Price Target Changed • Apr 20
Price target decreased by 8.5% to ₺42.03 Down from ₺45.93, the current price target is an average from 3 analysts. New target price is 41% above last closing price of ₺29.72. Stock is down 36% over the past year. The company is forecast to post earnings per share of ₺4.87 next year compared to a net loss per share of ₺88.48 last year. Announcement • Apr 17
Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, May 14, 2026 Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, May 14, 2026. Location: raffles istanbul zorlu center levazim mahallesi, vadi caddesi no: 2/170 34340 besiktas, istanbul Turkey Reported Earnings • Mar 16
Full year 2025 earnings released: ₺0.89 loss per share (vs ₺32.85 loss in FY 2024) Full year 2025 results: ₺0.89 loss per share. Revenue: ₺138.2b (down 3.1% from FY 2024). Net loss: ₺29.7b (loss widened 169% from FY 2024). New Risk • Feb 02
New major risk - Revenue and earnings growth Earnings have declined by 74% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 12
Third quarter 2025 earnings released: ₺0.14 loss per share (vs ₺8.97 loss in 3Q 2024) Third quarter 2025 results: ₺0.14 loss per share. Revenue: ₺34.5b (up 3.0% from 3Q 2024). Net loss: ₺4.71b (loss widened 56% from 3Q 2024). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Consumer Durables industry in Asia. Announcement • Sep 22
Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi(IBSE:VESTL) dropped from FTSE All-World Index (USD) Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi(IBSE:VESTL) dropped from FTSE All-World Index (USD) Buy Or Sell Opportunity • Sep 02
Now 21% undervalued Over the last 90 days, the stock has risen 14% to ₺39.74. The fair value is estimated to be ₺50.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 41% in a year. Earnings are forecast to grow by 78% in the next year. Price Target Changed • May 13
Price target decreased by 21% to ₺71.86 Down from ₺90.67, the current price target is an average from 2 analysts. New target price is 67% above last closing price of ₺43.14. Stock is down 57% over the past year. The company posted a net loss per share of ₺32.85 last year. Announcement • Apr 28
Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, May 22, 2025 Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, May 22, 2025. Location: raffles istanbul zorlu center levazim mahallesi, vadi caddesi no: 2/170 34340 besiktas, istanbul Turkey Reported Earnings • Mar 12
Full year 2024 earnings released Full year 2024 results: Revenue: ₺142.7b (up 27% from FY 2023). Net loss: ₺11.0b (down ₺12.5b from profit in FY 2023). 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 33% per year, which means it is well ahead of earnings. Price Target Changed • Nov 17
Price target decreased by 14% to ₺90.67 Down from ₺105, the current price target is an average from 2 analysts. New target price is 51% above last closing price of ₺59.95. Stock is up 0.4% over the past year. The company posted earnings per share of ₺4.32 last year. Reported Earnings • Nov 10
Third quarter 2024 earnings released: ₺8.97 loss per share (vs ₺3.43 profit in 3Q 2023) Third quarter 2024 results: ₺8.97 loss per share (down from ₺3.43 profit in 3Q 2023). Revenue: ₺33.5b (up 37% from 3Q 2023). Net loss: ₺3.01b (down 362% from profit in 3Q 2023). Revenue is forecast to grow 40% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. New Risk • Oct 15
New major risk - Revenue and earnings growth Earnings have declined by 8.2% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings 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 Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings have declined by 8.2% per year over the past 5 years. High level of non-cash earnings (27% accrual ratio). Announcement • Sep 19
Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi (IBSE:VESTL) signed a letter of intent to acquire 4.64% stake in VIDAA USA, Inc. from Hisense Visual Technology Co., Ltd. (SHSE:600060) and others for an enterprise value of $1 billion. Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi (IBSE:VESTL) signed a letter of intent to acquire 4.64% stake in VIDAA USA, Inc. from Hisense Visual Technology Co., Ltd. (SHSE:600060) and others for an enterprise value of $1 billion on September 18, 2024. As a part of the agreement Vestel will acquire a 4.64% interest in VIDAA International Holdings BV, the holding company of VIDAA, at a valuation of more than $1 billion. The transaction will be completed before the end of the year, making it one of VIDAA's leading strategic shareholders. The acquisition will strengthen Vestel's position in the highly competitive Smart TV market and support the company's transition into an integrated provider of home solutions. Reported Earnings • Aug 26
