Reported Earnings • Apr 13
Third quarter 2026 earnings released Third quarter 2026 results: Revenue: ₺1.26b (up 15% from 3Q 2025). Net income: ₺711.2m (up ₺1.02b from 3Q 2025). Profit margin: 56% (up from net loss in 3Q 2025). The move to profitability was primarily driven by lower expenses. Reported Earnings • Oct 12
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₺1.68b (up 37% from 1Q 2025). Net loss: ₺48.1m (loss narrowed 71% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Announcement • Oct 07
Besiktas Futbol Yatirimlari Sanayi ve Ticaret A.S., Annual General Meeting, Oct 31, 2025 Besiktas Futbol Yatirimlari Sanayi ve Ticaret A.S., Annual General Meeting, Oct 31, 2025. Location: visnezade mahallesi dolmabahce caddesi no:1, tupras stadyumu besiktas, istanbul Turkey New Risk • Aug 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 264% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 14
Full year 2025 earnings released: ₺0.29 loss per share (vs ₺1.98 profit in FY 2024) Full year 2025 results: ₺0.29 loss per share (down from ₺1.98 profit in FY 2024). Revenue: ₺5.78b (up 49% from FY 2024). Net loss: ₺1.27b (down 368% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. New Risk • Apr 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% 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 (18% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Negative equity (-₺3.0b). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (₺2.41b market cap, or US$63.0m). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 40% After last week's 40% share price decline to ₺2.06, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 23x in the Entertainment industry in Asia. Total returns to shareholders of 114% over the past three years. New Risk • Apr 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.72b (US$97.8m) 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 Negative equity (-₺2.4b). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (18% net profit margin). Market cap is less than US$100m (₺3.72b market cap, or US$97.8m). Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺3.27, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 25x in the Entertainment industry in Asia. Total returns to shareholders of 302% over the past three years. New Risk • Feb 20
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: 18% Last year net profit margin: 46% 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 Negative equity (-₺2.4b). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (18% net profit margin). New Risk • Feb 14
New minor risk - Financial position The company has negative equity. Total equity: -₺2.4b 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 Negative equity (-₺2.4b). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Reported Earnings • Feb 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₺3.04b (up 293% from 2Q 2024). Net income: ₺38.2m (up ₺314.5m from 2Q 2024). Profit margin: 1.3% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Jan 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 7.2% 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 Negative equity (-₺2.4b). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Reported Earnings • Nov 22
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₺1.13b (up 115% from 1Q 2024). Net loss: ₺152.7m (loss narrowed 17% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Oct 03
Besiktas Futbol Yatirimlari Sanayi ve Ticaret A.S., Annual General Meeting, Oct 02, 2024 Besiktas Futbol Yatirimlari Sanayi ve Ticaret A.S., Annual General Meeting, Oct 02, 2024. Location: visnezade mahallesi dolmabahce, caddesi no:1, tupras stadyumu besiktas, istanbul Turkey New Risk • Sep 10
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: 12% Last year net profit margin: 32% 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 Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-₺3.0b). Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • Aug 31
Full year 2024 earnings released: EPS: ₺1.98 (vs ₺2.11 loss in FY 2023) Full year 2024 results: EPS: ₺1.98 (up from ₺2.11 loss in FY 2023). Revenue: ₺3.88b (up 192% from FY 2023). Net income: ₺476.0m (up ₺983.0m from FY 2023). Profit margin: 12% (up from net loss in FY 2023). The move to profitability 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 7% per year, which means it is well ahead of earnings. New Risk • Jul 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 400% 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 (27% average weekly change). Negative equity (-₺4.0b). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (400% increase in shares outstanding). New Risk • Jul 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺1.80b (US$55.2m) 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 (28% average weekly change). Negative equity (-₺4.0b). Earnings have declined by 25% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺1.80b market cap, or US$55.2m). Buy Or Sell Opportunity • Apr 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ₺47.58. The fair value is estimated to be ₺60.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Earnings per share has declined by 34%. Reported Earnings • Apr 11
