Reported Earnings • May 17
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₺8.88b (up 99% from 1Q 2025). Net income: ₺1.61b (up 200% from 1Q 2025). Profit margin: 18% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Metals and Mining industry in Turkey. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺43.60, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Metals and Mining industry in Asia. Total returns to shareholders of 117% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺21.12 per share. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺51.80, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the Metals and Mining industry in Asia. Total returns to shareholders of 154% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺20.91 per share. Reported Earnings • Mar 02
Full year 2025 earnings released Full year 2025 results: Revenue: ₺16.9b (up 94% from FY 2024). Net income: ₺4.10b (up ₺3.50b from FY 2024). Profit margin: 24% (up from 6.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 48% p.a. on average during the next 3 years, compared to a 40% growth forecast for the Metals and Mining industry in Turkey. New Risk • Feb 10
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 10% 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. Major Estimate Revision • Feb 04
Consensus EPS estimates increase by 100%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ₺19.8b to ₺18.7b. EPS estimate rose from ₺0.99 to ₺1.98. Net income forecast to grow 231% next year vs 40% growth forecast for Metals and Mining industry in Turkey. Consensus price target up from ₺36.90 to ₺45.86. Share price fell 13% to ₺48.08 over the past week. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺59.25, the stock trades at a forward P/E ratio of 50x. Average forward P/E is 19x in the Metals and Mining industry in Asia. Total returns to shareholders of 130% over the past three years. Price Target Changed • Jan 12
Price target increased by 13% to ₺36.90 Up from ₺32.60, the current price target is an average from 5 analysts. New target price is 21% below last closing price of ₺46.68. Stock is up 111% over the past year. The company is forecast to post earnings per share of ₺0.99 for next year compared to ₺0.19 last year. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺42.20, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 15x in the Metals and Mining industry in Asia. Total returns to shareholders of 46% over the past three years. New Risk • Dec 12
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 8.3% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺40.48, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 15x in the Metals and Mining industry in Asia. Total returns to shareholders of 103% over the past three years. Price Target Changed • Nov 26
Price target increased by 7.8% to ₺33.45 Up from ₺31.04, the current price target is an average from 5 analysts. New target price is 12% below last closing price of ₺37.88. Stock is up 82% over the past year. The company posted earnings per share of ₺0.19 last year. Reported Earnings • Nov 14
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺5.59b (up 201% from 3Q 2024). Net income: ₺2.76b (up 256% from 3Q 2024). Profit margin: 50% (up from 42% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 61% p.a. on average during the next 3 years, compared to a 35% growth forecast for the Metals and Mining industry in Turkey. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺30.98, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 16x in the Metals and Mining industry in Asia. Total returns to shareholders of 169% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺13.35 per share. Announcement • Sep 26
Koza Altin Isletmeleri A.S., Annual General Meeting, Oct 24, 2025 Koza Altin Isletmeleri A.S., Annual General Meeting, Oct 24, 2025. Location: vakiflar genel mudurlugu yerleskesi erler mah., dumlupinar bulvari no:340, eskisehir yolu, etimesgut / ankara, ankara Turkey Price Target Changed • Aug 15
Price target increased by 9.9% to ₺31.04 Up from ₺28.25, the current price target is an average from 5 analysts. New target price is 33% above last closing price of ₺23.34. Stock is down 2.8% over the past year. The company posted earnings per share of ₺0.19 last year. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: ₺0 (vs ₺0.019 loss in 2Q 2024) Second quarter 2025 results: EPS: ₺0 (improved from ₺0.019 loss in 2Q 2024). Revenue: ₺2.75b (up 7.6% from 2Q 2024). Net income: ₺1.14b (up ₺1.20b from 2Q 2024). Profit margin: 41% (up from net loss in 2Q 2024). The move to profitability was primarily driven by lower expenses. Revenue is expected to decline by 64% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Asia are expected to grow by 9.0%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 12
Price target increased by 7.6% to ₺30.40 Up from ₺28.25, the current price target is an average from 5 analysts. New target price is 30% above last closing price of ₺23.42. Stock is up 0.8% over the past year. The company posted earnings per share of ₺0.19 last year. Buy Or Sell Opportunity • Jul 21
Now 21% overvalued Over the last 90 days, the stock has fallen 11% to ₺24.84. The fair value is estimated to be ₺20.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 7.3%. Buy Or Sell Opportunity • Jul 03
Now 20% overvalued Over the last 90 days, the stock has fallen 15% to ₺25.02. The fair value is estimated to be ₺20.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 7.3%. Reported Earnings • May 23
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₺4.22b (up 33% from 1Q 2024). Net income: ₺506.1m (up ₺704.3m from 1Q 2024). Profit margin: 12% (up from net loss in 1Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. New Risk • Mar 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 30% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. New Risk • Mar 16
New major risk - Revenue and earnings growth Earnings have declined by 31% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 16
