Major Estimate Revision • 14h
Consensus EPS estimates fall by 51% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ₺1.31 to ₺0.636. Revenue forecast unchanged from ₺58.2b at last update. Net income forecast to grow 24% next year vs 9.0% growth forecast for Insurance industry in Turkey. Consensus price target reaffirmed at ₺9.52. Share price rose 4.2% to ₺6.54 over the past week. New Risk • Jun 15
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 16% 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 Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺12.11, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Insurance industry in Asia. Total returns to shareholders of 993% over the past three years. Price Target Changed • Apr 26
Price target increased by 9.2% to ₺18.31 Up from ₺16.77, the current price target is an average from 6 analysts. New target price is 30% above last closing price of ₺14.07. Stock is up 59% over the past year. The company is forecast to post earnings per share of ₺2.62 for next year compared to ₺1.95 last year. Reported Earnings • Apr 24
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₺26.1b (up 36% from 1Q 2025). Net income: ₺6.45b (up 42% from 1Q 2025). Profit margin: 25% (up from 24% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 2.9% decline forecast for the Insurance industry in Asia. Price Target Changed • Mar 17
Price target increased by 8.0% to ₺16.77 Up from ₺15.53, the current price target is an average from 6 analysts. New target price is 20% above last closing price of ₺13.95. Stock is up 55% over the past year. The company is forecast to post earnings per share of ₺2.54 for next year compared to ₺1.95 last year. Declared Dividend • Mar 16
Dividend increased to ₺0.30 Dividend of ₺0.30 is 50% higher than last year. Ex-date: 27th August 2026 Payment date: 31st August 2026 Dividend yield will be 2.3%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (11% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 32% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 84% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 16
Türkiye Sigorta A.S., Annual General Meeting, Apr 09, 2026 Türkiye Sigorta A.S., Annual General Meeting, Apr 09, 2026. Location: levent mahallesi, cayircimen sokagi no:7 34330, istanbul Turkey Announcement • Mar 14
Türkiye Sigorta A.S. announces Annual dividend, payable on August 31, 2026 Türkiye Sigorta A.S. announced Annual dividend of TRY 0.3000 per share payable on August 31, 2026, ex-date on August 27, 2026 and record date on August 28, 2026. Reported Earnings • Jan 28
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: ₺88.1b (up 47% from FY 2024). Net income: ₺19.5b (up 53% from FY 2024). Profit margin: 22% (in line with FY 2024). Revenue missed analyst estimates by 1.1%. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, while revenues in the Insurance industry in Asia are expected to remain flat. Board Change • Jan 08
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Board Member Yavuz Kaynarca was the last independent director to join the board, commencing their role in 2025. 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 26
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₺11.63, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Insurance industry in Asia. Total returns to shareholders of 1,208% over the past three years. Reported Earnings • Oct 22
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺23.4b (up 47% from 3Q 2024). Net income: ₺5.02b (up 63% from 3Q 2024). Profit margin: 22% (up from 19% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Reported Earnings • Jul 24
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₺22.0b (up 72% from 2Q 2024). Net income: ₺4.86b (up 59% from 2Q 2024). Profit margin: 22% (down from 24% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Reported Earnings • Apr 24
First quarter 2025 earnings released: EPS: ₺0.91 (vs ₺0.70 in 1Q 2024) First quarter 2025 results: EPS: ₺0.91 (up from ₺0.70 in 1Q 2024). Revenue: ₺19.5b (up 33% from 1Q 2024). Net income: ₺4.52b (up 28% from 1Q 2024). Profit margin: 23% (in line with 1Q 2024). Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, while revenues in the Insurance industry in Asia are expected to remain flat. 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 138% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 21
Price target increased by 8.7% to ₺23.39 Up from ₺21.51, the current price target is an average from 5 analysts. New target price is 23% above last closing price of ₺19.08. Stock is up 31% over the past year. The company is forecast to post earnings per share of ₺3.50 for next year compared to ₺2.56 last year. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺18.08, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Insurance industry in Asia. Total returns to shareholders of 1,502% over the past three years. Declared Dividend • Mar 27
Dividend increased to ₺0.40 Dividend of ₺0.40 is 100% higher than last year. Ex-date: 28th August 2025 Payment date: 1st September 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (5% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 19% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to grow by 44% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 26
Türkiye Sigorta A.S., Annual General Meeting, Apr 25, 2025 Türkiye Sigorta A.S., Annual General Meeting, Apr 25, 2025. Location: levent mahallesi, cayircimen sokagi no:7 34330, istanbul Turkey New Risk • Mar 19
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 6.6% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Jan 30
Full year 2024 earnings released: EPS: ₺2.56 (vs ₺1.24 in FY 2023) Full year 2024 results: EPS: ₺2.56 (up from ₺1.24 in FY 2023). Revenue: ₺59.9b (up 108% from FY 2023). Net income: ₺12.8b (up 107% from FY 2023). Profit margin: 21% (in line with FY 2023). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 1.2% decline forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has increased by 147% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 14
