New Risk • May 18
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: 0.4% Last year net profit margin: 0.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (154% payout ratio). Profit margins are more than 30% lower than last year (0.4% net profit margin). Upcoming Dividend • Mar 25
Upcoming dividend of ₺3.17 per share Eligible shareholders must have bought the stock before 01 April 2026. Payment date: 03 April 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 13%. Within top quartile of Turkish dividend payers (2.9%). Higher than average of industry peers (10%). New Risk • Mar 10
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 154% The company is paying a dividend despite having no free cash flows. Dividend yield: 12% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 154% Paying a dividend despite having no free cash flows. High level of non-cash earnings (55% accrual ratio). Declared Dividend • Mar 09
Dividend reduced to ₺3.17 Dividend of ₺3.17 is 44% lower than last year. Ex-date: 1st April 2026 Payment date: 3rd April 2026 Dividend yield will be 7.1%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is not covered by earnings (154% earnings payout ratio). However, it is covered by cash flows (54% cash payout ratio). The dividend has increased by an average of 115% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 71% to bring the payout ratio under control, which is more than the 51% EPS growth achieved over the last 5 years. Announcement • Mar 07
Is Yatirim Menkul Degerler Anonim Sirketi announces Annual dividend, payable on April 03, 2026 Is Yatirim Menkul Degerler Anonim Sirketi announced Annual dividend of TRY 3.1667 per share payable on April 03, 2026, ex-date on April 01, 2026 and record date on April 02, 2026. Announcement • Mar 06
Is Yatirim Menkul Degerler Anonim Sirketi, Annual General Meeting, Mar 30, 2026 Is Yatirim Menkul Degerler Anonim Sirketi, Annual General Meeting, Mar 30, 2026. Location: is sanat kultur merkezi is kuleleri, levent besiktas, istanbul Turkey Price Target Changed • Jan 14
Price target increased by 7.1% to ₺67.64 Up from ₺63.16, the current price target is an average from 2 analysts. New target price is 61% above last closing price of ₺42.10. Stock is down 1.5% over the past year. The company posted earnings per share of ₺3.67 last year. New Risk • Mar 28
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 8.4% 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 Dividend is not well covered by earnings (154% payout ratio). Share price has been volatile over the past 3 months (8.4% average weekly change). Profit margins are more than 30% lower than last year (0.6% net profit margin). Upcoming Dividend • Mar 21
Upcoming dividend of ₺5.67 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 03 April 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 13%. Within top quartile of Turkish dividend payers (3.0%). Higher than average of industry peers (8.4%). New Risk • Mar 20
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 154% Dividend yield: 2.3% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (154% payout ratio). Profit margins are more than 30% lower than last year (0.6% net profit margin). 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 ₺46.90, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 16x in the Capital Markets industry in Turkey. Total returns to shareholders of 1,223% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺40.00, the stock trades at a trailing P/E ratio of 12.4x. Average forward P/E is 19x in the Capital Markets industry in Turkey. Total returns to shareholders of 1,253% over the past three years. New Risk • Jun 16
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: 0.9% Last year net profit margin: 1.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.9% net profit margin). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺33.84, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 972% over the past three years. Upcoming Dividend • May 22
Upcoming dividend of ₺1.07 per share Eligible shareholders must have bought the stock before 29 May 2024. Payment date: 31 May 2024. Payout ratio is a comfortable 8.0% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Turkish dividend payers (2.1%). Higher than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺41.62, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 1,046% over the past three years. Declared Dividend • Mar 22
Dividend of ₺1.07 announced Shareholders will receive a dividend of ₺1.07. Ex-date: 29th May 2024 Payment date: 31st May 2024 Dividend yield will be 3.2%, which is higher than the industry average of 1.1%. Sustainability & Growth Dividend is well covered by both earnings (8% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has increased by an average of 37% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 90% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 20