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺31.4b (up 53% from 2Q 2023). Net loss: ₺961.2m (loss widened 56% from 2Q 2023). Revenue is forecast to grow 40% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Consumer Durables industry in Asia. Announcement • Jul 16
Vestel Launches Water Purifier, Vestel Rafine Pro in Cooperation with Aquaporin Vestel, has launched a water purifier named Vestel Rafine PRO in cooperation with Aquaporin on its website and in selected stores across Turkey. The Aquaporin Inside® technology powers the Vestel Rafine PRO water purifier. The brand-new water purifier will be available to Turkish customers looking for an efficient, high-quality at-home water purifier. The Vestel Rafine PRO system offers high reduction rates for water contaminants. It also has leak detection, automatic flushing, and a space-saving design, perfect for anyone who favors style and simplicity. With the Vestel RafinePRO water purifier, customers can enjoy clean, great-tasting water directly from their tap. The Aquaporin Inside technology ensures high-quality drinking water, removing limescale, and some of the highest reduction rates for water contaminants. Reported Earnings • Jun 21
First quarter 2024 earnings released: ₺0.64 loss per share (vs ₺0.19 loss in 1Q 2023) First quarter 2024 results: ₺0.64 loss per share (further deteriorated from ₺0.19 loss in 1Q 2023). Revenue: ₺26.6b (up 57% from 1Q 2023). Net loss: ₺216.0m (loss widened 239% from 1Q 2023). Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₺103, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Consumer Durables industry in Asia. Total returns to shareholders of 340% over the past three years. Reported Earnings • Apr 10
Full year 2023 earnings: Revenues exceed analyst expectations Full year 2023 results: Revenue: ₺112.2b (up 92% from FY 2022). Net income: ₺1.45b (up 69% from FY 2022). Profit margin: 1.3% (down from 1.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 22%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Consumer Durables industry in Asia. New Risk • Mar 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 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (156% net debt to equity). Share price has been volatile over the past 3 months (9.6% average weekly change). Profit margins are more than 30% lower than last year (0.5% net profit margin). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺76.50, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Consumer Durables industry in Asia. Total returns to shareholders of 220% over the past three years. Major Estimate Revision • Feb 27
Consensus EPS estimates increase by 31% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ₺2.06 to ₺2.70. Revenue forecast steady at ₺92.3b. Net income forecast to grow 630% next year vs 23% growth forecast for Consumer Durables industry in Turkey. Consensus price target up from ₺92.86 to ₺105. Share price rose 8.6% to ₺90.10 over the past week. Price Target Changed • Feb 26
Price target increased by 20% to ₺105 Up from ₺87.27, the current price target is an average from 3 analysts. New target price is 17% above last closing price of ₺90.10. Stock is up 58% over the past year. The company is forecast to post earnings per share of ₺2.70 for next year compared to ₺2.55 last year. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺55.65, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Consumer Durables industry in Asia. Total returns to shareholders of 176% over the past three years. Reported Earnings • Nov 08
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺24.4b (up 69% from 3Q 2022). Net income: ₺1.15b (up ₺1.45b from 3Q 2022). Profit margin: 4.7% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 47% per year, which means it is well ahead of earnings. Reported Earnings • Aug 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺20.5b (up 59% from 2Q 2022). Net loss: ₺616.3m (down 178% from profit in 2Q 2022). Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Consumer Durables industry in Asia. 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 51% per year, which means it is well ahead of earnings. Major Estimate Revision • Jul 25
Consensus EPS estimates fall by 79%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ₺86.0b to ₺92.6b. EPS estimate fell from ₺10.14 to ₺2.15 per share. Net income forecast to grow 279% next year vs 26% growth forecast for Consumer Durables industry in Turkey. Consensus price target down from ₺90.94 to ₺86.37. Share price rose 6.2% to ₺59.55 over the past week. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₺57.00, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 15x in the Consumer Durables industry in Asia. Total returns to shareholders of 345% over the past three years. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺45.76, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 13x in the Consumer Durables industry in Asia. Total returns to shareholders of 311% over the past three years. Reported Earnings • May 11
