Buy Or Sell Opportunity • Jun 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.1% to ₺12.02. The fair value is estimated to be ₺9.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has declined by 6.6%. Revenue is forecast to grow by 30% in a year. Earnings are forecast to decline by 52% in the next year. Price Target Changed • Apr 17
Price target increased by 7.9% to ₺14.87 Up from ₺13.77, the current price target is an average from 3 analysts. New target price is 36% above last closing price of ₺10.95. Stock is up 4.3% over the past year. The company posted earnings per share of ₺1.03 last year. New Risk • Apr 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 27% 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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings are forecast to decline by an average of 27% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (96% cash payout ratio). Large one-off items impacting financial results. Upcoming Dividend • Mar 27
Upcoming dividend of ₺0.58 per share Eligible shareholders must have bought the stock before 03 April 2026. Payment date: 07 April 2026. Payout ratio and cash payout ratio are on the higher end at 83% and 96% respectively. Trailing yield: 4.4%. Within top quartile of Turkish dividend payers (2.8%). Higher than average of industry peers (2.7%). New Risk • Mar 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 75% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (96% cash payout ratio). Large one-off items impacting financial results. Announcement • Mar 06
Aksa Akrilik Kimya Sanayii A.S., Annual General Meeting, Mar 31, 2026 Aksa Akrilik Kimya Sanayii A.S., Annual General Meeting, Mar 31, 2026. Location: merkez mahallesi, ali raif dinckok caddesi, no: 2, taskopru, yalova Turkey Announcement • Feb 21
Aksa Akrilik Kimya Sanayii A.S. announces Annual dividend, payable on April 07, 2026 Aksa Akrilik Kimya Sanayii A.S. announced Annual dividend of TRY 0.5800 per share payable on April 07, 2026, ex-date on April 03, 2026 and record date on April 06, 2026. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: ₺0.006 (vs ₺0.074 in 3Q 2024) Third quarter 2025 results: EPS: ₺0.006. Revenue: ₺8.10b (up 33% from 3Q 2024). Net income: ₺2.35b (up ₺2.07b from 3Q 2024). Profit margin: 29% (up from 4.7% in 3Q 2024). Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Asia. Price Target Changed • Oct 29
Price target increased by 11% to ₺13.97 Up from ₺12.54, the current price target is an average from 3 analysts. New target price is 17% above last closing price of ₺11.96. Stock is up 45% over the past year. The company posted earnings per share of ₺0.29 last year. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₺0 (vs ₺0.019 in 2Q 2024) Second quarter 2025 results: EPS: ₺0 (down from ₺0.019 in 2Q 2024). Revenue: ₺6.96b (down 8.2% from 2Q 2024). Net loss: ₺22.6m (down 128% from profit in 2Q 2024). Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Luxury industry in Asia. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Announcement • Jun 03
Aksa Akrilik Kimya Sanayii A.S. (IBSE:AKSA) signed a sale and purchase agreement to acquire remaining 50% stake in DowAksa Advanced Composites Holdings BV from Dow Europe Holding B.V. for approximately $130 million. Aksa Akrilik Kimya Sanayii A.S. (IBSE:AKSA) signed a sale and purchase agreement to acquire remaining 50% stake in DowAksa Advanced Composites Holdings BV from Dow Europe Holding B.V. for approximately $130 million on June 2, 2025. A cash consideration of $125 million will be paid by Aksa Akrilik Kimya Sanayii A.S. As part of consideration, $125 million is paid towards common equity of DowAksa Advanced Composites Holdings BV.
