Announcement • Apr 26
Akçansa Çimento Sanayi ve Ticaret Anonim Sirketi announces Annual dividend, payable on June 03, 2026 Akçansa Çimento Sanayi ve Ticaret Anonim Sirketi announced Annual dividend of TRY 1.8804 per share payable on June 03, 2026, ex-date on June 01, 2026 and record date on June 02, 2026. Announcement • Apr 24
Akçansa Çimento Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, May 20, 2026 Akçansa Çimento Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, May 20, 2026. Location: sabanci center, 4. levent besiktas, istanbul Turkey Price Target Changed • Apr 17
Price target increased by 15% to ₺242 Up from ₺211, the current price target is an average from 6 analysts. New target price is 13% above last closing price of ₺215. Stock is up 26% over the past year. The company is forecast to post earnings per share of ₺11.77 for next year compared to ₺3.79 last year. Price Target Changed • Feb 13
Price target increased by 9.4% to ₺217 Up from ₺198, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ₺209. Stock is down 0.2% over the past year. The company is forecast to post earnings per share of ₺6.45 for next year compared to ₺8.74 last year. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺184, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Basic Materials industry in Asia. Total returns to shareholders of 279% over the past three years. Buy Or Sell Opportunity • Nov 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.9% to ₺126. The fair value is estimated to be ₺162, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has declined by 24%. Revenue is forecast to grow by 57% in a year. Earnings are forecast to grow by 518% in the next year. Reported Earnings • Nov 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺6.41b (up 19% from 3Q 2024). Net income: ₺412.7m (down 19% from 3Q 2024). Profit margin: 6.4% (down from 9.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Price Target Changed • Aug 26
Price target decreased by 11% to ₺205 Down from ₺229, the current price target is an average from 5 analysts. New target price is 48% above last closing price of ₺138. Stock is down 11% over the past year. The company is forecast to post earnings per share of ₺12.30 for next year compared to ₺8.74 last year. New Risk • Aug 14
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: 4.4% Last year net profit margin: 8.5% 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: Minor Risks Dividend is not well covered by earnings (144% payout ratio). Profit margins are more than 30% lower than last year (4.4% net profit margin). Upcoming Dividend • Mar 17
Upcoming dividend of ₺6.27 per share Eligible shareholders must have bought the stock before 24 March 2025. Payment date: 26 March 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.2%. Within top quartile of Turkish dividend payers (2.6%). Higher than average of industry peers (2.4%). Announcement • Feb 21
Akçansa Çimento Sanayi ve Ticaret Anonim Sirketi announces Annual dividend, payable on March 26, 2025 Akçansa Çimento Sanayi ve Ticaret Anonim Sirketi announced Annual dividend of TRY 6.2681 per share payable on March 26, 2025, ex-date on March 24, 2025 and record date on March 25, 2025. Price Target Changed • Feb 18
Price target increased by 7.9% to ₺237 Up from ₺220, the current price target is an average from 7 analysts. New target price is 29% above last closing price of ₺184. Stock is up 4.6% over the past year. The company is forecast to post earnings per share of ₺12.30 for next year compared to ₺8.74 last year. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: ₺8.74 (vs ₺12.39 in FY 2023) Full year 2024 results: EPS: ₺8.74 (down from ₺12.39 in FY 2023). Revenue: ₺21.6b (up 15% from FY 2023). Net income: ₺1.67b (down 30% from FY 2023). Profit margin: 7.7% (down from 13% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 127% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 28
Price target increased by 10% to ₺233 Up from ₺212, the current price target is an average from 7 analysts. New target price is 15% above last closing price of ₺204. Stock is up 17% over the past year. The company is forecast to post earnings per share of ₺9.90 for next year compared to ₺12.39 last year. Major Estimate Revision • Nov 24
Consensus revenue estimates increase by 19%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ₺18.9b to ₺22.6b. EPS estimate fell from ₺21.70 to ₺9.90. Net income forecast to grow 105% next year vs 27% growth forecast for Basic Materials industry in Turkey. Consensus price target broadly unchanged at ₺206. Share price fell 2.1% to ₺159 over the past week. New Risk • Nov 11
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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Dividend per share is over 414x cash flows per share. Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Minor Risk Profit margins are more than 30% lower than last year (7.3% net profit margin). Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: ₺2.65 (vs ₺6.84 in 3Q 2023) Third quarter 2024 results: EPS: ₺2.65 (down from ₺6.84 in 3Q 2023). Revenue: ₺5.38b (up 26% from 3Q 2023). Net income: ₺508.0m (down 61% from 3Q 2023). Profit margin: 9.4% (down from 31% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 116% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 26
