Reported Earnings • Aug 17
Second quarter 2026 earnings released: EPS: ₺0.46 (vs ₺0.84 in 2Q 2025) Second quarter 2026 results: EPS: ₺0.46 (down from ₺0.84 in 2Q 2025). Revenue: ₺9.34b (down 18% from 2Q 2025). Net income: ₺568.1m (down 45% from 2Q 2025). Profit margin: 6.1% (down from 9.1% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Renewable Energy industry in Turkey. 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 30% per year, which means it is well ahead of earnings. New Risk • Aug 13
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 8.7% 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 (18% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺78.80, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Renewable Energy industry in Asia. Total returns to shareholders of 91% over the past three years. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺106, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 14x in the Renewable Energy industry in Asia. Total returns to shareholders of 181% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺68.28 per share. New Risk • May 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Price Target Changed • May 17
Price target increased by 8.2% to ₺92.65 Up from ₺85.64, the current price target is an average from 6 analysts. New target price is 13% above last closing price of ₺82.00. Stock is up 138% over the past year. The company is forecast to post earnings per share of ₺3.30 for next year compared to ₺2.98 last year. Aankondiging • May 14
Aksa Enerji Üretim A.S., Annual General Meeting, Jun 09, 2026 Aksa Enerji Üretim A.S., Annual General Meeting, Jun 09, 2026. Location: limak eurasia luxury hotel ruzgarlibahce mahallesi, sehit sinan eroglu caddesi no:5 kavacik, istanbul Turkey Price Target Changed • Apr 17
Price target increased by 10% to ₺85.64 Up from ₺77.60, the current price target is an average from 7 analysts. New target price is 6.9% above last closing price of ₺80.10. Stock is up 144% over the past year. The company is forecast to post earnings per share of ₺3.30 for next year compared to ₺2.98 last year. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺77.55, the stock trades at a trailing P/E ratio of 26x. Average forward P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 165% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺39.48 per share. Reported Earnings • Mar 09
Full year 2025 earnings released Full year 2025 results: Revenue: ₺42.4b (up 34% from FY 2024). Net income: ₺3.65b (up 82% from FY 2024). Profit margin: 8.6% (up from 6.3% in FY 2024). The increase in margin was driven by higher revenue. Price Target Changed • Jan 11
Price target increased by 8.3% to ₺73.24 Up from ₺67.65, the current price target is an average from 7 analysts. New target price is 9.8% above last closing price of ₺66.70. Stock is up 63% over the past year. The company posted earnings per share of ₺1.64 last year. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺61.30, the stock trades at a trailing P/E ratio of 55.8x. Average forward P/E is 12x in the Renewable Energy industry in Turkey. Total returns to shareholders of 28% over the past three years. New Risk • Nov 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.5% net profit margin). Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺57.50, the stock trades at a trailing P/E ratio of 53.3x. Average forward P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 33% over the past three years. Price Target Changed • Nov 02
Price target increased by 11% to ₺63.85 Up from ₺57.70, the current price target is an average from 7 analysts. New target price is 23% above last closing price of ₺52.00. Stock is up 59% over the past year. The company posted earnings per share of ₺1.64 last year. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺44.18, the stock trades at a trailing P/E ratio of 41x. Average forward P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 10% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺21.12 per share. Reported Earnings • Aug 11
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₺9.86b (up 39% from 2Q 2024). Net income: ₺929.1m (up 8.6% from 2Q 2024). Profit margin: 9.4% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Buy Or Sell Opportunity • Jun 11
Now 22% overvalued Over the last 90 days, the stock has fallen 6.0% to ₺34.02. The fair value is estimated to be ₺27.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.2% over the last 3 years. Earnings per share has declined by 2.5%. Reported Earnings • May 14
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₺9.63b (up 52% from 1Q 2024). Net income: ₺398.9m (down 49% from 1Q 2024). Profit margin: 4.1% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Aankondiging • May 13
Aksa Enerji Üretim A.S., Annual General Meeting, Jun 13, 2025 Aksa Enerji Üretim A.S., Annual General Meeting, Jun 13, 2025. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺31.10, the stock trades at a trailing P/E ratio of 19x. Average forward P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 145% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺33.81 per share. New Risk • Mar 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.3% net profit margin). Price Target Changed • Jan 17