Price target increased by 11% to ₺20.66 Up from ₺18.63, the current price target is an average from 5 analysts. New target price is 28% above last closing price of ₺16.08. Stock is up 53% over the past year. The company is forecast to post earnings per share of ₺2.94 for next year compared to ₺1.24 last year. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺17.98, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Insurance industry in Asia. Total returns to shareholders of 1,564% over the past three years. Reported Earnings • Oct 25
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺16.1b (up 92% from 3Q 2023). Net income: ₺3.08b (up 38% from 3Q 2023). Profit margin: 19% (down from 27% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Upcoming Dividend • Aug 22
Upcoming dividend of ₺0.20 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 03 September 2024. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Turkish dividend payers (2.6%). Lower than average of industry peers (3.4%). Reported Earnings • Jul 28
Second quarter 2024 earnings released: EPS: ₺2.64 (vs ₺2.05 in 2Q 2023) Second quarter 2024 results: EPS: ₺2.64 (up from ₺2.05 in 2Q 2023). Revenue: ₺15.2b (up 128% from 2Q 2023). Net income: ₺3.07b (up 29% from 2Q 2023). Profit margin: 20% (down from 36% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has increased by 139% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 16
Price target increased by 11% to ₺71.50 Up from ₺64.41, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ₺68.45. Stock is up 585% over the past year. The company is forecast to post earnings per share of ₺13.04 for next year compared to ₺5.33 last year. Reported Earnings • Apr 28
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺13.5b (up 225% from 1Q 2023). Net income: ₺3.52b (up ₺2.99b from 1Q 2023). Profit margin: 26% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Insurance industry in Asia. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺59.80, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Insurance industry in Asia. Total returns to shareholders of 1,006% over the past three years. Price Target Changed • Mar 20
Price target increased by 9.5% to ₺66.89 Up from ₺61.07, the current price target is an average from 5 analysts. New target price is 34% above last closing price of ₺49.88. Stock is up 414% over the past year. The company is forecast to post earnings per share of ₺13.04 for next year compared to ₺5.33 last year. Reported Earnings • Feb 20
Full year 2023 earnings released Full year 2023 results: Revenue: ₺32.4b (up 223% from FY 2022). Net income: ₺6.19b (up ₺5.22b from FY 2022). Profit margin: 19% (up from 9.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 30% p.a. on average during the next 2 years, while revenues in the Insurance industry in Asia are expected to remain flat. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺37.36, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Insurance industry in Asia. Total returns to shareholders of 643% over the past three years. Reported Earnings • Oct 27
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺8.39b (up 178% from 3Q 2022). Net income: ₺2.24b (up ₺2.02b from 3Q 2022). Profit margin: 27% (up from 7.3% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 37% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Director Muhammed Mahmut Er was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺37.74, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Insurance industry in Asia. Total returns to shareholders of 673% over the past three years. Upcoming Dividend • Aug 28
Upcoming dividend of ₺0.13 per share at 0.5% yield Eligible shareholders must have bought the stock before 04 September 2023. Payment date: 06 September 2023. Trailing yield: 0.5%. Lower than top quartile of Turkish dividend payers (2.3%). Lower than average of industry peers (3.8%). Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺25.42, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Insurance industry in Asia. Total returns to shareholders of 373% over the past three years. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺19.58, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Insurance industry in Asia. Total returns to shareholders of 343% over the past three years. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: ₺2.01 (vs ₺0.01 in 2Q 2022) Second quarter 2023 results: EPS: ₺2.01 (up from ₺0.01 in 2Q 2022). Revenue: ₺7.26b (up 327% from 2Q 2022). Net income: ₺2.33b (up ₺2.32b from 2Q 2022). Profit margin: 32% (up from 0.7% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 35% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 01
Price target increased by 9.1% to ₺18.05 Up from ₺16.55, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ₺18.21. Stock is up 256% over the past year. The company is forecast to post earnings per share of ₺2.79 for next year compared to ₺0.83 last year. Price Target Changed • Jul 18
Price target increased by 7.5% to ₺16.85 Up from ₺15.67, the current price target is an average from 5 analysts. New target price is 19% above last closing price of ₺14.20. Stock is up 183% over the past year. The company is forecast to post earnings per share of ₺2.79 for next year compared to ₺0.83 last year. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺13.86, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Insurance industry in Asia. Total returns to shareholders of 196% over the past three years. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: ₺0.45 (vs ₺0.26 in 1Q 2022) First quarter 2023 results: EPS: ₺0.45 (up from ₺0.26 in 1Q 2022). Revenue: ₺4.21b (up 145% from 1Q 2022). Net income: ₺525.2m (up 71% from 1Q 2022). Profit margin: 13% (down from 18% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Reported Earnings • Feb 19