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: 7.1% Last year net profit margin: 14% 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 Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 154x cash flows per share). Profit margins are more than 30% lower than last year (7.1% net profit margin). New Risk • Aug 25
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 Dividend is not well covered by cash flows (dividend per share is over 154x cash flows per share). Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: ₺3.51 (vs ₺4.62 in 2Q 2023) Second quarter 2024 results: EPS: ₺3.51 (down from ₺4.62 in 2Q 2023). Revenue: ₺4.66b (up 41% from 2Q 2023). Net income: ₺671.2m (down 24% from 2Q 2023). Profit margin: 14% (down from 27% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has increased by 117% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 155% Dividend yield: 4.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 155% Minor Risk Profit margins are more than 30% lower than last year (7.1% net profit margin). Buy Or Sell Opportunity • Aug 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to ₺143. The fair value is estimated to be ₺181, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 72% over the last 3 years. Earnings per share has grown by 70%. Revenue is forecast to grow by 42% in a year. Earnings are forecast to grow by 163% in the next year. New Risk • Jun 04
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: 9.7% Last year net profit margin: 20% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (9.7% net profit margin). Upcoming Dividend • Apr 08
Upcoming dividend of ₺6.01 per share Eligible shareholders must have bought the stock before 15 April 2024. Payment date: 17 April 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of Turkish dividend payers (2.2%). Higher than average of industry peers (2.2%). Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: ₺12.39 (vs ₺7.94 in FY 2022) Full year 2023 results: EPS: ₺12.39 (up from ₺7.94 in FY 2022). Revenue: ₺18.7b (up 110% from FY 2022). Net income: ₺2.37b (up 56% from FY 2022). Profit margin: 13% (down from 17% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has increased by 103% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 25
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 Risks High level of non-cash earnings (32% accrual ratio). Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 16x cash flows per share). Buy Or Sell Opportunity • Jan 24
Now 21% overvalued Over the last 90 days, the stock has fallen 4.4% to ₺160. The fair value is estimated to be ₺133, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 72% over the last 3 years. Earnings per share has grown by 97%. Revenue is forecast to grow by 98% in 2 years. Earnings are forecast to grow by 77% in the next 2 years. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: ₺6.84 (vs ₺4.31 in 3Q 2022) Third quarter 2023 results: EPS: ₺6.84 (up from ₺4.31 in 3Q 2022). Revenue: ₺4.29b (up 66% from 3Q 2022). Net income: ₺1.31b (up 59% from 3Q 2022). Profit margin: 31% (down from 32% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has increased by 143% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺164, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Basic Materials industry in Asia. Total returns to shareholders of 1,295% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺140 per share. Major Estimate Revision • Aug 14
Consensus revenue estimates increase by 26% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from ₺12.1b to ₺15.3b. EPS estimate increased from ₺8.62 to ₺15.46 per share. Net income forecast to grow 17% next year vs 39% growth forecast for Basic Materials industry in Turkey. Consensus price target up from ₺94.73 to ₺142. Share price rose 11% to ₺138 over the past week. Reported Earnings • Aug 09
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺3.32b (up 62% from 2Q 2022). Net income: ₺884.7m (up 284% from 2Q 2022). Profit margin: 27% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Basic Materials industry in Asia. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺119, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Basic Materials industry in Asia. Total returns to shareholders of 1,019% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺69.75 per share. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺88.55, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Basic Materials industry in Asia. Total returns to shareholders of 635% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺58.77 per share. Price Target Changed • Jun 13
