Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺18.08, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 44x in the Hospitality industry in Turkey. Total returns to shareholders of 540% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺19.16, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 69x in the Hospitality industry in Turkey. Total returns to shareholders of 634% over the past three years. New Risk • Sep 25
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 8.5% 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 Dividend is not well covered by cash flows (290% cash payout ratio). Share price has been volatile over the past 3 months (8.5% average weekly change). Profit margins are more than 30% lower than last year (140% net profit margin). Revenue is less than US$5m (₺168m revenue, or US$4.1m). Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺19.40, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 40x in the Hospitality industry in Turkey. Total returns to shareholders of 710% over the past three years. New Risk • Aug 28
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: 147% Last year net profit margin: 231% 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 Dividend is not well covered by cash flows (280% cash payout ratio). Profit margins are more than 30% lower than last year (147% net profit margin). Revenue is less than US$5m (₺174m revenue, or US$4.3m). Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺17.67, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 25x in the Hospitality industry in Turkey. Total returns to shareholders of 618% over the past three years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺14.49, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 24x in the Hospitality industry in Turkey. Total returns to shareholders of 485% over the past three years. Upcoming Dividend • Jun 09
Upcoming dividend of ₺0.14 per share Eligible shareholders must have bought the stock before 16 June 2025. Payment date: 18 June 2025. Payout ratio is a comfortable 7.3% and the cash payout ratio is 98%. Trailing yield: 0.7%. Lower than top quartile of Turkish dividend payers (3.5%). Higher than average of industry peers (0.5%). New Risk • Jun 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.88b (US$98.9m) 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 Dividend is not well covered by cash flows (98% cash payout ratio). Large one-off items impacting financial results. Revenue is less than US$5m (₺157m revenue, or US$4.0m). Market cap is less than US$100m (₺3.88b market cap, or US$98.9m). New Risk • May 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 84% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (98% cash payout ratio). Large one-off items impacting financial results. Revenue is less than US$5m (₺157m revenue, or US$4.0m). New Risk • May 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.84b (US$99.8m) 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 Revenue is less than US$5m (₺151m revenue, or US$3.9m). Market cap is less than US$100m (₺3.84b market cap, or US$99.8m). Announcement • Apr 11
Merit Turizm Yatirim ve Isletme Anonim Sirketi, Annual General Meeting, May 07, 2025 Merit Turizm Yatirim ve Isletme Anonim Sirketi, Annual General Meeting, May 07, 2025. Location: gayrettepe, yildiz posta cad., no.50, (dedeman istanbul hotel / pinar toplanti salonu), istanbul Turkey Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₺11.41, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 43x in the Hospitality industry in Turkey. Total returns to shareholders of 350% over the past three years. New Risk • Mar 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 9x 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 9x increase in shares outstanding). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Revenue is less than US$5m (₺151m revenue, or US$4.0m). Reported Earnings • Mar 12
Full year 2024 earnings released Full year 2024 results: Net income: ₺357.5m (up 324% from FY 2023). New Risk • Dec 12
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 Risk Share price has been highly volatile over the past 3 months (8.9% average weekly change). Minor Risk Revenue is less than US$5m (₺93m revenue, or US$2.7m). New Risk • Dec 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺458.1m (US$13.1m) 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 (8.2% average weekly change). Revenue is less than US$5m (₺93m revenue, or US$2.7m). Market cap is less than US$100m (₺458.1m market cap, or US$13.1m). Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ₺2.24 (vs ₺0.40 in 3Q 2023) Third quarter 2024 results: EPS: ₺2.24 (up from ₺0.40 in 3Q 2023). Net income: ₺62.9m (up 464% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 94% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺197, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 24x in the Hospitality industry in Turkey. Total returns to shareholders of 702% over the past three years. Reported Earnings • Oct 02
Second quarter 2024 earnings released: EPS: ₺2.89 (vs ₺0.22 in 2Q 2023) Second quarter 2024 results: EPS: ₺2.89 (up from ₺0.22 in 2Q 2023). Net income: ₺81.1m (up ₺74.8m from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 112% per year whereas the company’s share price has increased by 111% per year. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺215, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 25x in the Hospitality industry in Turkey. Total returns to shareholders of 1,271% over the past three years. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺297, the stock trades at a trailing P/E ratio of 48.6x. Average trailing P/E is 30x in the Hospitality industry in Turkey. Total returns to shareholders of 2,000% over the past three years. Upcoming Dividend • Jul 01
