ₺0.11 per share at 4.2% yield Eligible shareholders must have bought the stock before 21 June 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 4.2%. Within top quartile of Turkish dividend payers (3.2%). Lower than average of industry peers (9.1%). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺20.26, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Metals and Mining industry in Asia. Total returns to shareholders of 707% over the past three years. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺16.70, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Metals and Mining industry in Asia. Total returns to shareholders of 624% over the past three years. Major Estimate Revision • May 15
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₺39.4b to ₺37.8b. EPS estimate also fell from ₺4.19 per share to ₺3.28 per share. Net income forecast to grow 97% next year vs 34% growth forecast for Metals and Mining industry in Turkey. Consensus price target down from ₺26.40 to ₺25.38. Share price rose 5.3% to ₺15.20 over the past week. Announcement • May 09
Kardemir Karabük Demir Çelik Sanayi Ve Ticaret A.S. (IBSE:KRDMD) announces an Equity Buyback for 34,200,000 shares, for TRY 750 million. Kardemir Karabük Demir Çelik Sanayi Ve Ticaret A.S. (IBSE:KRDMD) announces a share repurchase program. Under the program, the company will repurchase up to 34,200,000 shares for TRY 750 million. Reported Earnings • May 07
First quarter 2023 earnings released: EPS: ₺0.56 (vs ₺1.03 in 1Q 2022) First quarter 2023 results: EPS: ₺0.56 (down from ₺1.03 in 1Q 2022). Revenue: ₺8.85b (up 47% from 1Q 2022). Net income: ₺641.1m (down 45% from 1Q 2022). Profit margin: 7.2% (down from 19% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in Turkey. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺14.98, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Metals and Mining industry in Asia. Total returns to shareholders of 623% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺8.68 per share. Reported Earnings • Mar 06
Full year 2022 earnings: Revenues exceed analyst expectations Full year 2022 results: Revenue: ₺27.4b (up 86% from FY 2021). Net income: ₺2.17b (down 44% from FY 2021). Profit margin: 7.9% (down from 26% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.4%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 109% per year whereas the company’s share price has increased by 105% per year. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺14.33, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Metals and Mining industry in Asia. Total returns to shareholders of 415% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 20% share price gain to ₺17.70, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Metals and Mining industry in Asia. Total returns to shareholders of 700% over the past three years. Upcoming Dividend • Nov 21
Upcoming dividend of ₺0.44 per share Eligible shareholders must have bought the stock before 28 November 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 6.8%. Within top quartile of Turkish dividend payers (2.3%). Lower than average of industry peers (11%). Board Change • Nov 16
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (6 non-independent directors). Director Yusuf Canbolat is the most experienced director on the board, commencing their role in 2020. Independent Director Mustafa Aydin was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₺13.85, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Metals and Mining industry in Asia. Total returns to shareholders of 562% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺6.91 per share. Major Estimate Revision • Nov 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₺27.2b to ₺27.5b. EPS estimate fell from ₺3.82 to ₺2.69 per share. Net income forecast to shrink 41% next year vs 22% growth forecast for Metals and Mining industry in Turkey . Consensus price target down from ₺18.04 to ₺17.23. Share price was steady at ₺12.11 over the past week. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: ₺0.09 (vs ₺0.63 in 3Q 2021) Third quarter 2022 results: EPS: ₺0.09 (down from ₺0.63 in 3Q 2021). Revenue: ₺6.83b (up 86% from 3Q 2021). Net income: ₺102.6m (down 86% from 3Q 2021). Profit margin: 1.5% (down from 20% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 78% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 16% share price gain to ₺13.69, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Metals and Mining industry in Asia. Total returns to shareholders of 560% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺6.20 per share. Major Estimate Revision • Aug 11
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₺26.8b to ₺28.2b. EPS estimate fell from ₺5.53 to ₺4.69 per share. Net income forecast to shrink 16% next year vs 13% growth forecast for Metals and Mining industry in Turkey . Consensus price target down from ₺21.18 to ₺19.25. Share price was steady at ₺11.11 over the past week. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: ₺0.98 (vs ₺0.81 in 2Q 2021) Second quarter 2022 results: EPS: ₺0.98 (up from ₺0.81 in 2Q 2021). Revenue: ₺6.83b (up 88% from 2Q 2021). Net income: ₺1.12b (up 22% from 2Q 2021). Profit margin: 16% (down from 25% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 29%, compared to a 181% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 75% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺10.67, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 9x in the Metals and Mining industry in Asia. Total returns to shareholders of 433% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺7.49 per share. Major Estimate Revision • Jul 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₺29.3b to ₺31.4b. EPS estimate fell from ₺6.88 to ₺5.95 per share. Net income forecast to grow 45% next year vs 20% growth forecast for Metals and Mining industry in Turkey. Consensus price target down from ₺22.32 to ₺21.25. Share price fell 11% to ₺11.29 over the past week. Upcoming Dividend • Jun 21
Upcoming dividend of ₺0.44 per share Eligible shareholders must have bought the stock before 28 June 2022. Payment date: 30 June 2022. Trailing yield: 6.7%. Within top quartile of Turkish dividend payers (3.8%). Lower than average of industry peers (14%). Major Estimate Revision • May 02
Consensus revenue estimates increase by 12% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ₺23.1b to ₺25.9b. EPS estimate increased from ₺4.03 to ₺6.07 per share. Net income forecast to grow 33% next year vs 20% growth forecast for Metals and Mining industry in Turkey. Consensus price target broadly unchanged at ₺19.31. Share price was steady at ₺15.16 over the past week. Board Change • Apr 27
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (6 non-independent directors). Director Yusuf Canbolat is the most experienced director on the board, commencing their role in 2020. Independent Director Mustafa Aydin was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Buying Opportunity • Apr 20
Now 20% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be ₺20.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 74%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings is also forecast to grow by 6.4% per annum over the same time period. Major Estimate Revision • Mar 08
