New Risk • May 18
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 8.8% 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 62% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ₺0 (vs ₺0.072 loss in 1Q 2025) First quarter 2026 results: EPS: ₺0 (improved from ₺0.072 loss in 1Q 2025). Revenue: ₺2.22b (flat on 1Q 2025). Net loss: ₺252.1m (loss narrowed 59% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Announcement • Apr 14
Hektas Ticaret T.A.S., Annual General Meeting, May 07, 2026 Hektas Ticaret T.A.S., Annual General Meeting, May 07, 2026. Location: gebze osb mahallesi 700.sk. no: 711 /, 1 p.k. 41400 gebze, kocaeli Turkey New Risk • Mar 18
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 64% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 99x increase in shares outstanding). Board Change • Mar 13
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Bulent Yetis is the most experienced director on the board, commencing their role in 2020. Independent Director Murat Erker was the last independent director to join the board, commencing their role in 2025. 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. Reported Earnings • Mar 09
Full year 2025 earnings released Full year 2025 results: Revenue: ₺6.13b (up 26% from FY 2024). Net loss: ₺4.05b (loss widened 48% from FY 2024). Reported Earnings • Nov 09
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺974.6m (up 5.0% from 3Q 2024). Net loss: ₺1.14b (loss widened 27% from 3Q 2024). New Risk • Aug 28
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: -₺189m 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 (-₺189m free cash flow). Earnings have declined by 63% per year over the past 5 years. Shareholders have been substantially diluted in the past year (233% increase in shares outstanding). Announcement • Apr 28
Hektas Ticaret T.A.S., Annual General Meeting, May 23, 2025 Hektas Ticaret T.A.S., Annual General Meeting, May 23, 2025. Location: gebze osb mahallesi 700.sk., no: 711 / 1 p.k. 41400 gebze / kocaeli, Turkey Reported Earnings • Mar 12
Full year 2024 earnings released Full year 2024 results: Revenue: ₺4.87b (down 19% from FY 2023). Net loss: ₺2.73b (loss widened 211% from FY 2023). New Risk • Feb 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 233% 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 46% per year over the past 5 years. Shareholders have been substantially diluted in the past year (233% increase in shares outstanding). Minor Risk High level of debt (128% net debt to equity). Reported Earnings • Nov 10
Third quarter 2024 earnings released: ₺0.36 loss per share (vs ₺0.10 profit in 3Q 2023) Third quarter 2024 results: ₺0.36 loss per share (down from ₺0.10 profit in 3Q 2023). Revenue: ₺928.1m (down 16% from 3Q 2023). Net loss: ₺900.5m (down 444% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 31
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺1.17b (down 26% from 2Q 2023). Net loss: ₺690.6m (loss widened 187% from 2Q 2023). Reported Earnings • Jun 17
First quarter 2024 earnings released: ₺0.11 loss per share (vs ₺0.022 profit in 1Q 2023) First quarter 2024 results: ₺0.11 loss per share (down from ₺0.022 profit in 1Q 2023). Revenue: ₺1.29b (down 8.4% from 1Q 2023). Net loss: ₺269.5m (down ₺325.6m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Board Change • Apr 26
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 Director Kurtulus Varoglu was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
Full year 2023 earnings released Full year 2023 results: Revenue: ₺6.04b (up 15% from FY 2022). Net loss: ₺878.2m (down 210% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Feb 23
Price target decreased by 13% to ₺25.50 Down from ₺29.40, the current price target is provided by 1 analyst. New target price is 25% above last closing price of ₺20.34. Stock is down 41% over the past year. The company posted earnings per share of ₺0.59 last year. New Risk • Nov 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). High level of non-cash earnings (26% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (5.0% net profit margin). Reported Earnings • Nov 12
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺1.10b (down 28% from 3Q 2022). Net income: ₺261.5m (up 37% from 3Q 2022). Profit margin: 24% (up from 13% in 3Q 2022). The increase in margin was driven by lower expenses. Reported Earnings • Aug 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺1.57b (up 7.9% from 2Q 2022). Net loss: ₺240.3m (down 213% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 16
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 8.8% 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 Interest payments are not well covered by earnings (1.6x net interest cover). High level of non-cash earnings (54% accrual ratio). Shareholders have been substantially diluted in the past year (104% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • May 11
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺1.41b (up 31% from 1Q 2022). Net income: ₺56.1m (down 74% from 1Q 2022). Profit margin: 4.0% (down from 20% 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 42% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 11
Price target increased by 30% to ₺37.80 Up from ₺28.99, the current price target is provided by 1 analyst. New target price is 24% above last closing price of ₺30.40. Stock is up 102% over the past year. The company posted earnings per share of ₺0.59 last year. Board Change • Feb 23
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 Director Kadri Ozgunes 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. Reported Earnings • Feb 17
Full year 2022 earnings released Full year 2022 results: Revenue: ₺5.24b (up 159% from FY 2021). Net income: ₺802.3m (up 146% from FY 2021). Profit margin: 15% (in line with FY 2021). Price Target Changed • Nov 16
Price target increased to ₺28.99 Up from ₺17.20, the current price target is provided by 1 analyst. New target price is 38% below last closing price of ₺46.60. Stock is up 649% over the past year. The company posted earnings per share of ₺0.34 last year. Board Change • Nov 16
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. 5 non-independent directors. Independent Director Kadri Ozgunes 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 09
