Annuncio • Apr 28
Erciyas Çelik Boru Sanayi A.S., Annual General Meeting, May 21, 2026 Erciyas Çelik Boru Sanayi A.S., Annual General Meeting, May 21, 2026. Location: barbaros mahallesi kardelen sokak no:2/1, palladium tower kat:-1 atasehir, istanbul Turkey Reported Earnings • Mar 15
Full year 2025 earnings released Full year 2025 results: Revenue: ₺7.08b (down 2.4% from FY 2024). Net loss: ₺405.8m (down ₺434.4m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. New Risk • Feb 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺4.37b (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings have declined by 25% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺4.37b market cap, or US$99.3m). New Risk • Nov 29
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 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings have declined by 25% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.5% average weekly change). Buy Or Sell Opportunity • Aug 15
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to ₺86.60. The fair value is estimated to be ₺72.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Meanwhile, the company became loss making. Annuncio • Jun 17
Erciyas Çelik Boru Sanayi A.S., Annual General Meeting, Jul 14, 2025 Erciyas Çelik Boru Sanayi A.S., Annual General Meeting, Jul 14, 2025. Location: palladium tower barbaros mah kardelen sk, no:2/1 kat:-1 34746, atasehir istanbul, istanbul Turkey New Risk • May 20
New major risk - Revenue and earnings growth Earnings have declined by 4.6% 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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 4.6% per year over the past 5 years. Buy Or Sell Opportunity • May 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ₺77.40. The fair value is estimated to be ₺99.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Earnings per share has grown by 9.2%. New Risk • Mar 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 45% 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 Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Mar 12
Full year 2024 earnings released Full year 2024 results: Revenue: ₺7.25b (down 12% from FY 2023). Net income: ₺28.6m (down 69% from FY 2023). Profit margin: 0.4% (down from 1.1% in FY 2023). The decrease in margin was driven by lower revenue. 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 30% per year, which means it is tracking significantly ahead of earnings growth. 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 ₺109, the stock trades at a trailing P/E ratio of 76.5x. Average trailing P/E is 22x in the Metals and Mining industry in Turkey. Total loss to shareholders of 3.2% over the past year. New Risk • Nov 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 Interest payments are not well covered by earnings (2.9x net interest cover). High level of non-cash earnings (22% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (1.4% net profit margin). Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ₺0.54 (vs ₺0.20 loss in 3Q 2023) Third quarter 2024 results: EPS: ₺0.54 (up from ₺0.20 loss in 3Q 2023). Revenue: ₺5.19b (up 140% from 3Q 2023). Net income: ₺41.7m (up ₺57.5m from 3Q 2023). Profit margin: 0.8% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Reported Earnings • Aug 21
Second quarter 2024 earnings released: EPS: ₺0.007 (vs ₺0.18 in 2Q 2023) Second quarter 2024 results: EPS: ₺0.007. Revenue: ₺1.91b (down 27% from 2Q 2023). Net income: ₺17.2m (up 21% from 2Q 2023). Profit margin: 0.9% (up from 0.5% in 2Q 2023). The increase in margin was driven by lower expenses. Reported Earnings • May 13
First quarter 2024 earnings released: EPS: ₺0.43 (vs ₺0.31 in 1Q 2023) First quarter 2024 results: EPS: ₺0.43 (up from ₺0.31 in 1Q 2023). Revenue: ₺1.71b (up 4.4% from 1Q 2023). Net income: ₺33.4m (up 39% from 1Q 2023). Profit margin: 2.0% (up from 1.5% in 1Q 2023). The increase in margin was driven by higher revenue. Annuncio • Mar 18
Erciyas Çelik Boru Sanayi A.S.(IBSE:ERCB) dropped from FTSE All-World Index (USD) Erciyas Çelik Boru Sanayi A.S.(IBSE:ERCB) dropped from FTSE All-World Index (USD) Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: ₺1.19 (vs ₺2.38 in FY 2022) Full year 2023 results: EPS: ₺1.19 (down from ₺2.38 in FY 2022). Revenue: ₺8.26b (up 135% from FY 2022). Net income: ₺92.2m (down 50% from FY 2022). Profit margin: 1.1% (down from 5.3% in FY 2022). The decrease in margin was driven by higher expenses. New Risk • Mar 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺109, the stock trades at a trailing P/E ratio of 68x. Average trailing P/E is 11x in the Metals and Mining industry in Turkey. Total loss to shareholders of 33% over the past year. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺127, the stock trades at a trailing P/E ratio of 79.3x. Average trailing P/E is 13x in the Metals and Mining industry in Turkey. Total loss to shareholders of 20% over the past year. New Risk • Nov 12
