New Risk • May 06
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 Less than 1 year of cash runway based on free cash flow trend (-₺30m free cash flow). Earnings have declined by 50% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (₺1.02b market cap, or US$22.6m). New Risk • Mar 23
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: -₺30m 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 (-₺30m free cash flow). Earnings have declined by 50% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺987.8m market cap, or US$22.3m). Aankondiging • Mar 05
Hateks Hatay Tekstil Isletmeleri A.S., Annual General Meeting, Apr 09, 2026 Hateks Hatay Tekstil Isletmeleri A.S., Annual General Meeting, Apr 09, 2026. Location: otencay mahallesi e 5, karayolu caddesi no. 21, hatay Turkey New Risk • Dec 02
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 Risk Earnings have declined by 56% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (₺1.23b market cap, or US$29.1m). Aankondiging • Apr 06
Hateks Hatay Tekstil Isletmeleri A.S., Annual General Meeting, May 07, 2025 Hateks Hatay Tekstil Isletmeleri A.S., Annual General Meeting, May 07, 2025. Location: otencay mahallesi e 5 karayolu caddesi no:21, hatay Turkey Reported Earnings • Mar 11
Full year 2024 earnings released Full year 2024 results: Revenue: ₺794.3m (up 8.6% from FY 2023). Net loss: ₺183.1m (loss widened 20% from FY 2023). Buy Or Sell Opportunity • Mar 11
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 71% to ₺20.64. The fair value is estimated to be ₺15.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Feb 12
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 51% to ₺18.10. The fair value is estimated to be ₺14.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jan 10
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to ₺13.91. The fair value is estimated to be ₺11.00, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 10
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺184.6m (up 4.9% from 3Q 2023). Net loss: ₺24.4m (loss widened 224% from 3Q 2023). Reported Earnings • Jun 17
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺164.6m (up 21% from 1Q 2023). Net loss: ₺45.4m (loss widened 184% from 1Q 2023). New Risk • May 06
New major risk - Revenue and earnings growth Earnings have declined by 13% 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 13% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺974.6m market cap, or US$30.1m). New Risk • Feb 17
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 Risks Interest payments are not well covered by earnings (2.5x net interest cover). High level of non-cash earnings (24% accrual ratio). 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 (1.1% net profit margin). Market cap is less than US$100m (₺1.01b market cap, or US$32.8m). Reported Earnings • Nov 12
Third quarter 2023 earnings released: ₺0.12 loss per share (vs ₺0.11 profit in 3Q 2022) Third quarter 2023 results: ₺0.12 loss per share (down from ₺0.11 profit in 3Q 2022). Revenue: ₺176.0m (up 55% from 3Q 2022). Net loss: ₺7.53m (down 208% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. 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 ₺11.90, the stock trades at a trailing P/E ratio of 35.9x. Average trailing P/E is 15x in the Luxury industry in Turkey. Total returns to shareholders of 171% over the past three years. New Risk • Aug 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 148% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (₺683.6m market cap, or US$25.8m). Reported Earnings • Aug 21
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺131.2m (down 18% from 2Q 2022). Net income: ₺10.8m (down 23% from 2Q 2022). Profit margin: 8.2% (down from 8.8% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺10.10, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 12x in the Luxury industry in Turkey. Total returns to shareholders of 223% over the past three years. New Risk • Jul 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 147% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.4% net profit margin). Market cap is less than US$100m (₺537.4m market cap, or US$20.6m). Reported Earnings • May 15
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺135.7m (down 26% from 1Q 2022). Net loss: ₺16.0m (down 185% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: ₺0.94 (vs ₺0.56 in FY 2021) Full year 2022 results: EPS: ₺0.94 (up from ₺0.56 in FY 2021). Revenue: ₺591.1m (up 79% from FY 2021). Net income: ₺58.9m (up 68% from FY 2021). Profit margin: 10.0% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺9.19, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 10x in the Luxury industry in Turkey. Total returns to shareholders of 267% over the past three years. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺7.90, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 10x in the Luxury industry in Turkey. Total returns to shareholders of 193% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺8.99, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 10x in the Luxury industry in Turkey. Total returns to shareholders of 231% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 20% share price gain to ₺11.41, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 11x in the Luxury industry in Turkey. Total returns to shareholders of 521% 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 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Onur Barak was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: ₺0.22 (vs ₺0.17 in 2Q 2021) Second quarter 2022 results: EPS: ₺0.22 (up from ₺0.17 in 2Q 2021). Revenue: ₺159.3m (up 154% from 2Q 2021). Net income: ₺14.0m (up 33% from 2Q 2021). Profit margin: 8.8% (down from 17% in 2Q 2021). 