Reported Earnings • May 11
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₺5.06b (up 5.4% from 1Q 2025). Net income: ₺118.8m (down 59% from 1Q 2025). Profit margin: 2.4% (down from 6.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Metals and Mining industry in Turkey. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. New Risk • May 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • May 06
Kocaer Celik Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, Jun 04, 2026 Kocaer Celik Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, Jun 04, 2026. Location: denizli north point otel, fevzi cakmak bulvari no:129, denizli Turkey New Risk • Apr 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 51% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 51% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺12.16, the stock trades at a trailing P/E ratio of 49.2x. Average forward P/E is 17x in the Metals and Mining industry in Turkey. Total returns to shareholders of 121% over the past three years. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ₺0.25 (vs ₺0.043 in FY 2024) Full year 2025 results: EPS: ₺0.25 (up from ₺0.043 in FY 2024). Revenue: ₺24.1b (up 25% from FY 2024). Net income: ₺473.5m (up 471% from FY 2024). Profit margin: 2.0% (up from 0.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: ₺0.029 (vs ₺0.08 loss in 3Q 2024) Third quarter 2025 results: EPS: ₺0.029 (up from ₺0.08 loss in 3Q 2024). Revenue: ₺6.73b (up 51% from 3Q 2024). Net income: ₺56.2m (up ₺210.1m from 3Q 2024). Profit margin: 0.8% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 33% growth forecast for the Metals and Mining industry in Turkey. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 25
Upcoming dividend of ₺0.086 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 04 July 2025. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Turkish dividend payers (3.8%). Lower than average of industry peers (1.1%). Price Target Changed • Jun 19
Price target increased by 15% to ₺21.02 Up from ₺18.26, the current price target is an average from 2 analysts. New target price is 67% above last closing price of ₺12.60. Stock is down 33% over the past year. The company is forecast to post earnings per share of ₺2.00 for next year compared to ₺0.043 last year. Reported Earnings • Jun 02
First quarter 2025 earnings released: EPS: ₺0.14 (vs ₺0.069 in 1Q 2024) First quarter 2025 results: EPS: ₺0.14 (up from ₺0.069 in 1Q 2024). Revenue: ₺4.52b (down 15% from 1Q 2024). Net income: ₺272.3m (up 106% from 1Q 2024). Profit margin: 6.0% (up from 2.5% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Metals and Mining industry in Asia. Announcement • Mar 26
Kocaer Celik Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, Apr 21, 2025 Kocaer Celik Sanayi ve Ticaret Anonim Sirketi, Annual General Meeting, Apr 21, 2025. Location: denizli north point otel, fevzi cakmak bulvari no:129 denizli, pamukkale, denizli Turkey New Risk • Mar 16
New major risk - Revenue and earnings growth Revenue has declined by 13% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Revenue has declined by 13% over the past year. Minor Risk Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Mar 09
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₺0.043 (down from ₺0.62 in FY 2023). Revenue: ₺19.2b (up 28% from FY 2023). Net income: ₺82.9m (down 93% from FY 2023). Profit margin: 0.4% (down from 7.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 96%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Metals and Mining industry in Turkey. New Risk • Dec 02
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 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ₺0.004 (vs ₺0.53 in 3Q 2023) Third quarter 2024 results: EPS: ₺0.004 (down from ₺0.53 in 3Q 2023). Revenue: ₺13.1b (up 260% from 3Q 2023). Net income: ₺2.44m (down 99% from 3Q 2023). Profit margin: 0% (down from 9.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Metals and Mining industry in Asia. Reported Earnings • Sep 17
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺3.72b (up 45% from 2Q 2023). Net income: ₺39.9m (down 93% from 2Q 2023). Profit margin: 1.1% (down from 23% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Metals and Mining industry in Turkey. Upcoming Dividend • Jun 26
Upcoming dividend of ₺0.30 per share Eligible shareholders must have bought the stock before 03 July 2024. Payment date: 05 July 2024. Payout ratio is a comfortable 9.3% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Turkish dividend payers (2.3%). Lower than average of industry peers (1.0%). Reported Earnings • Jun 13
