Major Estimate Revision • Apr 08
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₺69.9b to ₺62.2b. EPS estimate fell from ₺18.72 to ₺17.61 per share. Net income forecast to grow 366% next year vs 26% growth forecast for Machinery industry in Turkey. Consensus price target down from ₺651 to ₺637. Share price rose 2.8% to ₺457 over the past week. Announcement • Feb 11
Türk Traktör ve Ziraat Makineleri A.S., Annual General Meeting, Mar 09, 2026 Türk Traktör ve Ziraat Makineleri A.S., Annual General Meeting, Mar 09, 2026. Location: gazi mahallesi anadolu, bulvari no: 52 - 52a, yenimahalle, ankara Turkey Major Estimate Revision • Nov 03
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ₺63.6b to ₺56.8b. EPS estimate unchanged from ₺16.41 per share at last update. Machinery industry in Turkey expected to see average net income growth of 29% next year. Consensus price target down from ₺722 to ₺691. Share price was steady at ₺547 over the past week. Reported Earnings • Oct 29
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺11.3b (down 12% from 3Q 2024). Net income: ₺283.5m (down 69% from 3Q 2024). Profit margin: 2.5% (down from 7.2% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Price Target Changed • Oct 10
Price target decreased by 8.4% to ₺735 Down from ₺803, the current price target is an average from 7 analysts. New target price is 31% above last closing price of ₺561. Stock is down 18% over the past year. The company is forecast to post earnings per share of ₺17.48 for next year compared to ₺57.37 last year. Reported Earnings • Aug 03
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₺12.5b (down 33% from 2Q 2024). Net income: ₺338.5m (down 85% from 2Q 2024). Profit margin: 2.7% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Machinery industry in Asia. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Apr 29
Consensus revenue estimates decrease by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ₺78.4b to ₺60.5b. EPS estimate reaffirmed at ₺78.77. Net income forecast to grow 38% next year vs 24% growth forecast for Machinery industry in Turkey. Consensus price target down from ₺852 to ₺824. Share price fell 5.1% to ₺613 over the past week. Upcoming Dividend • Mar 26
Upcoming dividend of ₺48.47 per share Eligible shareholders must have bought the stock before 02 April 2025. Payment date: 04 April 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 12%. Within top quartile of Turkish dividend payers (3.0%). Higher than average of industry peers (5.6%). Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺828, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 18x in the Machinery industry in Asia. Total returns to shareholders of 794% over the past three years. Announcement • Feb 27
Türk Traktör ve Ziraat Makineleri A.S., Annual General Meeting, Mar 21, 2025 Türk Traktör ve Ziraat Makineleri A.S., Annual General Meeting, Mar 21, 2025. Location: gazi mahallesi anadolu bulvari no: 52-52a, yenimahalle ankara, ankara Turkey Reported Earnings • Feb 15
Full year 2024 earnings released Full year 2024 results: Revenue: ₺67.0b (up 15% from FY 2023). Net income: ₺5.74b (down 39% from FY 2023). Profit margin: 8.6% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Machinery industry in Asia. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 31
Türk Traktör ve Ziraat Makineleri A.S. to Report Fiscal Year 2024 Results on Feb 13, 2025 Türk Traktör ve Ziraat Makineleri A.S. announced that they will report fiscal year 2024 results on Feb 13, 2025 Price Target Changed • Jan 28
Price target decreased by 9.4% to ₺876 Down from ₺966, the current price target is an average from 8 analysts. New target price is 28% above last closing price of ₺682. Stock is down 15% over the past year. The company is forecast to post earnings per share of ₺63.89 for next year compared to ₺83.29 last year. Major Estimate Revision • Nov 03
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₺69.6b to ₺68.7b. EPS estimate also fell from ₺85.00 per share to ₺60.60 per share. Net income forecast to grow 18% next year vs 27% growth forecast for Machinery industry in Turkey. Consensus price target broadly unchanged at ₺1,018. Share price was steady at ₺730 over the past week. Upcoming Dividend • Nov 01
Upcoming dividend of ₺26.98 per share Eligible shareholders must have bought the stock before 08 November 2024. Payment date: 12 November 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 8.7%. Within top quartile of Turkish dividend payers (2.8%). Higher than average of industry peers (4.0%). Reported Earnings • Oct 25