Price target increased by 11% to ₺59.60 Up from ₺53.47, the current price target is an average from 4 analysts. New target price is 47% above last closing price of ₺40.68. Stock is up 22% over the past year. The company posted earnings per share of ₺4.48 last year. Reported Earnings • Nov 08
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺21.6b (up 194% from 3Q 2023). Net income: ₺2.30b (up 92% from 3Q 2023). Profit margin: 11% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 51% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Renewable Energy industry in Asia. Reported Earnings • Sep 06
Second quarter 2024 earnings released: EPS: ₺0.59 (vs ₺1.08 in 2Q 2023) Second quarter 2024 results: EPS: ₺0.59 (down from ₺1.08 in 2Q 2023). Revenue: ₺5.98b (up 15% from 2Q 2023). Net income: ₺721.3m (down 46% from 2Q 2023). Profit margin: 12% (down from 26% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 10.0% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺36.82, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 509% over the past three years. New Risk • Jun 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Price Target Changed • Jun 14
Price target increased by 9.2% to ₺53.47 Up from ₺48.98, the current price target is an average from 4 analysts. New target price is 20% above last closing price of ₺44.70. Stock is up 41% over the past year. The company posted earnings per share of ₺4.48 last year. Upcoming Dividend • May 30
Upcoming dividend of ₺1.30 per share Eligible shareholders must have bought the stock before 06 June 2024. Payment date: 10 June 2024. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Turkish dividend payers (2.3%). Higher than average of industry peers (1.1%). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺46.44, the stock trades at a trailing P/E ratio of 10.4x. Average forward P/E is 12x in the Renewable Energy industry in Turkey. Total returns to shareholders of 628% over the past three years. Reported Earnings • May 10
Full year 2023 earnings released Full year 2023 results: Revenue: ₺35.2b (down 23% from FY 2022). Net income: ₺5.50b (up 21% from FY 2022). Profit margin: 16% (up from 10.0% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 28% growth forecast for the Renewable Energy industry in Turkey. Buy Or Sell Opportunity • Mar 18
Now 20% undervalued Over the last 90 days, the stock has risen 19% to ₺35.50. The fair value is estimated to be ₺44.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 62% over the last 3 years. Earnings per share has grown by 67%. Buy Or Sell Opportunity • Jan 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.1% to ₺33.28. The fair value is estimated to be ₺42.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 62% over the last 3 years. Earnings per share has grown by 67%. Buying Opportunity • Dec 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be ₺42.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 62% over the last 3 years. Earnings per share has grown by 67%. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ₺0.98 (vs ₺1.19 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.98 (down from ₺1.19 in 3Q 2022). Revenue: ₺7.36b (down 52% from 3Q 2022). Net income: ₺1.20b (down 17% from 3Q 2022). Profit margin: 16% (up from 9.6% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has increased by 116% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ₺0.98 (vs ₺1.19 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.98 (down from ₺1.19 in 3Q 2022). Revenue: ₺7.36b (down 52% from 3Q 2022). Net income: ₺1.20b (down 17% from 3Q 2022). Profit margin: 16% (up from 9.6% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has increased by 116% 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 19% After last week's 19% share price gain to ₺42.46, the stock trades at a trailing P/E ratio of 11.6x. Average forward P/E is 10x in the Renewable Energy industry in Turkey. Total returns to shareholders of 1,387% over the past three years. Reported Earnings • Aug 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺5.21b (down 59% from 2Q 2022). Net income: ₺1.33b (up 3.6% from 2Q 2022). Profit margin: 26% (up from 10% in 2Q 2022). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺29.58, the stock trades at a trailing P/E ratio of 8.2x. Average forward P/E is 12x in the Renewable Energy industry in Turkey. Total returns to shareholders of 1,169% over the past three years. 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 ₺34.04, the stock trades at a trailing P/E ratio of 9.4x. Average forward P/E is 12x in the Renewable Energy industry in Turkey. Total returns to shareholders of 1,397% over the past three years. Price Target Changed • May 09
Price target decreased by 9.6% to ₺41.42 Down from ₺45.83, the current price target is an average from 3 analysts. New target price is 53% above last closing price of ₺27.04. Stock is up 55% over the past year. The company posted earnings per share of ₺3.72 last year. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: ₺0.86 (vs ₺0.96 in 1Q 2022) First quarter 2023 results: EPS: ₺0.86 (down from ₺0.96 in 1Q 2022). Revenue: ₺8.29b (up 41% from 1Q 2022). Net income: ₺1.05b (down 10% from 1Q 2022). Profit margin: 13% (down from 20% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has increased by 131% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 26
