Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺1.12, the stock trades at a trailing P/E ratio of 35.9x. Average trailing P/E is 21x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 303% over the past three years. Reported Earnings • Mar 16
Full year 2025 earnings released Full year 2025 results: Revenue: ₺1.27b (up 143% from FY 2024). Net income: ₺157.3m (down 73% from FY 2024). Profit margin: 12% (down from 111% in FY 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺1.45, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 27x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 437% over the past three years. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺1.26, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 31x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 400% over the past three years. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 33% After last week's 33% share price decline to ₺1.70, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 23x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 403% over the past three years. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺3.10, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 28x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 1,160% over the past three years. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺18.43, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 28x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 1,531% over the past three years. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₺16.26, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 37x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 1,559% over the past three years. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺18.50, the stock trades at a trailing P/E ratio of 38.3x. Average trailing P/E is 36x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 1,807% over the past three years. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺14.33, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 18x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 1,691% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺11.00, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 19x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 1,407% over the past three years. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₺8.61, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 18x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 1,064% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺5.94, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 16x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 692% over the past three years. Buy Or Sell Opportunity • Jun 05
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 193% to ₺5.94. The fair value is estimated to be ₺4.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 47%. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₺3.28, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 17x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 337% over the past three years. New Risk • May 21
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 Share price has been volatile over the past 3 months (8.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (111% net profit margin). Market cap is less than US$100m (₺3.01b market cap, or US$77.6m). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺2.33, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 15x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 199% over the past three years. Announcement • Apr 14
Adese Gayrimenkul Yatirim A.S., Annual General Meeting, May 07, 2025 Adese Gayrimenkul Yatirim A.S., Annual General Meeting, May 07, 2025. Location: musalla baglari mahallesi kule caddesi kule plaza, is merkezi no:2 kat: 37, konya Turkey Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺1.76, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 15x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 151% over the past three years. Reported Earnings • Mar 10
Full year 2024 earnings released Full year 2024 results: Revenue: ₺522.8m (up 56% from FY 2023). Net income: ₺582.5m (down 67% from FY 2023). 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 42% per year, which means it is significantly lagging earnings growth. New Risk • Feb 13
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 6.4% 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 (25% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (₺2.01b market cap, or US$55.5m). Reported Earnings • Nov 10
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺92.6m (up 49% from 3Q 2023). Net loss: ₺325.9m (down 335% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 27
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺58.3m (up 10% from 2Q 2023). Net income: ₺395.0m (up 461% from 2Q 2023). New Risk • Jun 23
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: 413% Last year net profit margin: 1,450% 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 High level of non-cash earnings (24% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (413% net profit margin). Market cap is less than US$100m (₺2.28b market cap, or US$69.4m). Reported Earnings • Jun 23
First quarter 2024 earnings released: ₺0.56 loss per share (vs ₺0.02 profit in 1Q 2023) First quarter 2024 results: ₺0.56 loss per share (down from ₺0.02 profit in 1Q 2023). Revenue: ₺147.5m (up 302% from 1Q 2023). Net loss: ₺568.6m (down ₺590.3m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: ₺1.73 (vs ₺1.55 in FY 2022) Full year 2023 results: EPS: ₺1.73 (up from ₺1.55 in FY 2022). Revenue: ₺335.9m (up 273% from FY 2022). Net income: ₺1.74b (up 12% from FY 2022). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ₺0.14 (vs ₺0.02 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.14 (up from ₺0.02 in 3Q 2022). Net income: ₺138.6m (up ₺116.4m from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Net income: ₺70.4m (up 157% from 2Q 2022). Reported Earnings • May 12
First quarter 2023 earnings released: EPS: ₺0.022 (vs ₺0.02 in 1Q 2022) First quarter 2023 results: EPS: ₺0.022. Net income: ₺21.7m (down 4.7% from 1Q 2022). Reported Earnings • Mar 13
Full year 2022 earnings released Full year 2022 results: Net income: ₺1.56b (up 309% from FY 2021). Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺1.66, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 12x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 76% over the past three years. 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 ₺1.35, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 13x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 1.4% over the past three years. 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 ₺1.35, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 12x in the Consumer Retailing industry in Turkey. Total loss to shareholders of 8.8% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 18% share price gain to ₺1.69, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 13x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 33% 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. 3 experienced directors. 3 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Lütfi Simsek was the last independent director to join the board, commencing their role in 2013. 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 12
Third quarter 2022 earnings released: EPS: ₺0.022 (vs ₺0.07 in 3Q 2021) Third quarter 2022 results: EPS: ₺0.022. Net income: ₺22.2m (up 20% from 3Q 2021). Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 16% share price gain to ₺1.18, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 18x in the Consumer Retailing industry in Turkey. Total loss to shareholders of 9.6% over the past three years. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 26% share price gain to ₺1.06, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 13x in the Consumer Retailing industry in Turkey. Total returns to shareholders of 12% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: ₺0.027 (vs ₺0.007 loss in 2Q 2021) Second quarter 2022 results: EPS: ₺0.027 (up from ₺0.007 loss in 2Q 2021). Net income: ₺27.4m (up ₺28.9m from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: ₺0.023 (vs ₺0.002 loss in 1Q 2021) First quarter 2022 results: EPS: ₺0.023 (up from ₺0.002 loss in 1Q 2021). Net income: ₺22.8m (up ₺23.5m from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. 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. 3 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Lütfi Simsek was the last independent director to join the board, commencing their role in 2013. 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 • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺1.51 (up from ₺0.29 loss in FY 2020). Net income: ₺381.2m (up ₺455.0m from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ₺0.073 (vs ₺0.07 loss in 3Q 2020) Third quarter 2021 results: Net income: ₺18.4m (up ₺35.9m from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has fallen by 49% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 20
Second quarter 2021 earnings released The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2021 results: Revenue: ₺6.99m (down 87% from 2Q 2020). Net loss: ₺1.50m (loss narrowed 87% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 12
First quarter 2021 earnings released The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: ₺6.16m (down 87% from 1Q 2020). Net loss: ₺642.0k (loss narrowed 88% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 13
Full year 2020 earnings released The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: ₺213.2m (up 7.1% from FY 2019). Net loss: ₺73.8m (loss widened ₺73.3m from FY 2019). Over the last 3 years on average, earnings per share has fallen by 81% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 13
New 90-day high: ₺3.37 The company is up 77% from its price of ₺1.90 on 14 August 2020. The Turkish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is flat over the same period. Is New 90 Day High Low • Oct 12
New 90-day high: ₺2.56 The company is up 11% from its price of ₺2.30 on 14 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is down 2.0% over the same period. 
