Announcement • Apr 30
Cuhadaroglu Metal Sanayi ve Pazarlama A.S., Annual General Meeting, Apr 29, 2026 Cuhadaroglu Metal Sanayi ve Pazarlama A.S., Annual General Meeting, Apr 29, 2026. Location: yakuplu mahallesi hurriyet bulvari no:6, beylikduzu, istanbul Turkey New Risk • Feb 01
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 8.0% 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 (-₺987m free cash flow). Earnings have declined by 54% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (₺2.11b market cap, or US$48.5m). New Risk • Oct 10
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 (-₺1.5b free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 54% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺1.82b market cap, or US$43.6m). Reported Earnings • Sep 08
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₺679.1m (down 4.5% from 2Q 2024). Net loss: ₺151.5m (down 344% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. New Risk • Sep 01
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 8.3% 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. 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 (-₺1.1b free cash flow). Earnings have declined by 47% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (₺2.61b market cap, or US$63.6m). New Risk • Aug 31
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: -₺1.1b 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 (-₺1.1b free cash flow). Earnings have declined by 47% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺2.44b market cap, or US$59.2m). Announcement • May 08
Cuhadaroglu Metal Sanayi ve Pazarlama A.S., Annual General Meeting, May 28, 2025 Cuhadaroglu Metal Sanayi ve Pazarlama A.S., Annual General Meeting, May 28, 2025. Location: yakuplu mahallesi hurriyet bulvari no:153, beylikduzu/istanbul, istanbul Turkey New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings have declined by 47% 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 47% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-₺790m). Market cap is less than US$100m (₺1.61b market cap, or US$42.1m). New Risk • Mar 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 6.4% 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 High level of debt (104% net debt to equity). Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₺1.43b market cap, or US$39.3m). Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺25.54, the stock trades at a trailing P/E ratio of 31.2x. Average trailing P/E is 20x in the Building industry in Turkey. Total returns to shareholders of 190% over the past three years. New Risk • Dec 04
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 107% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 39% per year over the past 5 years. Minor Risks High level of debt (107% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (₺1.50b market cap, or US$43.2m). Reported Earnings • Dec 04
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺703.3m (up 100% from 3Q 2023). Net loss: ₺60.5m (down 405% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 03
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺640.8m (up 54% from 2Q 2023). Net income: ₺64.7m (up ₺305.7m from 2Q 2023). Profit margin: 10% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 144 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 17
First quarter 2024 earnings released: ₺1.48 loss per share (vs ₺0.021 loss in 1Q 2023) First quarter 2024 results: ₺1.48 loss per share (further deteriorated from ₺0.021 loss in 1Q 2023). Revenue: ₺588.3m (up 113% from 1Q 2023). Net loss: ₺105.2m (loss widened ₺103.7m from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 131 percentage points per year, which is a significant difference in performance. Reported Earnings • May 22
Full year 2023 earnings released Full year 2023 results: Revenue: ₺1.79b (down 6.6% from FY 2022). Net loss: ₺238.3m (down 217% from profit in FY 2022). 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 51% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 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 9.6% 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 Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. 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 (1.3% net profit margin). Market cap is less than US$100m (₺1.76b market cap, or US$54.5m). New Risk • Aug 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.6% Last year net profit margin: 9.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (₺1.46b market cap, or US$53.9m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: ₺1.10 loss per share (vs ₺0.89 profit in 2Q 2022) Second quarter 2023 results: ₺1.10 loss per share (down from ₺0.89 profit in 2Q 2022). Revenue: ₺275.7m (down 43% from 2Q 2022). Net loss: ₺77.8m (down 223% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺16.42, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 8x in the Building industry in Turkey. Total returns to shareholders of 419% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₺14.13, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 7x in the Building industry in Turkey. Total returns to shareholders of 369% over the past three years. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺276.7m (down 30% from 1Q 2022). Net loss: ₺1.48m (down 104% from profit in 1Q 2022). 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 64% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺19.91, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 8x in the Building industry in Turkey. Total returns to shareholders of 660% over the past three years. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺22.48, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 10x in the Building industry in Turkey. Total returns to shareholders of 1,197% over the past three years. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: ₺2.85 (vs ₺1.34 in FY 2021) Full year 2022 results: EPS: ₺2.85 (up from ₺1.34 in FY 2021). Revenue: ₺1.92b (up 77% from FY 2021). Net income: ₺203.1m (up 113% from FY 2021). Profit margin: 11% (up from 8.8% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺16.83, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 6x in the Building industry in Turkey. Total returns to shareholders of 443% over the past three years. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 15% share price gain to ₺19.19, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 8x in the Building industry in Turkey. Total returns to shareholders of 499% over the past three years. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improved over the past week After last week's 19% share price gain to ₺23.88, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 10x in the Building industry in Turkey. Total returns to shareholders of 705% over the past three years. Board Change • Nov 16
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Non-Executive Independent Director Ibrahim Öztekin was the last independent director to join the board, commencing their role in 2015. 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 • Nov 10
