Reported Earnings • Mar 16
Full year 2025 earnings released: ₺0.014 loss per share (vs ₺0.46 loss in FY 2024) Full year 2025 results: ₺0.014 loss per share. Revenue: ₺5.10b (up 8.8% from FY 2024). Net loss: ₺408.3m (loss widened 199% from FY 2024). Annuncio • Mar 11
Alkim Alkali Kimya A.S., Annual General Meeting, Apr 09, 2026 Alkim Alkali Kimya A.S., Annual General Meeting, Apr 09, 2026. Location: the marmara oteli taksim meydani, istanbul Turkey Annuncio • Mar 13
Alkim Alkali Kimya A.S., Annual General Meeting, Apr 10, 2025 Alkim Alkali Kimya A.S., Annual General Meeting, Apr 10, 2025. Location: the marmara oteli taksim meydani, istanbul Turkey Reported Earnings • Mar 12
Full year 2024 earnings released: ₺0.46 loss per share (vs ₺0.90 profit in FY 2023) Full year 2024 results: ₺0.46 loss per share (down from ₺0.90 profit in FY 2023). Revenue: ₺4.69b (up 16% from FY 2023). Net loss: ₺136.5m (down 150% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. New Risk • Nov 29
New major risk - Revenue and earnings growth Earnings have declined by 0.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 347% Earnings have declined by 0.5% per year over the past 5 years. Reported Earnings • Nov 22
Third quarter 2024 earnings released: ₺0.11 loss per share (vs ₺1.38 profit in 3Q 2023) Third quarter 2024 results: ₺0.11 loss per share (down from ₺1.38 profit in 3Q 2023). Revenue: ₺1.01b (up 5.6% from 3Q 2023). Net loss: ₺16.6m (down 108% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. New Risk • Oct 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. High level of non-cash earnings (26% accrual ratio). Reported Earnings • Oct 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺1.00b (up 32% from 2Q 2023). Net income: ₺80.9m (down 40% from 2Q 2023). Profit margin: 8.1% (down from 18% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Price Target Changed • Aug 08
Price target decreased by 13% to ₺49.00 Down from ₺56.00, the current price target is provided by 1 analyst. New target price is 51% above last closing price of ₺32.50. Stock is down 10% over the past year. The company posted earnings per share of ₺1.81 last year. Reported Earnings • Jun 17
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺1.06b (up 68% from 1Q 2023). Net loss: ₺122.0m (down 309% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 31% per year. Annuncio • Apr 28
Alkim Alkali Kimya A.S., Annual General Meeting, Apr 25, 2024 Alkim Alkali Kimya A.S., Annual General Meeting, Apr 25, 2024, at 14:00 E. Europe Standard Time. Location: The Marmara Oteli Taksim Meydani, BEYOGLU, Istanbul Turkey Agenda: To consider Reading and deliberation on the Annual Report of the Board of Directors for the accountancy period of 2023; to consider Reading the Report of the Independent Auditing Firm for the accountancy period of 2023; to consider Reading, discussion and approval of the Financial Statements for the 2023 accounting period; to consider Choosing the Independent Auditing Firm; to consider Acqittal of the members of the Board of Directors from the activities, transactions and accounts of the company for the 2023 accounting period; to consider Election of Board Members whose terms of office have expired and determination of their terms of office; to consider Informing the shareholders of the "Remuneration Policy" concerning the members of the Board of Directors and senior executives as per the regulations of the Capital Market Board; and to consider other matters. Reported Earnings • Mar 28
Full year 2023 earnings released Full year 2023 results: Revenue: ₺4.03b (up 44% from FY 2022). Net income: ₺271.1m (down 53% from FY 2022). Profit margin: 6.7% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: ₺1.38 (vs ₺1.07 in 3Q 2022) Third quarter 2023 results: EPS: ₺1.38 (up from ₺1.07 in 3Q 2022). Revenue: ₺958.2m (up 17% from 3Q 2022). Net income: ₺206.7m (up 28% from 3Q 2022). Profit margin: 22% (up from 20% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 38% per year. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺47.86, the stock trades at a trailing P/E ratio of 15.2x. Average forward P/E is 12x in the Forestry industry in Turkey. Total returns to shareholders of 290% over the past three years. New Risk • Aug 17
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: 16% Last year net profit margin: 24% 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 (26% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (16% net profit margin). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ₺0.90 (vs ₺1.16 in 2Q 2022) Second quarter 2023 results: EPS: ₺0.90 (down from ₺1.16 in 2Q 2022). Revenue: ₺760.2m (up 12% from 2Q 2022). Net income: ₺135.5m (down 22% from 2Q 2022). Profit margin: 18% (down from 26% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 43% per year. Reported Earnings • May 11
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺627.9m (up 15% from 1Q 2022). Net income: ₺58.4m (down 51% from 1Q 2022). Profit margin: 9.3% (down from 22% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 05
Upcoming dividend of ₺0.93 per share at 2.9% yield Eligible shareholders must have bought the stock before 12 April 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 24% but the company is paying out more than the cash it is generating. Trailing yield: 2.9%. Lower than top quartile of Turkish dividend payers (3.3%). Higher than average of industry peers (2.3%). Reported Earnings • Mar 04
Full year 2022 earnings released Full year 2022 results: Revenue: ₺2.80b (up 155% from FY 2021). Net income: ₺572.3m (up 131% from FY 2021). Profit margin: 21% (down from 23% in FY 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺26.26, the stock trades at a trailing P/E ratio of 6.6x. Average forward P/E is 12x in the Forestry industry in Asia. Total returns to shareholders of 270% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 16% share price gain to ₺46.22, the stock trades at a trailing P/E ratio of 11.7x. Average forward P/E is 9x in the Forestry industry in Asia. Total returns to shareholders of 771% over the past three years. Price Target Changed • Nov 16