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 77% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improved over the past week After last week's 20% share price gain to ₺22.26, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 9x in the Luxury industry in Turkey. Total returns to shareholders of 541% over the past three years. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: ₺0.90 (vs ₺0.037 loss in 1Q 2021) First quarter 2022 results: EPS: ₺0.90 (up from ₺0.037 loss in 1Q 2021). Revenue: ₺182.7m (up 210% from 1Q 2021). Net income: ₺18.8m (up ₺19.6m from 1Q 2021). Profit margin: 10% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 16% share price gain to ₺20.74, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 10x in the Luxury industry in Turkey. Total returns to shareholders of 541% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Onur Barak was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺1.67 (up from ₺0.78 in FY 2020). Revenue: ₺330.2m (up 35% from FY 2020). Net income: ₺35.0m (up 114% from FY 2020). Profit margin: 11% (up from 6.7% in FY 2020). Revenue was in line with analyst estimates. 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 58% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₺16.58, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 15x in the Luxury industry in Turkey. Total returns to shareholders of 383% 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 17% share price gain to ₺19.56, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 17x in the Luxury industry in Turkey. Total returns to shareholders of 470% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: ₺0.057 loss per share (vs ₺0.28 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: ₺52.7m (up 36% from 3Q 2020). Net loss: ₺1.19m (loss narrowed 80% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 11
First quarter 2021 earnings released: ₺0.037 loss per share (vs ₺0.28 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: ₺59.0m (up 53% from 1Q 2020). Net loss: ₺782.6k (loss narrowed 87% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 74% per year whereas the company’s share price has increased by 71% per year. Upcoming Dividend • May 18
Inaugural dividend of ₺0.48 per share Eligible shareholders must have bought the stock before 25 May 2021. Payment date: 27 May 2021. This is the first dividend for Hateks Hatay Tekstil Isletmeleri since going public. The average dividend yield among industry peers is 1.5%. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₺19.88, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 39x in the Luxury industry in Turkey. Total returns to shareholders of 395% over the past three years. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 23% share price gain to ₺23.94, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 43x in the Luxury industry in Turkey. Total returns to shareholders of 480% over the past three years. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS ₺0.78 (vs ₺1.36 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₺244.5m (up 15% from FY 2019). Net income: ₺16.3m (down 43% from FY 2019). Profit margin: 6.7% (down from 14% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 69% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₺23.46, the stock is trading at a trailing P/E ratio of 17.3x, down from the previous P/E ratio of 22.1x. This compares to an average P/E of 34x in the Luxury industry in Turkey. Total returns to shareholders over the past three years are 457%. Is New 90 Day High Low • Feb 06
New 90-day high: ₺23.90 The company is up 84% from its price of ₺12.99 on 06 November 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 59% over the same period. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improved over the past week After last week's 16% share price gain to ₺23.90, the stock is trading at a trailing P/E ratio of 17.6x, up from the previous P/E ratio of 15.2x. This compares to an average P/E of 56x in the Luxury industry in Turkey. Total returns to shareholders over the past three years are 471%. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 21% share price gain to ₺17.58, the stock is trading at a trailing P/E ratio of 12.9x, up from the previous P/E ratio of 10.7x. This compares to an average P/E of 53x in the Luxury industry in Turkey. Total returns to shareholders over the past three years are 319%. Is New 90 Day High Low • Jan 13
New 90-day high: ₺15.99 The company is up 17% from its price of ₺13.72 on 15 October 2020. The Turkish market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 50% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: ₺15.29 The company is up 30% from its price of ₺11.77 on 24 September 2020. The Turkish market is up 20% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 51% over the same period. Valuation Update With 7 Day Price Move • Oct 26
Market pulls back on stock over the past week After last week's 16% share price decline to ₺11.84, the stock is trading at a trailing P/E ratio of 9.1x, down from the previous P/E ratio of 10.8x. This compares to an average P/E of 50x in the Luxury industry in Turkey. Total returns to shareholders over the past three years are 191%.