Upcoming Dividend • May 25
Upcoming dividend of ₺2.70 per share Eligible shareholders must have bought the stock before 01 June 2026. Payment date: 03 June 2026. Trailing yield: 2.1%. Lower than top quartile of Turkish dividend payers (3.1%). Higher than average of industry peers (1.3%). New Risk • May 18
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: 26% Last year net profit margin: 38% 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: Minor Risks Dividend is not well covered by earnings (0% payout ratio). Profit margins are more than 30% lower than last year (26% net profit margin). Market cap is less than US$100m (₺4.40b market cap, or US$96.6m). Announcement • Apr 02
Mackolik Internet Hizmetleri Ticaret A.S., Annual General Meeting, May 08, 2026 Mackolik Internet Hizmetleri Ticaret A.S., Annual General Meeting, May 08, 2026. Location: zuhtupasa mahallesi sefik bey sokak no: 1, istanbul Turkey Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₺33.52, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 19x in the Interactive Media and Services industry in Asia. Total returns to shareholders of 202% over the past three years. New Risk • Feb 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 8.2% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Cash payout ratio: 100% High level of non-cash earnings (55% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (₺3.05b market cap, or US$69.7m). New Risk • Jan 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 7.7% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Cash payout ratio: 100% High level of non-cash earnings (55% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (₺2.80b market cap, or US$65.0m). Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺25.90, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 21x in the Interactive Media and Services industry in Asia. Negligible returns to shareholders over past year. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺39.54, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 20x in the Interactive Media and Services industry in Asia. Total returns to shareholders of 57% over the past year. Reported Earnings • Nov 04
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺249.2m (up 61% from 3Q 2024). Net income: ₺78.8m (up 78% from 3Q 2024). Profit margin: 32% (up from 29% in 3Q 2024). The increase in margin was driven by higher revenue. New Risk • Sep 19
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 0% Dividend yield: 2.2% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (0% payout ratio). Market cap is less than US$100m (₺3.93b market cap, or US$94.9m). Upcoming Dividend • Sep 17
Upcoming dividend of ₺0.55 per share Eligible shareholders must have bought the stock before 24 September 2025. Payment date: 26 September 2025. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Turkish dividend payers (2.9%). Higher than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺42.76, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 24x in the Interactive Media and Services industry in Asia. Total returns to shareholders of 99% over the past year. New Risk • Jun 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.91b (US$99.3m) 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. Upcoming Dividend • May 26
Upcoming dividend of ₺0.55 per share Eligible shareholders must have bought the stock before 02 June 2025. Payment date: 04 June 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.2%. Lower than top quartile of Turkish dividend payers (3.6%). Higher than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺39.74, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 21x in the Interactive Media and Services industry in Asia. Total returns to shareholders of 114% over the past year. Announcement • Apr 28
Mackolik Internet Hizmetleri Ticaret A.S., Annual General Meeting, May 27, 2025 Mackolik Internet Hizmetleri Ticaret A.S., Annual General Meeting, May 27, 2025. Location: zuhtupasa mahallesi sefik bey sokak, no:1 kadikoy / istanbul, istanbul Turkey New Risk • Apr 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 111% Cash payout ratio: 144% Dividend yield: 10% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 111% Cash payout ratio: 144% Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (₺3.08b market cap, or US$80.7m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺134, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 19x in the Interactive Media and Services industry in Asia. Total returns to shareholders of 85% over the past year. New Risk • Apr 03
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 7.6% 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: Minor Risks Dividend is not well covered by earnings (111% payout ratio). Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (₺2.99b market cap, or US$78.7m). 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 ₺96.70, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 22x in the Interactive Media and Services industry in Asia. Total returns to shareholders of 47% over the past year. Reported Earnings • Mar 13
Full year 2024 earnings released Full year 2024 results: Revenue: ₺697.4m (up 85% from FY 2023). Net income: ₺255.4m (up 68% from FY 2023). Profit margin: 37% (down from 41% in FY 2023). The decrease in margin was driven by higher expenses. Buy Or Sell Opportunity • Jan 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 43% to ₺111. The fair value is estimated to be ₺91.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has declined by 43%. Buy Or Sell Opportunity • Jan 07
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 59% to ₺114. The fair value is estimated to be ₺91.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has declined by 43%. Buy Or Sell Opportunity • Dec 04
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to ₺108. The fair value is estimated to be ₺90.10, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has declined by 43%. New Risk • Nov 18
New major risk - Revenue and earnings growth Revenue has declined by 0.6% 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 0.6% over the past year. Minor Risk Market cap is less than US$100m (₺2.25b market cap, or US$65.4m). Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: ₺1.77 (vs ₺1.10 in 3Q 2023) Third quarter 2024 results: EPS: ₺1.77 (up from ₺1.10 in 3Q 2023). Revenue: ₺154.6m (up 128% from 3Q 2023). Net income: ₺44.4m (up 61% from 3Q 2023). Profit margin: 29% (down from 41% in 3Q 2023). The decrease in margin was driven by higher expenses. New Risk • Oct 04
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 5.0% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 0.7% over the past year. Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (₺1.75b market cap, or US$51.2m). Upcoming Dividend • Sep 25
Upcoming dividend of ₺1.80 per share Eligible shareholders must have bought the stock before 02 October 2024. Payment date: 04 October 2024. The average dividend yield among industry peers is 0.9%. New Risk • Aug 19
New major risk - Revenue and earnings growth Revenue has declined by 0.7% 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 0.7% over the past year. Minor Risk Market cap is less than US$100m (₺2.24b market cap, or US$66.5m). Reported Earnings • Aug 09
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺156.0m (up 143% from 2Q 2023). Net income: ₺53.6m (up 7.8% from 2Q 2023). Profit margin: 34% (down from 78% in 2Q 2023). The decrease in margin was driven by higher expenses. New Risk • Jun 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 9.0% 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 (65% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (₺2.18b market cap, or US$66.4m). Reported Earnings • Jun 16
First quarter 2024 earnings released: EPS: ₺1.40 (vs ₺0.81 in 1Q 2023) First quarter 2024 results: EPS: ₺1.40 (up from ₺0.81 in 1Q 2023). Revenue: ₺130.7m (up 147% from 1Q 2023). Net income: ₺35.1m (up 73% from 1Q 2023). Profit margin: 27% (down from 38% in 1Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺88.10, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 23x in the Interactive Media and Services industry in Asia. Total returns to shareholders of 61% over the past year. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₺75.90, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 25x in the Interactive Media and Services industry in Asia. Total returns to shareholders of 65% over the past year. Upcoming Dividend • Apr 29
Upcoming dividend of ₺6.09 per share Eligible shareholders must have bought the stock before 06 May 2024. Payment date: 08 May 2024. The average dividend yield among industry peers is 1.0%. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: ₺6.09 (vs ₺4.27 in FY 2022) Full year 2023 results: EPS: ₺6.09 (up from ₺4.27 in FY 2022). Revenue: ₺376.3m (up 102% from FY 2022). Net income: ₺152.3m (up 56% from FY 2022). Profit margin: 41% (down from 52% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺76.00, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 24x in the Interactive Media and Services industry in Asia. Total returns to shareholders of 37% over the past year. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺80.40, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 25x in the Interactive Media and Services industry in Asia. Total returns to shareholders of 67% over the past year. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺97.50, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 22x in the Interactive Media and Services industry in Asia. New Risk • Aug 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 83% 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 (83% accrual ratio). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₺2.26b market cap, or US$85.2m). Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺102, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 29x in the Interactive Media and Services industry in Asia. 