Price target increased by 15% to ₺86.28 Up from ₺75.20, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ₺82.80. Stock is up 309% over the past year. The company is forecast to post earnings per share of ₺9.14 for next year compared to ₺7.94 last year. Buying Opportunity • May 31
Now 22% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be ₺96.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 66% over the last 3 years. Earnings per share has grown by 109%. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺78.30, the stock trades at a trailing P/E ratio of 7.2x. Average forward P/E is 13x in the Basic Materials industry in Turkey. Total returns to shareholders of 771% over the past three years. Reported Earnings • Apr 30
First quarter 2023 earnings released First quarter 2023 results: EPS: ₺3.51. Revenue: ₺3.04b (up 145% from 1Q 2022). Net income: ₺672.2m (up ₺569.0m from 1Q 2022). Profit margin: 22% (up from 8.3% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 97% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 20
Upcoming dividend of ₺1.31 per share at 2.2% yield Eligible shareholders must have bought the stock before 27 March 2023. Payment date: 29 March 2023. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Turkish dividend payers (2.7%). Lower than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺65.50, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Basic Materials industry in Asia. Total returns to shareholders of 658% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₺52.65 per share. Reported Earnings • Feb 20
Full year 2022 earnings released: EPS: ₺7.94 (vs ₺1.59 in FY 2021) Full year 2022 results: EPS: ₺7.94 (up from ₺1.59 in FY 2021). Revenue: ₺8.90b (up 210% from FY 2021). Net income: ₺1.52b (up 401% from FY 2021). Profit margin: 17% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 99% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺61.90, the stock trades at a trailing P/E ratio of 8.9x. Average forward P/E is 13x in the Basic Materials industry in Turkey. Total returns to shareholders of 540% over the past three years. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 18% share price gain to ₺55.55, the stock trades at a trailing P/E ratio of 8x. Average forward P/E is 14x in the Basic Materials industry in Turkey. Total returns to shareholders of 503% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 25% share price gain to ₺60.00, the stock trades at a trailing P/E ratio of 8.6x. Average forward P/E is 11x in the Basic Materials industry in Turkey. Total returns to shareholders of 585% 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. 4 non-independent directors. Independent Director Bulent Buzdogan was the last independent director to join the board, commencing their role in 2022. 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 04
Investor sentiment improved over the past week After last week's 22% share price gain to ₺48.80, the stock trades at a trailing P/E ratio of 7x. Average forward P/E is 11x in the Basic Materials industry in Turkey. Total returns to shareholders of 662% over the past three years. Reported Earnings • Oct 30
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺2.59b (up 244% from 3Q 2021). Net income: ₺825.4m (up ₺789.8m from 3Q 2021). Profit margin: 32% (up from 4.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Basic Materials industry in Asia. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 16% share price gain to ₺35.40, the stock trades at a trailing P/E ratio of 12.5x. Average forward P/E is 11x in the Basic Materials industry in Turkey. Total returns to shareholders of 467% over the past three years. Reported Earnings • Aug 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺2.04b (up 193% from 2Q 2021). Net income: ₺230.6m (up 237% from 2Q 2021). Profit margin: 11% (up from 9.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 32% compared to a 11% growth forecast for the industry in Turkey. Price Target Changed • May 24
Price target increased to ₺21.51 Up from ₺19.78, the current price target is an average from 3 analysts. New target price is 11% above last closing price of ₺19.42. Stock is up 9.9% over the past year. The company is forecast to post earnings per share of ₺1.90 for next year compared to ₺1.59 last year. Upcoming Dividend • May 02
Upcoming dividend of ₺0.48 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Turkish dividend payers (3.8%). Lower than average of industry peers (3.7%). Major Estimate Revision • Apr 30
Consensus revenue estimates increase by 13% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ₺3.32b to ₺3.75b. EPS estimate increased from ₺1.48 to ₺1.90 per share. Net income forecast to grow 9.9% next year vs 16% growth forecast for Basic Materials industry in Turkey. Consensus price target up from ₺19.78 to ₺20.53. Share price was steady at ₺21.48 over the past week. Price Target Changed • Apr 29
Price target increased to ₺20.53 Up from ₺19.05, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₺21.48. Stock is up 18% over the past year. The company is forecast to post earnings per share of ₺1.48 for next year compared to ₺1.59 last 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 Director Markus Slevogt was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Feb 25