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺12.9b (up 6.7% from 3Q 2023). Net income: ₺926.5m (down 66% from 3Q 2023). Profit margin: 7.2% (down from 23% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Asia. 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 102% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. High level of non-cash earnings (114% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: ₺0.19 (vs ₺17.57 in 2Q 2023) Second quarter 2024 results: EPS: ₺0.19 (down from ₺17.57 in 2Q 2023). Revenue: ₺15.7b (up 45% from 2Q 2023). Net income: ₺1.94b (down 11% from 2Q 2023). Profit margin: 12% (down from 20% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Asia. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 100% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 24
Türk Traktör ve Ziraat Makineleri A.S. to Report Q2, 2024 Results on Jul 31, 2024 Türk Traktör ve Ziraat Makineleri A.S. announced that they will report Q2, 2024 results at 5:30 PM, GTB Standard Time on Jul 31, 2024 Reported Earnings • May 21
First quarter 2024 earnings released: EPS: ₺0.017 (vs ₺13.97 in 1Q 2023) First quarter 2024 results: EPS: ₺0.017 (down from ₺13.97 in 1Q 2023). Revenue: ₺16.6m (down 100% from 1Q 2023). Net income: ₺1.75m (down 100% from 1Q 2023). Profit margin: 11% (down from 15% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Asia. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has increased by 121% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 25
Upcoming dividend of ₺62.96 per share Eligible shareholders must have bought the stock before 01 April 2024. Payment date: 03 April 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.3%. Within top quartile of Turkish dividend payers (1.9%). Higher than average of industry peers (1.5%). Major Estimate Revision • Mar 13
Consensus revenue estimates increase by 38% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from ₺44.6b to ₺61.4b. EPS estimate increased from ₺90.55 to ₺108 per share. Net income forecast to grow 10% next year vs 27% growth forecast for Machinery industry in Turkey. Consensus price target up from ₺946 to ₺971. Share price rose 6.6% to ₺910 over the past week. Announcement • Mar 03
Türk Traktör ve Ziraat Makineleri A.S., Annual General Meeting, Mar 26, 2024 Türk Traktör ve Ziraat Makineleri A.S., Annual General Meeting, Mar 26, 2024, at 10:00 Coordinated Universal Time. Location: Gazi Mahallesi Anadolu Bulvari No: 52 – 52A Yenimahalle Ankara, YENIMAHALLE, Ankara Turkey Agenda: To consider Opening and election of the President; to consider Reading, discussing, and approving the Annual Report of 2023 prepared by the Company's Board of Directors; to consider Reading the summary of the Independent Audit Report related to the accounting year of 2023; to consider Reading, discussing, and approving the Financial Statements related to the accounting period of the year 2023; to consider Acquitting the members of the Board of Directors due to the activities of the company for the year 2023; to consider Acceptance, acceptance by making changes or rejection of the Board of Directors' proposal with respect to the distribution of the profit for the year 2023 prepared in line with the company's dividend policy and date of such profit distribution; to consider Determining the of annual gross remunerations of Board of Directors' members; and to consider other matters. Major Estimate Revision • Feb 29
Consensus revenue estimates fall by 28% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₺61.8b to ₺44.6b. EPS estimate fell from ₺97.91 to ₺90.55 per share. Net income forecast to grow 7.0% next year vs 27% growth forecast for Machinery industry in Turkey. Consensus price target broadly unchanged at ₺908. Share price rose 3.7% to ₺864 over the past week. Reported Earnings • Feb 25
Full year 2023 earnings released Full year 2023 results: Revenue: ₺58.4b (up 168% from FY 2022). Net income: ₺9.34b (up 214% from FY 2022). Profit margin: 16% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Asia. Price Target Changed • Oct 31
Price target increased by 15% to ₺706 Up from ₺615, the current price target is an average from 9 analysts. New target price is 7.3% below last closing price of ₺761. Stock is up 262% over the past year. The company is forecast to post earnings per share of ₺94.70 for next year compared to ₺29.69 last year. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: ₺27.15 (vs ₺6.52 in 3Q 2022) Third quarter 2023 results: EPS: ₺27.15 (up from ₺6.52 in 3Q 2022). Revenue: ₺12.1b (up 111% from 3Q 2022). Net income: ₺2.72b (up 316% from 3Q 2022). Profit margin: 23% (up from 11% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Asia. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has increased by 136% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Aug 03
Consensus revenue estimates increase by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ₺39.6b to ₺46.3b. EPS estimate unchanged from ₺41.41 at last update. Machinery industry in Turkey expected to see average net income growth of 30% next year. Consensus price target up from ₺452 to ₺558. Share price rose 21% to ₺737 over the past week. Reported Earnings • Jul 30
