Announcement • Mar 26
Çelik Halat ve Tel Sanayii A.S., Annual General Meeting, Apr 22, 2026 Çelik Halat ve Tel Sanayii A.S., Annual General Meeting, Apr 22, 2026. Location: ertugrul gazi mahallesi sehitler caddesi no: 2, kocaeli Turkey New Risk • Feb 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 10.0% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-₺573m free cash flow). Share price has been highly volatile over the past 3 months (10.0% average weekly change). Earnings have declined by 66% per year over the past 5 years. Shareholders have been substantially diluted in the past year (197% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₺3.33b market cap, or US$76.2m). New Risk • Dec 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 8.3% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-₺573m free cash flow). Earnings have declined by 66% per year over the past 5 years. Shareholders have been substantially diluted in the past year (197% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (₺3.02b market cap, or US$71.1m). Reported Earnings • Nov 13
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺513.0m (up 29% from 3Q 2024). Net loss: ₺176.9m (loss widened 48% from 3Q 2024). New Risk • Aug 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 197% 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 Less than 1 year of cash runway based on free cash flow trend (-₺174m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 37% per year over the past 5 years. Shareholders have been substantially diluted in the past year (197% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₺3.02b market cap, or US$73.6m). New Risk • Jul 24
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 19% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-₺174m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 37% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (₺1.18b market cap, or US$29.2m). Buy Or Sell Opportunity • May 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.0% to ₺20.70. The fair value is estimated to be ₺17.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 07
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at ₺20.92. The fair value is estimated to be ₺17.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 28
Çelik Halat ve Tel Sanayii A.S., Annual General Meeting, Mar 27, 2025 Çelik Halat ve Tel Sanayii A.S., Annual General Meeting, Mar 27, 2025. Location: ertugrul gazi mahallesi sehitler caddesi no 2, kartepe, kocaeli Turkey Reported Earnings • Mar 03
Full year 2024 earnings released: ₺1.27 loss per share (vs ₺0.88 profit in FY 2023) Full year 2024 results: ₺1.27 loss per share (down from ₺0.88 profit in FY 2023). Revenue: ₺1.64b (down 3.2% from FY 2023). Net loss: ₺128.3m (down 450% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. Reported Earnings • Nov 13
Third quarter 2024 earnings released: ₺1.44 loss per share (vs ₺0.82 loss in 3Q 2023) Third quarter 2024 results: ₺1.44 loss per share (further deteriorated from ₺0.82 loss in 3Q 2023). Revenue: ₺397.8m (up 29% from 3Q 2023). Net loss: ₺119.7m (loss widened 253% from 3Q 2023). 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 49% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺27.50, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 30x in the Metals and Mining industry in Turkey. Total returns to shareholders of 779% over the past three years. Reported Earnings • Sep 22
Second quarter 2024 earnings released: ₺0.72 loss per share (vs ₺0.22 profit in 2Q 2023) Second quarter 2024 results: ₺0.72 loss per share (down from ₺0.22 profit in 2Q 2023). Revenue: ₺1.24b (up 240% from 2Q 2023). Net loss: ₺59.4m (down ₺68.6m from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 75% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺39.42, the stock trades at a trailing P/E ratio of 61.2x. Average trailing P/E is 26x in the Metals and Mining industry in Turkey. Total returns to shareholders of 1,174% over the past three years. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₺39.00, the stock trades at a trailing P/E ratio of 60.5x. Average trailing P/E is 27x in the Metals and Mining industry in Turkey. Total returns to shareholders of 1,150% over the past three years. New Risk • Jul 14
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 8.6% 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: Major Risks Debt is not well covered by operating cash flow (9.9% operating cash flow to total debt). High level of non-cash earnings (45% accrual ratio). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (₺2.39b market cap, or US$72.5m). Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺25.88, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 28x in the Metals and Mining industry in Turkey. Total returns to shareholders of 773% over the past three years. Reported Earnings • Jun 23
First quarter 2024 earnings released: ₺0.43 loss per share (vs ₺0.50 loss in 1Q 2023) First quarter 2024 results: ₺0.43 loss per share (improved from ₺0.50 loss in 1Q 2023). Revenue: ₺340.7m (up 4.9% from 1Q 2023). Net loss: ₺17.8m (loss narrowed 13% from 1Q 2023). 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 58% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺25.08, the stock trades at a trailing P/E ratio of 56.8x. Average trailing P/E is 24x in the Metals and Mining industry in Turkey. Total returns to shareholders of 660% over the past three years. Reported Earnings • May 22
Full year 2023 earnings released Full year 2023 results: Revenue: ₺1.70b (up 20% from FY 2022). Net income: ₺36.6m (up 302% from FY 2022). Profit margin: 2.2% (up from 0.6% in FY 2022). The increase in margin was driven by higher revenue. New Risk • Feb 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% 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 Interest payments are not well covered by earnings (0.6x net interest cover). Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-₺15m). Earnings have declined by 22% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₺2.69b market cap, or US$88.1m). New Risk • Jan 26
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 15% 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 Risks Interest payments are not well covered by earnings (0.6x net interest cover). Share price has been highly volatile over the past 3 months (15% average weekly change). Negative equity (-₺15m). Earnings have declined by 22% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺1.02b market cap, or US$33.7m). Reported Earnings • Nov 10
