New Risk • Jun 25
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₺946k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₺946k free cash flow). Earnings have declined by 38% per year over the past 5 years. Revenue is less than US$1m (₺2.3m revenue, or US$49k). Market cap is less than US$10m (₺276.9m market cap, or US$5.96m). Reported Earnings • Apr 14
Full year 2025 earnings released: ₺14.73 loss per share (vs ₺4.54 loss in FY 2024) Full year 2025 results: ₺14.73 loss per share (further deteriorated from ₺4.54 loss in FY 2024). Revenue: ₺3.82m (up ₺3.67m from FY 2024). Net loss: ₺156.8m (loss widened 224% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 141 percentage points per year, which is a significant difference in performance. New Risk • Feb 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.8% per year over the past 5 years. Revenue is less than US$1m (₺3.8m revenue, or US$86k). Market cap is less than US$10m (₺329.1m market cap, or US$7.53m). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Reported Earnings • Dec 11
Third quarter 2025 earnings released Third quarter 2025 results: Net income: ₺2.35m (up 43% from 3Q 2024). Reported Earnings • Sep 28
Second quarter 2025 earnings released Second quarter 2025 results: Net loss: ₺3.10m (down 296% from profit in 2Q 2024). 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 102% per year, which means it is well ahead of earnings. New Risk • Sep 02
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). Revenue is less than US$1m (₺3.9m revenue, or US$94k). Market cap is less than US$10m (₺374.0m market cap, or US$9.09m). New Risk • May 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 9.1% 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 Revenue is less than US$1m (₺3.9m revenue, or US$99k). Market cap is less than US$10m (₺275.6m market cap, or US$7.06m). Minor Risk Share price has been volatile over the past 3 months (9.1% average weekly change). Reported Earnings • Mar 13
Full year 2024 earnings released Full year 2024 results: Net loss: ₺48.4m (down 198% from profit in FY 2023). 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 98% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺27.96, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 25x in the Luxury industry in Turkey. Total returns to shareholders of 829% over the past three years. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺25.28, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 22x in the Luxury industry in Turkey. Total returns to shareholders of 683% over the past three years. New Risk • Nov 25
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 Share price has been highly volatile over the past 3 months (14% average weekly change). High level of non-cash earnings (26% accrual ratio). Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Revenue is less than US$1m (₺19m revenue, or US$560k). Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₺24.94, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 23x in the Luxury industry in Turkey. Total returns to shareholders of 531% over the past three years. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺21.98, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 15x in the Luxury industry in Turkey. Total returns to shareholders of 458% over the past three years. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺54.80, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 16x in the Luxury industry in Turkey. Total returns to shareholders of 1,061% over the past three years. New Risk • Oct 08
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 Share price has been highly volatile over the past 3 months (14% average weekly change). High level of non-cash earnings (28% accrual ratio). Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Revenue is less than US$1m (₺19m revenue, or US$565k). Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺45.00, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 15x in the Luxury industry in Turkey. Total returns to shareholders of 743% over the past three years. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₺70.95, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 15x in the Luxury industry in Turkey. Total returns to shareholders of 2,273% over the past three years. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺20.96, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 11x in the Luxury industry in Turkey. Total returns to shareholders of 495% over the past three years. New Risk • Jun 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 (13% average weekly change). High level of non-cash earnings (25% accrual ratio). Revenue is less than US$1m (₺19m revenue, or US$592k). Market cap is less than US$10m (₺223.7m market cap, or US$6.82m). Reported Earnings • Jun 13
Full year 2023 earnings released: EPS: ₺0.046 (vs ₺1.00 in FY 2022) Full year 2023 results: EPS: ₺0.046. Net income: ₺49.1m (up 362% from FY 2022). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺18.28, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 12x in the Luxury industry in Turkey. Total returns to shareholders of 281% over the past three years. New Risk • Jun 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (42% accrual ratio). Revenue is less than US$1m (₺17m revenue, or US$524k). Market cap is less than US$10m (₺178.0m market cap, or US$5.46m). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺19.25, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 14x in the Luxury industry in Turkey. Total returns to shareholders of 287% over the past three years. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺18.50, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 17x in the Luxury industry in Turkey. Total returns to shareholders of 218% over the past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺19.33, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 17x in the Luxury industry in Turkey. Total returns to shareholders of 191% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺15.60, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 13x in the Luxury industry in Turkey. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺13.55, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 12x in the Luxury industry in Turkey. Total returns to shareholders of 160% over the past three years. New Risk • Jan 19
