Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺46.74, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 149x in the Hospitality industry in Turkey. Total returns to shareholders of 261% over the past three years. Reported Earnings • Mar 12
Full year 2025 earnings released Full year 2025 results: Revenue: ₺25.0b (up 29% from FY 2024). Net income: ₺1.67b (down 37% from FY 2024). Profit margin: 6.7% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 10
Now 22% overvalued Over the last 90 days, the stock has fallen 6.2% to ₺44.80. The fair value is estimated to be ₺36.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 24%. Buy Or Sell Opportunity • Feb 10
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₺49.02. The fair value is estimated to be ₺40.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 24%. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ₺2.23 (vs ₺1.24 in 3Q 2024) Third quarter 2025 results: EPS: ₺2.23 (up from ₺1.24 in 3Q 2024). Revenue: ₺6.58b (up 78% from 3Q 2024). Net income: ₺1.03b (up 78% from 3Q 2024). Profit margin: 16% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 29
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: 13% Last year net profit margin: 19% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (13% net profit margin). Announcement • Apr 10
Net Holding A.S., Annual General Meeting, May 07, 2025 Net Holding A.S., 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 21% After last week's 21% share price decline to ₺35.64, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 43x in the Hospitality industry in Turkey. Total returns to shareholders of 305% over the past three years. Buy Or Sell Opportunity • Mar 20
Now 20% overvalued Over the last 90 days, the stock has fallen 10% to ₺39.60. The fair value is estimated to be ₺32.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 67% over the last 3 years. Earnings per share has grown by 48%. Reported Earnings • Mar 13
Full year 2024 earnings released Full year 2024 results: Revenue: ₺19.4b (up 104% from FY 2023). Net income: ₺2.63b (up 18% from FY 2023). Profit margin: 14% (down from 24% in FY 2023). Reported Earnings • Nov 12
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺3.70b (up 68% from 3Q 2023). Net income: ₺579.3m (up 6.8% from 3Q 2023). Profit margin: 16% (down from 25% in 3Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Oct 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺3.79b (up 97% from 2Q 2023). Net income: ₺405.7m (up ₺893.4m from 2Q 2023). Profit margin: 11% (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 69% per year but the company’s share price has increased by 102% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺39.30, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 25x in the Hospitality industry in Turkey. Total returns to shareholders of 771% over the past three years. New Risk • Aug 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 8.1% 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 (8.1% average weekly change). Profit margins are more than 30% lower than last year (18% net profit margin). Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺35.16, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 26x in the Hospitality industry in Turkey. Total returns to shareholders of 781% over the past three years. Reported Earnings • Jun 17
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺3.20b (up 196% from 1Q 2023). Net income: ₺214.7m (up ₺240.9m from 1Q 2023). Profit margin: 6.7% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 90% per year whereas the company’s share price has increased by 94% per year. Reported Earnings • May 23
Full year 2023 earnings released: EPS: ₺4.74 (vs ₺5.61 in FY 2022) Full year 2023 results: EPS: ₺4.74 (down from ₺5.61 in FY 2022). Revenue: ₺9.49b (up 181% from FY 2022). Net income: ₺2.23b (down 16% from FY 2022). Profit margin: 24% (down from 79% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 83% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺30.60, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 19x in the Hospitality industry in Turkey. Total returns to shareholders of 436% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺20.46, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 17x in the Hospitality industry in Turkey. Total returns to shareholders of 509% over the past three years. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺23.46, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 31x in the Hospitality industry in Turkey. Total returns to shareholders of 602% over the past three years. Reported Earnings • Aug 23
Second quarter 2023 earnings released: ₺1.03 loss per share (vs ₺0.26 loss in 2Q 2022) Second quarter 2023 results: ₺1.03 loss per share (further deteriorated from ₺0.26 loss in 2Q 2022). Revenue: ₺1.92b (up 161% from 2Q 2022). Net loss: ₺487.7m (loss widened 306% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 105% per year whereas the company’s share price has increased by 109% per year. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺16.79, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 26x in the Hospitality industry in Turkey. Total returns to shareholders of 640% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺11.54, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 16x in the Hospitality industry in Turkey. Total returns to shareholders of 439% over the past three years. Reported Earnings • May 12