Third quarter 2023 earnings released: ₺0.82 loss per share (vs ₺0.65 loss in 3Q 2022) Third quarter 2023 results: ₺0.82 loss per share (further deteriorated from ₺0.65 loss in 3Q 2022). Revenue: ₺307.5m (down 17% from 3Q 2022). Net loss: ₺33.9m (loss widened 26% from 3Q 2022). 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 37% per year, which means it is well ahead of earnings. Reported Earnings • Aug 21
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺363.6m (flat on 2Q 2022). Net income: ₺9.19m (down 67% from 2Q 2022). Profit margin: 2.5% (down from 7.6% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺324.8m (down 5.5% from 1Q 2022). Net loss: ₺20.6m (down 183% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 06
Full year 2022 earnings released: EPS: ₺0.22 (vs ₺0.21 in FY 2021) Full year 2022 results: EPS: ₺0.22 (up from ₺0.21 in FY 2021). Revenue: ₺1.42b (up 107% from FY 2021). Net income: ₺9.13m (up 21% from FY 2021). Profit margin: 0.6% (down from 1.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Board Change • Dec 22
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Salih Ertör is the most experienced director on the board, commencing their role in 2020. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 24% share price gain to ₺39.02, the stock trades at a trailing P/E ratio of 52.7x. Average trailing P/E is 9x in the Metals and Mining industry in Turkey. Total returns to shareholders of 1,476% over the past three years. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (5 non-independent directors). Director Osman Sever is the most experienced director on the board, commencing their role in 2020. Independent Director Salih Ertör was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 25% share price gain to ₺28.60, the stock trades at a trailing P/E ratio of 38.6x. Average trailing P/E is 8x in the Metals and Mining industry in Turkey. Total returns to shareholders of 1,159% over the past three years. Reported Earnings • Nov 03
Third quarter 2022 earnings released: ₺0.65 loss per share (vs ₺0.052 profit in 3Q 2021) Third quarter 2022 results: ₺0.65 loss per share (down from ₺0.052 profit in 3Q 2021). Revenue: ₺369.6m (up 129% from 3Q 2021). Net loss: ₺26.9m (down ₺29.1m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improved over the past week After last week's 22% share price gain to ₺22.74, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 9x in the Metals and Mining industry in Turkey. Total returns to shareholders of 952% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₺16.27, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 8x in the Metals and Mining industry in Turkey. Total returns to shareholders of 761% over the past three years. Valuation Update With 7 Day Price Move • Sep 12
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 9.7x. Average trailing P/E is 8x in the Metals and Mining industry in Turkey. Total returns to shareholders of 731% over the past three years. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 16% share price gain to ₺11.45, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 8x in the Metals and Mining industry in Turkey. Total returns to shareholders of 574% over the past three years. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 21% share price gain to ₺9.87, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 10x in the Metals and Mining industry in Turkey. Total returns to shareholders of 427% over the past three years. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: ₺0.60 (vs ₺0.071 loss in 1Q 2021) First quarter 2022 results: EPS: ₺0.60 (up from ₺0.071 loss in 1Q 2021). Revenue: ₺343.7m (up 175% from 1Q 2021). Net income: ₺24.7m (up ₺27.7m from 1Q 2021). Profit margin: 7.2% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (5 non-independent directors). Director Osman Sever is the most experienced director on the board, commencing their role in 2020. Independent Director Salih Ertör was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Apr 22
Upcoming dividend of ₺0.12 per share Eligible shareholders must have bought the stock before 29 April 2022. Payment date: 06 May 2022. The company last paid an ordinary dividend in February 2015. The average dividend yield among industry peers is 11%. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: ₺686.8m (up 105% from FY 2020). Net income: ₺7.57m (up ₺15.7m from FY 2020). Profit margin: 1.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 7.8%. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺6.49, the stock trades at a trailing P/E ratio of 32.3x. Average trailing P/E is 11x in the Metals and Mining industry in Turkey. Total returns to shareholders of 180% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 26% share price gain to ₺9.09, the stock trades at a trailing P/E ratio of 45.2x. Average trailing P/E is 12x in the Metals and Mining industry in Turkey. Total returns to shareholders of 348% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improved over the past week After last week's 19% share price gain to ₺7.68, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 11x in the Metals and Mining industry in Turkey. Total returns to shareholders of 274% over the past three years. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS ₺0.052 (vs ₺0.16 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₺161.4m (up 68% from 3Q 2020). Net income: ₺2.14m (up ₺4.71m from 3Q 2020). Profit margin: 1.3% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 21
Full year 2020 earnings released: ₺0.49 loss per share (vs ₺0.63 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: ₺335.3m (up 6.4% from FY 2019). Net loss: ₺8.13m (loss narrowed 22% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 01
New 90-day high: ₺22.46 The company is up 43% from its price of ₺15.75 on 03 November 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 50% over the same period. Is New 90 Day High Low • Nov 13
New 90-day high: ₺16.87 The company is up 39% from its price of ₺12.13 on 14 August 2020. The Turkish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 22% over the same period. Reported Earnings • Nov 05
Third quarter 2020 earnings released: ₺0.16 loss per share The company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: ₺96.2m (up 21% from 3Q 2019). Net loss: ₺2.57m (down 481% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 97% per year but the company’s share price has increased by 57% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 15
New 90-day high: ₺15.56 The company is up 6.0% from its price of ₺14.70 on 17 July 2020. The Turkish market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 7.0% over the same period. 