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: 1.7% Last year net profit margin: 2.4% 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 Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (1.7% net profit margin). Reported Earnings • Nov 12
Third quarter 2023 earnings released: ₺0.20 loss per share (vs ₺0.46 profit in 3Q 2022) Third quarter 2023 results: ₺0.20 loss per share (down from ₺0.46 profit in 3Q 2022). Revenue: ₺2.16b (up 118% from 3Q 2022). Net loss: ₺15.8m (down 144% from profit in 3Q 2022). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺145, the stock trades at a trailing P/E ratio of 64x. Average trailing P/E is 18x in the Metals and Mining industry in Turkey. Total returns to shareholders of 310% over the past year. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺122, the stock trades at a trailing P/E ratio of 53.7x. Average trailing P/E is 16x in the Metals and Mining industry in Turkey. Total returns to shareholders of 228% over the past year. Reported Earnings • Aug 20
Second quarter 2023 earnings released: EPS: ₺0.18 (vs ₺0.34 in 2Q 2022) Second quarter 2023 results: EPS: ₺0.18 (down from ₺0.34 in 2Q 2022). Revenue: ₺2.61b (up 237% from 2Q 2022). Net income: ₺14.1m (down 46% from 2Q 2022). Profit margin: 0.5% (down from 3.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺141, the stock trades at a trailing P/E ratio of 58.3x. Average trailing P/E is 13x in the Metals and Mining industry in Turkey. Total returns to shareholders of 297% over the past year. 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 ₺104, the stock trades at a trailing P/E ratio of 43x. Average trailing P/E is 10x in the Metals and Mining industry in Turkey. Total returns to shareholders of 200% over the past year. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺117, the stock trades at a trailing P/E ratio of 48.5x. Average trailing P/E is 11x in the Metals and Mining industry in Turkey. Total returns to shareholders of 212% over the past year. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺94.65, the stock trades at a trailing P/E ratio of 39.1x. Average trailing P/E is 9x in the Metals and Mining industry in Turkey. Total returns to shareholders of 164% over the past year. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: ₺0.31 (vs ₺0.27 in 1Q 2022) First quarter 2023 results: EPS: ₺0.31 (up from ₺0.27 in 1Q 2022). Revenue: ₺1.64b (up 121% from 1Q 2022). Net income: ₺24.1m (up 16% from 1Q 2022). Profit margin: 1.5% (down from 2.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Buying Opportunity • Oct 20
Now 22% undervalued Over the last 90 days, the stock is up 50%. The fair value is estimated to be ₺67.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 163% over the last year. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improved over the past week After last week's 23% share price gain to ₺42.48, the stock trades at a trailing P/E ratio of 57.6x. Average trailing P/E is 8x in the Metals and Mining industry in Turkey. Buying Opportunity • Jul 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be ₺40.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 80% over the last year. Meanwhile, the company has become profitable. Buying Opportunity • Jun 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be ₺41.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 80% over the last year. Meanwhile, the company has become profitable. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺0.32 (down from ₺1.25 in FY 2020). Revenue: ₺1.05b (up 14% from FY 2020). Net income: ₺24.7m (down 67% from FY 2020). Profit margin: 2.3% (down from 8.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺41.68, the stock trades at a trailing P/E ratio of 54.3x. Average trailing P/E is 11x in the Metals and Mining industry in Turkey. Board Change • Jan 14
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. 7 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.