The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is July 1, 2025 to September 30, 2025. BNP Paribas SA (ENXTPA:BNP) acted as exclusive financial advisor to Dow Europe Holding B.V. Upcoming Dividend • May 14
Upcoming dividend of ₺0.48 per share Eligible shareholders must have bought the stock before 21 May 2025. Payment date: 23 May 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.7%. Within top quartile of Turkish dividend payers (3.4%). Higher than average of industry peers (3.0%). Announcement • Apr 19
Aksa Akrilik Kimya Sanayii A.S., Annual General Meeting, May 14, 2025 Aksa Akrilik Kimya Sanayii A.S., Annual General Meeting, May 14, 2025. Location: merkez mahallesi, ali raif dinckok caddesi, no: 2, taskopru, yalova Turkey New Risk • Apr 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 164% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 164% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (4.0% net profit margin). Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺10.58, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Luxury industry in Asia. Total returns to shareholders of 235% over the past three years. New Risk • Feb 20
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: 4.0% Last year net profit margin: 6.9% 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: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.0% net profit margin). Reported Earnings • Feb 20
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₺0.29 (down from ₺0.42 in FY 2023). Revenue: ₺28.4b (up 19% from FY 2023). Net income: ₺1.14b (down 31% from FY 2023). Profit margin: 4.0% (down from 6.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 28%. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 66% per year, which means it is well ahead of earnings. Announcement • Feb 18
Aksa Akrilik Kimya Sanayii A.S. Announces Annual Dividend, Payable on May 23, 2025 Aksa Akrilik Kimya Sanayii A.S. announced Annual dividend of TRY 0.4800 per share payable on May 23, 2025, ex-date on May 21, 2025 and record date on May 22, 2025. New Risk • Jan 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.6% 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 1.6% per year for the foreseeable future. High level of non-cash earnings (33% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Price Target Changed • Jan 29
Price target increased by 10% to ₺13.25 Up from ₺12.00, the current price target is an average from 2 analysts. New target price is 19% above last closing price of ₺11.15. Stock is up 44% over the past year. The company is forecast to post earnings per share of ₺0.40 for next year compared to ₺0.43 last year. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺10.62, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Luxury industry in Asia. Total returns to shareholders of 379% over the past three years. Major Estimate Revision • Nov 06
Consensus EPS estimates fall by 92% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₺30.5b to ₺28.8b. EPS estimate also fell from ₺5.00 per share to ₺0.40 per share. Net income forecast to shrink 22% next year vs 29% growth forecast for Luxury industry in Turkey . Consensus price target down from ₺13.40 to ₺12.40. Share price was steady at ₺8.21 over the past week. Price Target Changed • Nov 01
Price target decreased by 9.3% to ₺12.40 Down from ₺13.67, the current price target is an average from 2 analysts. New target price is 47% above last closing price of ₺8.46. Stock is up 13% over the past year. The company is forecast to post earnings per share of ₺0.40 for next year compared to ₺0.43 last year. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: ₺0.074 (vs ₺0.23 in 3Q 2023) Third quarter 2024 results: EPS: ₺0.074 (down from ₺0.23 in 3Q 2023). Revenue: ₺6.08b (up 30% from 3Q 2023). Net income: ₺286.2m (down 69% from 3Q 2023). Profit margin: 4.7% (down from 19% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 38% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 28
Price target increased by 16% to ₺13.67 Up from ₺11.83, the current price target is an average from 2 analysts. New target price is 63% above last closing price of ₺8.39. Stock is up 31% over the past year. The company is forecast to post earnings per share of ₺5.00 for next year compared to ₺0.43 last year. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ₺0.004 (vs ₺0.096 in 2Q 2023) Second quarter 2024 results: EPS: ₺0.004 (down from ₺0.096 in 2Q 2023). Revenue: ₺6.38b (up 59% from 2Q 2023). Net income: ₺14.4m (down 96% from 2Q 2023). Profit margin: 0.2% (down from 9.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺6.64b (up 56% from 1Q 2023). Net income: ₺675.2m (up 19% from 1Q 2023). Profit margin: 10% (down from 13% in 1Q 2023). The decrease in margin was driven by higher expenses. Price Target Changed • May 16
