New Risk • May 13
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 (0.05x net interest cover). Earnings have declined by 9.6% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). New Risk • May 07
New major risk - Revenue and earnings growth Earnings have declined by 9.6% 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 Risks Interest payments are not well covered by earnings (0.05x net interest cover). Earnings have declined by 9.6% per year over the past 5 years. Reported Earnings • May 07
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₺16.1b (up 68% from 1Q 2025). Net income: ₺1.72b (up 14% from 1Q 2025). Profit margin: 11% (down from 16% in 1Q 2025). The decrease in margin was driven by higher expenses. Announcement • Apr 13
Sasa Polyester Sanayi A.S., Annual General Meeting, May 05, 2026 Sasa Polyester Sanayi A.S., Annual General Meeting, May 05, 2026. Location: sarihamzali mahallesi turhan cemal beriker, bulvari no:559 seyhan /, adana Turkey Reported Earnings • Mar 12
Full year 2025 earnings released Full year 2025 results: Revenue: ₺53.1b (up 9.3% from FY 2024). Net loss: ₺22.0b (down 220% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 05
Third quarter 2025 earnings released: ₺0.014 loss per share (vs ₺0.054 profit in 3Q 2024) Third quarter 2025 results: ₺0.014 loss per share (down from ₺0.054 profit in 3Q 2024). Revenue: ₺14.6b (up 32% from 3Q 2024). Net loss: ₺601.5m (down 126% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 30% per year whereas the company’s share price has fallen by 27% per year. New Risk • Aug 25
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 Risk Interest payments are not well covered by earnings (0.1x net interest cover). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Reported Earnings • Aug 21
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₺12.8b (down 1.3% from 2Q 2024). Net loss: ₺10.3b (down 412% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺3.90, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 27x in the Chemicals industry in Turkey. Total returns to shareholders of 35% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ₺0.032 (vs ₺0.27 in 1Q 2024) First quarter 2025 results: EPS: ₺0.032 (down from ₺0.27 in 1Q 2024). Revenue: ₺9.05b (down 22% from 1Q 2024). Net income: ₺1.42b (down 88% from 1Q 2024). Profit margin: 16% (down from 100% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 28% per year and the company’s share price has also increased by 28% per year. Announcement • Mar 28
Sasa Polyester Sanayi A.S., Annual General Meeting, Apr 24, 2025 Sasa Polyester Sanayi A.S., Annual General Meeting, Apr 24, 2025. Location: sheraton grand adana hotel, sinanpasa mahallesi, haci sabanci bulvari, no:7, yuregir, adana Turkey Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺3.31, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 27x in the Chemicals industry in Turkey. Total returns to shareholders of 103% over the past three years. Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: ₺0.96 (vs ₺0.55 in FY 2023) Full year 2024 results: EPS: ₺0.96 (up from ₺0.55 in FY 2023). Revenue: ₺48.6b (up 4.9% from FY 2023). Net income: ₺18.3b (flat on FY 2023). Profit margin: 38% (down from 39% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ₺0.054 (vs ₺0.17 in 3Q 2023) Third quarter 2024 results: EPS: ₺0.054 (down from ₺0.17 in 3Q 2023). Revenue: ₺11.1b (up 1.8% from 3Q 2023). Net income: ₺2.34b (down 56% from 3Q 2023). Profit margin: 21% (down from 49% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 65% per year whereas the company’s share price has increased by 61% per year. Reported Earnings • Aug 28
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺11.0b (up 46% from 2Q 2023). Net income: ₺2.09b (up ₺5.29b from 2Q 2023). Profit margin: 19% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year whereas the company’s share price has increased by 84% per year. Reported Earnings • May 21
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺10.7b (up 31% from 1Q 2023). Net income: ₺10.7b (up 330% from 1Q 2023). Reported Earnings • Mar 07
Full year 2023 earnings released Full year 2023 results: Revenue: ₺46.3b (up 49% from FY 2022). Net income: ₺18.2b (up 72% from FY 2022). Profit margin: 39% (up from 34% in FY 2022). The increase in margin was driven by higher revenue. New Risk • Feb 23
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 Interest payments are not well covered by earnings (1.6x net interest cover). High level of non-cash earnings (44% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (14% net profit margin). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Announcement • Feb 09
