Announcement • Jun 02
Bak Ambalaj Sanayi ve Ticaret A.S., Annual General Meeting, Jun 26, 2026 Bak Ambalaj Sanayi ve Ticaret A.S., Annual General Meeting, Jun 26, 2026. Location: izmir ataturk organize sanayi bolge mudurlugu, konferans salonu, m. kemal ataturk bulvari no : 42, 35620 cigli / izmir, izmir Turkey New Risk • May 21
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 8.7% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 56% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (₺3.63b market cap, or US$79.6m). New Risk • Mar 13
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₺117m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₺117m free cash flow). Earnings have declined by 59% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺2.75b market cap, or US$62.1m). Reported Earnings • Mar 13
Full year 2025 earnings released: ₺0.025 loss per share (vs ₺4.07 loss in FY 2024) Full year 2025 results: ₺0.025 loss per share (improved from ₺4.07 loss in FY 2024). Revenue: ₺5.77b (up 32% from FY 2024). Net loss: ₺175.4m (loss narrowed 40% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. New Risk • Nov 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₺150m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₺150m free cash flow). Earnings have declined by 58% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺2.68b market cap, or US$63.3m). New Risk • Jul 08
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 8.1% 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: Major Risk Earnings have declined by 44% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (₺2.64b market cap, or US$66.0m). Announcement • May 31
Bak Ambalaj Sanayi ve Ticaret A.S., Annual General Meeting, Jun 27, 2025 Bak Ambalaj Sanayi ve Ticaret A.S., Annual General Meeting, Jun 27, 2025. Location: izmir ataturk organize sanayi, bolgemudurlugu konferanssalonu , m. kemal ataturk bulvarino : 42, 35620 cigli / izmir, Turkey Reported Earnings • Mar 12
Full year 2024 earnings released: ₺4.07 loss per share (vs ₺0.53 profit in FY 2023) Full year 2024 results: ₺4.07 loss per share (down from ₺0.53 profit in FY 2023). Revenue: ₺4.38b (up 28% from FY 2023). Net loss: ₺293.1m (down ₺330.9m from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 142 percentage points per year, which is a significant difference in performance. New Risk • Nov 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 Earnings have declined by 0.4% per year over the past 5 years. 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 (8.4% average weekly change). New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings have declined by 0.4% per year over the past 5 years. 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 profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings 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 Earnings have declined by 0.4% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (₺3.06b market cap, or US$89.2m). New Risk • Nov 07
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 7.5% 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 Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (₺2.93b market cap, or US$85.6m). Reported Earnings • Sep 13
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺900.7m (up 47% from 2Q 2023). Net loss: ₺128.4m (loss widened ₺109.6m from 2Q 2023). Reported Earnings • Jun 17
First quarter 2024 earnings released: EPS: ₺0.36 (vs ₺0.22 in 1Q 2023) First quarter 2024 results: EPS: ₺0.36 (up from ₺0.22 in 1Q 2023). Revenue: ₺945.9m (up 55% from 1Q 2023). Net income: ₺25.8m (up 64% from 1Q 2023). Profit margin: 2.7% (up from 2.6% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.21b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (₺3.21b market cap, or US$99.7m). Reported Earnings • May 12
Full year 2023 earnings released Full year 2023 results: Revenue: ₺3.42b (up 75% from FY 2022). Net income: ₺37.8m (down 77% from FY 2022). Profit margin: 1.1% (down from 8.3% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺48.60, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 17x in the Packaging industry in Turkey. Total returns to shareholders of 389% over the past three years. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺51.70, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 19x in the Packaging industry in Turkey. Total returns to shareholders of 305% over the past three years. Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: ₺2,761 (vs ₺2.02 in 3Q 2022) Third quarter 2023 results: EPS: ₺2,761 (up from ₺2.02 in 3Q 2022). Revenue: ₺743.2m (up 46% from 3Q 2022). Net income: ₺126.7m (up 74% from 3Q 2022). Profit margin: 17% (up from 14% 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 170% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. 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 ₺74.45, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 14x in the Packaging industry in Turkey. Total returns to shareholders of 319% over the past three years. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺62.25, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 16x in the Packaging industry in Turkey. Total returns to shareholders of 272% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺69.00, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 18x in the Packaging industry in Turkey. Total returns to shareholders of 438% over the past three years. Reported Earnings • Aug 23
Second quarter 2023 earnings released: ₺410 loss per share (vs ₺1.23 profit in 2Q 2022) Second quarter 2023 results: ₺410 loss per share (down from ₺1.23 profit in 2Q 2022). Revenue: ₺611.1m (up 18% from 2Q 2022). Net loss: ₺18.8m (down 143% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 170% per year but the company’s share price has only increased by 79% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺64.15, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 17x in the Packaging industry in Turkey. Total returns to shareholders of 616% over the past three years. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₺58.35, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 15x in the Packaging industry in Turkey. Total returns to shareholders of 577% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺47.00, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 11x in the Packaging industry in Turkey. Total returns to shareholders of 430% over the past three years. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺612.0m (up 53% from 1Q 2022). Net income: ₺15.7m (down 30% from 1Q 2022). Profit margin: 2.6% (down from 5.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 59% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺42.00, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 10x in the Packaging industry in Turkey. Total returns to shareholders of 816% over the past three years. Reported Earnings • Mar 15
Full year 2022 earnings released Full year 2022 results: Revenue: ₺1.96b (up 118% from FY 2021). Net income: ₺162.7m (up 114% from FY 2021). Profit margin: 8.3% (down from 8.5% in FY 2021). The decrease in margin was driven by higher expenses. Board Change • Nov 16