Full year 2022 earnings released Full year 2022 results: Revenue: ₺10.2b (up 88% from FY 2021). Net income: ₺962.4m (down 11% from FY 2021). Profit margin: 9.4% (down from 20% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. 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 ₺8.66, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Insurance industry in Asia. Total returns to shareholders of 262% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺4.78 per share. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 17% share price gain to ₺12.27, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Insurance industry in Asia. Total returns to shareholders of 417% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺6.01 per share. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 19% share price gain to ₺11.98, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Insurance industry in Asia. Total returns to shareholders of 626% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺7.04 per share. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: ₺0.19 (vs ₺0.13 in 3Q 2021) Third quarter 2022 results: EPS: ₺0.19 (up from ₺0.13 in 3Q 2021). Revenue: ₺3.02b (up 118% from 3Q 2021). Net income: ₺221.9m (up 45% from 3Q 2021). Profit margin: 7.3% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Insurance industry in Asia. 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 67% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 18% share price gain to ₺7.33, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Insurance industry in Asia. Total returns to shareholders of 388% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺9.47 per share. Buying Opportunity • Sep 19
Now 23% undervalued Over the last 90 days, the stock is up 55%. The fair value is estimated to be ₺9.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 8.4%. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 15% share price gain to ₺8.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Insurance industry in Asia. Total returns to shareholders of 505% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺9.47 per share. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improved over the past week After last week's 16% share price gain to ₺6.27, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Insurance industry in Asia. Total returns to shareholders of 446% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺9.47 per share. Board Change • Jul 31
High number of new directors Director Muhammed Mahmut Er was the last director to join the board, commencing their role in 2020. Announcement • Jun 30
Türkiye Sigorta Anonim Sirketi (IBSE:TURSG) announces an Equity Buyback for TRY 300 million worth of its shares. Türkiye Sigorta Anonim Sirketi (IBSE:TURSG) announces a share repurchase program. Under the program, the company will repurchase up to TRY 300 million worth of its shares. Reported Earnings • May 01
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ₺0.26 (down from ₺0.28 in 1Q 2021). Revenue: ₺1.72b (up 42% from 1Q 2021). Net income: ₺306.9m (down 6.7% from 1Q 2021). Profit margin: 18% (down from 27% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) also missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 9.7% compared to a 16% decline forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Chairman of the Board & CEO Atilla Benli is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Apr 22
Upcoming dividend of ₺0.46 per share Eligible shareholders must have bought the stock before 29 April 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 49% and the cash payout ratio is 84%. Trailing yield: 7.4%. Within top quartile of Turkish dividend payers (3.7%). Higher than average of industry peers (4.2%). Reported Earnings • Feb 10
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ₺0.94 (down from ₺1.00 in FY 2020). Revenue: ₺5.52b (up 21% from FY 2020). Net income: ₺1.09b (down 6.5% from FY 2020). Profit margin: 20% (down from 25% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 2.6% compared to a 20% decline forecast for the insurance industry in Turkey. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 47% 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 16% share price decline to ₺4.96, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Insurance industry in Asia. Total returns to shareholders of 278% over the past three years. Price Target Changed • Dec 03
Price target decreased to ₺7.50 Down from ₺8.07, the current price target is an average from 3 analysts. New target price is 33% above last closing price of ₺5.66. Stock is down 5.7% over the past year. The company is forecast to post earnings per share of ₺1.06 for next year compared to ₺1.00 last year. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS ₺0.13 (vs ₺0.30 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₺1.38b (up 21% from 3Q 2020). Net income: ₺153.4m (down 47% from 3Q 2020). Profit margin: 11% (down from 25% 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 52% per year whereas the company’s share price has increased by 51% per year. Announcement • Aug 14
Turkiye Sigorta to Start Negotiations to Acquire Shares of OSEM Sertifikasyon Anonim Sirketi Türkiye Sigorta Anonim Sirketi (IBSE:TURSG) said on August 11, 2021 decided to start negotiations to acquire Shares Of OSEM Sertifikasyon Anonim Sirketi, 100% owned by Insurance Association of Turkey. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS ₺0.58 (vs ₺0.38 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ₺2.29b (up 27% from 2Q 2020). Net income: ₺679.0m (up 29% from 2Q 2020). Profit margin: 30% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 02
Inaugural dividend of ₺0.42 per share Eligible shareholders must have bought the stock before 09 April 2021. Payment date: 13 April 2021. This is the first dividend for Türkiye Sigorta Anonim Sirketi since going public. The average dividend yield among industry peers is 3.2%. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺5.80, the stock trades at a trailing P/E ratio of 5.8x. Average forward P/E is 11x in the Insurance industry in Turkey. Total returns to shareholders of 237% over the past three years. Reported Earnings • Mar 05
Full year 2020 earnings released: EPS ₺1.00 (vs ₺0.71 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺4.56b (up 9.5% from FY 2019). Net income: ₺1.16b (up 40% from FY 2019). Profit margin: 25% (up from 20% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 22
New 90-day high: ₺7.23 The company is up 21% from its price of ₺5.96 on 23 October 2020. The Turkish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: ₺7.09 The company is up 15% from its price of ₺6.14 on 06 October 2020. The Turkish market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Insurance industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: ₺6.44 The company is up 11% from its price of ₺5.78 on 18 September 2020. The Turkish market is up 19% 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.