Announcement • Apr 14
Orma Orman Mahsulleri Integre Sanayi Ve Ticaret A.S., Annual General Meeting, May 11, 2026 Orma Orman Mahsulleri Integre Sanayi Ve Ticaret A.S., Annual General Meeting, May 11, 2026. Location: visnezade mh. prof. dr.alaeddin yavasca sk., marmara apt. no: 4 k:6, istanbul Turkey Reported Earnings • Mar 08
Full year 2025 earnings released: ₺0.79 loss per share (vs ₺12.19 profit in FY 2024) Full year 2025 results: ₺0.79 loss per share (down from ₺12.19 profit in FY 2024). Revenue: ₺4.46b (up 31% from FY 2024). Net loss: ₺21.4m (down 107% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. New Risk • Feb 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. New Risk • Feb 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺4.35b (US$100.0m) 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. This is currently the only risk that has been identified for the company. New Risk • Sep 23
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. This is currently the only risk that has been identified for the company. 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 ₺175, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 17x in the Forestry industry in Asia. Total returns to shareholders of 478% over the past three years. Announcement • Apr 30
Orma Orman Mahsulleri Integre Sanayi Ve Ticaret A.S., Annual General Meeting, Apr 28, 2025 Orma Orman Mahsulleri Integre Sanayi Ve Ticaret A.S., Annual General Meeting, Apr 28, 2025. Location: visnezade mh. prof.dr.alaeddin yavasca sk., marmara apt. no:4 k:6 besiktas, istanbul Turkey Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺162, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 16x in the Forestry industry in Asia. Total returns to shareholders of 398% over the past three years. Reported Earnings • Mar 05
Full year 2024 earnings released Full year 2024 results: Revenue: ₺3.41b (up 6.5% from FY 2023). Net income: ₺331.5m (down 4.4% from FY 2023). Profit margin: 9.7% (down from 11% in FY 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺245, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 15x in the Forestry industry in Asia. Total returns to shareholders of 807% over the past three years. New Risk • Sep 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 (24% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺228, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 15x in the Forestry industry in Asia. Total returns to shareholders of 649% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₺266, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 15x in the Forestry industry in Asia. Total returns to shareholders of 706% over the past three years. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₺331, the stock trades at a trailing P/E ratio of 25.9x. Average trailing P/E is 16x in the Forestry industry in Asia. Total returns to shareholders of 902% over the past three years. Buy Or Sell Opportunity • May 10
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 112% to ₺331. The fair value is estimated to be ₺264, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 58% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺245, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 15x in the Forestry industry in Asia. Total returns to shareholders of 643% over the past three years. Buy Or Sell Opportunity • Apr 16
Now 23% undervalued Over the last 90 days, the stock has risen 53% to ₺202. The fair value is estimated to be ₺263, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 58% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Apr 07
Full year 2023 earnings released Full year 2023 results: Revenue: ₺3.20b (up 65% from FY 2022). Net income: ₺346.8m (up 11% from FY 2022). Profit margin: 11% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺205, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 18x in the Forestry industry in Asia. Total returns to shareholders of 606% over the past three years. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺214, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 19x in the Forestry industry in Asia. Total returns to shareholders of 942% over the past three years. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺180, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 17x in the Forestry industry in Asia. Total returns to shareholders of 799% over the past three years. New Risk • Feb 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (21% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺150, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 16x in the Forestry industry in Asia. Total returns to shareholders of 756% over the past three years. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺203, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 15x in the Forestry industry in Asia. Total returns to shareholders of 1,542% over the past three years. New Risk • Nov 08
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 13% 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 Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (21% accrual ratio). Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺142, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 14x in the Forestry industry in Asia. Total returns to shareholders of 949% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₺84.70, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 13x in the Forestry industry in Asia. Total returns to shareholders of 759% over the past three years. Reported Earnings • Aug 06
First half 2023 earnings released: EPS: ₺1.85 (vs ₺2.66 in 1H 2022) First half 2023 results: EPS: ₺1.85 (down from ₺2.66 in 1H 2022). Revenue: ₺1.16b (up 37% from 1H 2022). Net income: ₺50.2m (down 31% from 1H 2022). Profit margin: 4.3% (down from 8.6% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 90% per year, which means it is significantly lagging earnings growth. New Risk • Aug 01
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 9.2% 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 (currently running at an operating cash loss). High level of non-cash earnings (26% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$100m (₺2.08b market cap, or US$77.2m). Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺65.75, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 12x in the Forestry industry in Asia. Total returns to shareholders of 778% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺57.00, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 11x in the Forestry industry in Asia. Total returns to shareholders of 1,033% over the past three years. Reported Earnings • Mar 04
Full year 2022 earnings released Full year 2022 results: Revenue: ₺1.94b (up 103% from FY 2021). Net income: ₺312.6m (up ₺396.5m from FY 2021). Profit margin: 16% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (8 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: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 03
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up ₺15.9m from 1H 2021). Profit margin: (up from net loss in 1H 2021). The move to profitability was driven by lower expenses. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (8 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: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ₺957.1m (up 88% from FY 2020). Net loss: ₺83.9m (loss widened 91% from FY 2020). Revenue was in line with analyst estimates. Reported Earnings • Aug 03
First half 2021 earnings released The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: ₺393.8m (up 96% from 1H 2020). Net loss: ₺15.9m (loss narrowed 55% from 1H 2020). Reported Earnings • Mar 03
Full year 2020 earnings released The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: ₺508.6m (up 9.3% from FY 2019). Net loss: ₺44.1m (loss widened 123% from FY 2019). Is New 90 Day High Low • Feb 06
New 90-day high: ₺23.40 The company is up 103% from its price of ₺11.55 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 Forestry industry, which is up 23% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: ₺17.11 The company is up 16% from its price of ₺14.78 on 07 October 2020. The Turkish market is up 23% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Forestry industry, which is also up 16% over the same period. Is New 90 Day High Low • Sep 29
New 90-day high: ₺12.94 The company is up 165% from its price of ₺4.89 on 01 July 2020. The Turkish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 15% over the same period. 