Less than half of directors are independent 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. 2 highly experienced directors. 2 independent directors (6 non-independent directors). Director Özge Engin was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: ₺2.02 (vs ₺0.062 in 3Q 2021) Third quarter 2022 results: EPS: ₺2.02 (up from ₺0.062 in 3Q 2021). Revenue: ₺507.7m (up 128% from 3Q 2021). Net income: ₺72.9m (up ₺70.6m from 3Q 2021). Profit margin: 14% (up from 1.0% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 87% per year whereas the company’s share price has increased by 90% per year. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 15% share price gain to ₺39.50, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 10x in the Packaging industry in Turkey. Total returns to shareholders of 606% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improved over the past week After last week's 19% share price gain to ₺32.80, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 8x in the Packaging industry in Turkey. Total returns to shareholders of 565% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 17% share price gain to ₺30.64, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 8x in the Packaging industry in Turkey. Total returns to shareholders of 495% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺518.2m (up 144% from 2Q 2021). Net income: ₺44.3m (up ₺39.5m from 2Q 2021). Profit margin: 8.5% (up from 2.2% in 2Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 14
Upcoming dividend of ₺0.83 per share Eligible shareholders must have bought the stock before 21 June 2022. Payment date: 23 June 2022. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Turkish dividend payers (4.1%). Lower than average of industry peers (2.6%). Reported Earnings • May 12
First quarter 2022 earnings released: EPS: ₺0.63 (vs ₺0.15 in 1Q 2021) First quarter 2022 results: EPS: ₺0.63 (up from ₺0.15 in 1Q 2021). Revenue: ₺397.7m (up 158% from 1Q 2021). Net income: ₺22.6m (up 313% from 1Q 2021). Profit margin: 5.7% (up from 3.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 81% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improved over the past week After last week's 15% share price gain to ₺24.80, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 12x in the Packaging industry in Turkey. Total returns to shareholders of 419% over the past three years. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Director Özge Engin was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: ₺2.12 (up from ₺0.85 in FY 2020). Revenue: ₺895.8m (up 51% from FY 2020). Net income: ₺76.2m (up 149% from FY 2020). Profit margin: 8.5% (up from 5.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 13%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ₺0.062 (vs ₺0.092 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: ₺222.9m (up 49% from 3Q 2020). Net income: ₺2.23m (down 33% from 3Q 2020). Profit margin: 1.0% (down from 2.2% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 62% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ₺0.13 (vs ₺0.34 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: ₺212.1m (up 38% from 2Q 2020). Net income: ₺4.72m (down 61% from 2Q 2020). Profit margin: 2.2% (down from 7.9% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 62% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 29
Upcoming dividend of ₺0.42 per share Eligible shareholders must have bought the stock before 06 July 2021. Payment date: 08 July 2021. Trailing yield: 2.2%. Lower than top quartile of Turkish dividend payers (3.8%). Higher than average of industry peers (1.5%). Reported Earnings • May 12
First quarter 2021 earnings released: EPS ₺0.15 (vs ₺0.08 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺154.1m (up 16% from 1Q 2020). Net income: ₺5.48m (up 90% from 1Q 2020). Profit margin: 3.6% (up from 2.2% in 1Q 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 50% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₺17.10, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 20x in the Packaging industry in Turkey. Total returns to shareholders of 182% over the past three years. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS ₺0.85 (vs ₺0.35 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺595.4m (up 27% from FY 2019). Net income: ₺30.6m (up 144% from FY 2019). Profit margin: 5.1% (up from 2.7% 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 19% per year but the company’s share price has increased by 55% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 10
New 90-day high: ₺29.66 The company is up 44% from its price of ₺20.60 on 10 December 2020. The Turkish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is down 12% over the same period. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 21% share price gain to ₺29.06, the stock is trading at a trailing P/E ratio of 52.6x, up from the previous P/E ratio of 43.6x. This compares to an average P/E of 50x in the Packaging industry in Turkey. Total returns to shareholders over the past three years are 467%. Is New 90 Day High Low • Feb 11
New 90-day high: ₺26.42 The company is up 41% from its price of ₺18.80 on 13 November 2020. The Turkish market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 23% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: ₺21.80 The company is up 34% from its price of ₺16.24 on 13 October 2020. The Turkish market is up 20% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Packaging industry, which is up 59% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: ₺21.74 The company is up 94% from its price of ₺11.20 on 15 September 2020. The Turkish market is up 19% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Packaging industry, which is up 131% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 23% share price gain to ₺21.62, the stock is trading at a trailing P/E ratio of 39.2x, up from the previous P/E ratio of 31.9x. This compares to an average P/E of 40x in the Packaging industry in Turkey. Total returns to shareholders over the past three years are 412%. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ₺0.092 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: ₺149.4m (up 22% from 3Q 2019). Net income: ₺3.32m (up 8.9% from 3Q 2019). Profit margin: 2.2% (down from 2.5% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 09
New 90-day high: ₺19.05 The company is up 102% from its price of ₺9.45 on 11 August 2020. The Turkish market is down 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Packaging industry, which is up 109% over the same period. Is New 90 Day High Low • Oct 22
New 90-day high: ₺18.08 The company is up 84% from its price of ₺9.85 on 24 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 49% over the same period. Is New 90 Day High Low • Sep 28
New 90-day high: ₺13.57 The company is up 43% from its price of ₺9.46 on 30 June 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 30% over the same period.