Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺1.06, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 17x in the Construction industry in Turkey. Total returns to shareholders of 111% over the past three years. New Risk • Apr 29
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 11% 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 Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (22% accrual ratio). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Revenue is less than US$1m (₺8.4m revenue, or US$187k). Minor Risks Profit margins are more than 30% lower than last year (1,373% net profit margin). Market cap is less than US$100m (₺2.13b market cap, or US$47.3m). Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺1.14, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 17x in the Construction industry in Turkey. Total returns to shareholders of 100% over the past three years. New Risk • Mar 25
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 8.1% 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 High level of non-cash earnings (38% accrual ratio). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (-131,173% net profit margin). Market cap is less than US$100m (₺2.28b market cap, or US$51.5m). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺1.35, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 15x in the Construction industry in Turkey. Total returns to shareholders of 110% over the past three years. New Risk • Nov 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). High level of non-cash earnings (43% accrual ratio). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Revenue is less than US$1m (₺7.9m revenue, or US$186k). Minor Risk Market cap is less than US$100m (₺3.72b market cap, or US$87.6m). Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺2.42, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 17x in the Construction industry in Turkey. Total returns to shareholders of 649% over the past three years. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺2.14, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 17x in the Construction industry in Turkey. Total returns to shareholders of 684% over the past three years. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺2.05, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 18x in the Construction industry in Turkey. Total returns to shareholders of 638% over the past three years. New Risk • Sep 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). High level of non-cash earnings (23% accrual ratio). Revenue is less than US$1m (₺30m revenue, or US$722k). Minor Risk Market cap is less than US$100m (₺1.89b market cap, or US$45.9m). Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to ₺3.72, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 15x in the Construction industry in Turkey. Total returns to shareholders of 743% over the past three years. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺2.77, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 14x in the Construction industry in Turkey. Total returns to shareholders of 456% over the past three years. New Risk • Aug 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Turkish stocks, typically moving 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 Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (24% accrual ratio). Revenue is less than US$1m (₺30m revenue, or US$728k). Minor Risks Profit margins are more than 30% lower than last year (2,587% net profit margin). Market cap is less than US$100m (₺2.28b market cap, or US$55.7m). Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺2.10, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 14x in the Construction industry in Turkey. Total returns to shareholders of 451% over the past three years. New Risk • Jul 11
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 8.1% 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 High level of non-cash earnings (24% accrual ratio). Revenue is less than US$1m (₺30m revenue, or US$741k). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (2,587% net profit margin). Market cap is less than US$100m (₺1.45b market cap, or US$36.1m). Announcement • Jun 24
Yesil Yapi Endüstrisi A.S., Annual General Meeting, Jul 23, 2025 Yesil Yapi Endüstrisi A.S., Annual General Meeting, Jul 23, 2025. Location: yilanli ayazma yolu, no:17, yesil plaza, kat: 15, cevizlibag, 34020, zeytinburnu, istanbul Turkey Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₺1.88, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 15x in the Construction industry in Turkey. Total returns to shareholders of 388% over the past three years. Reported Earnings • Mar 12
Full year 2024 earnings released Full year 2024 results: Net income: ₺595.6m (down 24% from FY 2023). Over the last 3 years on average, earnings per share has increased by 60% per year whereas the company’s share price has increased by 63% per year. New Risk • Nov 25
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 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (61% accrual ratio). Revenue is less than US$1m (₺33m revenue, or US$966k). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (4,047% net profit margin). Market cap is less than US$100m (₺1.71b market cap, or US$49.5m). Reported Earnings • Nov 13
Third quarter 2024 earnings released Third quarter 2024 results: Net income: ₺15.5m (down 95% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 59% per year whereas the company’s share price has increased by 58% per year. Reported Earnings • Sep 13
Second quarter 2024 earnings released Second quarter 2024 results: Net income: ₺288.9m (up 159% from 2Q 2023). Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺6.53, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 21x in the Construction industry in Turkey. Total returns to shareholders of 483% over the past three years. Reported Earnings • Jun 25
First quarter 2024 earnings released: EPS: ₺0.25 (vs ₺0.08 in 1Q 2023) First quarter 2024 results: EPS: ₺0.25 (up from ₺0.08 in 1Q 2023). Net income: ₺81.4m (up 217% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 74% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 51% After last week's 51% share price gain to ₺7.93, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 28x in the Construction industry in Turkey. Total returns to shareholders of 447% over the past three years. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to ₺4.91, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 15x in the Construction industry in Turkey. Total returns to shareholders of 243% over the past three years. New Risk • Apr 03
