Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: ₺5.59 (vs ₺4.98 in 1Q 2025) First quarter 2026 results: EPS: ₺5.59 (up from ₺4.98 in 1Q 2025). Revenue: ₺8.39b (up 45% from 1Q 2025). Net income: ₺912.1m (up 12% from 1Q 2025). Profit margin: 11% (down from 14% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has increased by 125% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 23
Ray Sigorta Anonim Sirketi, Annual General Meeting, May 18, 2026 Ray Sigorta Anonim Sirketi, Annual General Meeting, May 18, 2026. Location: ray sigorta a.s. genel mudurluk cumhuriyet, mah. haydar aliyev cad no:28 sariyer, istanbul Turkey Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺200, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 7x in the Insurance industry in Turkey. Total returns to shareholders of 797% over the past three years. Reported Earnings • Nov 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺8.22b (up 129% from 3Q 2024). Net income: ₺1.05b (up 104% from 3Q 2024). Profit margin: 13% (down from 14% in 3Q 2024). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 03
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₺7.19b (up 205% from 2Q 2024). Net income: ₺1.31b (up ₺1.16b from 2Q 2024). Profit margin: 18% (up from 6.4% in 2Q 2024). The increase in margin was driven by higher revenue. Reported Earnings • May 05
First quarter 2025 earnings released: EPS: ₺4.98 (vs ₺5.64 in 1Q 2024) First quarter 2025 results: EPS: ₺4.98 (down from ₺5.64 in 1Q 2024). Revenue: ₺5.79b (up 171% from 1Q 2024). Net income: ₺812.6m (down 12% from 1Q 2024). Profit margin: 14% (down from 43% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has increased by 169% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 10
Ray Sigorta Anonim Sirketi, Annual General Meeting, May 05, 2025 Ray Sigorta Anonim Sirketi, Annual General Meeting, May 05, 2025. Location: ray sigorta a.s. genel mudurluk cumhuriyet mah., haydar aliyev cad no:28 sariyer - istanbul, istanbul Turkey Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺287, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 9x in the Insurance industry in Turkey. Total returns to shareholders of 2,239% over the past three years. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ₺13.57 (vs ₺5.53 in FY 2023) Full year 2024 results: EPS: ₺13.57 (up from ₺5.53 in FY 2023). Revenue: ₺12.8b (up 171% from FY 2023). Net income: ₺2.21b (up 145% from FY 2023). Profit margin: 17% (down from 19% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has increased by 214% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to ₺475, the stock trades at a trailing P/E ratio of 45.4x. Average trailing P/E is 9x in the Insurance industry in Turkey. Total returns to shareholders of 3,763% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺646, the stock trades at a trailing P/E ratio of 61.7x. Average trailing P/E is 9x in the Insurance industry in Turkey. Total returns to shareholders of 5,178% over the past three years. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺478, the stock trades at a trailing P/E ratio of 45.6x. Average trailing P/E is 8x in the Insurance industry in Turkey. Total returns to shareholders of 3,070% over the past three years. New Risk • Nov 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 7.7% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 25
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺3.59b (up 176% from 3Q 2023). Net income: ₺511.7m (up 20% from 3Q 2023). Profit margin: 14% (down from 33% in 3Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺411, the stock trades at a trailing P/E ratio of 41.2x. Average trailing P/E is 9x in the Insurance industry in Turkey. Total returns to shareholders of 4,181% over the past three years. Reported Earnings • Aug 04
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺2.36b (up 101% from 2Q 2023). Net income: ₺152.1m (down 33% from 2Q 2023). Profit margin: 6.4% (down from 19% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has increased by 271% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 01
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 9.2% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺503, the stock trades at a trailing P/E ratio of 48.1x. Average trailing P/E is 11x in the Insurance industry in Turkey. Total returns to shareholders of 4,846% over the past three years. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺510, the stock trades at a trailing P/E ratio of 48.8x. Average trailing P/E is 9x in the Insurance industry in Turkey. Total returns to shareholders of 4,139% over the past three years. Reported Earnings • Apr 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺2.13b (up 153% from 1Q 2023). Net income: ₺924.2m (up ₺801.8m from 1Q 2023). Profit margin: 43% (up from 14% in 1Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺399, the stock trades at a trailing P/E ratio of 72.1x. Average trailing P/E is 9x in the Insurance industry in Turkey. Total returns to shareholders of 3,064% over the past three years. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺318, the stock trades at a trailing P/E ratio of 57.5x. Average trailing P/E is 8x in the Insurance industry in Turkey. Total returns to shareholders of 1,991% over the past three years. New Risk • Feb 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 99x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 26