Price target increased by 7.6% to ₺142 Up from ₺132, the current price target is an average from 2 analysts. New target price is 16% above last closing price of ₺123. Stock is up 109% over the past year. The company posted earnings per share of ₺5.10 last year. Upcoming Dividend • Mar 27
Upcoming dividend of ₺5.00 per share Eligible shareholders must have bought the stock before 03 April 2024. Payment date: 05 April 2024. Payout ratio is on the higher end at 98% but the company is not cash flow positive. Trailing yield: 5.2%. Within top quartile of Turkish dividend payers (2.0%). Higher than average of industry peers (3.1%). Announcement • Mar 05
Aksa Akrilik Kimya Sanayii A.S., Annual General Meeting, Mar 28, 2024 Aksa Akrilik Kimya Sanayii A.S., Annual General Meeting, Mar 28, 2024, at 07:30 Coordinated Universal Time. Location: The corporate plant located in Merkez Mahallesi Ali Raif Dinçkök Caddesi No: 2 Taköprü Çiftlikköy Yalova Turkey Agenda: To consider Reading and discussing the 2023 Annual Report prepared by the Board of Directors; to consider Reading the Auditors' Report for the year 2023; to consider Reading, discussing and approval of the Financial Statements for the year 2023; to consider Releasing the members of the Board of Directors individually with regard to the Company's activities in 2023; to consider Determining the usage of profit, percentages of profit distribution and profit sharing; to consider Determination of remuneration for the Board Members and Independent Directors; to consider Submitting the selection of the Independent Auditor for approval pursuant to the Turkish Commercial Code, the `Communiqué on Independent Auditing Standards in Capital Markets' issued by the Capital Markets Board of Turkey, and the decision of the Board of Directors on the matter; and to consider other matters. Reported Earnings • Feb 18
Full year 2023 earnings released Full year 2023 results: Revenue: ₺23.9b (up 37% from FY 2022). Net income: ₺1.65b (down 52% from FY 2022). Profit margin: 6.9% (down from 20% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has increased by 78% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺95.05, the stock trades at a trailing P/E ratio of 9.5x. Average forward P/E is 14x in the Luxury industry in Turkey. Total returns to shareholders of 639% over the past three years. Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: ₺2.81 (vs ₺3.04 in 3Q 2022) Third quarter 2023 results: EPS: ₺2.81 (down from ₺3.04 in 3Q 2022). Revenue: ₺4.67b (down 4.0% from 3Q 2022). Net income: ₺908.4m (down 7.6% from 3Q 2022). Profit margin: 19% (in line with 3Q 2022). Revenue is forecast to grow 57% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury 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 121% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 09
Price target increased by 30% to ₺116 Up from ₺89.54, the current price target is an average from 2 analysts. New target price is 17% above last closing price of ₺99.50. Stock is up 48% over the past year. The company posted earnings per share of ₺10.57 last year. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺98.00, the stock trades at a trailing P/E ratio of 9.6x. Average forward P/E is 15x in the Luxury industry in Turkey. Total returns to shareholders of 1,459% over the past three years. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺92.65, the stock trades at a trailing P/E ratio of 9.1x. Average forward P/E is 15x in the Luxury industry in Turkey. Total returns to shareholders of 1,414% over the past three years. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: ₺1.15 (vs ₺1.33 in 2Q 2022) Second quarter 2023 results: EPS: ₺1.15 (down from ₺1.33 in 2Q 2022). Revenue: ₺4.00b (down 8.2% from 2Q 2022). Net income: ₺373.1m (down 13% from 2Q 2022). Profit margin: 9.3% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has increased by 124% per year, which means it is tracking significantly ahead of earnings growth. 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 ₺72.40, the stock trades at a trailing P/E ratio of 7x. Average forward P/E is 14x in the Luxury industry in Turkey. Total returns to shareholders of 1,034% over the past three years. New Risk • Jun 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 99x increase in shares outstanding. 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 High level of non-cash earnings (28% accrual ratio). Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 43x cash flows per share). Reported Earnings • May 03
