Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺23.78, the stock trades at a trailing P/E ratio of 38.1x. Average trailing P/E is 38x in the IT industry in Turkey. Total returns to shareholders of 50% over the past year. New Risk • May 26
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 9.1% 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 Share price has been volatile over the past 3 months (9.1% average weekly change). Large one-off items impacting financial results. 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 ₺25.24, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 37x in the IT industry in Turkey. Total returns to shareholders of 53% over the past year. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺20.22, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 31x in the IT industry in Turkey. Total returns to shareholders of 31% over the past year. 공시 • Mar 27
Pasifik Teknoloji A.S., Annual General Meeting, Apr 17, 2026 Pasifik Teknoloji A.S., Annual General Meeting, Apr 17, 2026. Location: kizilirmak mahallesi dumlupinar bulvari, next level a blok kat:1 no:1 cankaya, ankara Turkey New Risk • Mar 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 90% 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 (90% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). Buy Or Sell Opportunity • Dec 29
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ₺27.00. The fair value is estimated to be ₺34.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺29.16, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 19x in the IT industry in Turkey. Total returns to shareholders of 41% over the past year. Buy Or Sell Opportunity • Nov 21
Now 20% undervalued Over the last 90 days, the stock has risen 23% to ₺27.58. The fair value is estimated to be ₺34.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Reported Earnings • Nov 10
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺528.7m (up 114% from 3Q 2024). Net income: ₺616.3m (up ₺587.7m from 3Q 2024). Buy Or Sell Opportunity • Nov 04
Now 20% undervalued Over the last 90 days, the stock has risen 23% to ₺30.42. The fair value is estimated to be ₺38.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₺26.76, the stock trades at a trailing P/E ratio of 51.1x. Average trailing P/E is 49x in the IT industry in Turkey. Total returns to shareholders of 85% over the past year. Buy Or Sell Opportunity • Sep 30
Now 21% undervalued Over the last 90 days, the stock has risen 47% to ₺30.74. The fair value is estimated to be ₺38.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺34.98, the stock trades at a trailing P/E ratio of 66.8x. Average trailing P/E is 46x in the IT industry in Turkey. Total returns to shareholders of 113% over the past year. Buy Or Sell Opportunity • Sep 11
Now 23% undervalued Over the last 90 days, the stock has risen 57% to ₺30.22. The fair value is estimated to be ₺39.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last year. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺25.92, the stock trades at a trailing P/E ratio of 53.3x. Average trailing P/E is 38x in the IT industry in Turkey. Total returns to shareholders of 49% over the past year. New Risk • Aug 12
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. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₺314m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). New Risk • Jun 07
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₺314m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-₺314m free cash flow). Minor Risk Share price has been volatile over the past 3 months (9.9% average weekly change). 공시 • May 08
Pasifik Teknoloji A.S., Annual General Meeting, May 29, 2025 Pasifik Teknoloji A.S., Annual General Meeting, May 29, 2025. Location: kizilirmak mahallesi dumlupinar bulvarn, next level a blok kat:1 no:1, ankara Turkey New Risk • Mar 02
New major risk - Revenue and earnings growth Revenue has declined by 5.2% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Less than 1 year of cash runway based on free cash flow trend (-₺597m free cash flow). Revenue has declined by 5.2% over the past year. Reported Earnings • Feb 18
Full year 2024 earnings released: ₺0.89 loss per share (vs ₺5.42 profit in FY 2023) Full year 2024 results: ₺0.89 loss per share (down from ₺5.42 profit in FY 2023). Revenue: ₺1.03b (up 37% from FY 2023). Net loss: ₺118.6m (down 477% from profit in FY 2023). New Risk • Nov 22
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₺697m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₺697m free cash flow). Share price has been highly volatile over the past 3 months (9.6% average weekly change). Revenue has declined by 32% over the past year. Minor Risk Less than 3 years of financial data is available. New Risk • Jun 29
New major risk - Revenue and earnings growth Revenue has declined by 2.9% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue has declined by 2.9% over the past year. High level of non-cash earnings (110% accrual ratio). Minor Risk Less than 3 years of financial data is available.