Reported Earnings • Mar 08
Full year 2025 earnings released Full year 2025 results: Revenue: ₺1.83b (down 7.2% from FY 2024). Net loss: ₺246.5m (down ₺293.2m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 04
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺429.1m (down 19% from 3Q 2024). Net loss: ₺32.0m (down 147% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • Oct 27
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 Risk Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (9.5% average weekly change). New Risk • Oct 03
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 8.7% 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 Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (₺1.05b market cap, or US$25.2m). Announcement • Apr 29
Silverline Endustri ve Ticaret A.S., Annual General Meeting, Jun 13, 2025 Silverline Endustri ve Ticaret A.S., Annual General Meeting, Jun 13, 2025. Location: kumbethatun osb mahallesi 1., cadde no:2/1 merzifon/amasya, amasya Turkey Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: ₺1.04 (vs ₺0.56 loss in FY 2023) Full year 2024 results: EPS: ₺1.04 (up from ₺0.56 loss in FY 2023). Revenue: ₺1.97b (flat on FY 2023). Net income: ₺46.7m (up ₺72.0m from FY 2023). Profit margin: 2.4% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has increased by 57% 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 • Nov 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 8.9% 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 (8.9% average weekly change). High level of non-cash earnings (26% accrual ratio). Minor Risk Market cap is less than US$100m (₺955.8m market cap, or US$27.6m). Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: ₺1.52 (vs ₺0.80 in 3Q 2023) Third quarter 2024 results: EPS: ₺1.52 (up from ₺0.80 in 3Q 2023). Revenue: ₺529.5m (up 24% from 3Q 2023). Net income: ₺68.3m (up 91% from 3Q 2023). Profit margin: 13% (up from 8.4% in 3Q 2023). 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 only increased by 59% per year, which means it is significantly lagging earnings growth. New Risk • Sep 27
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 7.8% 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 Risk High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (₺1.07b market cap, or US$31.2m). Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺21.60, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 8x in the Consumer Durables industry in Turkey. Total returns to shareholders of 339% over the past three years. Reported Earnings • Sep 19
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺399.6m (up 36% from 2Q 2023). Net income: ₺9.79m (up ₺83.5m from 2Q 2023). Profit margin: 2.5% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 22
Full year 2023 earnings released: ₺0.56 loss per share (vs ₺1.99 profit in FY 2022) Full year 2023 results: ₺0.56 loss per share (down from ₺1.99 profit in FY 2022). Revenue: ₺1.98b (up 20% from FY 2022). Net loss: ₺25.3m (down 128% from profit in FY 2022). 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 55% per year, which means it is well ahead of earnings. New Risk • May 17
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: Minor Risks High level of debt (166% net debt to equity). Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₺874.8m market cap, or US$27.1m). Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺19.44, the stock trades at a trailing P/E ratio of 68.5x. Average trailing P/E is 19x in the Consumer Durables industry in Turkey. Total returns to shareholders of 225% over the past three years. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺22.68, the stock trades at a trailing P/E ratio of 79.9x. Average trailing P/E is 16x in the Consumer Durables industry in Turkey. Total returns to shareholders of 358% over the past three years. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺21.80, the stock trades at a trailing P/E ratio of 76.8x. Average trailing P/E is 18x in the Consumer Durables industry in Turkey. Total returns to shareholders of 218% over the past three years. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺20.80, the stock trades at a trailing P/E ratio of 73.3x. Average trailing P/E is 14x in the Consumer Durables industry in Turkey. Total returns to shareholders of 213% over the past three years. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺14.25, the stock trades at a trailing P/E ratio of 50.2x. Average trailing P/E is 11x in the Consumer Durables industry in Turkey. Total returns to shareholders of 63% over the past three years. Reported Earnings • Nov 02
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺428.3m (down 8.5% from 3Q 2022). Net income: ₺35.8m (up ₺34.8m from 3Q 2022). Profit margin: 8.4% (up from 0.2% in 3Q 2022). The increase in margin was driven by lower expenses. Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺294.7m (down 37% from 2Q 2022). Net loss: ₺73.7m (down ₺86.9m from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 03