Second quarter 2023 earnings released: EPS: ₺21.79 (vs ₺4.83 in 2Q 2022) Second quarter 2023 results: EPS: ₺21.79 (up from ₺4.83 in 2Q 2022). Revenue: ₺10.8b (up 121% from 2Q 2022). Net income: ₺2.18b (up 352% from 2Q 2022). Profit margin: 20% (up from 9.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Asia. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has increased by 126% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jul 28
Price target increased by 17% to ₺504 Up from ₺429, the current price target is an average from 8 analysts. New target price is 25% below last closing price of ₺669. Stock is up 429% over the past year. The company is forecast to post earnings per share of ₺45.26 for next year compared to ₺29.69 last year. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺572, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Machinery industry in Asia. Total returns to shareholders of 1,228% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺420 per share. Price Target Changed • Jul 20
Price target increased by 12% to ₺452 Up from ₺405, the current price target is an average from 8 analysts. New target price is 18% below last closing price of ₺550. Stock is up 356% over the past year. The company is forecast to post earnings per share of ₺45.26 for next year compared to ₺29.69 last year. Price Target Changed • Jul 14
Price target increased by 13% to ₺429 Up from ₺381, the current price target is an average from 8 analysts. New target price is 11% below last closing price of ₺480. Stock is up 316% over the past year. The company is forecast to post earnings per share of ₺41.97 for next year compared to ₺29.69 last year. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺406, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 17x in the Machinery industry in Asia. Total returns to shareholders of 1,097% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺356 per share. Price Target Changed • Jun 26
Price target increased by 8.5% to ₺405 Up from ₺373, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₺393. Stock is up 221% over the past year. The company is forecast to post earnings per share of ₺41.97 for next year compared to ₺29.69 last year. Major Estimate Revision • Jun 07
Consensus EPS estimates increase by 24% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ₺31.72 to ₺39.36. Revenue forecast unchanged at ₺35.9b. Net income forecast to grow 30% next year vs 28% growth forecast for Machinery industry in Turkey. Consensus price target up from ₺361 to ₺373. Share price rose 10% to ₺389 over the past week. Buying Opportunity • Jun 05
Now 42% undervalued after recent price drop Over the last 90 days, the stock is down 37%. The fair value is estimated to be ₺672, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 59% over the last 3 years. Earnings per share has grown by 71%. Revenue is forecast to grow by 95% in 2 years. Earnings is forecast to grow by 69% in the next 2 years. Price Target Changed • Jun 01
Price target increased by 8.3% to ₺699 Up from ₺646, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₺690. Stock is up 187% over the past year. The company is forecast to post earnings per share of ₺80.59 for next year compared to ₺55.67 last year. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺650, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Machinery industry in Asia. Total returns to shareholders of 1,203% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺283 per share. Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: ₺26.20 (vs ₺8.93 in 1Q 2022) First quarter 2023 results: EPS: ₺26.20 (up from ₺8.93 in 1Q 2022). Revenue: ₺9.52b (up 139% from 1Q 2022). Net income: ₺1.40b (up 193% from 1Q 2022). Profit margin: 15% (up from 12% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Asia. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has increased by 114% 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 16% After last week's 16% share price gain to ₺571, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the Machinery industry in Asia. Total returns to shareholders of 1,069% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺240 per share. Reported Earnings • Feb 08
Full year 2022 earnings released Full year 2022 results: Revenue: ₺21.8b (up 88% from FY 2021). Net income: ₺2.97b (up 125% from FY 2021). Profit margin: 14% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Machinery industry in Asia. Price Target Changed • Feb 05
Price target increased by 10% to ₺552 Up from ₺500, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of ₺560. Stock is up 161% over the past year. The company is forecast to post earnings per share of ₺45.36 for next year compared to ₺24.77 last year. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 19% share price gain to ₺660, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Machinery industry in Asia. Total returns to shareholders of 1,388% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺353 per share. Price Target Changed • Dec 02