Upcoming dividend of ₺1.00 per share Eligible shareholders must have bought the stock before 08 July 2024. Payment date: 10 July 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 0.4%. Lower than top quartile of Turkish dividend payers (2.4%). Lower than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺204, the stock trades at a trailing P/E ratio of 33.4x. Average trailing P/E is 27x in the Hospitality industry in Turkey. Total returns to shareholders of 1,079% over the past three years. Reported Earnings • Jun 19
First quarter 2024 earnings released: EPS: ₺3.04 (vs ₺0.11 in 1Q 2023) First quarter 2024 results: EPS: ₺3.04 (up from ₺0.11 in 1Q 2023). Net income: ₺85.3m (up ₺82.2m from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has increased by 117% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺175, the stock trades at a trailing P/E ratio of 58.2x. Average trailing P/E is 19x in the Hospitality industry in Turkey. Total returns to shareholders of 566% over the past three years. Reported Earnings • May 17
Full year 2023 earnings released: EPS: ₺3.00 (vs ₺0.72 in FY 2022) Full year 2023 results: EPS: ₺3.00 (up from ₺0.72 in FY 2022). Revenue: ₺103.5m (up 74% from FY 2022). Net income: ₺84.3m (up 319% from FY 2022). Profit margin: 81% (up from 34% in FY 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺86.50, the stock trades at a trailing P/E ratio of 77.3x. Average trailing P/E is 18x in the Hospitality industry in Turkey. Total returns to shareholders of 301% over the past three years. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺67.90, the stock trades at a trailing P/E ratio of 60.7x. Average trailing P/E is 30x in the Hospitality industry in Turkey. Total returns to shareholders of 698% over the past three years. Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: ₺0.40 (vs ₺0.11 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.40 (up from ₺0.11 in 3Q 2022). Revenue: ₺23.7m (up 98% from 3Q 2022). Net income: ₺11.2m (up 250% from 3Q 2022). Profit margin: 47% (up from 27% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺64.30, the stock trades at a trailing P/E ratio of 77.1x. Average trailing P/E is 26x in the Hospitality industry in Turkey. Total returns to shareholders of 711% over the past three years. Reported Earnings • Aug 23
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺17.4m (up 25% from 2Q 2022). Net income: ₺6.24m (up 62% from 2Q 2022). Profit margin: 36% (up from 28% in 2Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺58.50, the stock trades at a trailing P/E ratio of 78.2x. Average trailing P/E is 28x in the Hospitality industry in Turkey. Total returns to shareholders of 1,424% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺40.92, the stock trades at a trailing P/E ratio of 54.7x. Average trailing P/E is 21x in the Hospitality industry in Turkey. Total returns to shareholders of 1,227% over the past three years. New Risk • Jun 12
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 140% Dividend per share is over 5x cash flows per share. Dividend yield: 2.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 140% Dividend per share is over 5x cash flows per share. Minor Risks Revenue is less than US$5m (₺61m revenue, or US$2.6m). Market cap is less than US$100m (₺1.01b market cap, or US$43.3m). Upcoming Dividend • Jun 08
Inaugural dividend of ₺1.00 per share Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 19 June 2023. This is the first dividend for Merit Turizm Yatirim ve Isletme Anonim Sirketi since going public. The average dividend yield among industry peers is 1.1%. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺12.8m (up 15% from 1Q 2022). Net income: ₺3.08m (up 41% from 1Q 2022). Profit margin: 24% (up from 20% in 1Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Mar 16
Full year 2022 earnings released Full year 2022 results: Revenue: ₺59.3m (up 422% from FY 2021). Net income: ₺20.1m (up 416% from FY 2021). Profit margin: 34% (in line with FY 2021). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. No independent directors (7 non-independent directors). Board Chairman Hanzade Özbas was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: ₺0.11 (vs ₺0.63 in 3Q 2021) Third quarter 2022 results: EPS: ₺0.11. Revenue: ₺12.0m (up 217% from 3Q 2021). Net income: ₺3.19m (up 97% from 3Q 2021). Profit margin: 27% (down from 43% in 3Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 21
Second quarter 2022 earnings released Second quarter 2022 results: EPS: ₺0.14. Net income: ₺3.85m (up ₺3.85m from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Buying Opportunity • Aug 17
Now 21% undervalued Over the last 90 days, the stock is up 3.3%. The fair value is estimated to be ₺41.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 71%. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: ₺0.078 (vs ₺0.035 loss in 1Q 2021) First quarter 2022 results: EPS: ₺0.078 (up from ₺0.035 loss in 1Q 2021). Revenue: ₺11.1m (up ₺10.5m from 1Q 2021). Net income: ₺2.19m (up ₺2.28m from 1Q 2021). Profit margin: 20% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 132 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. No independent directors (7 non-independent directors). Board Chairman Hanzade Özbas was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Buying Opportunity • Mar 28