Upcoming dividend of ₺0.82 per share at 2.7% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 05 May 2023. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Turkish dividend payers (3.3%). Higher than average of industry peers (1.8%). Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: ₺3.72 (vs ₺1.37 in FY 2021) Full year 2022 results: EPS: ₺3.72 (up from ₺1.37 in FY 2021). Revenue: ₺45.6b (up 229% from FY 2021). Net income: ₺4.56b (up 172% from FY 2021). Profit margin: 10.0% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has increased by 159% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺29.48, the stock trades at a trailing P/E ratio of 7.6x. Average forward P/E is 11x in the Renewable Energy industry in Turkey. Total returns to shareholders of 1,397% over the past three years. Reported Earnings • Nov 21
Third quarter 2022 earnings released: EPS: ₺1.19 (vs ₺0.27 in 3Q 2021) Third quarter 2022 results: EPS: ₺1.19 (up from ₺0.27 in 3Q 2021). Revenue: ₺15.2b (up 326% from 3Q 2021). Net income: ₺1.45b (up 347% from 3Q 2021). Profit margin: 9.6% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has increased by 199% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 16
Price target increased to ₺37.83 Up from ₺33.87, the current price target is an average from 3 analysts. New target price is 25% below last closing price of ₺50.35. Stock is up 555% over the past year. The company posted earnings per share of ₺1.37 last year. 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. 5 non-independent directors. Independent Director Halit Yildiz 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 • Nov 09
Third quarter 2022 earnings released: EPS: ₺1.19 (vs ₺0.27 in 3Q 2021) Third quarter 2022 results: EPS: ₺1.19 (up from ₺0.27 in 3Q 2021). Revenue: ₺15.2b (up 326% from 3Q 2021). Net income: ₺1.45b (up 347% from 3Q 2021). Profit margin: 9.6% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has increased by 216% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 08
Price target increased to ₺37.83 Up from ₺32.34, the current price target is an average from 3 analysts. New target price is 17% below last closing price of ₺45.62. Stock is up 542% over the past year. The company posted earnings per share of ₺1.37 last year. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 16% share price gain to ₺47.00, the stock trades at a trailing P/E ratio of 15.8x. Average forward P/E is 11x in the Renewable Energy industry in Turkey. Total returns to shareholders of 3,440% over the past three years. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 23% share price gain to ₺40.60, the stock trades at a trailing P/E ratio of 13.6x. Average forward P/E is 11x in the Renewable Energy industry in Turkey. Total returns to shareholders of 3,088% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺12.7b (up 384% from 2Q 2021). Net income: ₺1.28b (up 358% from 2Q 2021). Profit margin: 10% (in line with 2Q 2021). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 26% share price gain to ₺23.22, the stock trades at a trailing P/E ratio of 10.8x. Average forward P/E is 14x in the Renewable Energy industry in Turkey. Total returns to shareholders of 1,876% over the past three years. Reported Earnings • May 10
First quarter 2022 earnings released: EPS: ₺0.96 (vs ₺0.17 in 1Q 2021) First quarter 2022 results: EPS: ₺0.96 (up from ₺0.17 in 1Q 2021). Revenue: ₺5.89b (up 175% from 1Q 2021). Net income: ₺1.18b (up 466% from 1Q 2021). Profit margin: 20% (up from 9.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 50%, compared to a 14% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has increased by 149% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to ₺14.50 Up from ₺13.17, the current price target is an average from 2 analysts. New target price is 9.9% below last closing price of ₺16.10. Stock is up 182% over the past year. The company posted earnings per share of ₺1.37 last year. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Ilhan Helvaci was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Price Target Changed • Apr 21
Price target increased to ₺14.50 Up from ₺12.43, the current price target is an average from 2 analysts. New target price is 13% below last closing price of ₺16.65. Stock is up 200% over the past year. The company posted earnings per share of ₺1.37 last year. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 15% share price gain to ₺15.98, the stock trades at a trailing P/E ratio of 11.7x. Average forward P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 1,237% over the past three years. Reported Earnings • Mar 02