Price target increased to ₺500 Up from ₺449, the current price target is an average from 9 analysts. New target price is 5.7% below last closing price of ₺530. Stock is up 141% over the past year. The company is forecast to post earnings per share of ₺44.34 for next year compared to ₺24.77 last year. Price Target Changed • Nov 16
Price target increased to ₺425 Up from ₺367, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₺440. Stock is up 140% over the past year. The company is forecast to post earnings per share of ₺44.97 for next year compared to ₺24.77 last year. Board Change • Nov 16
Less than half of directors are independent There are 6 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. 10 non-independent directors. Independent Director Mechmet Sami was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improved over the past week After last week's 15% share price gain to ₺394, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Machinery industry in Asia. Total returns to shareholders of 1,009% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺384 per share. Major Estimate Revision • Nov 02
Consensus EPS estimates increase by 23% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ₺20.3b to ₺21.1b. EPS estimate increased from ₺36.62 to ₺44.97 per share. Net income forecast to grow 19% next year vs 31% growth forecast for Machinery industry in Turkey. Consensus price target up from ₺367 to ₺408. Share price rose 15% to ₺394 over the past week. Price Target Changed • Nov 01
Price target increased to ₺408 Up from ₺367, the current price target is an average from 8 analysts. New target price is 7.0% above last closing price of ₺381. Stock is up 136% over the past year. The company is forecast to post earnings per share of ₺44.97 for next year compared to ₺24.77 last year. Reported Earnings • Oct 27
Second quarter 2022 earnings released: EPS: ₺9.05 (vs ₺4.88 in 2Q 2021) Second quarter 2022 results: EPS: ₺9.05 (up from ₺4.88 in 2Q 2021). Revenue: ₺4.89b (up 69% from 2Q 2021). Net income: ₺482.7m (up 86% from 2Q 2021). Profit margin: 9.9% (in line with 2Q 2021). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Machinery industry in Asia. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has increased by 100% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 27
Price target increased to ₺386 Up from ₺356, the current price target is an average from 8 analysts. New target price is 10% above last closing price of ₺351. Stock is up 113% over the past year. The company is forecast to post earnings per share of ₺36.62 for next year compared to ₺24.77 last year. Price Target Changed • Oct 07
Price target increased to ₺345 Up from ₺309, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₺331. Stock is up 112% over the past year. The company is forecast to post earnings per share of ₺36.62 for next year compared to ₺24.77 last year. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improved over the past week After last week's 18% share price gain to ₺300, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Machinery industry in Asia. Total returns to shareholders of 764% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺281 per share. Major Estimate Revision • Aug 12
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ₺18.8b to ₺19.3b. EPS estimate increased from ₺28.76 to ₺33.75 per share. Net income forecast to grow 24% next year vs 27% growth forecast for Machinery industry in Turkey. Consensus price target broadly unchanged at ₺302. Share price was steady at ₺231 over the past week. Reported Earnings • Aug 03
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺4.89b (up 69% from 2Q 2021). Net income: ₺482.7m (up 86% from 2Q 2021). Profit margin: 9.9% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 33%, compared to a 23% growth forecast for the industry in Turkey. Buying Opportunity • Jul 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be ₺271, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last 3 years. Earnings per share has grown by 80%. Revenue is forecast to grow by 68% in 2 years. Earnings is forecast to grow by 46% in the next 2 years. Board Change • Apr 27
Less than half of directors are independent There are 6 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. 10 non-independent directors. Independent Director Mechmet Sami was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Apr 23
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ₺8.93 (up from ₺6.53 in 1Q 2021). Revenue: ₺3.99b (up 49% from 1Q 2021). Net income: ₺476.6m (up 37% from 1Q 2021). Profit margin: 12% (down from 13% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 46%, compared to a 18% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has increased by 101% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 17% share price gain to ₺262, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Machinery industry in Asia. Total returns to shareholders of 865% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺283 per share. Upcoming Dividend • Mar 21