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺16.9b (up 44% from 1Q 2022). Net loss: ₺63.7m (down 114% from profit in 1Q 2022). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Consumer Durables 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 46% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 12
Full year 2022 earnings released Full year 2022 results: Revenue: ₺58.4b (up 80% from FY 2021). Net income: ₺856.7m (down 55% from FY 2021). Profit margin: 1.5% (down from 5.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 81% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺56.35, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 15x in the Consumer Durables industry in Asia. Total returns to shareholders of 351% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺34.66 per share. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺58.35, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 14x in the Consumer Durables industry in Asia. Total returns to shareholders of 355% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺35.38 per share. Major Estimate Revision • Jan 26
Consensus EPS estimates increase by 39% The consensus outlook for earnings per share (EPS) in fiscal year 2022 has improved. 2022 revenue forecast increased from ₺55.4b to ₺58.0b. EPS estimate increased from ₺4.84 to ₺6.73 per share. Net income forecast to grow 73% next year vs 23% growth forecast for Consumer Durables industry in Turkey. Consensus price target up from ₺51.66 to ₺68.03. Share price fell 7.9% to ₺65.95 over the past week. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 20% share price gain to ₺71.90, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Consumer Durables industry in Asia. Total returns to shareholders of 543% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺36.33 per share. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 15% share price gain to ₺52.30, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Consumer Durables industry in Asia. Total returns to shareholders of 478% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺38.47 per share. 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. 3 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Elmas Araz was the last independent director to join the board, commencing their role in 2018. 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 • Nov 11
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺14.5b (up 92% from 3Q 2021). Net loss: ₺301.3m (down 305% from profit in 3Q 2021). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Durables industry in Asia. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improved over the past week After last week's 19% share price gain to ₺37.10, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 12x in the Consumer Durables industry in Asia. Total returns to shareholders of 370% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺35.85 per share. Reported Earnings • Aug 20
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺12.9b (up 61% from 2Q 2021). Net income: ₺788.2m (up 14% from 2Q 2021). Profit margin: 6.1% (down from 8.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 59%, compared to a 13% growth forecast for the Consumer Durables industry in Turkey. Buying Opportunity • Aug 09
Now 22% undervalued Over the last 90 days, the stock is up 3.8%. The fair value is estimated to be ₺35.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 62%. Revenue is forecast to grow by 116% in 2 years. Earnings is forecast to grow by 156% in the next 2 years. Major Estimate Revision • Jul 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₺8.87 to ₺6.73 per share. Revenue forecast steady at ₺58.8b. Net income forecast to grow 153% next year vs 29% growth forecast for Consumer Durables industry in Turkey. Consensus price target down from ₺45.84 to ₺40.69. Share price fell 6.3% to ₺23.94 over the past week. Price Target Changed • Jul 01
