New Risk • Jul 24
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (1.0% net profit margin). Reported Earnings • Jul 24
Second quarter 2026 earnings released Second quarter 2026 results: Revenue: ₺507.3m (up 5.6% from 2Q 2025). Net loss: ₺78.3m (down ₺79.4m from profit in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. New Risk • Jun 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 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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (5.2% net profit margin). Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺8.98, the stock trades at a trailing P/E ratio of 40.1x. Average trailing P/E is 28x in the Consumer Durables industry in Turkey. Total returns to shareholders of 157% over the past three years. New Risk • May 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺4.28b (US$93.9m) This is considered a minor risk. Companies with a small market capitalization 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: Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (5.2% net profit margin). Market cap is less than US$100m (₺4.28b market cap, or US$93.9m). Announcement • May 05
Koleksiyon Mobilya Sanayi A.S., Annual General Meeting, Jun 03, 2026 Koleksiyon Mobilya Sanayi A.S., Annual General Meeting, Jun 03, 2026. Location: cumhuriyet mah. haci, osman bayiri cad. no:25, istanbul Turkey Reported Earnings • Apr 26
First quarter 2026 earnings released: EPS: ₺0.07 (vs ₺0.025 in 1Q 2025) First quarter 2026 results: EPS: ₺0.07 (up from ₺0.025 in 1Q 2025). Revenue: ₺511.3m (up 2.1% from 1Q 2025). Net income: ₺30.1m (up 176% from 1Q 2025). Profit margin: 5.9% (up from 2.2% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. New Risk • Mar 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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (₺3.84b market cap, or US$86.5m). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺10.60, the stock trades at a trailing P/E ratio of 57.1x. Average trailing P/E is 42x in the Consumer Durables industry in Turkey. Total returns to shareholders of 222% over the past three years. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺8.80, the stock trades at a trailing P/E ratio of 47.4x. Average trailing P/E is 16x in the Consumer Durables industry in Turkey. Total returns to shareholders of 208% over the past three years. New Risk • Feb 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: 4.0% Last year net profit margin: 26% 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 Share price has been volatile over the past 3 months (8.2% average weekly change). Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (₺3.24b market cap, or US$74.4m). Reported Earnings • Feb 03
Full year 2025 earnings released Full year 2025 results: Revenue: ₺1.98b (up 17% from FY 2024). Net income: ₺80.0m (down 82% from FY 2024). Profit margin: 4.0% (down from 26% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. New Risk • Jan 22
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 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (₺3.22b market cap, or US$74.4m). Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺6.79, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 13x in the Consumer Durables industry in Turkey. Total returns to shareholders of 109% over the past three years. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺6.97, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 12x in the Consumer Durables industry in Turkey. Total returns to shareholders of 87% over the past three years. Reported Earnings • Oct 23
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺462.2m (flat on 3Q 2024). Net income: ₺36.0m (down 27% from 3Q 2024). Profit margin: 7.8% (down from 11% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 15
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to ₺7.45. The fair value is estimated to be ₺5.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Jul 07
Upcoming dividend of ₺0.12 per share Eligible shareholders must have bought the stock before 14 July 2025. Payment date: 17 July 2025. The company last paid an ordinary dividend in May 2023. The average dividend yield among industry peers is 2.7%. Reported Earnings • Jun 02
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₺472.2m (up 92% from 1Q 2024). Net income: ₺10.3m (down 87% from 1Q 2024). Profit margin: 2.2% (down from 32% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • May 07
Koleksiyon Mobilya Sanayi A.S., Annual General Meeting, Jun 04, 2025 Koleksiyon Mobilya Sanayi A.S., Annual General Meeting, Jun 04, 2025. Location: cumhuriyet mahallesi haciosman bayiri caddesi, no:25 sariyer/, istanbul Turkey 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 ₺5.22, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 18x in the Consumer Durables industry in Turkey. Total returns to shareholders of 223% over the past three years. New Risk • Mar 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 6.7% 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: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (₺2.50b market cap, or US$65.8m). Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺5.93, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 6x in the Consumer Durables industry in Turkey. Total loss to shareholders of 12% over the past year. Reported Earnings • Feb 16
Full year 2024 earnings released Full year 2024 results: Revenue: ₺1.69b (up 27% from FY 2023). Net income: ₺440.8m (up ₺420.3m from FY 2023). Profit margin: 26% (up from 1.5% in FY 2023). The increase in margin was primarily driven by higher revenue. Reported Earnings • Nov 08
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺1.05b (up 354% from 3Q 2023). Net income: ₺196.1m (up 230% from 3Q 2023). Profit margin: 19% (down from 26% in 3Q 2023). Reported Earnings • Sep 27
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺343.0m (down 33% from 2Q 2023). Net income: ₺68.1m (down 32% from 2Q 2023). Profit margin: 20% (in line with 2Q 2023). New Risk • Jun 21
New major risk - Revenue and earnings growth Revenue has declined by 8.8% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 8.8% over the past year. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₺2.30b market cap, or US$70.0m). Reported Earnings • May 22
Full year 2023 earnings released Full year 2023 results: Revenue: ₺1.34b (up 154% from FY 2022). Net income: ₺20.5m (down 80% from FY 2022). Profit margin: 1.5% (down from 19% in FY 2022). Reported Earnings • Nov 09
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺231.0m (up 64% from 3Q 2022). Net income: ₺59.5m (up 182% from 3Q 2022). Profit margin: 26% (up from 15% in 3Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺7.03, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 17x in the Consumer Durables industry in Turkey. Total returns to shareholders of 95% over the past year. Reported Earnings • Aug 20
Second quarter 2023 earnings released: EPS: ₺0.091 (vs ₺0.017 loss in 2Q 2022) Second quarter 2023 results: EPS: ₺0.091 (up from ₺0.017 loss in 2Q 2022). Revenue: ₺265.5m (up 251% from 2Q 2022). Net income: ₺39.2m (up ₺46.4m from 2Q 2022). Profit margin: 15% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺6.75, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 15x in the Consumer Durables industry in Turkey. Total returns to shareholders of 136% over the past year. New Risk • Jun 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 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (₺1.88b market cap, or US$75.8m). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺3.98, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 11x in the Consumer Durables industry in Turkey. Total returns to shareholders of 83% over the past year. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₺3.72, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 10x in the Consumer Durables industry in Turkey. Total returns to shareholders of 84% over the past year. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺232.3m (up 207% from 1Q 2022). Net income: ₺52.7m (up ₺59.9m from 1Q 2022). Profit margin: 23% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. 