Investor sentiment improved over the past week After last week's 24% share price gain to ₺36.08, the stock trades at a trailing P/E ratio of 59x. Average trailing P/E is 14x in the Chemicals industry in Turkey. Total returns to shareholders of 10,244% over the past three years. Reported Earnings • Nov 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺1.53b (up 191% from 3Q 2021). Net income: ₺190.5m (up 126% from 3Q 2021). Profit margin: 13% (down from 16% in 3Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorated over the past week After last week's 62% share price decline to ₺23.50, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 13x in the Chemicals industry in Turkey. Total returns to shareholders of 2,199% over the past three years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 17% share price gain to ₺50.60, the stock trades at a trailing P/E ratio of 66.9x. Average trailing P/E is 11x in the Chemicals industry in Turkey. Total returns to shareholders of 4,530% over the past three years. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: ₺0.25 (vs ₺0.061 in 2Q 2021) Second quarter 2022 results: EPS: ₺0.25 (up from ₺0.061 in 2Q 2021). Revenue: ₺1.45b (up 215% from 2Q 2021). Net income: ₺213.5m (up ₺184.4m from 2Q 2021). Profit margin: 15% (up from 6.3% in 2Q 2021). The increase in margin was driven by higher revenue. 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 78% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 18% share price gain to ₺38.24, the stock trades at a trailing P/E ratio of 70.8x. Average trailing P/E is 15x in the Chemicals industry in Turkey. Total returns to shareholders of 3,530% over the past three years. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 17% share price gain to ₺33.62, the stock trades at a trailing P/E ratio of 62.2x. Average trailing P/E is 15x in the Chemicals industry in Turkey. Total returns to shareholders of 3,534% over the past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 18% share price gain to ₺34.36, the stock trades at a trailing P/E ratio of 63.6x. Average trailing P/E is 15x in the Chemicals industry in Turkey. Total returns to shareholders of 4,025% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 18% share price gain to ₺26.22, the stock trades at a trailing P/E ratio of 48.5x. Average trailing P/E is 14x in the Chemicals industry in Turkey. Total returns to shareholders of 3,269% over the past three years. Reported Earnings • Apr 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ₺0.48 (up from ₺0.39 in FY 2020). Revenue: ₺2.02b (up 99% from FY 2020). Net income: ₺325.8m (up 81% from FY 2020). Profit margin: 16% (down from 18% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 35%. 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 55% per year, which means it is well ahead of earnings. Board Change • Apr 27
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. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₺20.56, the stock trades at a trailing P/E ratio of 54.3x. Average trailing P/E is 14x in the Chemicals industry in Turkey. Total returns to shareholders of 2,539% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 20% share price gain to ₺17.33, the stock trades at a trailing P/E ratio of 45.8x. Average trailing P/E is 15x in the Chemicals industry in Turkey. Total returns to shareholders of 2,222% over the past three years. Reported Earnings • Feb 14
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: ₺2.02b (up 99% from FY 2020). Net income: ₺325.8m (up 73% from FY 2020). Profit margin: 16% (down from 19% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.3%. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺12.36, the stock trades at a trailing P/E ratio of 41.9x. Average trailing P/E is 18x in the Chemicals industry in Turkey. Total returns to shareholders of 1,839% over the past three years. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 20% share price gain to ₺10.72, the stock trades at a trailing P/E ratio of 36.3x. Average trailing P/E is 17x in the Chemicals industry in Turkey. Total returns to shareholders of 1,587% over the past three years. Reported Earnings • Nov 11
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ₺526.0m (up 123% from 3Q 2020). Net income: ₺84.5m (up 81% from 3Q 2020). Profit margin: 16% (down from 20% 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 27% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorated over the past week After last week's 70% share price decline to ₺8.20, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 32x in the Chemicals industry in Turkey. Total returns to shareholders of 132% over the past three years. Reported Earnings • Apr 26
First quarter 2021 earnings released: EPS ₺0.33 (vs ₺0.30 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ₺436.6m (up 62% from 1Q 2020). Net income: ₺75.1m (up 11% from 1Q 2020). Profit margin: 17% (down from 25% in 1Q 2020). The decrease in margin was driven by higher expenses. 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 33% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 17% share price gain to ₺31.70, the stock is trading at a trailing P/E ratio of 38.3x, up from the previous P/E ratio of 32.7x. This compares to an average P/E of 41x in the Chemicals industry in Turkey. Total returns to shareholders over the past three years are 844%. Reported Earnings • Feb 06
Full year 2020 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₺1.01b (up 38% from FY 2019). Net income: ₺188.3m (up 29% from FY 2019). Profit margin: 19% (down from 20% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% 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 • Feb 04
New 90-day high: ₺29.62 The company is up 139% from its price of ₺12.40 on 06 November 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 60% over the same period. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₺22.16, the stock is trading at a trailing P/E ratio of 31.1x, up from the previous P/E ratio of 26.8x. This compares to an average P/E of 28x in the Chemicals industry in Turkey. Total returns to shareholders over the past three years are 723%. Is New 90 Day High Low • Jan 05
New 90-day high: ₺20.06 The company is up 48% from its price of ₺13.57 on 07 October 2020. The Turkish market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 47% over the same period. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 20% share price gain to ₺18.02, the stock is trading at a trailing P/E ratio of 25.3x, up from the previous P/E ratio of 21x. This compares to an average P/E of 24x in the Chemicals industry in Turkey. Total returns to shareholders over the past three years are 605%. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 15% share price gain to ₺14.85, the stock is trading at a trailing P/E ratio of 20.9x, up from the previous P/E ratio of 18.1x. This compares to an average P/E of 24x in the Chemicals industry in Turkey. Total returns to shareholders over the past three years are 466%. Is New 90 Day High Low • Dec 14
New 90-day high: ₺14.85 The company is up 19% from its price of ₺12.50 on 15 September 2020. The Turkish market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 37% over the same period. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of ₺161.9m, up 28% from the prior year. Total revenue was ₺833.5m over the last 12 months, up 21% from the prior year.