Sasa Polyester Sanayi A.S. announced that it expects to receive funding from Erdemoglu Holding Anonim Sirketi Sasa Polyester Sanayi A.S. announced that it will receive an equity round of funding from returning investor Erdemoglu Holding Anonim Sirketi on February 8, 2024. New Risk • Jan 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 14% Last year net profit margin: 23% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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 (44% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (14% net profit margin). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺40.46, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 19x in the Chemicals industry in Turkey. Total returns to shareholders of 1,208% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺51.10, the stock trades at a trailing P/E ratio of 37.6x. Average trailing P/E is 22x in the Chemicals industry in Turkey. Total returns to shareholders of 1,746% over the past three years. New Risk • Oct 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). High level of non-cash earnings (48% accrual ratio). Minor Risk Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Reported Earnings • Oct 26
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺10.9m (down 100% from 3Q 2022). Net income: ₺5.35m (down 100% from 3Q 2022). Profit margin: 49% (up from 29% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has increased by 156% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 09
Sasa Polyester Sanayi A.S. announced that it expects to receive TRY 20 million in funding Sasa Polyester Sanayi A.S. announced a private placement of common shares for gross proceeds of TRY 20,000,000 on September 7, 2023. Post closing, the registered capital of the company will increase from TRY 5,300,000,000 to TRY 5,320,000,000. New Risk • Aug 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 14% Last year net profit margin: 23% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). High level of non-cash earnings (46% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (14% net profit margin). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Reported Earnings • Aug 08
Second quarter 2023 earnings released: ₺0.60 loss per share (vs ₺0.63 profit in 2Q 2022) Second quarter 2023 results: ₺0.60 loss per share (down from ₺0.63 profit in 2Q 2022). Revenue: ₺7.49b (down 12% from 2Q 2022). Net loss: ₺3.20b (down 199% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has increased by 198% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺55.50, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 12x in the Chemicals industry in Turkey. Total returns to shareholders of 3,072% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 51% After last week's 51% share price decline to ₺46.04, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 10x in the Chemicals industry in Turkey. Total returns to shareholders of 1,140% over the past three years. Reported Earnings • May 07
First quarter 2023 earnings released: EPS: ₺1.10 (vs ₺1.04 in 1Q 2022) First quarter 2023 results: EPS: ₺1.10 (up from ₺1.04 in 1Q 2022). Revenue: ₺8.13b (up 14% from 1Q 2022). Net income: ₺2.50b (up 7.0% from 1Q 2022). Profit margin: 31% (down from 33% 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 104% per year but the company’s share price has increased by 202% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 18
Full year 2022 earnings released Full year 2022 results: Revenue: ₺31.1b (up 112% from FY 2021). Net income: ₺10.6b (up ₺9.89b from FY 2021). Profit margin: 34% (up from 4.8% in FY 2021). The increase in margin was driven by higher revenue. Announcement • Feb 17
Sasa Polyester Sanayi A.S. (IBSE:SASA) announces an Equity Buyback for TRY 500 million worth of its shares. Sasa Polyester Sanayi A.S. (IBSE:SASA) announces a share repurchase program. Under the program, the company will repurchase up to TRY 500 million worth of its shares. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺85.30, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 13x in the Chemicals industry in Turkey. Total returns to shareholders of 2,311% over the past three years. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺91.35, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 16x in the Chemicals industry in Turkey. Total returns to shareholders of 3,053% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorated over the past week After last week's 23% share price decline to ₺108, the stock trades at a trailing P/E ratio of 33.3x. Average trailing P/E is 17x in the Chemicals industry in Turkey. Total returns to shareholders of 3,915% over the past three years. 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 Kadir Bal was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 04
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺8.41b (up 130% from 3Q 2021). Net income: ₺2.43b (up 217% from 3Q 2021). Profit margin: 29% (up from 21% in 3Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improved over the past week After last week's 16% share price gain to ₺100.00, the stock trades at a trailing P/E ratio of 39.6x. Average trailing P/E is 13x in the Chemicals industry in Turkey. Total returns to shareholders of 3,857% over the past three years. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improved over the past week After last week's 20% share price gain to ₺85.75, the stock trades at a trailing P/E ratio of 34x. Average trailing P/E is 12x in the Chemicals industry in Turkey. Total returns to shareholders of 3,925% over the past three years. Announcement • Oct 07