Now 20% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be ₺38.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% per annum over the last 3 years. Earnings per share has declined by 61% per annum over the last 3 years. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺0.14 (down from ₺0.96 in FY 2020). Revenue: ₺11.4m (up 136% from FY 2020). Net income: ₺3.90m (up 60% from FY 2020). Profit margin: 34% (down from 51% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 124 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 03
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: 3.78m (down 100% from 3Q 2020). Net income: 1.62m (down 100% from 3Q 2020). Profit margin: 43% (down from 65% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 63% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improved over the past week After last week's 19% share price gain to ₺28.38, the stock trades at a trailing P/E ratio of 47.3x. Average trailing P/E is 41x in the Hospitality industry in Turkey. Total returns to shareholders of 3,716% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 15% share price gain to ₺17.42, the stock trades at a trailing P/E ratio of 29x. Average trailing P/E is 31x in the Hospitality industry in Turkey. Total returns to shareholders of 2,076% over the past three years. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improved over the past week After last week's 19% share price gain to ₺18.50, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 22x in the Hospitality industry in Turkey. Total returns to shareholders of 2,569% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 90% share price decline to ₺22.58, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 45x in the Hospitality industry in Turkey. Total returns to shareholders of 283% over the past three years. Reported Earnings • Feb 20
Full year 2020 earnings released The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ₺4.82m (down 66% from FY 2019). Net income: ₺2.44m (down 66% from FY 2019). Profit margin: 51% (in line with FY 2019). Is New 90 Day High Low • Feb 10
New 90-day high: ₺182 The company is up 142% from its price of ₺75.00 on 11 November 2020. The Turkish market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 70% over the same period. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 18% share price gain to ₺165, the stock is trading at a trailing P/E ratio of 72.9x, up from the previous P/E ratio of 61.8x. This compares to an average P/E of 33x in the Hospitality industry in Turkey. Total returns to shareholders over the past three years are 2,721%. Is New 90 Day High Low • Jan 13
New 90-day high: ₺98.50 The company is up 15% from its price of ₺85.80 on 15 October 2020. The Turkish market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 27% over the same period. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 17% share price gain to ₺94.40, the stock is trading at a trailing P/E ratio of 41.7x, up from the previous P/E ratio of 35.8x. This compares to an average P/E of 31x in the Hospitality industry in Turkey. Total returns to shareholders over the past three years are 1,377%. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 16% share price gain to ₺96.95, the stock is trading at a trailing P/E ratio of 42.8x, up from the previous P/E ratio of 37x. This compares to an average P/E of 31x in the Hospitality industry in Turkey. Total returns to shareholders over the past three years are 1,529%. Valuation Update With 7 Day Price Move • Dec 07
Market bids up stock over the past week After last week's 16% share price gain to ₺81.00, the stock is trading at a trailing P/E ratio of 35.8x, up from the previous P/E ratio of 30.9x. This compares to an average P/E of 28x in the Hospitality industry in Turkey. Total returns to shareholders over the past three years are 1,230%. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 25% share price gain to ₺80.00, the stock is trading at a trailing P/E ratio of 35.3x, up from the previous P/E ratio of 28.3x. This compares to an average P/E of 27x in the Hospitality industry in Turkey. Total returns to shareholders over the past three years are 1,258%. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 15% share price decline to ₺70.00, the stock is trading at a trailing P/E ratio of 30.9x, down from the previous P/E ratio of 36.4x. This compares to an average P/E of 31x in the Hospitality industry in Turkey. Total returns to shareholders over the past three years are 1,117%. Valuation Update With 7 Day Price Move • Oct 23
Market pulls back on stock over the past week After last week's 19% share price decline to ₺76.00, the stock is trading at a trailing P/E ratio of 33.6x, down from the previous P/E ratio of 41.7x. This compares to an average P/E of 36x in the Hospitality industry in Turkey. Total returns to shareholders over the past three years are 1,224%. Valuation Update With 7 Day Price Move • Oct 19
Market bids up stock over the past week After last week's 21% share price gain to ₺97.00, the stock is trading at a trailing P/E ratio of 42.8x, up from the previous P/E ratio of 35.3x. This compares to an average P/E of 39x in the Hospitality industry in Turkey. Total returns to shareholders over the past three years are 1,243%. Is New 90 Day High Low • Sep 29
New 90-day high: ₺114 The company is up 384% from its price of ₺23.50 on 01 July 2020. The Turkish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 90% over the same period. 