Consensus revenue estimates increase by 19% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ₺3.08b to ₺3.68b. EPS estimate increased from ₺1.40 to ₺1.48 per share. Net income forecast to shrink 14% next year vs 13% growth forecast for Basic Materials industry in Turkey . Consensus price target of ₺20.03 unchanged from last update. Share price fell 5.3% to ₺16.94 over the past week. Reported Earnings • Feb 22
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: ₺2.87b (up 46% from FY 2020). Net income: ₺303.6m (up 164% from FY 2020). Profit margin: 11% (up from 5.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Over the next year, revenue is forecast to grow 28%, compared to a 10% growth forecast for the industry in Turkey. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₺21.00, the stock trades at a trailing P/E ratio of 23.6x. Average forward P/E is 12x in the Basic Materials industry in Turkey. Total returns to shareholders of 244% over the past three years. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS ₺0.19 (vs ₺0.34 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: ₺750.9m (up 40% from 3Q 2020). Net income: ₺35.5m (down 45% from 3Q 2020). Profit margin: 4.7% (down from 12% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Price Target Changed • Sep 22
Price target decreased to ₺18.40 Down from ₺19.95, the current price target is an average from 3 analysts. New target price is 34% above last closing price of ₺13.72. Stock is up 4.9% over the past year. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS ₺0.36 (vs ₺0.17 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺698.6m (up 53% from 2Q 2020). Net income: ₺68.5m (up 105% from 2Q 2020). Profit margin: 9.8% (up from 7.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • May 06
First quarter 2021 earnings released: EPS ₺0.13 (vs ₺0.13 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺527.3m (up 37% from 1Q 2020). Net income: ₺24.9m (up ₺49.5m from 1Q 2020). Profit margin: 4.7% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 24% share price gain to ₺20.72, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 12x in the Basic Materials industry in Asia. Total returns to shareholders of 130% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of ₺0.55 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 01 April 2021. Trailing yield: 1.3%. Lower than top quartile of Turkish dividend payers (2.8%). Lower than average of industry peers (2.9%). Analyst Estimate Surprise Post Earnings • Feb 22
Revenue beats expectations Revenue exceeded analyst estimates by 3.2%. Over the next year, revenue is forecast to grow 21%, compared to a 14% growth forecast for the Basic Materials industry in Turkey. Reported Earnings • Feb 21
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺1.97b (up 7.7% from FY 2019). Net income: ₺115.0m (up 53% from FY 2019). Profit margin: 5.8% (up from 4.1% in FY 2019). 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 24% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 08
New 90-day high: ₺21.36 The company is up 58% from its price of ₺13.56 on 10 November 2020. The Turkish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 50% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺14.55 per share. Price Target Changed • Jan 22
Price target raised to ₺14.84 Up from ₺13.52, the current price target is an average from 4 analysts. The new target price is 25% below the current share price of ₺19.70. As of last close, the stock is up 97% over the past year. Is New 90 Day High Low • Jan 04
New 90-day high: ₺18.19 The company is up 29% from its price of ₺14.08 on 06 October 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺14.37 per share. Is New 90 Day High Low • Dec 18
New 90-day high: ₺16.85 The company is up 32% from its price of ₺12.80 on 18 September 2020. The Turkish market is up 19% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺14.27 per share. Is New 90 Day High Low • Nov 27
New 90-day high: ₺15.18 The company is up 27% from its price of ₺11.94 on 28 August 2020. The Turkish market is up 26% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Basic Materials industry, which is up 47% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺11.10 per share. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS ₺0.34 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₺537.1m (up 10.0% from 3Q 2019). Net income: ₺64.9m (up 131% from 3Q 2019). Profit margin: 12% (up from 5.7% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Nov 05
Revenue beats expectations Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 9.3%, compared to a 7.1% growth forecast for the Basic Materials industry in Turkey. Is New 90 Day High Low • Oct 08
New 90-day high: ₺14.13 The company is up 7.0% from its price of ₺13.25 on 10 July 2020. The Turkish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₺13.61 per share.