Full year 2024 earnings released: EPS: ₺0.19 (vs ₺0.13 in FY 2023) Full year 2024 results: EPS: ₺0.19 (up from ₺0.13 in FY 2023). Revenue: ₺8.74b (up 7.8% from FY 2023). Net income: ₺604.0m (up 49% from FY 2023). Profit margin: 6.9% (up from 5.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 60% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺25.98, the stock trades at a trailing P/E ratio of 36.8x. Average forward P/E is 13x in the Metals and Mining industry in Turkey. Total returns to shareholders of 338% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺15.23 per share. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺25.50, the stock trades at a trailing P/E ratio of 36.1x. Average forward P/E is 13x in the Metals and Mining industry in Turkey. Total returns to shareholders of 365% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺14.97 per share. Reported Earnings • Nov 22
Third quarter 2024 earnings released: EPS: ₺0.24 (vs ₺0.51 in 3Q 2023) Third quarter 2024 results: EPS: ₺0.24 (down from ₺0.51 in 3Q 2023). Revenue: ₺1.86b (down 8.6% from 3Q 2023). Net income: ₺775.6m (down 52% from 3Q 2023). Profit margin: 42% (down from 80% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Metals and Mining industry in Asia. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 55% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Sep 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ₺24.10. The fair value is estimated to be ₺19.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Sep 22
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺2.09b (up 45% from 2Q 2023). Net loss: ₺39.4m (down 103% from profit in 2Q 2023). Revenue is forecast to grow 18% 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 148 percentage points per year, which is a significant difference in performance. Price Target Changed • Sep 09
Price target increased by 9.1% to ₺25.89 Up from ₺23.72, the current price target is an average from 5 analysts. New target price is 14% above last closing price of ₺22.72. Stock is down 31% over the past year. The company is forecast to post earnings per share of ₺1.67 for next year compared to ₺0.13 last year. New Risk • Jul 10
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: 7.1% Last year net profit margin: 73% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 10
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺2.93b (up 80% from 1Q 2023). Net loss: ₺182.8m (down 113% from profit in 1Q 2023). Revenue is forecast to grow 18% 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, earnings per share has increased by 7% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jul 05
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from ₺11.5b to ₺10.3b. EPS estimate unchanged from ₺1.67 per share at last update. Metals and Mining industry in Turkey expected to see average net income growth of 174% next year. Consensus price target up from ₺23.45 to ₺24.42. Share price fell 4.0% to ₺20.78 over the past week. Reported Earnings • May 13
Full year 2023 earnings released Full year 2023 results: Revenue: ₺8.11b (up 41% from FY 2022). Net income: ₺406.1m (down 90% from FY 2022). Profit margin: 5.0% (down from 70% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 31% p.a. on average during the next 2 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 38% per year but the company’s share price has increased by 53% 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 16% After last week's 16% share price gain to ₺24.72, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 9x in the Metals and Mining industry in Turkey. Total returns to shareholders of 416% over the past three years. Reported Earnings • Oct 31
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺2.03b (up 3.2% from 3Q 2022). Net income: ₺1.62b (up 23% from 3Q 2022). Profit margin: 80% (up from 67% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Metals and Mining industry in Turkey. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺27.76, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Metals and Mining industry in Asia. Total returns to shareholders of 750% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺11.27 per share. Major Estimate Revision • Aug 16
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₺9.33b to ₺8.34b. EPS estimate unchanged from ₺1.70 per share at last update. Metals and Mining industry in Turkey expected to see average net income growth of 38% next year. Consensus price target up from ₺18.80 to ₺21.86. Share price fell 3.0% to ₺26.72 over the past week. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ₺0.47 (vs ₺0.23 in 2Q 2022) Second quarter 2023 results: EPS: ₺0.47 (up from ₺0.23 in 2Q 2022). Revenue: ₺1.44b (up 13% from 2Q 2022). Net income: ₺1.51b (up 107% from 2Q 2022). Revenue is forecast to grow 38% 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 increased by 36% per year but the company’s share price has increased by 93% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 10
Price target increased by 19% to ₺21.86 Up from ₺18.36, the current price target is an average from 5 analysts. New target price is 15% below last closing price of ₺25.80. Stock is up 256% over the past year. The company is forecast to post earnings per share of ₺1.70 for next year compared to ₺1.25 last year. Major Estimate Revision • Jul 25
Consensus EPS estimates increase by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ₺8.86b to ₺9.33b. EPS estimate increased from ₺1.34 to ₺1.70 per share. Net income forecast to grow 30% next year vs 36% growth forecast for Metals and Mining industry in Turkey. Consensus price target up from ₺18.36 to ₺18.80. Share price fell 4.6% to ₺25.50 over the past week. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺20.64, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Metals and Mining industry in Asia. Total returns to shareholders of 486% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺23.02, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Metals and Mining industry in Asia. Total returns to shareholders of 616% 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 ₺19.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Metals and Mining industry in Asia. Total returns to shareholders of 486% over the past three years. Major Estimate Revision • May 09
