Is Yatirim Menkul Degerler Anonim Sirketi (IBSE:ISMEN) - Share price, News & Analysis

Q: What is the Fair Price of ISMEN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

ISMEN (TRY18.85) is trading above our estimate of [[fair value]] (TRY11.78)

ISMEN fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	1/6
Financial Health	3/6
Dividends	3/6

ISMEN Stock Overview

Is Yatirim Menkul Degerler Anonim Sirketi, through its subsidiaries, provides capital market solutions to individual and institutional investors in Turkey and internationally.

Rewards

Price-To-Earnings ratio (5x) is below the TR market (10.6x)

Earnings have grown 50% per year over the past 5 years

Risk Analysis

Debt is not well covered by operating cash flow

High level of non-cash earnings

Dividend of 5.98% is not well covered by earnings

Is Yatirim Menkul Degerler Anonim Sirketi Competitors

Oyak Yatirim Menkul Degerler

IBSE:OYYAT

₺7.7b

Inveo Yatirim Holding

IBSE:INVEO

₺3.3b

Gedik Yatirim Menkul Degerler

IBSE:GEDIK

₺2.1b

Investco Holding

IBSE:INVES

₺7.0b

Price History & Performance

Summary of all time highs, changes and price drops for Is Yatirim Menkul Degerler Anonim Sirketi
Historical stock prices
Current Share Price	₺18.85
52 Week High	₺26.38
52 Week Low	₺12.78
Beta	1.2
1 Month Change	-3.28%
3 Month Change	-1.00%
1 Year Change	33.31%
3 Year Change	556.79%
5 Year Change	1,140.13%
Change since IPO	1,651.61%

Shareholder Returns

	ISMEN	TR Capital Markets	TR Market
7D	-0.9%	0.3%	-5.0%
1Y	33.3%	6.4%	55.1%

Return vs Industry: ISMEN exceeded the TR Capital Markets industry which returned 13.2% over the past year.

Return vs Market: ISMEN underperformed the TR Market which returned 60.7% over the past year.

Price Volatility

Is ISMEN's price volatile compared to industry and market?
ISMEN volatility
ISMEN Average Weekly Movement	5.6%
Capital Markets Industry Average Movement	5.4%
Market Average Movement	6.0%
10% most volatile stocks in TR Market	8.7%
10% least volatile stocks in TR Market	4.2%

Stable Share Price: ISMEN is not significantly more volatile than the rest of TR stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: ISMEN's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1996	437	Riza Kutlusoy	https://www.isyatirim.com.tr

Is Yatirim Menkul Degerler Anonim Sirketi, through its subsidiaries, provides capital market solutions to individual and institutional investors in Turkey and internationally. The company offers corporate finance services, such as equity public offerings, private sector debt securities issuances, mergers and acquisitions, private sector advisory, project finance consultancy and venture capital advisory, private equity advisory, and debt and equity capital market services; investment advisory services; asset management services; and institutional sale, market making, and liquidity providing services, as well as traditional Brokerage services. It also provides fixed income securities; repo products; investment funds; foreign exchange products; warrants; and structured products, as well as services in stocks, derivatives, and international markets.

Is Yatirim Menkul Degerler Anonim Sirketi Fundamentals Summary

How do Is Yatirim Menkul Degerler Anonim Sirketi's earnings and revenue compare to its market cap?
ISMEN fundamental statistics
Market Cap	₺6.69b
Earnings (TTM)	₺1.35b
Revenue (TTM)	₺154.55b

5.0x

P/E Ratio

0.0x

P/S Ratio

Is ISMEN overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
ISMEN income statement (TTM)
Revenue	₺154.55b
Cost of Revenue	₺151.99b
Gross Profit	₺2.56b
Other Expenses	₺1.22b
Earnings	₺1.35b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	3.80
Gross Margin	1.66%
Net Profit Margin	0.87%
Debt/Equity Ratio	227.1%

How did ISMEN perform over the long term?

See historical performance and comparison

Dividends

6.0%

Current Dividend Yield

30%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is ISMEN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ISMEN?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for ISMEN. This is calculated by dividing ISMEN's market cap by their current preferred multiple.
What is ISMEN's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	₺6.69b

ISMEN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does ISMEN's PE Ratio compare to its peers?