Price target decreased to ₺40.69 Down from ₺45.34, the current price target is an average from 2 analysts. New target price is 70% above last closing price of ₺23.94. Stock is down 23% over the past year. The company is forecast to post earnings per share of ₺6.73 for next year compared to ₺5.65 last year. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ₺1.41 (up from ₺0.66 in 1Q 2021). Revenue: ₺11.7b (up 89% from 1Q 2021). Net income: ₺472.2m (up 114% from 1Q 2021). Profit margin: 4.0% (up from 3.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 66%. Over the next year, revenue is forecast to grow 65%, compared to a 12% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to ₺45.34 Up from ₺40.05, the current price target is an average from 2 analysts. New target price is 73% above last closing price of ₺26.14. Stock is down 14% over the past year. The company is forecast to post earnings per share of ₺9.18 for next year compared to ₺5.65 last year. 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. 3 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Elmas Araz was the last independent director to join the board, commencing their role in 2018. 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 14
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: ₺32.5b (up 51% from FY 2020). Net income: ₺1.90b (up 6.9% from FY 2020). Profit margin: 5.8% (down from 8.2% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 75%, compared to a 11% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 24
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 31%. The fair value is estimated to be ₺28.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% per annum over the last 3 years. Earnings per share has grown by 77% per annum over the last 3 years. Buying Opportunity • Feb 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be ₺29.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% per annum over the last 3 years. Earnings per share has grown by 77% per annum over the last 3 years. Major Estimate Revision • Jan 21
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ₺30.5b to ₺31.9b. EPS estimate fell from ₺3.90 to ₺3.41 per share. Net income forecast to grow 67% next year vs 21% growth forecast for Consumer Durables industry in Turkey. Consensus price target up from ₺36.25 to ₺40.05. Share price fell 6.9% to ₺25.16 over the past week. Price Target Changed • Jan 20
Price target increased to ₺40.05 Up from ₺36.05, the current price target is an average from 2 analysts. New target price is 61% above last closing price of ₺24.84. Stock is up 0.2% over the past year. The company is forecast to post earnings per share of ₺3.41 for next year compared to ₺5.28 last year. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺25.20, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 15x in the Consumer Durables industry in Asia. Total returns to shareholders of 476% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺32.24 per share. Upcoming Dividend • Nov 23
Upcoming dividend of ₺2.35 per share Eligible shareholders must have bought the stock before 30 November 2021. Payment date: 02 December 2021. Trailing yield: 23%. Within top quartile of Turkish dividend payers (2.9%). Higher than average of industry peers (11%). Price Target Changed • Nov 02
Price target decreased to ₺36.05 Down from ₺40.30, the current price target is an average from 2 analysts. New target price is 43% above last closing price of ₺25.22. Stock is up 50% over the past year. The company is forecast to post earnings per share of ₺4.18 for next year compared to ₺5.28 last year. Reported Earnings • Oct 30
Third quarter 2021 earnings released The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₺7.54b (up 36% from 3Q 2020). Net income: ₺146.8m (down 61% from 3Q 2020). Profit margin: 1.9% (down from 6.7% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 23
Upcoming dividend of ₺2.35 per share Eligible shareholders must have bought the stock before 30 September 2021. Payment date: 04 October 2021. Trailing yield: 25%. Within top quartile of Turkish dividend payers (3.5%). Higher than average of industry peers (12%). Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ₺2.07 (vs ₺1.10 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺8.01b (up 81% from 2Q 2020). Net income: ₺693.0m (up 87% from 2Q 2020). Profit margin: 8.6% (up from 8.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 23
Upcoming dividend of ₺2.35 per share Eligible shareholders must have bought the stock before 30 July 2021. Payment date: 03 August 2021. Trailing yield: 22%. Within top quartile of Turkish dividend payers (3.7%). Higher than average of industry peers (11%). Reported Earnings • Apr 30