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₺10.5b to ₺8.48b. EPS estimate fell from ₺1.67 to ₺1.34 per share. Net income forecast to grow 9.7% next year vs 33% growth forecast for Metals and Mining industry in Turkey. Consensus price target down from ₺18.73 to ₺17.87. Share price fell 12% to ₺16.59 over the past week. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: ₺0.43 (vs ₺0.33 in 1Q 2022) First quarter 2023 results: EPS: ₺0.43 (up from ₺0.33 in 1Q 2022). Revenue: ₺1.63b (up 16% from 1Q 2022). Net income: ₺1.38b (up 31% from 1Q 2022). Profit margin: 85% (up from 75% in 1Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 16% 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 34% per year but the company’s share price has increased by 65% 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 17% After last week's 17% share price decline to ₺18.88, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Metals and Mining industry in Asia. Total returns to shareholders of 509% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺9.56 per share. Price Target Changed • Mar 12
Price target decreased by 9.6% to ₺15.21 Down from ₺16.81, the current price target is an average from 5 analysts. New target price is 27% below last closing price of ₺20.72. Stock is up 212% over the past year. The company is forecast to post earnings per share of ₺1.67 for next year compared to ₺1.25 last year. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺19.53, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Metals and Mining industry in Asia. Total returns to shareholders of 601% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺11.53 per share. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: ₺1.25 (vs ₺0.94 in FY 2021) Full year 2022 results: EPS: ₺1.25 (up from ₺0.94 in FY 2021). Revenue: ₺5.74b (up 43% from FY 2021). Net income: ₺4.01b (up 34% from FY 2021). Profit margin: 70% (down from 75% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Metals and Mining industry in Turkey. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 82% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺454, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Metals and Mining industry in Asia. Total returns to shareholders of 563% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺189 per share. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 35% share price gain to ₺486, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Metals and Mining industry in Asia. Total returns to shareholders of 628% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺198 per share. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 18% share price gain to ₺339, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Metals and Mining industry in Asia. Total returns to shareholders of 393% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺220 per share. Price Target Changed • Nov 20
Price target increased to ₺249 Up from ₺225, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ₺256. Stock is up 113% over the past year. The company is forecast to post earnings per share of ₺29.43 for next year compared to ₺19.70 last year. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Chairman of the Board Ismail Guler was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺1.97b (up 121% from 3Q 2021). Net income: ₺1.32b (up 153% from 3Q 2021). Profit margin: 67% (up from 59% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Metals and Mining industry in Asia. Buying Opportunity • Oct 25
Now 21% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be ₺242, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 62% in 2 years. Earnings is forecast to grow by 68% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 17% share price gain to ₺182, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Metals and Mining industry in Asia. Total returns to shareholders of 222% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺266 per share. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺147, 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 151% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺263 per share. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: ₺11.74 (vs ₺4.48 in 2Q 2021) Second quarter 2022 results: EPS: ₺11.74 (up from ₺4.48 in 2Q 2021). Revenue: ₺2.68b (up 139% from 2Q 2021). Net income: ₺1.79b (up 162% from 2Q 2021). Profit margin: 67% (up from 61% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 63%, compared to a 173% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺165, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Metals and Mining industry in Asia. Total returns to shareholders of 252% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺267 per share. Price Target Changed • Jul 07
Price target increased to ₺230 Up from ₺206, the current price target is an average from 3 analysts. New target price is 40% above last closing price of ₺164. Stock is up 53% over the past year. The company is forecast to post earnings per share of ₺29.08 for next year compared to ₺19.70 last year. Price Target Changed • Jul 01
Price target increased to ₺220 Up from ₺195, the current price target is an average from 3 analysts. New target price is 18% above last closing price of ₺187. Stock is up 66% over the past year. The company is forecast to post earnings per share of ₺29.08 for next year compared to ₺19.70 last year. Price Target Changed • May 19
Price target increased to ₺183 Up from ₺165, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₺184. Stock is up 41% over the past year. The company is forecast to post earnings per share of ₺26.72 for next year compared to ₺19.70 last year. Reported Earnings • May 01