First quarter 2023 earnings released: ₺0.25 loss per share (vs ₺0.30 profit in 1Q 2022) First quarter 2023 results: ₺0.25 loss per share (down from ₺0.30 profit in 1Q 2022). Revenue: ₺425.9m (up 11% from 1Q 2022). Net loss: ₺11.2m (down 181% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺16.28, the stock trades at a trailing P/E ratio of 43.9x. Average trailing P/E is 12x in the Consumer Durables industry in Turkey. Total returns to shareholders of 637% over the past three years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 21% share price gain to ₺19.36, the stock trades at a trailing P/E ratio of 52.2x. Average trailing P/E is 15x in the Consumer Durables industry in Turkey. Total returns to shareholders of 844% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 28% share price decline to ₺21.40, the stock trades at a trailing P/E ratio of 57.7x. Average trailing P/E is 11x in the Consumer Durables industry in Turkey. Total returns to shareholders of 1,009% 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. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Executive Chairperson & CEO Mustafa Lacin 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 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺25.54, the stock trades at a trailing P/E ratio of 76.3x. Average trailing P/E is 8x in the Consumer Durables industry in Turkey. Total returns to shareholders of 1,880% over the past three years. Reported Earnings • Aug 07
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺469.8m (up 108% from 2Q 2021). Net income: ₺13.1m (up ₺11.1m from 2Q 2021). Profit margin: 2.8% (up from 0.9% in 2Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Aug 07
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺469.8m (up 108% from 2Q 2021). Net income: ₺13.1m (up ₺11.1m from 2Q 2021). Profit margin: 2.8% (up from 0.9% in 2Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: ₺0.30 (vs ₺0.039 in 1Q 2021) First quarter 2022 results: EPS: ₺0.30 (up from ₺0.039 in 1Q 2021). Revenue: ₺384.8m (up 74% from 1Q 2021). Net income: ₺13.7m (up ₺12.0m from 1Q 2021). Profit margin: 3.6% (up from 0.8% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has increased by 98% per year, which means it is tracking significantly ahead of 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. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Executive Chairperson & CEO Mustafa Lacin 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 • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ₺0.18 loss per share (down from ₺0.24 profit in FY 2020). Revenue: ₺977.4m (up 75% from FY 2020). Net loss: ₺8.04m (down 174% from profit in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 71% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 21% share price gain to ₺6.19, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 11x in the Consumer Durables industry in Turkey. Total returns to shareholders of 345% over the past three years. Reported Earnings • Oct 29
Third quarter 2021 earnings released: ₺0.018 loss per share (vs ₺0.026 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: ₺244.2m (up 48% from 3Q 2020). Net loss: ₺813.7k (loss narrowed 31% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS ₺0.044 (vs ₺0.014 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺226.1m (up 138% from 2Q 2020). Net income: ₺1.99m (up ₺2.65m from 2Q 2020). Profit margin: 0.9% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% 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 • Jul 09
Investor sentiment improved over the past week After last week's 16% share price gain to ₺5.91, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 11x in the Consumer Durables industry in Turkey. Total returns to shareholders of 384% over the past three years. Reported Earnings • May 01
First quarter 2021 earnings released: EPS ₺0.039 (vs ₺0.012 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺221.4m (up 89% from 1Q 2020). Net income: ₺1.76m (up ₺2.31m from 1Q 2020). Profit margin: 0.8% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. 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 56% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₺4.79, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 17x in the Consumer Durables industry in Turkey. Total returns to shareholders of 154% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺5.92, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 24x in the Consumer Durables industry in Turkey. Total returns to shareholders of 207% over the past three years. Reported Earnings • Feb 28
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: ₺558.9m (up 61% from FY 2019). Net income: ₺10.9m (up ₺17.3m from FY 2019). Profit margin: 2.0% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 87% per year but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 11
New 90-day high: ₺9.39 The company is up 104% from its price of ₺4.61 on 13 October 2020. The Turkish market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 25% over the same period. Is New 90 Day High Low • Dec 03
New 90-day high: ₺5.18 The company is up 40% from its price of ₺3.71 on 04 September 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 29% over the same period. Reported Earnings • Oct 25
Third quarter earnings released Over the last 12 months the company has reported total losses of ₺2.85m, with losses narrowing by 65% from the prior year. Total revenue was ₺488.1m over the last 12 months, up 59% from the prior year.