Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺18.53, the stock trades at a trailing P/E ratio of 50.6x. Average trailing P/E is 17x in the Household Products industry in Asia. Total returns to shareholders of 112% over the past three years. Announcement • Apr 13
Europap Tezol Kagit Sanayi ve Ticaret A.S., Annual General Meeting, May 07, 2026 Europap Tezol Kagit Sanayi ve Ticaret A.S., Annual General Meeting, May 07, 2026. Location: yedi eylul mah., philsa cd. no:36, 35860, izmir Turkey Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: ₺0.37 (vs ₺0.29 in FY 2024) Full year 2025 results: EPS: ₺0.37 (up from ₺0.29 in FY 2024). Revenue: ₺5.59b (up 11% from FY 2024). Net income: ₺183.2m (up 26% from FY 2024). Profit margin: 3.3% (up from 2.9% in FY 2024). The increase in margin 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 101 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jan 26
Now 21% overvalued Over the last 90 days, the stock has fallen 3.1% to ₺12.69. The fair value is estimated to be ₺10.47, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Dec 05
Now 21% overvalued Over the last 90 days, the stock has fallen 17% to ₺12.68. The fair value is estimated to be ₺10.47, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jul 09
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 172% Dividend yield: 0.6% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Earnings have declined by 46% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (172% payout ratio). Profit margins are more than 30% lower than last year (0.6% net profit margin). New Risk • May 23
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: 0.6% Last year net profit margin: 6.3% 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 Earnings have declined by 47% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.6% net profit margin). Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺18.75, the stock trades at a trailing P/E ratio of 64.3x. Average trailing P/E is 17x in the Household Products industry in Asia. Total returns to shareholders of 456% over the past three years. Announcement • Apr 11
Europap Tezol Kagit Sanayi ve Ticaret A.S., Annual General Meeting, May 06, 2025 Europap Tezol Kagit Sanayi ve Ticaret A.S., Annual General Meeting, May 06, 2025. Location: yedi eylul mah., philsa cd. no:36, 35860, izmir Turkey New Risk • Mar 25
New major risk - Revenue and earnings growth Revenue has declined by 4.3% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 • Mar 13
Full year 2024 earnings released: EPS: ₺0.29 (vs ₺0.052 in FY 2023) Full year 2024 results: EPS: ₺0.29 (up from ₺0.052 in FY 2023). Revenue: ₺5.04b (up 38% from FY 2023). Net income: ₺145.7m (up 456% from FY 2023). Profit margin: 2.9% (up from 0.7% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 85% per year, which means it is well ahead of earnings. Price Target Changed • Jan 28
Price target decreased by 16% to ₺23.00 Down from ₺27.54, the current price target is provided by 1 analyst. New target price is 40% above last closing price of ₺16.42. Stock is down 3.4% over the past year. The company posted earnings per share of ₺0.052 last year. Reported Earnings • Nov 13
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺1.31b (up 82% from 3Q 2023). Net income: ₺198.6m (down 5.9% from 3Q 2023). Profit margin: 15% (down from 29% in 3Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Sep 08
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺1.01b (up 41% from 2Q 2023). Net income: ₺71.5m (down 70% from 2Q 2023). Profit margin: 7.1% (down from 34% in 2Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺19.42, the stock trades at a trailing P/E ratio of 43.5x. Average trailing P/E is 19x in the Household Products industry in Asia. Total returns to shareholders of 24% over the past year. New Risk • Jun 30
New major risk - Revenue and earnings growth Revenue has declined by 33% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Risk Revenue has declined by 33% over the past year. Minor Risks Dividend is not well covered by earnings (0% payout ratio). Profit margins are more than 30% lower than last year (5.8% net profit margin). Reported Earnings • Jun 23
First quarter 2024 earnings released: EPS: ₺0.086 (vs ₺0.14 in 1Q 2023) First quarter 2024 results: EPS: ₺0.086 (down from ₺0.14 in 1Q 2023). Revenue: ₺938.1m (up 37% from 1Q 2023). Net income: ₺38.0m (down 40% from 1Q 2023). Profit margin: 4.1% (down from 9.3% in 1Q 2023). The decrease in margin was driven by higher expenses. New Risk • May 30
New major risk - Revenue and earnings growth Revenue has declined by 14% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Risk Revenue has declined by 14% over the past year. Minor Risks Dividend is not well covered by earnings (0% payout ratio). Profit margins are more than 30% lower than last year (0.7% net profit margin). Reported Earnings • May 10
Full year 2023 earnings released: EPS: ₺0.06 (vs ₺1.66 in FY 2022) Full year 2023 results: EPS: ₺0.06 (down from ₺1.66 in FY 2022). Revenue: ₺3.65b (up 52% from FY 2022). Net income: ₺26.2m (down 96% from FY 2022). Profit margin: 0.7% (down from 30% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺23.34, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 18x in the Household Products industry in Asia. Total returns to shareholders of 124% over the past year. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺22.42, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 22x in the Household Products industry in Asia. Total returns to shareholders of 129% over the past year. Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺718.9m (down 6.4% from 3Q 2022). Net income: ₺211.0m (up 9.9% from 3Q 2022). Profit margin: 29% (up from 25% in 3Q 2022). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺21.92, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 24x in the Household Products industry in Asia. Total returns to shareholders of 214% over the past year. Reported Earnings • Aug 23
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺713.7m (up 38% from 2Q 2022). Net income: ₺239.8m (up 48% from 2Q 2022). Profit margin: 34% (up from 31% in 2Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺20.38, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 25x in the Household Products industry in Asia. Total returns to shareholders of 305% over the past year. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺21.18, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 24x in the Household Products industry in Asia. Total returns to shareholders of 167% over the past year. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: ₺0.29 (vs ₺0.58 in 1Q 2022) First quarter 2023 results: EPS: ₺0.29 (down from ₺0.58 in 1Q 2022). Revenue: ₺704.2m (up 61% from 1Q 2022). Net income: ₺63.6m (down 50% from 1Q 2022). Profit margin: 9.0% (down from 29% in 1Q 2022). The decrease in margin was driven by higher expenses.