Upcoming Dividend • May 06
Upcoming dividend of ₺0.53 per share Eligible shareholders must have bought the stock before 13 May 2026. Payment date: 15 May 2026. The company last paid an ordinary dividend in March 2023. The average dividend yield among industry peers is 9.7%. Declared Dividend • Apr 03
Dividend of ₺0.53 announced Shareholders will receive a dividend of ₺0.53. Ex-date: 13th May 2026 Payment date: 15th May 2026 Dividend yield will be 0.6%, which is lower than the industry average of 1.1%. New Risk • Mar 10
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: 21% Last year net profit margin: 30% 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 Risks Interest payments are not well covered by earnings (2.7x net interest cover). High level of non-cash earnings (46% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Profit margins are more than 30% lower than last year (21% net profit margin). Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺84.35, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 13x in the Capital Markets industry in Turkey. Total returns to shareholders of 278% over the past three years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺119, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 12x in the Capital Markets industry in Turkey. Total returns to shareholders of 292% over the past three years. New Risk • Jan 07
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 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (44% accrual ratio). Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺104, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 99% over the past year. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺95.30, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 17x in the Capital Markets industry in Turkey. Total returns to shareholders of 98% over the past year. New Risk • Oct 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺4.09b (US$97.9m) 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (43% accrual ratio). Minor Risk Market cap is less than US$100m (₺4.09b market cap, or US$97.9m). New Risk • Sep 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (43% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺105, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 20x in the Capital Markets industry in Turkey. Total returns to shareholders of 122% over the past year. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺76.55, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 19x in the Capital Markets industry in Turkey. Total returns to shareholders of 54% over the past year. Upcoming Dividend • Apr 23
Upcoming dividend of ₺0.54 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 05 May 2025. Payout ratio is a comfortable 6.5% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Turkish dividend payers (3.2%). Lower than average of industry peers (9.5%). Announcement • Mar 27
Birikim Varlik Yonetim Anonim Sirketi announces Annual dividend, payable on May 05, 2025 Birikim Varlik Yonetim Anonim Sirketi announced Annual dividend of TRY 0.5380 per share payable on May 05, 2025, ex-date on April 30, 2025 and record date on May 02, 2025. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺51.25, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 17x in the Capital Markets industry in Turkey. Total loss to shareholders of 76% over the past year. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺66.05, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 13x in the Capital Markets industry in Turkey. Total loss to shareholders of 21% over the past year. New Risk • Jan 17
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 8.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.1% average weekly change). High level of non-cash earnings (33% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (24% net profit margin). Market cap is less than US$100m (₺3.28b market cap, or US$92.1m). Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺58.50, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 12x in the Capital Markets industry in Turkey. Total returns to shareholders of 8.1% over the past year. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺56.85, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 13x in the Capital Markets industry in Turkey. Total returns to shareholders of 8.4% over the past year. New Risk • Nov 04
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: 24% Last year net profit margin: 39% 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 (33% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (24% net profit margin). Market cap is less than US$100m (₺2.69b market cap, or US$78.3m). Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺48.10, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total loss to shareholders of 7.4% over the past year. New Risk • Jun 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.21b (US$99.4m) 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: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (49% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₺3.21b market cap, or US$99.4m). Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺61.70, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 193% over the past year. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₺136, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 623% over the past year. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺220, the stock trades at a trailing P/E ratio of 57x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Total returns to shareholders of 798% over the past year. Upcoming Dividend • Mar 19
Upcoming dividend of ₺0.30 per share Eligible shareholders must have bought the stock before 26 March 2024. Payment date: 28 March 2024. Payout ratio is a comfortable 7.8% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Turkish dividend payers (1.9%). Lower than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₺210, the stock trades at a trailing P/E ratio of 54.5x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Total returns to shareholders of 834% over the past year. New Risk • Feb 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 43% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (43% accrual ratio). Minor Risks High level of debt (42% net debt to equity). Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺69.55, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Total returns to shareholders of 190% over the past year. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺44.36, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 6x in the Capital Markets industry in Turkey. Total returns to shareholders of 49% over the past year. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺68.75, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 7x in the Capital Markets industry in Turkey. New Risk • Nov 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺2.80b (US$98.7m) 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: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (12% average weekly change). Profit margins are more than 30% lower than last year (25% net profit margin). Market cap is less than US$100m (₺2.80b market cap, or US$98.7m). Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺53.45, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺52.40, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₺52.00, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺48.10, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺24.42, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺20.12, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • May 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺17.48, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 7x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺21.70, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 7x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺28.12, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 7x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺19.97, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺25.90, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺25.70, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 10x in the Capital Markets industry in Turkey.