Upcoming dividend of ₺22.48 per share Eligible shareholders must have bought the stock before 28 March 2022. Payment date: 30 March 2022. Payout ratio is a comfortable 64% but the company is paying out more than the cash it is generating. Trailing yield: 6.8%. Within top quartile of Turkish dividend payers (3.8%). Higher than average of industry peers (4.2%). Buying Opportunity • Feb 24
Now 28% undervalued Over the last 90 days, the stock is up 4.4%. The fair value is estimated to be ₺281, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 45% per annum over the last 3 years. Earnings per share has grown by 81% per annum over the last 3 years. Reported Earnings • Feb 16
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ₺24.77 (up from ₺14.55 in FY 2020). Revenue: ₺11.6b (up 87% from FY 2020). Net income: ₺1.32b (up 70% from FY 2020). Profit margin: 11% (down from 12% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 32%, compared to a 19% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 28
Price target increased to ₺290 Up from ₺243, the current price target is an average from 4 analysts. New target price is 34% above last closing price of ₺217. Stock is up 23% over the past year. The company is forecast to post earnings per share of ₺21.87 for next year compared to ₺14.55 last year. Price Target Changed • Jan 13
Price target increased to ₺251 Up from ₺230, the current price target is an average from 4 analysts. New target price is 10% above last closing price of ₺228. Stock is up 25% over the past year. The company is forecast to post earnings per share of ₺20.70 for next year compared to ₺14.55 last year. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺193, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Machinery industry in Asia. Total returns to shareholders of 541% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺211 per share. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₺228, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Machinery industry in Asia. Total returns to shareholders of 538% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺211 per share. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS ₺4.16 (vs ₺3.75 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: ₺2.47b (up 52% from 3Q 2020). Net income: ₺221.8m (up 11% from 3Q 2020). Profit margin: 9.0% (down from 12% 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 78% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 22
Price target increased to ₺224 Up from ₺207, the current price target is an average from 3 analysts. New target price is 30% above last closing price of ₺172. Stock is up 44% over the past year. The company is forecast to post earnings per share of ₺20.26 for next year compared to ₺14.55 last year. Price Target Changed • Sep 02
Price target increased to ₺211 Up from ₺189, the current price target is an average from 4 analysts. New target price is 24% above last closing price of ₺170. Stock is up 86% over the past year. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ₺4.88 (vs ₺1.44 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺2.89b (up 193% from 2Q 2020). Net income: ₺260.2m (up 240% from 2Q 2020). Profit margin: 9.0% (up from 7.7% 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 67% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 18
Price target increased to ₺182 Up from ₺170, the current price target is an average from 4 analysts. New target price is 6.5% above last closing price of ₺171. Stock is up 146% over the past year. Major Estimate Revision • May 04
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ₺8.46b to ₺10.1b. EPS estimate unchanged from ₺20.92 at last update. Machinery industry in Turkey expected to see average net income growth of 26% next year. Consensus price target up from ₺170 to ₺184. Share price fell 4.1% to ₺209 over the past week. Price Target Changed • May 01
Price target increased to ₺184 Up from ₺170, the current price target is an average from 5 analysts. New target price is 12% below last closing price of ₺209. Stock is up 265% over the past year. Reported Earnings • Apr 29
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: ₺2.68b (up 125% from 1Q 2020). Net income: ₺348.3m (up 315% from 1Q 2020). Profit margin: 13% (up from 7.1% 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 27% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 18
Upcoming Dividend of ₺1.59 Per Share Will be paid on the 29th of March to those who are registered shareholders by the 25th of March. The trailing yield of 0.8% is below the top quartile of Turkish dividend payers (2.6%), and is lower than industry peers (1.1%). Major Estimate Revision • Feb 18
