Reported Earnings • May 18
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₺1.29b (up 9.2% from 1Q 2025). Net loss: ₺400.6m (loss widened 73% from 1Q 2025). Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺5.86, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 13x in the Shipping industry in Asia. Total returns to shareholders of 125% over the past three years. Annuncio • Mar 17
GSD Holding A.S., Annual General Meeting, Apr 24, 2026 GSD Holding A.S., Annual General Meeting, Apr 24, 2026. Location: aydinevler mah. kaptan rifat sok. no:3, 34854 kucukyali, maltepe, istanbul Turkey Reported Earnings • Mar 15
Full year 2025 earnings released Full year 2025 results: Revenue: ₺5.38b (up 33% from FY 2024). Net income: ₺208.3m (down 52% from FY 2024). Profit margin: 3.9% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. New Risk • Mar 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺4.34b (US$98.7m) 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. This is currently the only risk that has been identified for the company. New Risk • Oct 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺4.15b (US$99.1m) 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺5.19, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 10x in the Shipping industry in Asia. Total returns to shareholders of 152% over the past three years. New Risk • May 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.86b (US$98.9m) 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 Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Market cap is less than US$100m (₺3.86b market cap, or US$98.9m). New Risk • May 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% 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. This is currently the only risk that has been identified for the company. Annuncio • Mar 25
GSD Holding A.S., Annual General Meeting, Apr 28, 2025 GSD Holding A.S., Annual General Meeting, Apr 28, 2025. Location: aydinevler mah. kaptan rifat sok. no:3 34854, kucukyali, maltepe, istanbul Turkey Reported Earnings • Mar 13
Full year 2024 earnings released Full year 2024 results: Revenue: ₺4.04b (up 120% from FY 2023). Net income: ₺436.3m (up ₺2.12b from FY 2023). Profit margin: 11% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. 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 39% per year, which means it is well ahead of earnings. New Risk • Feb 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.53b (US$98.0m) 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 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. Earnings have declined by 53% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺3.53b market cap, or US$98.0m). Reported Earnings • Nov 13
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺905.9m (up 104% from 3Q 2023). Net income: ₺82.8m (up ₺118.0m from 3Q 2023). Profit margin: 9.1% (up from net loss in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. New Risk • Oct 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.38b (US$98.5m) 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 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. Earnings have declined by 58% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺3.38b market cap, or US$98.5m). Reported Earnings • Sep 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺1.03b (up 237% from 2Q 2023). Net income: ₺335.6m (up 3.6% from 2Q 2023). Profit margin: 33% (down from 106% in 2Q 2023). Reported Earnings • Jun 17
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺804.3m (up 176% from 1Q 2023). Net loss: ₺286.1m (down 343% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 68% per year, which means it is well ahead of earnings. New Risk • Jun 06
New major risk - Revenue and earnings growth Earnings have declined by 2.6% 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 Risk Earnings have declined by 2.6% per year over the past 5 years. Minor Risk Short dividend paying track record (1 year of continuous dividend payments). Reported Earnings • Nov 12
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺444.1m (up 8.7% from 3Q 2022). Net loss: ₺35.1m (down 113% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 23
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺307.1m (down 14% from 2Q 2022). Net income: ₺324.0m (up 17% from 2Q 2022). New Risk • Aug 22
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 2.1% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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 Short dividend paying track record (less than a year of continuous dividend payments). Share price has been volatile over the past 3 months (9.6% average weekly change). Upcoming Dividend • Aug 07
Inaugural dividend of ₺0.10 per share Eligible shareholders must have bought the stock before 14 August 2023. Payment date: 16 August 2023. This is the first dividend for GSD Holding since going public. The average dividend yield among industry peers is 21%. New Risk • Aug 03
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 9.3% 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 • Jul 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺4.51, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 7x in the Shipping industry in Asia. Total returns to shareholders of 298% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺2.87, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 7x in the Shipping industry in Asia. Total returns to shareholders of 286% over the past three years. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺291.7m (up 3.3% from 1Q 2022). Net income: ₺117.9m (down 45% from 1Q 2022). Profit margin: 40% (down from 76% in 1Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 14
