Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺204, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 18x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 1,176% over the past three years. Upcoming Dividend • May 15
Upcoming dividend of ₺0.45 per share Eligible shareholders must have bought the stock before 22 May 2026. Payment date: 01 June 2026. The company last paid an ordinary dividend in August 2023. The average dividend yield among industry peers is 2.6%. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺282, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 22x in the Consumer Retailing industry in Turkey. Total loss to shareholders of 26% over the past year. Aankondiging • Mar 17
GRAINTURK Holding A.S., Annual General Meeting, Apr 09, 2026 GRAINTURK Holding A.S., Annual General Meeting, Apr 09, 2026. Location: merkez mahallesi ayazma caddesi cuha sokak no:3, 34406, kagithane, delta hotels by marriott panaroma toplanti, istanbul Turkey Reported Earnings • Feb 16
Full year 2025 earnings released Full year 2025 results: Revenue: ₺7.27b (up 109% from FY 2024). Net income: ₺1.80b (up 116% from FY 2024). Profit margin: 25% (in line with FY 2024). Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺253, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 36x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 33% over the past year. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺241, the stock trades at a trailing P/E ratio of 34.8x. Average trailing P/E is 31x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 43% over the past year. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺362, the stock trades at a trailing P/E ratio of 46x. Average trailing P/E is 28x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 204% over the past year. Reported Earnings • Nov 10
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺1.36b (up 78% from 3Q 2024). Net income: ₺440.0m (up 18% from 3Q 2024). Profit margin: 32% (down from 49% in 3Q 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₺512, the stock trades at a trailing P/E ratio of 72.4x. Average trailing P/E is 34x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 323% over the past year. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺507, the stock trades at a trailing P/E ratio of 70.3x. Average trailing P/E is 36x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 409% over the past year. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺418, the stock trades at a trailing P/E ratio of 58x. Average trailing P/E is 18x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 500% over the past year. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺382, the stock trades at a trailing P/E ratio of 53x. Average trailing P/E is 18x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 497% over the past year. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺318, the stock trades at a trailing P/E ratio of 44.1x. Average trailing P/E is 15x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 459% over the past year. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺253, the stock trades at a trailing P/E ratio of 37.9x. Average trailing P/E is 15x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 223% over the past year. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺329, the stock trades at a trailing P/E ratio of 49.3x. Average trailing P/E is 14x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 348% over the past year. Aankondiging • Apr 06
GRAINTURK Holding A.S., Annual General Meeting, Apr 30, 2025 GRAINTURK Holding A.S., Annual General Meeting, Apr 30, 2025. Location: merkez mahallesi ayazma caddesi cuha sokak no:3, 34406, kagithane/istanbul, delta hotels by marriot, panaroma toplanti, istanbul Turkey Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺330, the stock trades at a trailing P/E ratio of 49.5x. Average trailing P/E is 15x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 387% over the past year. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺284, the stock trades at a trailing P/E ratio of 42.5x. Average trailing P/E is 15x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 365% over the past year. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: ₺6.67 (vs ₺4.08 in FY 2023) Full year 2024 results: EPS: ₺6.67 (up from ₺4.08 in FY 2023). Revenue: ₺3.48b (up 53% from FY 2023). Net income: ₺833.6m (up 63% from FY 2023). Profit margin: 24% (up from 23% in FY 2023). The increase in margin was driven by higher revenue. New Risk • Feb 19
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 8.1% 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 Risk Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺184, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 19x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 196% over the past year. Upcoming Dividend • Dec 06
Upcoming dividend of ₺0.04 per share Eligible shareholders must have bought the stock before 13 December 2024. Payment date: 17 December 2024. Payout ratio is a comfortable 0.5% and this is well supported by cash flows. The company last paid an ordinary dividend in August 2023. The average dividend yield among industry peers is 1.8%. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺138, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 11x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 271% over the past year. Reported Earnings • Nov 04
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺763.9m (up 11% from 3Q 2023). Net income: ₺373.5m (up 487% from 3Q 2023). Profit margin: 49% (up from 9.3% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺117, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 13x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 226% over the past year. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺121, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 16x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 226% over the past year. Upcoming Dividend • Sep 06
Upcoming dividend of ₺0.04 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 17 September 2024. The company last paid an ordinary dividend in August 2023. The average dividend yield among industry peers is 1.1%. Reported Earnings • Sep 05
Second quarter 2024 earnings released: EPS: ₺1.70 (vs ₺1.48 in 2Q 2023) Second quarter 2024 results: EPS: ₺1.70. Revenue: ₺759.5m (up 429% from 2Q 2023). Net income: ₺212.6m (down 4.3% from 2Q 2023). Profit margin: 28% (down from 155% in 2Q 2023). New Risk • Aug 08
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 8.6% 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 High level of non-cash earnings (34% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Profit margins are more than 30% lower than last year (22% net profit margin). Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺81.00, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 12x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 121% over the past year. Upcoming Dividend • Jul 15
Upcoming dividend of ₺0.04 per share Eligible shareholders must have bought the stock before 22 July 2024. Payment date: 24 July 2024. The company last paid an ordinary dividend in August 2023. The average dividend yield among industry peers is 1.1%. Reported Earnings • Jun 23
First quarter 2024 earnings released: EPS: ₺0.53 (vs ₺0.20 in 1Q 2023) First quarter 2024 results: EPS: ₺0.53 (up from ₺0.20 in 1Q 2023). Revenue: ₺416.9m (up 106% from 1Q 2023). Net income: ₺66.2m (up 233% from 1Q 2023). Profit margin: 16% (up from 9.8% in 1Q 2023). New Risk • Jun 15
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 9.2% 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 High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Profit margins are more than 30% lower than last year (22% net profit margin). New Risk • Jun 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 40% 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 (40% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (22% net profit margin). Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺60.00, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 14x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 212% over the past year. New Risk • May 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (57% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺79.85, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 16x in the Consumer Retailing industry in Turkey. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺71.60, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 15x in the Consumer Retailing industry in Turkey. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺54.15, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 13x in the Consumer Retailing industry in Turkey. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺36.92, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 10x in the Consumer Retailing industry in Turkey. Reported Earnings • Nov 13
Third quarter 2023 earnings released Third quarter 2023 results: EPS: ₺0.51. Net income: ₺63.6m (up ₺63.6m from 3Q 2022). Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺36.86, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 13x in the Consumer Retailing industry in Turkey. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺36.86, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 16x in the Consumer Retailing industry in Turkey. New Risk • Sep 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 70% 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 (70% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.9% average weekly change). Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺41.52, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 13x in the Consumer Retailing industry in Turkey. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺36.64, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 10x in the Consumer Retailing industry in Turkey. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺24.30, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 9x in the Consumer Retailing industry in Turkey. New Risk • Jun 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 41% 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 Share price has been highly volatile over the past 3 months (14% average weekly change). High level of non-cash earnings (41% accrual ratio). Minor Risk Market cap is less than US$100m (₺2.55b market cap, or US$97.8m). New Risk • Jun 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺2.39b (US$96.6m) 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Market cap is less than US$100m (₺2.39b market cap, or US$96.6m). Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺19.26, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 6x in the Consumer Retailing industry in Turkey. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ₺17.10, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 7x in the Consumer Retailing industry in Turkey. 