First quarter 2024 earnings released: EPS: ₺0.14 (vs ₺0.48 in 1Q 2023) First quarter 2024 results: EPS: ₺0.14 (down from ₺0.48 in 1Q 2023). Revenue: ₺3.87b (up 45% from 1Q 2023). Net income: ₺95.6m (down 45% from 1Q 2023). Profit margin: 2.5% (down from 6.5% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Metals and Mining industry in Turkey. Reported Earnings • Jun 13
First quarter 2024 earnings released: EPS: ₺0.14 (vs ₺0.48 in 1Q 2023) First quarter 2024 results: EPS: ₺0.14 (down from ₺0.48 in 1Q 2023). Revenue: ₺3.87b (up 45% from 1Q 2023). Net income: ₺95.6m (down 45% from 1Q 2023). Profit margin: 2.5% (down from 6.5% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Metals and Mining industry in Turkey. Reported Earnings • Jun 13
First quarter 2024 earnings released: EPS: ₺0.14 (vs ₺0.48 in 1Q 2023) First quarter 2024 results: EPS: ₺0.14 (down from ₺0.48 in 1Q 2023). Revenue: ₺3.87b (up 45% from 1Q 2023). Net income: ₺95.6m (down 45% from 1Q 2023). Profit margin: 2.5% (down from 6.5% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Metals and Mining industry in Turkey. Reported Earnings • Jun 13
First quarter 2024 earnings released: EPS: ₺0.14 (vs ₺0.48 in 1Q 2023) First quarter 2024 results: EPS: ₺0.14 (down from ₺0.48 in 1Q 2023). Revenue: ₺3.87b (up 45% from 1Q 2023). Net income: ₺95.6m (down 45% from 1Q 2023). Profit margin: 2.5% (down from 6.5% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Metals and Mining industry in Turkey. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺52.30, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 9x in the Metals and Mining industry in Turkey. Total returns to shareholders of 219% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₺34.64 per share. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺46.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Metals and Mining industry in Turkey. Total returns to shareholders of 178% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₺74.18 per share. New Risk • Mar 02
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 9.6% 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 Risk High level of non-cash earnings (42% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.6% average weekly change). Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺47.98, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Metals and Mining industry in Turkey. Total returns to shareholders of 164% over the past year. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺37.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Metals and Mining industry in Asia. Total returns to shareholders of 102% over the past year. Valuation Update With 7 Day Price Move • Jan 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺29.80, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Metals and Mining industry in Asia. Total returns to shareholders of 46% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₺13.72 per share. Reported Earnings • Nov 05
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺3.64b (up 50% from 3Q 2022). Net income: ₺348.8m (up 166% from 3Q 2022). Profit margin: 9.6% (up from 5.4% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Metals and Mining industry in Turkey. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₺31.30, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Metals and Mining industry in Turkey. Total returns to shareholders of 230% over the past year. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺21.70, the stock trades at a trailing P/E ratio of 11.9x. Average forward P/E is 12x in the Metals and Mining industry in Turkey. Total returns to shareholders of 132% over the past year. New Risk • Aug 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 3.6% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.6% operating cash flow to total debt). High level of non-cash earnings (46% accrual ratio). Minor Risks Less than 3 years of financial data is available. Paying a dividend despite having no free cash flows. Reported Earnings • Aug 11
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺2.57b (up 6.0% from 2Q 2022). Net income: ₺592.3m (up 351% from 2Q 2022). Profit margin: 23% (up from 5.4% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Metals and Mining industry in Turkey. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺15.49, the stock trades at a trailing P/E ratio of 12.1x. Average forward P/E is 11x in the Metals and Mining industry in Turkey. Reported Earnings • May 10
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺2.67b (up 55% from 1Q 2022). Net income: ₺175.0m (up 469% from 1Q 2022). Profit margin: 6.5% (up from 1.8% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in Turkey. Buying Opportunity • Feb 08
Now 26% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₺19.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. 