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ₺6.94 (up from ₺4.34 in 1Q 2021). Revenue: ₺1.41b (up 66% from 1Q 2021). Net income: ₺1.06b (up 60% from 1Q 2021). Profit margin: 75% (down from 78% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the next year, revenue is forecast to grow 39%, compared to a 35% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Chairman of the Board Ismail Guler was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 23% share price gain to ₺145, 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 228% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺250 per share. Reported Earnings • Mar 03
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ₺19.70 (up from ₺11.87 in FY 2020). Revenue: ₺4.00b (up 23% from FY 2020). Net income: ₺3.00b (up 66% from FY 2020). Profit margin: 75% (up from 56% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the next year, revenue is forecast to grow 54%, 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 25% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 28
Price target increased to ₺164 Up from ₺150, the current price target is an average from 3 analysts. New target price is 28% above last closing price of ₺128. Stock is up 11% over the past year. The company is forecast to post earnings per share of ₺17.39 for next year compared to ₺11.87 last year. Major Estimate Revision • Jan 21
Consensus EPS estimates increase by 28% The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ₺4.81b to ₺4.97b. EPS estimate increased from ₺13.62 to ₺17.39 per share. Net income forecast to grow 62% next year vs 26% growth forecast for Metals and Mining industry in Turkey. Consensus price target up from ₺150 to ₺157. Share price was steady at ₺130 over the past week. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₺112, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Metals and Mining industry in Asia. Total returns to shareholders of 124% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺195 per share. Price Target Changed • Dec 22
Price target increased to ₺141 Up from ₺129, the current price target is an average from 2 analysts. New target price is 26% above last closing price of ₺112. Stock is up 35% over the past year. The company is forecast to post earnings per share of ₺13.62 for next year compared to ₺11.87 last year. Reported Earnings • Nov 03
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: ₺890.7m (flat on 3Q 2020). Net income: ₺522.0m (down 11% from 3Q 2020). Profit margin: 59% (down from 65% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 28% per year. Major Estimate Revision • Aug 16
Consensus EPS estimates fall to ₺13.18 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ₺4.01b to ₺3.74b. EPS estimate also fell from ₺15.01 to ₺13.18. Net income forecast to grow 2.3% next year vs 39% growth forecast for Metals and Mining industry in Turkey. Consensus price target down from ₺131 to ₺127. Share price was steady at ₺105 over the past week. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ₺4.48 (vs ₺3.08 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₺1.12b (up 56% from 2Q 2020). Net income: ₺682.9m (up 45% from 2Q 2020). Profit margin: 61% (down from 65% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 02
First quarter 2021 earnings released: EPS ₺4.34 (vs ₺2.58 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺848.8m (up 22% from 1Q 2020). Net income: ₺662.0m (up 68% from 1Q 2020). Profit margin: 78% (up from 57% in 1Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 37% per year. Analyst Estimate Surprise Post Earnings • Mar 07
Revenue misses expectations Revenue missed analyst estimates by 3.9%. Over the next year, revenue is forecast to grow 12%, compared to a 36% growth forecast for the Metals and Mining industry in Turkey. Reported Earnings • Mar 05
Full year 2020 earnings released: EPS ₺11.87 (vs ₺11.59 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₺3.25b (up 14% from FY 2019). Net income: ₺1.81b (up 2.4% from FY 2019). Profit margin: 56% (down from 62% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺128, the stock is trading at a trailing P/E ratio of 10x, down from the previous P/E ratio of 11.9x. This compares to an average P/E of 17x in the Metals and Mining industry in Turkey. Total returns to shareholders over the past three years are 301%. Is New 90 Day High Low • Feb 12
New 90-day high: ₺144 The company is up 91% from its price of ₺75.60 on 13 November 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 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺188 per share. Is New 90 Day High Low • Jan 25
New 90-day high: ₺121 The company is up 53% from its price of ₺79.45 on 27 October 2020. The Turkish market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 50% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺40.00 per share. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 23% share price gain to ₺119, the stock is trading at a trailing P/E ratio of 9.3x, up from the previous P/E ratio of 7.5x. This compares to an average P/E of 20x in the Metals and Mining industry in Turkey. Total returns to shareholders over the past three years are 175%. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improved over the past week After last week's 19% share price gain to ₺94.70, the stock is trading at a trailing P/E ratio of 7.4x, up from the previous P/E ratio of 6.2x. This compares to an average P/E of 20x in the Metals and Mining industry in Turkey. Total returns to shareholders over the past three years are 148%. Is New 90 Day High Low • Dec 23
New 90-day high: ₺83.10 The company is up 10.0% from its price of ₺75.85 on 24 September 2020. The Turkish market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 41% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺41.01 per share. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue and earnings miss expectations Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) also missed analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 2.2%, compared to a 12% growth forecast for the Metals and Mining industry in Turkey. Is New 90 Day High Low • Oct 30
New 90-day low: ₺73.60 The company is down 15% from its price of ₺86.45 on 30 July 2020. The Turkish market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺95.01 per share. 