First quarter 2023 earnings released: ₺0.055 loss per share (vs ₺0.19 loss in 1Q 2022) First quarter 2023 results: ₺0.055 loss per share (improved from ₺0.19 loss in 1Q 2022). Revenue: ₺1.08b (up 100% from 1Q 2022). Net loss: ₺26.2m (loss narrowed 71% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.9%. The fair value is estimated to be ₺11.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 60% over the last 3 years. Earnings per share has grown by 93%. Reported Earnings • Mar 15
Full year 2022 earnings released Full year 2022 results: Revenue: ₺3.38b (up 234% from FY 2021). Net income: ₺2.66b (up 193% from FY 2021). Profit margin: 79% (down from 90% in FY 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺8.81, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 22x in the Hospitality industry in Turkey. Total returns to shareholders of 272% over the past three years. Reported Earnings • Nov 11
Third quarter 2022 earnings released: ₺0.13 loss per share (vs ₺0.12 profit in 3Q 2021) Third quarter 2022 results: ₺0.13 loss per share (down from ₺0.12 profit in 3Q 2021). Revenue: ₺966.5m (up 154% from 3Q 2021). Net loss: ₺60.8m (down 253% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 98% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 19% share price gain to ₺13.95, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 19x in the Hospitality industry in Turkey. Total returns to shareholders of 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 16% share price gain to ₺11.62, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 13x in the Hospitality industry in Turkey. Total returns to shareholders of 592% over the past three years. Announcement • Sep 27
Net Holding Starts Talks to Acquire 10% in Mavi Gok Havacilik Net Holding A.S. (IBSE:NTHOL) starts talks to acquire 10% in Mavi Gok Havacilik. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₺9.95, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 13x in the Hospitality industry in Turkey. Total returns to shareholders of 456% over the past three years. Reported Earnings • Aug 21
Second quarter 2022 earnings released: ₺0.26 loss per share (vs ₺0.27 loss in 2Q 2021) Second quarter 2022 results: ₺0.26 loss per share. Revenue: ₺736.7m (up 452% from 2Q 2021). Net loss: ₺120.2m (loss widened 31% from 2Q 2021). Reported Earnings • May 12
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: ₺0.19 loss per share (up from ₺0.60 loss in 1Q 2021). Revenue: ₺539.8m (up ₺493.5m from 1Q 2021). Net loss: ₺90.7m (loss narrowed 56% from 1Q 2021). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) were also behind analyst expectations. 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 97% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 20% share price gain to ₺10.54, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 17x in the Hospitality industry in Turkey. Total returns to shareholders of 486% over the past three years. Reported Earnings • Mar 13
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ₺2.71 (up from ₺1.43 loss in FY 2020). Revenue: ₺1.01b (up 140% from FY 2020). Net income: ₺910.0m (up ₺1.40b from FY 2020). Profit margin: 90% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 324%. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 71% per year, which means it is well ahead of earnings. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ₺0.12 (vs ₺0.73 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₺380.0m (up 239% from 3Q 2020). Net income: ₺39.8m (up ₺298.2m from 3Q 2020). Profit margin: 11% (up from net loss in 3Q 2020). The move to profitability was primarily 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 131 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 12
First quarter 2021 earnings released: ₺0.60 loss per share (vs ₺0.34 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: ₺46.3m (down 74% from 1Q 2020). Net loss: ₺204.8m (loss widened 68% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 141 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 04
Full year 2020 earnings released: ₺1.39 loss per share (vs ₺0.21 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ₺421.5m (down 54% from FY 2019). Net loss: ₺489.3m (down ₺567.1m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 01
New 90-day high: ₺4.84 The company is up 53% from its price of ₺3.17 on 01 December 2020. The Turkish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 85% over the same period. Is New 90 Day High Low • Feb 10
New 90-day high: ₺4.16 The company is up 25% from its price of ₺3.34 on 11 November 2020. The Turkish market is up 34% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 66% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: ₺3.80 The company is up 12% from its price of ₺3.39 on 21 October 2020. The Turkish market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 44% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: ₺3.63 The company is up 51% from its price of ₺2.40 on 18 September 2020. The Turkish market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 3.0% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: ₺0.73 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ₺112.0m (down 49% from 3Q 2019). Net loss: ₺258.3m (down ₺298.7m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 12
New 90-day high: ₺2.90 The company is up 15% from its price of ₺2.53 on 14 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 47% over the same period. 
