Announcement • Mar 06
Big Medya Teknoloji Anonim Sirketi, Annual General Meeting, Mar 27, 2026 Big Medya Teknoloji Anonim Sirketi, Annual General Meeting, Mar 27, 2026. Location: altunizade mahallesi,kusbakisi caddesi,no:27, ic kapi no:1 uskudar, istanbul Turkey New Risk • Jan 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 73% 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 19% per year over the past 5 years. Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Minor Risk Negative equity (-₺30m). New Risk • Nov 17
New minor risk - Negative shareholders equity The company has negative equity. Total equity: -₺30m This is considered a minor risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. It should be noted that some of the negative equity could be due to large buybacks of stock, which is not as much of a risk as a company with overwhelming debt, but likewise is not sustainable in the long-term. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 19% per year over the past 5 years. Minor Risk Negative equity (-₺30m). New Risk • Aug 31
New major risk - Revenue and earnings growth Earnings have declined by 11% 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. This is currently the only risk that has been identified for the company. New Risk • Aug 06
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 8.1% 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. New Risk • Mar 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.64b (US$95.9m) 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.7% average weekly change). Negative equity (-₺6.1m). Earnings have declined by 35% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺3.64b market cap, or US$95.9m). Announcement • Mar 14
Dogan Burda Dergi Yayincilik Ve Pazarlama A.S., Annual General Meeting, Apr 04, 2025 Dogan Burda Dergi Yayincilik Ve Pazarlama A.S., Annual General Meeting, Apr 04, 2025. Location: kustepe mahallesi, mecidiyekoy yolu caddesi, no:12 trump towers kule 2 kat:21, sisli, istanbul Turkey Reported Earnings • Mar 12
Full year 2024 earnings released Full year 2024 results: Revenue: ₺553.6m (up 50% from FY 2023). Net loss: ₺17.5m (loss widened 159% from FY 2023). New Risk • Jan 20
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 8.2% 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 (8.2% average weekly change). Earnings have declined by 30% per year over the past 5 years. New Risk • Dec 05
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 7.3% 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 Earnings have declined by 30% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). Board Change • Nov 01
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: 3 independent directors. 5 non-independent directors. Independent Director Salih Erto was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. New Risk • Oct 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.37b (US$98.4m) 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. 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 (-₺104m free cash flow). Earnings have declined by 20% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺3.37b market cap, or US$98.4m). New Risk • Sep 24
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: -₺104m 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 (-₺104m free cash flow). Earnings have declined by 20% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Announcement • Sep 20
ve Re-Pie Portföy Yönetimi A.S, Re-Pie Yatirim Holding A.S, Altun Capital Girisim Sermayesi Yatirim Fonu, Re-Pie Portfoy Yonetimi A.S. and Alt Capital Holding Anonim Sirketi completed the acquisition of 76.30% stake in Dogan Burda Dergi Yayincilik Ve Pazarlama A.S. (IBSE:DOBUR) from Burda Gesellschaft mit beschränkter Haftung and others. ve Re-Pie Portföy Yönetimi A.S, Re-Pie Yatirim Holding A.S, Altun Capital Girisim Sermayesi Yatirim Fonu, Re-Pie Portfoy Yonetimi A.S. and Alt Capital Holding Anonim Sirketi agreed to acquire 76.30% stake in Dogan Burda Dergi Yayincilik Ve Pazarlama A.S. (IBSE:DOBUR) from Burda Gesellschaft mit beschränkter Haftung and others for $10 million on July 8, 2024. A cash consideration valued at $0.67 per share will be paid by ve Re-Pie Portföy Yönetimi A.S, Re-Pie Yatirim Holding A.S, Altun Capital Girisim Sermayesi Yatirim Fonu, Re-Pie Portfoy Yonetimi A.S. and Alt Capital Holding Anonim Sirketi. Majority of Independent Board Members' Approved the Board Decision for Sale. Based on the aforementioned 'Share Transfer Agreement'; Dergi Pazarlama Pazarlama ve Ticaret A.S., in which our company has a 56% share and Burda GmbH has a 44% share. It is aimed to transfer all shares representing the capital to Dogan Burda Dergi according to the value to be assessed in the valuation report and this amount to be taken into account as an adjustment item in the total Sales Amount stated above. The completion of the transaction is targeted to be completed upon fulfillment of all closing conditions, including notification to the Competition Authority if applicable.