Price target increased to ₺37.50 Up from ₺35.00, the current price target is provided by 1 analyst. New target price is 8.8% below last closing price of ₺41.12. Stock is up 139% over the past year. The company posted earnings per share of ₺1.65 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Director Hidir Çolpan was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺822.3m (up 199% from 3Q 2021). Net income: ₺161.0m (up 493% from 3Q 2021). Profit margin: 20% (up from 9.9% in 3Q 2021). The increase in margin was driven by higher revenue. Price Target Changed • Nov 09
Price target increased to ₺37.50 Up from ₺32.80, the current price target is provided by 1 analyst. New target price is 8.8% below last closing price of ₺41.10. Stock is up 137% over the past year. The company posted earnings per share of ₺1.65 last year. Buying Opportunity • Oct 13
Now 21% undervalued Over the last 90 days, the stock is up 69%. The fair value is estimated to be ₺44.81, 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 42%. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 21% share price gain to ₺33.52, the stock trades at a trailing P/E ratio of 10.9x. Average forward P/E is 9x in the Forestry industry in Asia. Total returns to shareholders of 763% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: ₺1.16 (vs ₺0.21 in 2Q 2021) Second quarter 2022 results: EPS: ₺1.16 (up from ₺0.21 in 2Q 2021). Revenue: ₺680.4m (up 190% from 2Q 2021). Net income: ₺174.5m (up 457% from 2Q 2021). Profit margin: 26% (up from 13% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 78% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 10
First quarter 2022 earnings released: EPS: ₺0.79 (vs ₺0.32 in 1Q 2021) First quarter 2022 results: EPS: ₺0.79 (up from ₺0.32 in 1Q 2021). Revenue: ₺544.7m (up 178% from 1Q 2021). Net income: ₺118.0m (up 145% from 1Q 2021). Profit margin: 22% (down from 25% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to ₺25.38 Up from ₺22.29, the current price target is provided by 1 analyst. New target price is 18% above last closing price of ₺21.56. Stock is up 26% over the past year. The company is forecast to post earnings per share of ₺2.80 for next year compared to ₺1.65 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Director Hidir Çolpan was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 14
Upcoming dividend of ₺0.80 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 25 April 2022. The company last paid an ordinary dividend in March 2012. The average dividend yield among industry peers is 2.5%. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 17% share price gain to ₺19.03, the stock trades at a trailing P/E ratio of 11.5x. Average forward P/E is 9x in the Forestry industry in Asia. Total returns to shareholders of 431% over the past three years. Reported Earnings • Feb 26
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ₺1.65 (up from ₺1.33 in FY 2020). Revenue: ₺1.10b (up 45% from FY 2020). Net income: ₺248.1m (up 25% from FY 2020). Profit margin: 23% (down from 26% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 12%. Over the next year, revenue is forecast to grow 57%, compared to a 27% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 18
Price target increased to ₺25.38 Up from ₺22.29, the current price target is provided by 1 analyst. New target price is 33% above last closing price of ₺19.14. Stock is up 1.5% over the past year. The company posted earnings per share of ₺1.33 last year. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺17.68, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Forestry industry in Asia. Total returns to shareholders of 463% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ₺0.18 (vs ₺0.39 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₺275.4m (up 48% from 3Q 2020). Net income: ₺27.1m (down 54% from 3Q 2020). Profit margin: 9.9% (down from 32% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS ₺0.21 (vs ₺0.29 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ₺234.4m (up 17% from 2Q 2020). Net income: ₺31.3m (down 28% from 2Q 2020). Profit margin: 13% (down from 22% 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 37% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 09
First quarter 2021 earnings released: EPS ₺0.32 (vs ₺0.23 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺195.8m (up 15% from 1Q 2020). Net income: ₺48.1m (up 42% from 1Q 2020). Profit margin: 25% (up from 20% in 1Q 2020). The increase in margin 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 increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 07
Upcoming dividend of ₺0.52 per share Eligible shareholders must have bought the stock before 14 April 2021. Payment date: 16 April 2021. Trailing yield: 1.8%. Lower than top quartile of Turkish dividend payers (2.5%). In line with average of industry peers (1.9%). Analyst Estimate Surprise Post Earnings • Feb 28
Revenue misses expectations Revenue missed analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 33%, compared to a 15% growth forecast for the Forestry industry in Turkey. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ₺1.33 (vs ₺0.88 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺754.1m (up 9.1% from FY 2019). Net income: ₺199.2m (up 52% from FY 2019). Profit margin: 26% (up from 19% in FY 2019). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₺19.05, the stock is trading at a trailing P/E ratio of 25.9x, up from the previous P/E ratio of 22.3x. This compares to an average P/E of 18x in the Forestry industry in Asia. Total returns to shareholders over the past three years are 449%. Is New 90 Day High Low • Jan 12
New 90-day high: ₺16.48 The company is up 16% from its price of ₺14.20 on 14 October 2020. The Turkish market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 19% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: ₺14.50 The company is up 16% from its price of ₺12.45 on 09 July 2020. The Turkish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 6.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day high: ₺14.29 The company is up 7.0% from its price of ₺13.35 on 24 June 2020. The Turkish market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 19% over the same period. 