Is Yatirim Menkul Degerler Anonim Sirketi, Annual General Meeting, Apr 15, 2024 Is Yatirim Menkul Degerler Anonim Sirketi, Annual General Meeting, Apr 15, 2024, at 07:00 Coordinated Universal Time. Location: Is Kuleleri Kule-1 Kat:41 Levent Istanbul Turkey Agenda: To consider reading and deliberation of Board of Directors' Annual Report for the year 2023; to consider reading, deliberation of the financial statements and Independent Auditor's report of 2023 and approval of the financial statements; to consider approval of members assigned to the Board of Directors in the period; to consider the individual acquittal of members of the Board of Directors for their fiduciary responsibilities for 2023; to consider approval of prior year's loss amount due to the inflation adjustment to be set off against extraordinary legal reserves; to consider amendment of article 9 of the Articles of Association; and to consider other matters. 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 ₺34.28, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 7x in the Capital Markets industry in Turkey. Total returns to shareholders of 838% over the past three years. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺36.00, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Total returns to shareholders of 1,357% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺40.48, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 2,225% over the past three years. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺41.32, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Total returns to shareholders of 2,681% over the past three years. New Risk • Aug 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 114% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (114% accrual ratio). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (9.6% average weekly change). Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₺21.60, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 1,382% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺61.60, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Total returns to shareholders of 1,062% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺56.50, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Total returns to shareholders of 1,014% over the past three years. Upcoming Dividend • May 19
Upcoming dividend of ₺2.13 per share at 4.4% yield Eligible shareholders must have bought the stock before 26 May 2023. Payment date: 30 May 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 4.4%. Within top quartile of Turkish dividend payers (3.7%). Higher than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺51.80, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 6x in the Capital Markets industry in Turkey. Total returns to shareholders of 941% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺44.02, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Total returns to shareholders of 947% over the past three years. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₺52.25, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 1,342% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 22% share price gain to ₺56.10, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 13x in the Capital Markets industry in Turkey. Total returns to shareholders of 1,523% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Ali Kara was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 15% share price gain to ₺34.90, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 1,038% over the past three years. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 16% share price gain to ₺29.60, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 872% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 16% share price gain to ₺32.00, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 930% over the past three years. Upcoming Dividend • May 17
Upcoming dividend of ₺1.13 per share Eligible shareholders must have bought the stock before 24 May 2022. Payment date: 26 May 2022. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of Turkish dividend payers (4.0%). Higher than average of industry peers (2.7%). Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Ali Kara 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. Upcoming Dividend • Mar 25
Inaugural dividend of ₺1.00 per share Eligible shareholders must have bought the stock before 31 March 2021. Payment date: 02 April 2021. This is the first dividend for Is Yatirim Menkul Degerler Anonim Sirketi since going public. The average dividend yield among industry peers is 2.0%. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺15.57, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 16x in the Capital Markets industry in Turkey. Total returns to shareholders of 829% over the past three years. Is New 90 Day High Low • Mar 01
New 90-day high: ₺21.56 The company is up 65% from its price of ₺13.05 on 01 December 2020. The Turkish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 62% over the same period. Is New 90 Day High Low • Feb 04
New 90-day high: ₺19.12 The company is up 75% from its price of ₺10.90 on 05 November 2020. The Turkish market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 63% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: ₺18.38 The company is up 73% from its price of ₺10.65 on 21 October 2020. The Turkish market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 33% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: ₺16.39 The company is up 89% from its price of ₺8.65 on 25 September 2020. The Turkish market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 45% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₺13.26 The company is up 65% from its price of ₺8.02 on 08 September 2020. The Turkish market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 39% over the same period. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 17% share price gain to ₺12.31, the stock is trading at a trailing P/E ratio of 6.3x, up from the previous P/E ratio of 5.4x. This compares to an average P/E of 14x in the Capital Markets industry in Turkey. Total returns to shareholders over the past three years are 694%. Is New 90 Day High Low • Nov 06
New 90-day high: ₺11.10 The company is up 48% from its price of ₺7.49 on 07 August 2020. The Turkish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 42% over the same period. Is New 90 Day High Low • Oct 13
New 90-day high: ₺9.49 The company is up 37% from its price of ₺6.92 on 14 July 2020. The Turkish market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 35% over the same period. 