First quarter 2023 earnings released: EPS: ₺1.76 (vs ₺1.93 in 1Q 2022) First quarter 2023 results: EPS: ₺1.76 (down from ₺1.93 in 1Q 2022). Revenue: ₺4.26b (up 8.9% from 1Q 2022). Net income: ₺569.6m (down 8.9% from 1Q 2022). Profit margin: 13% (down from 16% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. GM & Director Cengiz Tas was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 04
Upcoming dividend of ₺2.41 per share at 3.3% yield Eligible shareholders must have bought the stock before 11 April 2023. Payment date: 13 April 2023. Payout ratio is a comfortable 23% but the company is paying out more than the cash it is generating. Trailing yield: 3.3%. Within top quartile of Turkish dividend payers (3.3%). Higher than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺89.70, the stock trades at a trailing P/E ratio of 8.5x. Average forward P/E is 14x in the Luxury industry in Turkey. Total returns to shareholders of 1,337% over the past three years. Reported Earnings • Feb 17
Full year 2022 earnings released Full year 2022 results: Revenue: ₺17.5b (up 109% from FY 2021). Net income: ₺3.42b (up 193% from FY 2021). Profit margin: 20% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺65.40, the stock trades at a trailing P/E ratio of 8.7x. Average forward P/E is 14x in the Luxury industry in Turkey. Total returns to shareholders of 833% over the past three years. Price Target Changed • Nov 16
Price target increased to ₺89.54 Up from ₺76.00, the current price target is an average from 2 analysts. New target price is 12% above last closing price of ₺80.05. Stock is up 238% over the past year. The company posted earnings per share of ₺3.61 last year. Reported Earnings • Nov 04
Third quarter 2022 earnings released: EPS: ₺3.04 (vs ₺1.06 in 3Q 2021) Third quarter 2022 results: EPS: ₺3.04 (up from ₺1.06 in 3Q 2021). Revenue: ₺4.87b (up 118% from 3Q 2021). Net income: ₺983.3m (up 186% from 3Q 2021). Profit margin: 20% (up from 15% in 3Q 2021). 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 increased by 128% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 17% share price gain to ₺66.00, the stock trades at a trailing P/E ratio of 11.9x. Average forward P/E is 11x in the Luxury industry in Turkey. Total returns to shareholders of 1,408% over the past three years. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ₺1.33 (vs ₺0.90 in 2Q 2021) Second quarter 2022 results: EPS: ₺1.33 (up from ₺0.90 in 2Q 2021). Revenue: ₺4.36b (up 149% from 2Q 2021). Net income: ₺430.2m (up 48% from 2Q 2021). Profit margin: 9.9% (down from 17% 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 72% per year but the company’s share price has increased by 132% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 16% share price gain to ₺54.35, the stock trades at a trailing P/E ratio of 10.6x. Average forward P/E is 11x in the Luxury industry in Turkey. Total returns to shareholders of 1,260% over the past three years. Price Target Changed • May 11
Price target increased to ₺57.55 Up from ₺48.70, the current price target is provided by 1 analyst. New target price is 19% above last closing price of ₺48.26. Stock is up 212% over the past year. The company posted earnings per share of ₺3.61 last year. Reported Earnings • May 10
First quarter 2022 earnings released: EPS: ₺1.93 (vs ₺0.41 in 1Q 2021) First quarter 2022 results: EPS: ₺1.93 (up from ₺0.41 in 1Q 2021). Revenue: ₺3.92b (up 197% from 1Q 2021). Net income: ₺625.4m (up 369% from 1Q 2021). Profit margin: 16% (up from 10% 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 68% per year but the company’s share price has increased by 118% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 14
Upcoming dividend of ₺1.85 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 25 April 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Turkish dividend payers (3.7%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 20% share price gain to ₺36.32, the stock trades at a trailing P/E ratio of 10.1x. Average forward P/E is 13x in the Luxury industry in Turkey. Total returns to shareholders of 777% over the past three years. Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ₺3.61 (up from ₺1.36 in FY 2020). Revenue: ₺8.35b (up 103% from FY 2020). Net income: ₺1.17b (up 165% from FY 2020). Profit margin: 14% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.7%. Over the next year, revenue is forecast to grow 72%, compared to a 35% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 83% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 18% share price gain to ₺35.04, the stock trades at a trailing P/E ratio of 11.1x. Average forward P/E is 13x in the Luxury industry in Turkey. Total returns to shareholders of 1,026% over the past three years. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS ₺1.06 (vs ₺0.42 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₺2.23b (up 102% from 3Q 2020). Net income: ₺343.8m (up 155% from 3Q 2020). Profit margin: 15% (up from 12% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 16% share price gain to ₺18.95, the stock trades at a trailing P/E ratio of 12x. Average forward P/E is 13x in the Luxury industry in Turkey. Total returns to shareholders of 313% over the past three years. Price Target Changed • Aug 13
Price target increased to ₺23.00 Up from ₺19.66, the current price target is an average from 2 analysts. New target price is 28% above last closing price of ₺18.00. Stock is up 145% over the past year. Reported Earnings • May 08
First quarter 2021 earnings released: EPS ₺0.41 (vs ₺0.20 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺1.32b (up 24% from 1Q 2020). Net income: ₺133.3m (up 105% from 1Q 2020). Profit margin: 10% (up from 6.1% 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 23% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 07
Upcoming dividend of ₺0.87 per share Eligible shareholders must have bought the stock before 13 April 2021. Payment date: 15 April 2021. Trailing yield: 4.3%. Within top quartile of Turkish dividend payers (2.5%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺15.21, the stock trades at a trailing P/E ratio of 11.2x. Average forward P/E is 14x in the Luxury industry in Turkey. Total returns to shareholders of 113% over the past three years. Is New 90 Day High Low • Mar 11
New 90-day high: ₺18.16 The company is up 55% from its price of ₺11.71 on 11 December 2020. The Turkish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 38% over the same period. Reported Earnings • Feb 19
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: ₺4.11b (up 13% from FY 2019). Net income: ₺440.0m (up 58% from FY 2019). Profit margin: 11% (up from 7.6% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 19
Revenue beats expectations Revenue exceeded analyst estimates by 6.7%. Over the next year, revenue is forecast to grow 25%, compared to a 18% growth forecast for the Luxury industry in Turkey. Price Target Changed • Feb 17
Price target raised to ₺19.66 Up from ₺13.80, the current price target is provided by 1 analyst. The new target price is 19% above the current share price of ₺16.55. As of last close, the stock is up 115% over the past year. Is New 90 Day High Low • Feb 10
New 90-day high: ₺15.27 The company is up 54% from its price of ₺9.94 on 12 November 2020. The Turkish market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 56% over the same period. Is New 90 Day High Low • Jan 25
New 90-day high: ₺14.78 The company is up 83% from its price of ₺8.06 on 27 October 2020. The Turkish market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 73% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: ₺14.59 The company is up 101% from its price of ₺7.27 on 02 October 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 61% over the same period. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 21% share price gain to ₺14.35, the stock is trading at a trailing P/E ratio of 19.5x, up from the previous P/E ratio of 16.1x. This compares to an average P/E of 47x in the Luxury industry in Turkey. Total returns to shareholders over the past three years are 163%. Is New 90 Day High Low • Dec 11
New 90-day high: ₺11.46 The company is up 68% from its price of ₺6.82 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 Luxury industry, which is up 48% over the same period. Price Target Changed • Nov 16
Price target raised to ₺11.70 Up from ₺9.00, the current price target is provided by 1 analyst. The new target price is 18% above the current share price of ₺9.91. As of last close, the stock is up 50% over the past year. Is New 90 Day High Low • Nov 11
New 90-day high: ₺9.41 The company is up 29% from its price of ₺7.28 on 13 August 2020. The Turkish market is down 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 49% over the same period. Is New 90 Day High Low • Oct 23
New 90-day high: ₺8.47 The company is up 14% from its price of ₺7.42 on 24 July 2020. The Turkish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 28% over the same period. Is New 90 Day High Low • Oct 06
New 90-day high: ₺8.04 The company is up 1.0% from its price of ₺7.97 on 08 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 11% over the same period. 