Full year 2023 earnings released Full year 2023 results: Revenue: ₺4.73b (up 186% from FY 2022). Net income: ₺901.9m (up 402% from FY 2022). Profit margin: 19% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺204, the stock trades at a trailing P/E ratio of 38.1x. Average trailing P/E is 8x in the Insurance industry in Turkey. Total returns to shareholders of 1,079% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺173, the stock trades at a trailing P/E ratio of 32.4x. Average trailing P/E is 8x in the Insurance industry in Turkey. Total returns to shareholders of 630% over the past three years. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺162, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 8x in the Insurance industry in Turkey. Total returns to shareholders of 707% over the past three years. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: ₺2.62 (vs ₺0.44 in 3Q 2022) Third quarter 2023 results: EPS: ₺2.62 (up from ₺0.44 in 3Q 2022). Revenue: ₺1.30b (up 185% from 3Q 2022). Net income: ₺427.9m (up ₺356.7m from 3Q 2022). Profit margin: 33% (up from 16% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 80% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺83.90, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 11x in the Insurance industry in Turkey. Total returns to shareholders of 338% over the past three years. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺56.10, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 10x in the Insurance industry in Turkey. Total returns to shareholders of 282% over the past three years. New Risk • Aug 15
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 99x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: ₺1.40 (vs ₺0.076 in 2Q 2022) Second quarter 2023 results: EPS: ₺1.40 (up from ₺0.076 in 2Q 2022). Revenue: ₺1.17b (up 257% from 2Q 2022). Net income: ₺228.0m (up ₺215.7m from 2Q 2022). Profit margin: 19% (up from 3.7% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. 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 ₺43.56, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 15x in the Insurance industry in Turkey. Total returns to shareholders of 658% over the past three years. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺28.00, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 10x in the Insurance industry in Turkey. Total returns to shareholders of 337% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺19.94, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 10x in the Insurance industry in Turkey. Total returns to shareholders of 233% over the past three years. Reported Earnings • Apr 28
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺853.7m (up 232% from 1Q 2022). Net income: ₺122.4m (up ₺120.1m from 1Q 2022). Profit margin: 14% (up from 0.9% in 1Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺18.45, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 7x in the Insurance industry in Turkey. Total returns to shareholders of 720% over the past three years. Reported Earnings • Mar 04
Full year 2022 earnings released Full year 2022 results: Revenue: ₺1.65b (up 81% from FY 2021). Net income: ₺179.7m (up 163% from FY 2021). Profit margin: 11% (up from 7.5% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺18.70, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 6x in the Insurance industry in Turkey. Total returns to shareholders of 431% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺15.50, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 6x in the Insurance industry in Turkey. Total returns to shareholders of 237% over the past three years. 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. 7 non-independent directors. Independent Director Kemal Uzunaksu 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 • Nov 01
Investor sentiment improved over the past week After last week's 16% share price gain to ₺18.31, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 8x in the Insurance industry in Turkey. Total returns to shareholders of 663% over the past three years. Reported Earnings • Oct 23
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺455.3m (up 98% from 3Q 2021). Net income: ₺71.1m (up ₺59.5m from 3Q 2021). Profit margin: 16% (up from 5.1% in 3Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 16% share price gain to ₺14.00, the stock trades at a trailing P/E ratio of 53.1x. Average trailing P/E is 8x in the Insurance industry in Turkey. Total returns to shareholders of 514% over the past three years. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: ₺0.076 (vs ₺0.11 in 2Q 2021) Second quarter 2022 results: EPS: ₺0.076 (down from ₺0.11 in 2Q 2021). Revenue: ₺334.0m (up 61% from 2Q 2021). Net income: ₺12.3m (down 31% from 2Q 2021). Profit margin: 3.7% (down from 8.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 76% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improved over the past week After last week's 19% share price gain to ₺12.94, the stock trades at a trailing P/E ratio of 43.4x. Average trailing P/E is 7x in the Insurance industry in Turkey. Total returns to shareholders of 494% over the past three years. Reported Earnings • May 01