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 (42% accrual ratio). Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Revenue is less than US$1m (₺17m revenue, or US$566k). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺9.00, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 11x in the Luxury industry in Turkey. Total returns to shareholders of 135% over the past three years. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺9.39, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 12x in the Luxury industry in Turkey. Total returns to shareholders of 112% over the past three years. New Risk • Nov 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 42% 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 High level of non-cash earnings (42% accrual ratio). Revenue is less than US$1m (₺17m revenue, or US$596k). Market cap is less than US$10m (₺82.0m market cap, or US$2.86m). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺6.95, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 15x in the Luxury industry in Turkey. Total returns to shareholders of 153% over the past three years. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺8.85, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 14x in the Luxury industry in Turkey. Total returns to shareholders of 394% over the past three years. Reported Earnings • Aug 31
Second quarter 2023 earnings released Second quarter 2023 results: Net loss: ₺2.48m (loss narrowed 69% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 51% per year whereas the company’s share price has increased by 52% per year. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₺8.00, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 13x in the Luxury industry in Turkey. Total returns to shareholders of 243% over the past three years. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺7.79, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 10x in the Luxury industry in Turkey. Total returns to shareholders of 518% over the past three years. New Risk • Jun 30
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). Market cap is less than US$10m (₺69.0m market cap, or US$2.65m). Minor Risks Profit margins are more than 30% lower than last year (9.2% net profit margin). Revenue is less than US$5m (₺121m revenue, or US$4.6m). New Risk • Jun 26
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: 9.2% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₺74.3m market cap, or US$2.95m). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (9.2% net profit margin). Revenue is less than US$5m (₺121m revenue, or US$4.8m). Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₺6.98, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 9x in the Luxury industry in Turkey. Total returns to shareholders of 450% over the past three years. New Risk • Jun 23
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₺125m (US$4.9m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₺7.3m free cash flow). Negative equity (-₺4.5m). Earnings have declined by 1.3% per year over the past 5 years. Market cap is less than US$10m (₺67.6m market cap, or US$2.68m). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (₺125m revenue, or US$4.9m). New Risk • Jun 22
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 Less than 1 year of cash runway based on free cash flow trend (-₺7.3m free cash flow). Negative equity (-₺4.5m). Earnings have declined by 1.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Share price has been volatile over the past 3 months (10.0% average weekly change). 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. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Director Durmus Elmas was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 23% share price gain to ₺4.19, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 10x in the Luxury industry in Turkey. Total returns to shareholders of 371% over the past three years. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 19% share price gain to ₺3.05, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 10x in the Luxury industry in Turkey. Total returns to shareholders of 259% over the past three years. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₺2.90, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 9x in the Luxury industry in Turkey. Total returns to shareholders of 308% over the past three years. 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. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Director Durmus Elmas was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: ₺0.23 (vs ₺0.21 loss in FY 2020) Full year 2021 results: EPS: ₺0.23 (up from ₺0.21 loss in FY 2020). Revenue: ₺20.7m (up ₺19.5m from FY 2020). Net income: ₺2.50m (up ₺4.78m from FY 2020). Profit margin: 12% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 14
Full year 2020 earnings released Full year 2020 results: Net loss: ₺2.28m (loss narrowed 66% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 96% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 25
New 90-day high: ₺5.21 The company is up 122% from its price of ₺2.35 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 • Jan 07
New 90-day high: ₺4.86 The company is up 76% from its price of ₺2.76 on 09 October 2020. The Turkish market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 51% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: ₺3.91 The company is up 88% from its price of ₺2.08 on 28 August 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 46% over the same period. Is New 90 Day High Low • Nov 04
New 90-day high: ₺3.02 The company is up 116% from its price of ₺1.40 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 Luxury industry, which is up 23% over the same period. Announcement • Jul 31
Diriteks Dirilis Tekstil Sanayi ve Ticaret A.S. (IBSE:DIRIT) completed the acquisition of 90% stake in DYK OTOMASYON TEKSIL TARIM INSAAT SANAYI VE TICARET from Hakan Cilingir. Diriteks Dirilis Tekstil Sanayi ve Ticaret A.S. (IBSE:DIRIT) signs purchase contract to acquire 90% stake in DYK OTOMASYON TEKSIL TARIM INSAAT SANAYI VE TICARET from Hakan Cilingir for TRY 5.9 million on April 17, 2020. Consideration of TRY 5.1 million was paid in cash and rest will be paid within one month.
Diriteks Dirilis Tekstil Sanayi ve Ticaret A.S. (IBSE:DIRIT) completed the acquisition of 90% stake in DYK OTOMASYON TEKSIL TARIM INSAAT SANAYI VE TICARET from Hakan Cilingir on April 28, 2020. The remaining consideration was paid. Diriteks Dirilis Tekstil received TRY 1.3 million from members of Board and third parties.