Analysts increase EPS estimates to ₺20.92 The 2021 consensus revenue estimate increased from ₺8.09b to ₺8.46b. The earnings per share estimate also received an upgrade from ₺16.20 to ₺20.92 for the same period. Net income is expected to grow by 28% next year compared to 34% growth forecast for the Machinery industry in Turkey. The consensus price target increased from ₺150 to ₺166. Share price is up 17% to ₺217 over the past week. Price Target Changed • Feb 18
Price target raised to ₺166 Up from ₺150, the current price target is an average from 5 analysts. The new target price is 23% below the current share price of ₺217. As of last close, the stock is up 255% over the past year. Reported Earnings • Feb 12
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺6.24b (up 64% from FY 2019). Net income: ₺776.4m (up ₺664.5m from FY 2019). Profit margin: 12% (up from 2.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 12
New 90-day high: ₺204 The company is up 57% from its price of ₺130 on 13 November 2020. The Turkish market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Machinery industry, which is up 88% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺105 per share. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.6%. Earnings per share (EPS) also surpassed analyst estimates by 8.3%. Over the next year, revenue is forecast to grow 30%, compared to a 17% growth forecast for the Machinery industry in Turkey. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 15% share price gain to ₺193, the stock is trading at a trailing P/E ratio of 24.1x, up from the previous P/E ratio of 20.9x. This compares to an average P/E of 51x in the Machinery industry in Turkey. Total returns to shareholders over the past three years are 184%. Is New 90 Day High Low • Dec 30
New 90-day high: ₺168 The company is up 65% from its price of ₺102 on 01 October 2020. The Turkish market is up 21% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Machinery industry, which is up 74% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺85.05 per share. Price Target Changed • Dec 13
Price target raised to ₺135 Up from ₺125, the current price target is an average from 6 analysts. The new target price is 12% below the current share price of ₺153. As of last close, the stock is up 199% over the past year. Price Target Changed • Dec 10
Price target raised to ₺134 Up from ₺122, the current price target is an average from 6 analysts. The new target price is 14% below the current share price of ₺155. As of last close, the stock is up 199% over the past year. Is New 90 Day High Low • Dec 10
New 90-day high: ₺155 The company is up 54% from its price of ₺101 on 11 September 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 52% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺83.95 per share. Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 15% share price gain to ₺130, the stock is trading at a trailing P/E ratio of 16.2x, up from the previous P/E ratio of 14x. This compares to an average P/E of 29x in the Machinery industry in Turkey. Total returns to shareholders over the past three years are 94%. Major Estimate Revision • Nov 05
Analysts increase EPS estimates to ₺11.08 The 2020 consensus revenue estimate increased from ₺5.66b to ₺5.75b. The earnings per share estimate also received an upgrade from ₺9.15 to ₺11.08 for the same period. Net income is expected to grow by 27% next year compared to 22% growth forecast for the Machinery industry in Turkey. The consensus price target increased from ₺122 to ₺126. Share price is up 11% to ₺124 over the past week. Is New 90 Day High Low • Nov 04
New 90-day high: ₺127 The company is up 36% from its price of ₺92.90 on 06 August 2020. The Turkish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺53.48 per share. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of ₺428.7m, up 264% from the prior year. Total revenue was ₺4.89b over the last 12 months, up 35% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 28
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 2.1% at ₺1.62b. Revenue is forecast to grow 39% over the next year, compared to a 23% growth forecast for the Machinery industry in Turkey. Valuation Update With 7 Day Price Move • Oct 15
Market bids up stock over the past week After last week's 16% share price gain to ₺120, the stock is trading at a trailing P/E ratio of 25.4x, up from the previous P/E ratio of 21.9x. This compares to an average P/E of 32x in the Machinery industry in Turkey. Total returns to shareholders over the past three years are 75%. Is New 90 Day High Low • Oct 12
New 90-day high: ₺110 The company is up 14% from its price of ₺96.30 on 14 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Machinery industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺38.98 per share. 