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: 9,042% Last year net profit margin: 20,837% 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 Risks High level of non-cash earnings (55% accrual ratio). Revenue is less than US$1m (₺8.6m revenue, or US$270k). Minor Risks Profit margins are more than 30% lower than last year (9,042% net profit margin). Market cap is less than US$100m (₺1.08b market cap, or US$33.9m). Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺3.99, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 12x in the Construction industry in Turkey. Total returns to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺3.65, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 12x in the Construction industry in Turkey. Total returns to shareholders of 39% over the past three years. Reported Earnings • Nov 12
Third quarter 2023 earnings released: ₺0.10 loss per share (vs ₺0.077 profit in 3Q 2022) Third quarter 2023 results: ₺0.10 loss per share (down from ₺0.077 profit in 3Q 2022). Net loss: ₺33.2m (down 234% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺3.75, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 13x in the Construction industry in Turkey. Total returns to shareholders of 202% over the past three years. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺3.77, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 15x in the Construction industry in Turkey. Total returns to shareholders of 197% over the past three years. Reported Earnings • Aug 27
Second quarter 2023 earnings released Second quarter 2023 results: Net income: ₺111.4m (up ₺122.9m from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 141% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to ₺2.88, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 8x in the Construction industry in Turkey. Total returns to shareholders of 324% over the past three years. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: ₺0.08 (vs ₺0.079 in 1Q 2022) First quarter 2023 results: EPS: ₺0.08 (up from ₺0.079 in 1Q 2022). Net income: ₺25.7m (up 39% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 134% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺3.03, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 9x in the Construction industry in Turkey. Total returns to shareholders of 545% over the past three years. Reported Earnings • Mar 16
Full year 2022 earnings released Full year 2022 results: Net income: ₺437.7m (up ₺410.7m from FY 2021). Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₺2.35, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 11x in the Construction industry in Turkey. Total returns to shareholders of 488% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺2.06, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 16x in the Construction industry in Turkey. Total returns to shareholders of 194% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₺2.08, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 15x in the Construction industry in Turkey. Total returns to shareholders of 181% over the past three years. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 15% share price gain to ₺2.52, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 19x in the Construction industry in Turkey. Total returns to shareholders of 282% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 17% share price gain to ₺1.67, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 15x in the Construction industry in Turkey. Total returns to shareholders of 209% 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. 4 experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Director Yasar Altiparmak was the last director to join the board, commencing their role in 1994. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 19% share price gain to ₺1.33, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 14x in the Construction industry in Turkey. Total returns to shareholders of 183% over the past three years. Reported Earnings • Aug 21
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: ₺11.5m (loss narrowed 23% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 66% 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. 4 experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Director Yasar Altiparmak was the last director to join the board, commencing their role in 1994. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 20% share price gain to ₺1.15, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 14x in the Construction industry in Turkey. Total returns to shareholders of 342% over the past three years. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Net income: ₺27.0m (up ₺25.1m from FY 2020). Revenue missed analyst estimates by 100%. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 48% per year, which means it is well ahead of earnings. Reported Earnings • Nov 11
Third quarter 2021 earnings released Third quarter 2021 results: Net loss: ₺1.66m (down 154% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 56% per year, which means it is well ahead of earnings. Reported Earnings • Aug 21
Second quarter 2021 earnings released Second quarter 2021 results: Net loss: ₺14.9m (loss widened 44% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Reported Earnings • Jun 05
First quarter 2021 earnings released First quarter 2021 results: Net loss: ₺1.32m (down 109% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Reported Earnings • Mar 14
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: ₺3.93m (up 144% from FY 2019). Net income: ₺1.96m (up ₺42.1m from FY 2019). Profit margin: 50% (up from net loss in FY 2019). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 18
New 90-day high: ₺2.56 The company is up 87% from its price of ₺1.37 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 Construction industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: ₺1.78 The company is up 73% from its price of ₺1.03 on 23 September 2020. The Turkish market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 37% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₺1.52 The company is up 48% from its price of ₺1.03 on 08 September 2020. The Turkish market is up 21% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Construction industry, which is up 51% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ₺1.39 The company is up 51% from its price of ₺0.92 on 21 August 2020. The Turkish market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 28% over the same period. Is New 90 Day High Low • Oct 06
New 90-day high: ₺1.14 The company is up 11% from its price of ₺1.03 on 08 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 3.0% over the same period.