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₺261.2m (up 35% from 1Q 2021). Net income: ₺2.31m (down 90% from 1Q 2021). Profit margin: 0.9% (down from 11% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 81% per year, which means it is tracking significantly ahead of earnings growth. 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. 7 non-independent directors. Independent Director Kemal Uzunaksu 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 • Mar 15
Investor sentiment improved over the past week After last week's 22% share price gain to ₺12.92, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 8x in the Insurance industry in Turkey. Total returns to shareholders of 427% over the past three years. Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺0.42 (up from ₺0.36 in FY 2020). Revenue: ₺928.8m (up 44% from FY 2020). Net income: ₺68.3m (up 16% from FY 2020). Profit margin: 7.4% (down from 9.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₺12.08, the stock trades at a trailing P/E ratio of 55.3x. Average trailing P/E is 9x in the Insurance industry in Turkey. Total returns to shareholders of 727% over the past three years. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 16% share price gain to ₺11.33, the stock trades at a trailing P/E ratio of 51.8x. Average trailing P/E is 8x in the Insurance industry in Turkey. Total returns to shareholders of 650% over the past three years. Reported Earnings • Oct 24
Third quarter 2021 earnings released: EPS ₺0.071 (vs ₺0.11 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₺231.0m (up 39% from 3Q 2020). Net income: ₺11.6m (down 36% from 3Q 2020). Profit margin: 5.0% (down from 11% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 78% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS ₺0.11 (vs ₺0.21 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ₺207.2m (up 33% from 2Q 2020). Net income: ₺17.9m (down 47% from 2Q 2020). Profit margin: 8.6% (down from 22% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 24% share price gain to ₺15.15, the stock trades at a trailing P/E ratio of 41.9x. Average trailing P/E is 7x in the Insurance industry in Turkey. Total returns to shareholders of 1,014% over the past three years. Is New 90 Day High Low • Feb 24
New 90-day low: ₺14.30 The company is down 45% from its price of ₺25.90 on 26 November 2020. The Turkish market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: ₺14.58 The company is down 4.0% from its price of ₺15.20 on 13 October 2020. The Turkish market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 17% over the same period. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₺18.02, the stock is trading at a trailing P/E ratio of 34.5x, down from the previous P/E ratio of 43.8x. This compares to an average P/E of 7x in the Insurance industry in Turkey. Total returns to shareholders over the past three years are 930%. Valuation Update With 7 Day Price Move • Dec 01
Market pulls back on stock over the past week After last week's 17% share price decline to ₺23.00, the stock is trading at a trailing P/E ratio of 44.1x, down from the previous P/E ratio of 52.9x. This compares to an average P/E of 7x in the Insurance industry in Turkey. Total returns to shareholders over the past three years are 1,294%. Is New 90 Day High Low • Nov 23
New 90-day high: ₺25.62 The company is up 269% from its price of ₺6.95 on 25 August 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 18% over the same period. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 16% share price gain to ₺23.34, the stock is trading at a trailing P/E ratio of 44.7x, up from the previous P/E ratio of 38.4x. This compares to an average P/E of 7x in the Insurance industry in Turkey. Total returns to shareholders over the past three years are 1,359%. Valuation Update With 7 Day Price Move • Nov 03
Market pulls back on stock over the past week After last week's 20% share price decline to ₺18.18, the stock is trading at a trailing P/E ratio of 34.8x, down from the previous P/E ratio of 43.5x. This compares to an average P/E of 8x in the Insurance industry in Turkey. Total returns to shareholders over the past three years are 969%. Reported Earnings • Oct 25
Third quarter earnings released Over the last 12 months the company has reported total profits of ₺85.1m, up 154% from the prior year. Total revenue was ₺619.2m over the last 12 months, up 16% from the prior year. Valuation Update With 7 Day Price Move • Oct 15
Market bids up stock over the past week After last week's 25% share price gain to ₺18.26, the stock is trading at a trailing P/E ratio of 37x, up from the previous P/E ratio of 29.5x. This compares to an average P/E of 7x in the Insurance industry in Turkey. Total returns to shareholders over the past three years are 968%. Is New 90 Day High Low • Oct 05
New 90-day high: ₺15.98 The company is up 149% from its price of ₺6.41 on 07 July 2020. The Turkish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 13% over the same period. 