ve Re-Pie Portföy Yönetimi A.S, Re-Pie Yatirim Holding A.S, Altun Capital Girisim Sermayesi Yatirim Fonu, Re-Pie Portfoy Yonetimi A.S. and Alt Capital Holding Anonim Sirketi completed the acquisition of 76.30% stake in Dogan Burda Dergi Yayincilik Ve Pazarlama A.S. (IBSE:DOBUR) from Burda Gesellschaft mit beschränkter Haftung and others on September 18, 2024. Reported Earnings • Sep 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺191.1m (up 111% from 2Q 2023). Net income: ₺26.5m (up 30% from 2Q 2023). Profit margin: 14% (down from 23% in 2Q 2023). The decrease in margin was driven by higher expenses. New Risk • Jun 20
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: -₺43m 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 (-₺43m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 28% per year over the past 5 years. Reported Earnings • Jun 05
First quarter 2024 earnings released: ₺0.96 loss per share (vs ₺0.54 loss in 1Q 2023) First quarter 2024 results: ₺0.96 loss per share (further deteriorated from ₺0.54 loss in 1Q 2023). Revenue: ₺71.2m (up 82% from 1Q 2023). Net loss: ₺18.8m (loss widened 77% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 131% per year, which means it is well ahead of earnings. Reported Earnings • Apr 19
Full year 2023 earnings released: ₺0.34 loss per share (vs ₺0.44 profit in FY 2022) Full year 2023 results: ₺0.34 loss per share (down from ₺0.44 profit in FY 2022). Revenue: ₺368.5m (up 131% from FY 2022). Net loss: ₺6.73m (down 178% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 03
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 Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (₺1.54b market cap, or US$54.3m). Reported Earnings • Oct 29
Third quarter 2023 earnings released: ₺0.12 loss per share (vs ₺0.089 profit in 3Q 2022) Third quarter 2023 results: ₺0.12 loss per share (down from ₺0.089 profit in 3Q 2022). Revenue: ₺66.6m (up 101% from 3Q 2022). Net loss: ₺2.28m (down 231% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺55.85, the stock trades at a trailing P/E ratio of 73.9x. Average trailing P/E is 12x in the Media industry in Turkey. Total returns to shareholders of 113% over the past three years. Reported Earnings • Aug 09
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺90.7m (up 130% from 2Q 2022). Net income: ₺20.4m (up 457% from 2Q 2022). Profit margin: 23% (up from 9.3% in 2Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • May 01
First quarter 2023 earnings released: ₺0.54 loss per share (vs ₺0.002 loss in 1Q 2022) First quarter 2023 results: ₺0.54 loss per share (further deteriorated from ₺0.002 loss in 1Q 2022). Revenue: ₺39.0m (up 71% from 1Q 2022). Net loss: ₺10.6m (loss widened ₺10.6m from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 18
Full year 2022 earnings released: EPS: ₺0.44 (vs ₺0.52 in FY 2021) Full year 2022 results: EPS: ₺0.44 (down from ₺0.52 in FY 2021). Revenue: ₺159.8m (up 79% from FY 2021). Net income: ₺8.61m (down 14% from FY 2021). Profit margin: 5.4% (down from 11% 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 whereas the company’s share price has increased by 110% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Jochen Czelecz was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 10
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺39.5m (up 93% from 2Q 2021). Net income: ₺3.67m (up 85% from 2Q 2021). Profit margin: 9.3% (in line with 2Q 2021). Reported Earnings • May 03
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₺22.8m (up 18% from 1Q 2021). Net loss: ₺46.8k (down 102% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has increased by 150% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Jochen Czelecz was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺0.52 (up from ₺0.21 loss in FY 2020). Revenue: ₺89.5m (up 46% from FY 2020). Net income: ₺10.1m (up ₺14.1m from FY 2020). Profit margin: 11% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has increased by 189% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 31
Third quarter 2021 earnings released The company reported a mediocre third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ₺20.7m (up 40% from 3Q 2020). Net loss: ₺1.43m (down 284% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 172% per year, which means it is well ahead of earnings. Reported Earnings • Aug 08
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺20.4m (up 85% from 2Q 2020). Net income: ₺1.98m (up ₺3.97m from 2Q 2020). Profit margin: 9.7% (up from net loss in 2Q 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 183 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 22
New 90-day low: ₺19.32 The company is down 16% from its price of ₺23.00 on 24 November 2020. The Turkish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 6.0% over the same period. Reported Earnings • Feb 20
Full year 2020 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ₺61.5m (down 28% from FY 2019). Net loss: ₺4.05m (loss widened 63% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 93% per year but the company’s share price has increased by 79% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 01
New 90-day low: ₺20.92 The company is down 5.0% from its price of ₺22.00 on 03 November 2020. The Turkish market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 4.0% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: ₺27.20 The company is up 16% from its price of ₺23.40 on 10 September 2020. The Turkish market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Media industry, which is up 13% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total losses of ₺3.29m, with losses narrowing by 2.6% from the prior year. Total revenue was ₺64.3m over the last 12 months, down 22% from the prior year. 