Third quarter 2024 earnings released: ₺2.43 loss per share (vs ₺0.67 loss in 3Q 2023) Third quarter 2024 results: ₺2.43 loss per share (further deteriorated from ₺0.67 loss in 3Q 2023). Revenue: ₺704.7m (up 138% from 3Q 2023). Net loss: ₺582.2m (loss widened 264% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 90% per year, which means it is well ahead of earnings. Reported Earnings • Jan 21
Second quarter 2024 earnings released: ₺1.15 loss per share (vs ₺0.42 loss in 2Q 2023) Second quarter 2024 results: ₺1.15 loss per share (further deteriorated from ₺0.42 loss in 2Q 2023). Revenue: ₺772.7m (up 105% from 2Q 2023). Net loss: ₺276.2m (loss widened 174% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 120% per year, which means it is well ahead of earnings. Reported Earnings • Oct 11
First quarter 2024 earnings released: ₺0.76 loss per share (vs ₺0.12 profit in 1Q 2023) First quarter 2024 results: ₺0.76 loss per share (down from ₺0.12 profit in 1Q 2023). Revenue: ₺526.8m (up 88% from 1Q 2023). Net loss: ₺183.3m (down ₺212.1m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 144% per year, which means it is well ahead of earnings. Reported Earnings • Aug 11
Full year 2023 earnings released: ₺2.11 loss per share (vs ₺2.99 loss in FY 2022) Full year 2023 results: ₺2.11 loss per share (improved from ₺2.99 loss in FY 2022). Revenue: ₺1.33b (up 34% from FY 2022). Net loss: ₺507.0m (loss narrowed 29% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 127% per year, which means it is well ahead of earnings. 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 Negative equity (-₺2.6b). Earnings have declined by 32% 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 • Apr 12
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺296.3m (up 60% from 3Q 2022). Net loss: ₺160.0m (loss narrowed 50% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 74% per year, which means it is well ahead of earnings. Reported Earnings • Jan 20
Second quarter 2023 earnings released: ₺0.42 loss per share (vs ₺0.28 loss in 2Q 2022) Second quarter 2023 results: ₺0.42 loss per share (further deteriorated from ₺0.28 loss in 2Q 2022). Revenue: ₺377.8m (up 5.7% from 2Q 2022). Net loss: ₺100.7m (loss widened 50% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Omer Karabacak 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 • Oct 12
First quarter 2023 earnings released: EPS: ₺0.12 (vs ₺0.026 loss in 1Q 2022) First quarter 2023 results: EPS: ₺0.12 (up from ₺0.026 loss in 1Q 2022). Revenue: ₺280.8m (up 29% from 1Q 2022). Net income: ₺28.8m (up ₺34.9m from 1Q 2022). Profit margin: 10% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. 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 50% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Omer Karabacak 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 • Apr 13
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺185.0m (up 57% from 3Q 2021). Net loss: ₺322.6m (loss widened ₺272.7m from 3Q 2021). Reported Earnings • Jan 25
Second quarter 2022 earnings: Revenues in line with analyst expectations Second quarter 2022 results: Revenue: ₺357.3m (up 194% from 2Q 2021). Net loss: ₺67.4m (loss narrowed 64% from 2Q 2021). Revenue was in line with analyst estimates. 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 34% per year, which means it is well ahead of earnings. Reported Earnings • Oct 13
First quarter 2022 earnings released The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: ₺217.0m (up 81% from 1Q 2021). Net loss: ₺6.14m (loss narrowed 85% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Reported Earnings • Aug 11
Full year 2021 earnings released The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: ₺534.5m (up 7.4% from FY 2020). Net loss: ₺399.2m (loss narrowed 16% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Reported Earnings • Apr 11
Third quarter 2021 earnings released The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2021 results: Revenue: ₺118.1m (down 8.0% from 3Q 2020). Net loss: ₺50.0m (loss narrowed 47% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 08
New 90-day high: ₺4.81 The company is up 21% from its price of ₺3.97 on 08 December 2020. The Turkish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 5.0% over the same period. Reported Earnings • Jan 21
Second quarter 2021 earnings released: ₺0.78 loss per share The company reported a poor second quarter result with increased losses and weaker revenues and control over expenses. Second quarter 2021 results: Revenue: ₺121.6m (down 25% from 2Q 2020). Net loss: ₺187.4m (loss widened 121% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 74% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Dec 10
New 90-day high: ₺4.19 The company is up 17% from its price of ₺3.59 on 11 September 2020. The Turkish market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Entertainment industry, which is down 4.0% over the same period. Reported Earnings • Oct 14
First quarter earnings released Over the last 12 months the company has reported total losses of ₺451.3m, with losses widening by 131% from the prior year. Total revenue was ₺505.2m over the last 12 months, down 21% from the prior year. 