First quarter 2021 earnings released The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ₺6.20b (up 58% from 1Q 2020). Net income: ₺220.3m (down 4.2% from 1Q 2020). Profit margin: 3.6% (down from 5.9% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺29.26, the stock trades at a trailing P/E ratio of 5.5x. Average forward P/E is 18x in the Consumer Durables industry in Turkey. Total returns to shareholders of 195% over the past three years. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improved over the past week After last week's 27% share price gain to ₺37.10, the stock trades at a trailing P/E ratio of 7x. Average forward P/E is 18x in the Consumer Durables industry in Turkey. Total returns to shareholders of 215% over the past three years. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS ₺5.28 (vs ₺0.97 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺21.5b (up 26% from FY 2019). Net income: ₺1.77b (up 447% from FY 2019). Profit margin: 8.2% (up from 1.9% 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 99% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue beats expectations Revenue exceeded analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 21%, compared to a 25% growth forecast for the Consumer Durables industry in Turkey. Is New 90 Day High Low • Feb 20
New 90-day high: ₺29.98 The company is up 50% from its price of ₺20.00 on 20 November 2020. The Turkish market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 34% over the same period. Is New 90 Day High Low • Feb 03
New 90-day high: ₺26.28 The company is up 42% from its price of ₺18.47 on 05 November 2020. The Turkish market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 40% over the same period. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improved over the past week After last week's 15% share price gain to ₺25.16, the stock is trading at a trailing P/E ratio of 7.4x, up from the previous P/E ratio of 6.4x. This compares to an average P/E of 17x in the Consumer Durables industry in Turkey. Total returns to shareholders over the past three years are 157%. Is New 90 Day High Low • Jan 12
New 90-day high: ₺22.40 The company is up 21% from its price of ₺18.44 on 14 October 2020. The Turkish market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Durables industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: ₺20.92 The company is up 20% from its price of ₺17.39 on 10 September 2020. The Turkish market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 26% over the same period. Price Target Changed • Dec 07
Price target raised to ₺16.98 Up from ₺15.31, the current price target is provided by 1 analyst. The new target price is 16% below the current share price of ₺20.12. As of last close, the stock is up 64% over the past year. Analyst Estimate Surprise Post Earnings • Nov 08
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 45%. Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 16% share price gain to ₺19.19, the stock is trading at a trailing P/E ratio of 7.2x, up from the previous P/E ratio of 6.3x. This compares to an average P/E of 19x in the Consumer Durables industry in Turkey. Total returns to shareholders over the past three years are 137%. Is New 90 Day High Low • Nov 06
New 90-day high: ₺19.19 The company is up 22% from its price of ₺15.73 on 07 August 2020. The Turkish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Durables industry, which is up 24% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: ₺18.44 The company is up 3.0% from its price of ₺17.88 on 16 July 2020. The Turkish market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 17% over the same period. Announcement • Sep 25
Vestel Elektronik Sanayi Ve Ticaret AS (IBSE: VESTL) acquired a further 25% stake in Vestel Beyaz Esya Sanayi ve Ticaret from Mr. Ahmet Nazif Zorlu and Mr. Olgun Zorlu for approximately TRL 52,834,230 million ($37.46 million). Vestel Elektronik Sanayi Ve Ticaret AS (IBSE: VESTL) acquired a further 25% stake in Vestel Beyaz Esya Sanayi ve Ticaret from Mr. Ahmet Nazif Zorlu and Mr. Olgun Zorlu on December 29, 2003. As reported, the consideration payable was approximately TRL 52,834,230 million ($37.46 million) in cash. Vestel Elektronik acquired approximately 1150 million shares of Vestel Beyaz Esya Sanayi as part of the transaction. Vestel Elektronik increased its stake from 10% to 35% in Vestel Beyaz. ING Bank N.V. (London Office) and Arkan&Ergin Uluslararasi Denetim ve Yeminli Mali Musavirlik A.S. (Grant Thornton Istanbul Office) rendered consulting services in order to determine the value of Vestel Beyaz Esya Sanayi ve Ticaret A.S. The currency conversion was made through www.oanda.com on December 28, 2003. ING Bank N.V. acted as financial advisor and ARKAN & ERGIN Uluslararasi Denetim ve Yeminli Mali Müsavirlik A.S acted as an accountant to Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi.
Vestel Elektronik Sanayi Ve Ticaret AS (IBSE: VESTL) completed the acquisition of a further 25% stake in Vestel Beyaz Esya Sanayi ve Ticaret from Mr. Ahmet Nazif Zorlu and Mr. Olgun Zorlu on December 29, 2003. Announcement • Jul 22
Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi To Be Deleted From Other OTC Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi Ordinary Shares (Turkey) will be deleted from Other OTC effective July 14, 2020. The deletion was due to Inactive Security.