Full year 2022 earnings released: EPS: ₺1.36 (vs ₺0.69 in FY 2021) Full year 2022 results: EPS: ₺1.36 (up from ₺0.69 in FY 2021). Revenue: ₺1.43b (up 87% from FY 2021). Net income: ₺1.36b (up 118% from FY 2021). Profit margin: 95% (up from 82% in FY 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has increased by 99% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₺2.57, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 7x in the Shipping industry in Asia. Total returns to shareholders of 254% over the past three years. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺3.24, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 7x in the Shipping industry in Asia. Total returns to shareholders of 403% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 22% share price gain to ₺4.15, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 7x in the Shipping industry in Asia. Total returns to shareholders of 638% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 15% share price gain to ₺3.72, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 7x in the Shipping industry in Asia. Total returns to shareholders of 607% 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 Mehmet Özkanli was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺408.7m (up 88% from 3Q 2021). Net income: ₺280.6m (up 129% from 3Q 2021). Profit margin: 69% (up from 56% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Aug 21
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺356.8m (up 128% from 2Q 2021). Net income: ₺277.6m (up 218% from 2Q 2021). Profit margin: 78% (up from 56% in 2Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Aug 19
Inaugural dividend of ₺0.25 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 31 August 2022. This is the first dividend for GSD Holding since going public. The average dividend yield among industry peers is 12%. Reported Earnings • May 12
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₺282.4m (up 165% from 1Q 2021). Net income: ₺215.2m (up 137% from 1Q 2021). Profit margin: 76% (down from 85% in 1Q 2021). The decrease in margin was driven by higher expenses. 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. 5 experienced directors. 6 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Non-Executive Director Sedat Temeltas 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 • Mar 13
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ₺764.0m (up 212% from FY 2020). Net income: ₺624.0m (up ₺575.5m from FY 2020). Profit margin: 82% (up from 20% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 17% share price gain to ₺3.21, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 9x in the Shipping industry in Asia. Total returns to shareholders of 220% over the past three years. 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 ₺3.00, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 11x in the Shipping industry in Asia. Total returns to shareholders of 293% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 17% share price gain to ₺2.97, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 10x in the Shipping industry in Asia. Total returns to shareholders of 332% over the past three years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ₺0.27 (vs ₺0.14 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ₺217.8m (up 252% from 3Q 2020). Net income: ₺122.8m (up 142% from 3Q 2020). Profit margin: 56% (down from 82% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 16% share price gain to ₺2.12, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 14x in the Shipping industry in Asia. Total returns to shareholders of 200% over the past three years. Reported Earnings • Aug 24
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺156.4m (up 243% from 2Q 2020). Net income: ₺87.2m (up ₺122.5m from 2Q 2020). Profit margin: 56% (up from net loss in 2Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Reported Earnings • Jun 12
First quarter 2021 earnings released: EPS ₺0.22 (vs ₺0.11 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺106.4m (up 108% from 1Q 2020). Net income: ₺90.9m (up 131% from 1Q 2020). Profit margin: 85% (up from 77% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺1.99, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 18x in the Shipping industry in Asia. Total returns to shareholders of 122% over the past three years. Reported Earnings • Mar 13
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺244.7m (down 9.4% from FY 2019). Net income: ₺48.5m (down 70% from FY 2019). Profit margin: 20% (down from 61% in FY 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improved over the past week After last week's 15% share price gain to ₺2.67, the stock is trading at a trailing P/E ratio of 8.8x, up from the previous P/E ratio of 7.7x. This compares to an average P/E of 13x in the Shipping industry in Asia. Total returns to shareholders over the past three years are 245%. Is New 90 Day High Low • Feb 06
New 90-day high: ₺2.67 The company is up 21% from its price of ₺2.21 on 06 November 2020. The Turkish market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 27% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: ₺2.63 The company is up 16% from its price of ₺2.27 on 07 October 2020. The Turkish market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 61% over the same period. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 16% share price decline to ₺2.12, the stock is trading at a trailing P/E ratio of 11.4x, down from the previous P/E ratio of 13.6x. This compares to an average P/E of 11x in the Shipping industry in Asia. Total returns to shareholders over the past three years are 181%.