New Risk • May 07
New major risk - Revenue and earnings growth Earnings have declined by 8.1% 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 Earnings have declined by 8.1% per year over the past 5 years. High level of non-cash earnings (31% accrual ratio). Reported Earnings • May 07
First quarter 2026 earnings released First quarter 2026 results: Net loss: ₺246.4m (loss narrowed 29% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 258% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 19
Hedef Holding A.S, Annual General Meeting, Apr 27, 2026 Hedef Holding A.S, Annual General Meeting, Apr 27, 2026. Location: crowne plaza istanbul oryapark inkilap mahallesi, kucuksu caddesi, no: 58, 34768, umraniye, istanbul Turkey Reported Earnings • Mar 06
Full year 2025 earnings released Full year 2025 results: Revenue: ₺2.62b (up ₺2.48b from FY 2024). Net income: ₺1.55b (up ₺2.83b from FY 2024). Profit margin: 59% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 218% per year, which means it is well ahead of earnings. New Risk • Nov 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% 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 Risks Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (28% accrual ratio). Reported Earnings • Nov 03
Third quarter 2025 earnings released: EPS: ₺0.30 (vs ₺0.29 loss in 3Q 2024) Third quarter 2025 results: EPS: ₺0.30 (up from ₺0.29 loss in 3Q 2024). Net income: ₺580.1m (up ₺1.12b from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 280 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 14
Second quarter 2025 earnings released Second quarter 2025 results: Net income: ₺184.3m (up ₺585.6m from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 229 percentage points per year, which is a significant difference in performance. New Risk • Jul 23
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 Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 68% per year over the past 5 years. Revenue is less than US$1m. Announcement • Mar 20
Hedef Holding A.S, Annual General Meeting, Apr 22, 2025 Hedef Holding A.S, Annual General Meeting, Apr 22, 2025. Location: at crowne plaza istanbul oryapark inkilap, mahallesi, kucuksu caddesi, no: 58, 34768, umraniye, istanbul, istanbul Turkey Reported Earnings • Mar 05
Full year 2024 earnings released: ₺0.68 loss per share (vs ₺0.43 loss in FY 2023) Full year 2024 results: ₺0.68 loss per share (further deteriorated from ₺0.43 loss in FY 2023). Net loss: ₺1.28b (loss widened 59% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 180 percentage points per year, which is a significant difference in performance. New Risk • Feb 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 8.3% 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 (8.3% average weekly change). Earnings have declined by 56% per year over the past 5 years. Revenue is less than US$1m. New Risk • Jan 10
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 7.1% 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: Major Risks Earnings have declined by 56% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). New Risk • Nov 01
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue 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 Earnings have declined by 49% per year over the past 5 years. Revenue is less than US$1m. Reported Earnings • Sep 21
Second quarter 2024 earnings released: ₺1.07 loss per share (vs ₺0.097 profit in 2Q 2023) Second quarter 2024 results: ₺1.07 loss per share (down from ₺0.097 profit in 2Q 2023). Net loss: ₺401.3m (down 320% from profit in 2Q 2023). New Risk • Jun 19
New major risk - Revenue and earnings growth Earnings have declined by 5.1% 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 • Jun 10
First quarter 2024 earnings released: ₺0.69 loss per share (vs ₺0.86 loss in 1Q 2023) First quarter 2024 results: ₺0.69 loss per share (improved from ₺0.86 loss in 1Q 2023). Net loss: ₺258.3m (loss narrowed 20% from 1Q 2023). Reported Earnings • Apr 28
Full year 2023 earnings released: ₺2.14 loss per share (vs ₺3.46 profit in FY 2022) Full year 2023 results: ₺2.14 loss per share (down from ₺3.46 profit in FY 2022). Revenue: ₺750.5m (down 53% from FY 2022). Net loss: ₺803.0m (down 162% from profit in FY 2022). Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺29.00, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Total returns to shareholders of 28% over the past year. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺29.20, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 7x in the Capital Markets industry in Turkey. Total returns to shareholders of 54% over the past year. Reported Earnings • Oct 28
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺814.9m (up 62% from 3Q 2022). Net income: ₺606.2m (up 47% from 3Q 2022). Profit margin: 74% (down from 82% in 3Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺26.98, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 207% over the past year. Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺196.2m (up 130% from 2Q 2022). Net income: ₺182.7m (up 161% from 2Q 2022). Profit margin: 93% (up from 82% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺23.56, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 277% over the past year. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺19.90, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Total returns to shareholders of 300% over the past year. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₺20.74, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 6x in the Capital Markets industry in Turkey. Total returns to shareholders of 327% over the past year. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺21.50, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 6x in the Capital Markets industry in Turkey. Total returns to shareholders of 395% over the past year. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺18.35, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 7x in the Capital Markets industry in Turkey. Total returns to shareholders of 348% over the past year. Reported Earnings • Mar 06
Full year 2022 earnings released Full year 2022 results: Revenue: ₺1.60b (up ₺1.52b from FY 2021). Net income: ₺1.30b (up ₺1.23b from FY 2021). Profit margin: 81% (down from 88% in FY 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 21% share price gain to ₺23.00, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 14x in the Capital Markets industry in Turkey. Total returns to shareholders of 554% over the past year. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 18% share price gain to ₺16.57, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 474% over the past year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non Executive Director Cihangir Yersel was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 21% share price gain to ₺12.10, the stock trades at a trailing P/E ratio of 63.1x. Average trailing P/E is 13x in the Capital Markets industry in Turkey. Total returns to shareholders of 391% over the past year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non Executive Director Cihangir Yersel was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 25
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non Executive Director Cihangir Yersel was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