Consensus EPS estimates increase by 33% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ₺21.1b to ₺22.6b. EPS estimate increased from ₺3.00 to ₺3.98 per share. Net income forecast to shrink 1.7% next year vs 23% growth forecast for Metals and Mining industry in Turkey . Consensus price target up from ₺16.12 to ₺17.07. Share price rose 19% to ₺14.59 over the past week. Reported Earnings • Mar 03
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ₺3.38 (up from ₺0.053 in FY 2020). Revenue: ₺14.8b (up 96% from FY 2020). Net income: ₺3.85b (up ₺3.79b from FY 2020). Profit margin: 26% (up from 0.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Over the next year, revenue is forecast to grow 49%, compared to a 39% growth forecast for the mining industry in Turkey. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 22% share price gain to ₺12.86, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 11x in the Metals and Mining industry in Asia. Total returns to shareholders of 513% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺19.90 per share. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₺9.43, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Metals and Mining industry in Asia. Total returns to shareholders of 394% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺11.31 per share. Major Estimate Revision • Dec 23
Consensus revenue estimates fall by 26% The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from ₺19.1b to ₺14.2b. EPS estimate fell from ₺3.22 to ₺2.91 per share. Net income forecast to grow 20% next year vs 27% growth forecast for Metals and Mining industry in Turkey. Consensus price target down from ₺19.06 to ₺18.50. Share price fell 28% to ₺8.91 over the past week. Major Estimate Revision • Dec 16
Consensus revenue estimates fall by 11% The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from ₺19.1b to ₺17.0b. EPS estimate fell from ₺3.22 to ₺2.99 per share. Net income forecast to shrink 12% next year vs 27% growth forecast for Metals and Mining industry in Turkey . Consensus price target of ₺12.09 unchanged from last update. Share price rose 18% to ₺12.34 over the past week. Major Estimate Revision • Dec 16
Consensus revenue estimates fall by 11% The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from ₺19.1b to ₺17.0b. EPS estimate fell from ₺3.22 to ₺2.99 per share. Net income forecast to shrink 12% next year vs 27% growth forecast for Metals and Mining industry in Turkey . Consensus price target of ₺12.09 unchanged from last update. Share price rose 18% to ₺12.34 over the past week. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 17% share price gain to ₺10.89, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Metals and Mining industry in Asia. Total returns to shareholders of 467% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺11.47 per share. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improved over the past week After last week's 16% share price gain to ₺8.71, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Metals and Mining industry in Asia. Total returns to shareholders of 297% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺11.21 per share. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS ₺0.63 (vs ₺0.11 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₺3.68b (up 92% from 3Q 2020). Net income: ₺715.9m (up ₺844.6m from 3Q 2020). Profit margin: 20% (up from net loss in 3Q 2020). The move to profitability 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 only increased by 34% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 17
Consensus EPS estimates increase to ₺2.27 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ₺11.8b to ₺12.7b. EPS estimate increased from ₺1.98 to ₺2.27 per share. Net income forecast to grow 29% next year vs 39% growth forecast for Metals and Mining industry in Turkey. Consensus price target broadly unchanged at ₺10.93. Share price rose 2.2% to ₺8.19 over the past week. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS ₺0.81 (vs ₺0.093 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺3.64b (up 109% from 2Q 2020). Net income: ₺919.3m (up ₺1.03b from 2Q 2020). Profit margin: 25% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. 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 27% per year, which means it is well ahead of earnings. Reported Earnings • May 07
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: 2.73b (down 100% from 1Q 2020). Net income: 501.3m (up 33t from 1Q 2020). Profit margin: 18% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 04
New 90-day high: ₺7.36 The company is up 50% from its price of ₺4.91 on 04 December 2020. The Turkish market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺4.62 per share. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ₺0.053 (vs ₺0.071 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₺7.52b (up 24% from FY 2019). Net income: ₺60.7m (down 25% from FY 2019). Profit margin: 0.8% (down from 1.3% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 70% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 41%, compared to a 34% growth forecast for the Metals and Mining industry in Turkey. Is New 90 Day High Low • Jan 15
New 90-day high: ₺6.61 The company is up 80% from its price of ₺3.68 on 16 October 2020. The Turkish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 48% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺2.93 per share. Is New 90 Day High Low • Dec 28
New 90-day high: ₺5.61 The company is up 71% from its price of ₺3.28 on 29 September 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 45% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺3.08 per share. Is New 90 Day High Low • Dec 08
New 90-day high: ₺5.23 The company is up 70% from its price of ₺3.08 on 09 September 2020. The Turkish market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺2.52 per share. Reported Earnings • Nov 11
Third quarter 2020 earnings released: ₺0.11 loss per share The company reported a mediocre third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: ₺1.92b (up 46% from 3Q 2019). Net loss: ₺128.7m (down 429% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue and earnings miss expectations Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 29%. Over the next year, revenue is forecast to grow 28%, compared to a 12% growth forecast for the Metals and Mining industry in Turkey. Is New 90 Day High Low • Nov 10
New 90-day high: ₺3.73 The company is up 24% from its price of ₺3.02 on 12 August 2020. The Turkish market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺0.47 per share. Is New 90 Day High Low • Oct 12
New 90-day high: ₺3.58 The company is up 17% from its price of ₺3.07 on 14 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺0.30 per share. Is New 90 Day High Low • Sep 23
New 90-day high: ₺3.28 The company is up 9.0% from its price of ₺3.01 on 25 June 2020. The Turkish market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Metals and Mining industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺0.29 per share.