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ₺1.37 (up from ₺0.38 in FY 2020). Revenue: ₺13.9b (up 92% from FY 2020). Net income: ₺1.68b (up 257% from FY 2020). Profit margin: 12% (up from 6.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.8%. Over the next year, revenue is forecast to grow 55%, compared to a 13% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has increased by 102% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improved over the past week After last week's 15% share price gain to ₺12.51, the stock trades at a trailing P/E ratio of 16.5x. Average forward P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 745% over the past three years. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improved over the past week After last week's 18% share price gain to ₺9.11, the stock trades at a trailing P/E ratio of 12x. Average forward P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 486% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺9.28 per share. Price Target Changed • Nov 14
Price target increased to ₺8.79 Up from ₺8.19, the current price target is an average from 3 analysts. New target price is 24% above last closing price of ₺7.10. Stock is up 93% over the past year. The company posted earnings per share of ₺0.38 last year. Reported Earnings • Nov 07
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₺3.56b (up 98% from 3Q 2020). Net income: ₺325.3m (up 144% from 3Q 2020). Profit margin: 9.1% (up from 7.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year whereas the company’s share price has increased by 65% per year. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 54% share price decline to ₺6.48, the stock trades at a trailing P/E ratio of 5.4x. Average forward P/E is 15x in the Renewable Energy industry in Turkey. Total returns to shareholders of 74% over the past three years. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS ₺0.46 (vs ₺0.24 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺2.62b (up 62% from 2Q 2020). Net income: ₺280.3m (up 90% from 2Q 2020). Profit margin: 11% (up from 9.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year whereas the company’s share price has increased by 50% per year. Price Target Changed • Aug 18
Price target increased to ₺16.38 Up from ₺15.28, the current price target is an average from 4 analysts. New target price is 18% above last closing price of ₺13.91. Stock is up 156% over the past year. Price Target Changed • Jul 04
Price target increased to ₺15.28 Up from ₺10.73, the current price target is an average from 4 analysts. New target price is 36% above last closing price of ₺11.27. Stock is up 101% over the past year. Reported Earnings • May 12
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺2.14b (up 16% from 1Q 2020). Net income: ₺207.6m (up 179% from 1Q 2020). Profit margin: 9.7% (up from 4.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ₺0.77 (vs ₺0.54 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺7.23b (up 30% from FY 2019). Net income: ₺470.0m (up 43% from FY 2019). Profit margin: 6.5% (up from 5.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations Revenue exceeded analyst estimates by 37%. Over the next year, revenue is forecast to grow 19%, compared to a 10% growth forecast for the Renewable Energy industry in Turkey. Price Target Changed • Feb 26
Price target raised to ₺8.15 Up from ₺5.15, the current price target is provided by 1 analyst. The new target price is 23% below the current share price of ₺10.56. As of last close, the stock is up 197% over the past year. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 18% share price gain to ₺11.97, the stock is trading at a trailing P/E ratio of 14.4x, up from the previous P/E ratio of 12.2x. This compares to an average P/E of 13x in the Renewable Energy industry in Asia. Total returns to shareholders over the past three years are 150%. Is New 90 Day High Low • Feb 04
New 90-day high: ₺10.95 The company is up 53% from its price of ₺7.14 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 Renewable Energy industry, which is up 49% over the same period. Is New 90 Day High Low • Jan 18
New 90-day high: ₺8.38 The company is up 25% from its price of ₺6.70 on 20 October 2020. The Turkish market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 22% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: ₺7.44 The company is up 16% from its price of ₺6.42 on 02 October 2020. The Turkish market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Renewable Energy industry, which is up 10.0% over the same period. Analyst Estimate Surprise Post Earnings • Nov 07
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 45%. Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 16% share price gain to ₺7.14, the stock is trading at a trailing P/E ratio of 9.9x, up from the previous P/E ratio of 8.5x. This compares to an average P/E of 12x in the Renewable Energy industry in Asia. Total returns to shareholders over the past three years are 82%. Is New 90 Day High Low • Nov 06
New 90-day high: ₺7.14 The company is up 49% from its price of ₺4.80 on 07 August 2020. The Turkish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 33% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: ₺7.07 The company is up 19% from its price of ₺5.92 on 16 July 2020. The Turkish market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 12% over the same period. Is New 90 Day High Low • Sep 28
New 90-day high: ₺6.00 The company is up 10.0% from its price of ₺5.46 on 30 June 2020. The Turkish market is also up 10.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Renewable Energy industry, which is up 21% over the same period. 