Sasa Polyester Sanayi A.S. (IBSE:SASA) announces an Equity Buyback for TRY 320,791,951 million worth of its shares. Sasa Polyester Sanayi A.S. (IBSE:SASA) announces a share repurchase program. Under the program, the company will repurchase up to TRY 320.79 million worth of its shares from Merinos Hali Sanayi ve Ticaret A.S. and Dinarsu Imalat ve Ticaret T.A.S with a nominal value of TRY
5.05 million and TRY 0.81 million respectively. The repurchases will be funded by company's internal resources. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improved over the past week After last week's 24% share price gain to ₺66.35, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 11x in the Chemicals industry in Turkey. Total returns to shareholders of 2,707% over the past three years. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: ₺1.45 (vs ₺0.24 in 2Q 2021) Second quarter 2022 results: EPS: ₺1.45 (up from ₺0.24 in 2Q 2021). Revenue: ₺8.52b (up 213% from 2Q 2021). Net income: ₺3.25b (up ₺2.72b from 2Q 2021). Profit margin: 38% (up from 20% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has increased by 186% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 17% share price gain to ₺48.26, the stock trades at a trailing P/E ratio of 36.9x. Average trailing P/E is 14x in the Chemicals industry in Turkey. Total returns to shareholders of 2,014% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 17% share price gain to ₺36.48, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 14x in the Chemicals industry in Turkey. Total returns to shareholders of 1,569% over the past three years. Reported Earnings • May 10
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₺7.11b (up 181% from 1Q 2021). Net income: ₺2.33b (up ₺2.22b from 1Q 2021). Profit margin: 33% (up from 4.3% in 1Q 2021). The increase in margin was driven by higher revenue. Board Change • Apr 27
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 Kadir Bal was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ₺14.6b (up 191% from FY 2020). Net income: ₺697.4m (up 123% from FY 2020). Profit margin: 4.8% (down from 6.2% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 115% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 17% share price gain to ₺56.90, the stock trades at a trailing P/E ratio of 35.8x. Average trailing P/E is 20x in the Chemicals industry in Turkey. Total returns to shareholders of 1,211% 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 15% share price gain to ₺38.44, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 17x in the Chemicals industry in Turkey. Total returns to shareholders of 693% over the past three years. Reported Earnings • Nov 03
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₺3.65b (up 198% from 3Q 2020). Net income: ₺765.2m (up ₺1.02b from 3Q 2020). Profit margin: 21% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 84% per year, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS ₺0.47 (vs ₺0.12 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺2.73b (up 217% from 2Q 2020). Net income: ₺532.0m (up 313% from 2Q 2020). Profit margin: 20% (up from 15% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 81% per year, which means it is well ahead of earnings. Reported Earnings • Apr 30
First quarter 2021 earnings released The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ₺2.53b (up 152% from 1Q 2020). Net income: ₺109.7m (up 57% from 1Q 2020). Profit margin: 4.3% (down from 7.0% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 99% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 10
Full year 2020 earnings released The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₺5.04b (up 82% from FY 2019). Net income: ₺312.2m (down 71% from FY 2019). Profit margin: 6.2% (down from 39% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 26
New 90-day high: ₺26.42 The company is up 65% from its price of ₺16.05 on 28 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 62% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: ₺20.66 The company is up 22% from its price of ₺16.88 on 06 October 2020. The Turkish market is also up 22% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Chemicals industry, which is up 49% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: ₺18.71 The company is up 24% from its price of ₺15.12 on 04 September 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 40% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: ₺17.35 The company is up 32% from its price of ₺13.10 on 13 August 2020. The Turkish market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 29% over the same period. Is New 90 Day High Low • Oct 13
New 90-day high: ₺17.34 The company is up 45% from its price of ₺11.93 on 14 July 2020. The Turkish market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 34% over the same period. 