Third quarter 2022 earnings released: EPS: ₺0.36 (vs ₺0.26 in 3Q 2021) Third quarter 2022 results: EPS: ₺0.36 (up from ₺0.26 in 3Q 2021). Revenue: ₺475.7m (up 57% from 3Q 2021). Net income: ₺25.6m (up 40% from 3Q 2021). Profit margin: 5.4% (down from 6.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 88% per year whereas the company’s share price has increased by 89% per year. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 16% share price gain to ₺19.22, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 9x in the Building industry in Turkey. Total returns to shareholders of 679% over the past three years. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 15% share price gain to ₺14.17, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 6x in the Building industry in Turkey. Total returns to shareholders of 554% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 21% share price gain to ₺14.15, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 6x in the Building industry in Turkey. Total returns to shareholders of 553% over the past three years. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ₺0.89 (vs ₺0.49 in 2Q 2021) Second quarter 2022 results: EPS: ₺0.89 (up from ₺0.49 in 2Q 2021). Revenue: ₺480.9m (up 109% from 2Q 2021). Net income: ₺63.5m (up 80% from 2Q 2021). Profit margin: 13% (down from 15% in 2Q 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 only increased by 80% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 07
Upcoming dividend of ₺0.44 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 16 June 2022. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 4.2%. Within top quartile of Turkish dividend payers (3.8%). Higher than average of industry peers (2.6%). Reported Earnings • May 12
First quarter 2022 earnings released: EPS: ₺0.49 (vs ₺0.12 in 1Q 2021) First quarter 2022 results: EPS: ₺0.49 (up from ₺0.12 in 1Q 2021). Revenue: ₺397.7m (up 241% from 1Q 2021). Net income: ₺35.0m (up 303% from 1Q 2021). Profit margin: 8.8% (up from 7.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 72% per year, which means it is significantly lagging earnings growth. 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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Non-Executive Independent Director Ibrahim Öztekin was the last independent director to join the board, commencing their role in 2015. 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 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺1.34 (up from ₺0.34 in FY 2020). Revenue: ₺1.09b (up 219% from FY 2020). Net income: ₺95.3m (up 299% from FY 2020). Profit margin: 8.8% (up from 7.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺7.35, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 10x in the Building industry in Turkey. Total returns to shareholders of 272% 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 17% share price decline to ₺9.21, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 11x in the Building industry in Turkey. Total returns to shareholders of 432% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 17% share price gain to ₺10.70, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 12x in the Building industry in Turkey. Total returns to shareholders of 485% over the past three years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ₺0.26 (vs ₺0.15 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: ₺303.8m (up 380% from 3Q 2020). Net income: ₺18.4m (up 66% from 3Q 2020). Profit margin: 6.0% (down from 18% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 74% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS ₺0.49 (vs ₺0.025 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺230.2m (up 163% from 2Q 2020). Net income: ₺35.2m (up ₺33.4m from 2Q 2020). Profit margin: 15% (up from 2.0% 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 99% per year but the company’s share price has only increased by 62% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 28
First quarter 2021 earnings released: EPS ₺0.12 (vs ₺0.019 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺116.6m (up 34% from 1Q 2020). Net income: ₺8.68m (up ₺7.30m from 1Q 2020). Profit margin: 7.4% (up from 1.6% 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 77% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 29
Inaugural dividend of ₺0.12 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 07 May 2021. This is the first dividend for Cuhadaroglu Metal Sanayi ve Pazarlama since going public. The average dividend yield among industry peers is 1.6%. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₺6.31, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 14x in the Building industry in Turkey. Total returns to shareholders of 160% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺6.47, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 20x in the Building industry in Turkey. Total returns to shareholders of 150% over the past three years. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS ₺0.34 (vs ₺0.16 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₺341.1m (down 3.0% from FY 2019). Net income: ₺23.9m (up 111% from FY 2019). Profit margin: 7.0% (up from 3.2% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 06
New 90-day high: ₺8.43 The company is up 45% from its price of ₺5.80 on 08 October 2020. The Turkish market is up 24% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Building industry, which is also up 45% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: ₺8.05 The company is up 51% from its price of ₺5.32 on 15 September 2020. The Turkish market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 37% over the same period. Reported Earnings • Nov 09
Third quarter 2020 earnings released: EPS ₺0.15 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ₺63.3m (down 28% from 3Q 2019). Net income: ₺11.1m (up 256% from 3Q 2019). Profit margin: 18% (up from 3.5% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 04
Market bids up stock over the past week After last week's 16% share price gain to ₺6.59, the stock is trading at a trailing P/E ratio of 61.8x, up from the previous P/E ratio of 53.4x. This compares to an average P/E of 32x in the Building industry in Turkey. Total returns to shareholders over the past three years are 138%. Valuation Update With 7 Day Price Move • Nov 02
Market bids up stock over the past week After last week's 16% share price gain to ₺6.89, the stock is trading at a trailing P/E ratio of 64.6x, up from the previous P/E ratio of 55.5x. This compares to an average P/E of 23x in the Building industry in Turkey. Total returns to shareholders over the past three years are 146%. Valuation Update With 7 Day Price Move • Oct 26
Market pulls back on stock over the past week After last week's 17% share price decline to ₺5.92, the stock is trading at a trailing P/E ratio of 55.5x, down from the previous P/E ratio of 66.6x. This compares to an average P/E of 33x in the Building industry in Turkey. Total returns to shareholders over the past three years are 100%. Valuation Update With 7 Day Price Move • Oct 14
Market bids up stock over the past week After last week's 16% share price gain to ₺6.73, the stock is trading at a trailing P/E ratio of 63.1x, up from the previous P/E ratio of 54.5x. This compares to an average P/E of 36x in the Building industry in Turkey. Total returns to shareholders over the past three years are 132%. Is New 90 Day High Low • Oct 13
New 90-day high: ₺6.12 The company is up 51% from its price of ₺4.05 on 14 July 2020. The Turkish market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 38% over the same period. 