ISMEN PE Ratio vs Peers

The above table shows the PE ratio for ISMEN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	20.5x
OYYAT Oyak Yatirim Menkul Degerler	18.2x	n/a	₺7.7b
INVEO Inveo Yatirim Holding	9.5x	n/a	₺3.3b
GEDIK Gedik Yatirim Menkul Degerler	7.9x	n/a	₺2.1b
INVES Investco Holding	46.5x	n/a	₺7.0b
ISMEN Is Yatirim Menkul Degerler Anonim Sirketi	5x	n/a	₺6.7b

Forward PE

Price-To-Earnings vs Peers: ISMEN is good value based on its Price-To-Earnings Ratio (5x) compared to the peer average (20.5x).

Price to Earnings Ratio vs Industry

How does ISMEN's PE Ratio compare vs other companies in the TR Capital Markets Industry?

Price-To-Earnings vs Industry: ISMEN is good value based on its Price-To-Earnings Ratio (5x) compared to the TR Capital Markets industry average (10x)

Price to Earnings Ratio vs Fair Ratio

What is ISMEN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ISMEN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	5x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ISMEN's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of ISMEN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ISMEN (TRY18.85) is trading above our estimate of fair value (TRY11.78)

Significantly Below Fair Value: ISMEN is trading above our estimate of fair value.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ISMEN's PEG Ratio to determine if it is good value.

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Future Growth

How is Is Yatirim Menkul Degerler Anonim Sirketi forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

15.0%

Forecasted Diversified Financials industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Is Yatirim Menkul Degerler Anonim Sirketi has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Take a look at our analysis of ISMEN’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.

Past Performance

How has Is Yatirim Menkul Degerler Anonim Sirketi performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

50.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ISMEN has a high level of non-cash earnings.

Growing Profit Margin: ISMEN's current net profit margins (0.9%) are lower than last year (1.2%).

Past Earnings Growth Analysis

Earnings Trend: ISMEN's earnings have grown significantly by 50% per year over the past 5 years.

Accelerating Growth: ISMEN's earnings growth over the past year (11.5%) is below its 5-year average (50% per year).

Earnings vs Industry: ISMEN earnings growth over the past year (11.5%) underperformed the Capital Markets industry 63.6%.

Return on Equity

High ROE: Whilst ISMEN's Return on Equity (42.98%) is outstanding, this metric is skewed due to their high level of debt.

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Financial Health

How is Is Yatirim Menkul Degerler Anonim Sirketi's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: ISMEN's short term assets (TRY17.7B) exceed its short term liabilities (TRY14.6B).

Long Term Liabilities: ISMEN's short term assets (TRY17.7B) exceed its long term liabilities (TRY172.9M).

Debt to Equity History and Analysis

Debt Level: ISMEN's net debt to equity ratio (90.2%) is considered high.

Reducing Debt: ISMEN's debt to equity ratio has reduced from 485.3% to 227.1% over the past 5 years.

Debt Coverage: ISMEN's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: Insufficient data to determine if ISMEN's interest payments on its debt are well covered by EBIT.

Balance Sheet

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Dividend

What is Is Yatirim Menkul Degerler Anonim Sirketi current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

5.98%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: ISMEN's dividend (5.98%) is higher than the bottom 25% of dividend payers in the TR market (0.7%).

High Dividend: ISMEN's dividend (5.98%) is in the top 25% of dividend payers in the TR market (3.68%)

Stability and Growth of Payments

Stable Dividend: Too early to tell whether ISMEN's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if ISMEN's dividend payments are increasing as they only just started paying a dividend.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (29.7%), ISMEN's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: ISMEN is paying a dividend but the company has no free cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.1yrs

Average management tenure

CEO

Riza Kutlusoy (57 yo)

6.08yrs

Tenure

Mr. Riza Ihsan Kutlusoy serves as the Chairman at Is Girisim Sermayesi Yatirim Ortakligi AS since 2021. Previously, he served as a Director at the firm till 2021. He serves as General Manager at Is Yatirim...

Leadership Team

Experienced Management: ISMEN's management team is considered experienced (3.1 years average tenure).

Board Members

Experienced Board: ISMEN's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/29 00:00
End of Day Share Price	2022/06/29 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31