Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺36.76, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 16x in the Media industry in Asia. Total returns to shareholders of 361% over the past three years. Reported Earnings • May 24
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₺2.54b (up 41% from 1Q 2025). Net income: ₺144.3m (up 25% from 1Q 2025). Profit margin: 5.7% (down from 6.4% in 1Q 2025). The decrease in margin was driven by higher expenses. New Risk • May 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 8.6% 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 Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (₺3.60b market cap, or US$79.7m). Buy Or Sell Opportunity • May 05
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to ₺30.46. The fair value is estimated to be ₺24.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 13%. Buy Or Sell Opportunity • Apr 01
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to ₺29.64. The fair value is estimated to be ₺24.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 13%. New Risk • Mar 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 8.1% 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (₺3.60b market cap, or US$81.2m). Buy Or Sell Opportunity • Mar 17
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to ₺31.08. The fair value is estimated to be ₺24.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 7.1%. Reported Earnings • Mar 15
Full year 2025 earnings released Full year 2025 results: Revenue: ₺10.9b (up 89% from FY 2024). Net income: ₺467.1m (up 89% from FY 2024). Profit margin: 4.3% (in line with FY 2024). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺28.40, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 16x in the Media industry in Asia. Total returns to shareholders of 181% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺24.34, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 17x in the Media industry in Asia. Total returns to shareholders of 104% over the past three years. Reported Earnings • Nov 21
Third quarter 2025 earnings released: EPS: ₺0.73 (vs ₺0.02 in 3Q 2024) Third quarter 2025 results: EPS: ₺0.73 (up from ₺0.02 in 3Q 2024). Revenue: ₺2.09b (up 104% from 3Q 2024). Net income: ₺86.5m (up ₺83.6m from 3Q 2024). Profit margin: 4.1% (up from 0.3% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. 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 ₺22.84, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 18x in the Media industry in Asia. Total returns to shareholders of 204% over the past three years. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment deteriorates as stock falls 36% After last week's 36% share price decline to ₺22.30, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 19x in the Media industry in Asia. Total returns to shareholders of 278% over the past three years. New Risk • Oct 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 8.7% 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: Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (₺2.93b market cap, or US$70.3m). Upcoming Dividend • Sep 23
Upcoming dividend of ₺0.84 per share Eligible shareholders must have bought the stock before 30 September 2025. Payment date: 02 October 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Turkish dividend payers (2.9%). Higher than average of industry peers (2.3%). Buy Or Sell Opportunity • Sep 19
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 175% to ₺34.94. The fair value is estimated to be ₺28.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 3.0%. Reported Earnings • Sep 15
Second quarter 2025 earnings released: EPS: ₺0.88 (vs ₺1.37 in 2Q 2024) Second quarter 2025 results: EPS: ₺0.88 (down from ₺1.37 in 2Q 2024). Revenue: ₺2.45b (up 41% from 2Q 2024). Net income: ₺104.4m (down 34% from 2Q 2024). Profit margin: 4.3% (down from 9.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺25.74, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 19x in the Media industry in Asia. Total returns to shareholders of 413% over the past three years. Announcement • Aug 29
PC Iletisim ve Medya Hizmetleri Sanayi Ticaret A.S., Annual General Meeting, Sep 19, 2025 PC Iletisim ve Medya Hizmetleri Sanayi Ticaret A.S., Annual General Meeting, Sep 19, 2025. Location: balmumcu mahallesi barbaros bulvari, morbasan, sokak koza is merkezi c blok no.14 kat.12 besiktas, istanbul Turkey Announcement • Aug 15
PC Iletisim ve Medya Hizmetleri Sanayi Ticaret A.S. announces Annual dividend, payable on October 02, 2025 PC Iletisim ve Medya Hizmetleri Sanayi Ticaret A.S. announced Annual dividend of TRY 0.8450 per share payable on October 02, 2025, ex-date on September 30, 2025 and record date on October 01, 2025. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺19.61, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 19x in the Media industry in Asia. Total returns to shareholders of 313% over the past three years. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺16.20, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 18x in the Media industry in Asia. Total returns to shareholders of 246% over the past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺11.83, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 18x in the Media industry in Asia. Total returns to shareholders of 153% over the past three years. New Risk • May 27
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 (29% accrual ratio). Minor Risks Dividend is not well covered by cash flows (229% cash payout ratio). Share price has been volatile over the past 3 months (9.0% average weekly change). Profit margins are more than 30% lower than last year (4.4% net profit margin). Market cap is less than US$100m (₺1.54b market cap, or US$39.5m). New Risk • May 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: 4.4% Last year net profit margin: 6.7% 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 Risk High level of non-cash earnings (29% accrual ratio). Minor Risks Dividend is not well covered by cash flows (229% cash payout ratio). Profit margins are more than 30% lower than last year (4.4% net profit margin). Market cap is less than US$100m (₺1.52b market cap, or US$39.1m). Reported Earnings • Mar 23
Full year 2024 earnings released: EPS: ₺2.09 (vs ₺2.62 in FY 2023) Full year 2024 results: EPS: ₺2.09 (down from ₺2.62 in FY 2023). Revenue: ₺5.75b (up 13% from FY 2023). Net income: ₺247.6m (down 20% from FY 2023). Profit margin: 4.3% (down from 6.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺13.53, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 17x in the Media industry in Asia. Total returns to shareholders of 197% over the past three years. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺17.01, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 17x in the Media industry in Asia. Total returns to shareholders of 11% over the past year. Reported Earnings • Nov 19
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺1.02b (up 16% from 3Q 2023). Net income: ₺2.91m (down 94% from 3Q 2023). Profit margin: 0.3% (down from 5.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Upcoming Dividend • Oct 23
Upcoming dividend of ₺0.84 per share Eligible shareholders must have bought the stock before 30 October 2024. Payment date: 01 November 2024. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Turkish dividend payers (3.0%). Lower than average of industry peers (2.3%). Reported Earnings • Oct 04
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺1.49b (up 70% from 2Q 2023). Net income: ₺138.7m (down 2.7% from 2Q 2023). Profit margin: 9.3% (down from 16% in 2Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺18.77, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 17x in the Media industry in Asia. Total returns to shareholders of 67% over the past year. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺17.07, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 18x in the Media industry in Asia. Total returns to shareholders of 37% over the past year. Reported Earnings • Jul 05
First quarter 2024 earnings released: EPS: ₺0.65 (vs ₺0.20 in 1Q 2023) First quarter 2024 results: EPS: ₺0.65 (up from ₺0.20 in 1Q 2023). Revenue: ₺1.22b (up 162% from 1Q 2023). Net income: ₺76.5m (up 224% from 1Q 2023). Profit margin: 6.2% (up from 5.1% in 1Q 2023). The increase in margin was driven by higher revenue. New Risk • May 28
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 9.8% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.8% average weekly change). Market cap is less than US$100m (₺2.09b market cap, or US$64.9m). Reported Earnings • May 22
Full year 2023 earnings released: EPS: ₺2.62 (vs ₺1.07 in FY 2022) Full year 2023 results: EPS: ₺2.62 (up from ₺1.07 in FY 2022). Revenue: ₺5.11b (up 165% from FY 2022). Net income: ₺309.9m (up 145% from FY 2022). Profit margin: 6.1% (down from 6.6% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺15.88, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 19x in the Media industry in Asia. Total returns to shareholders of 99% over the past year. New Risk • Mar 07
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 9.9% 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 Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (₺1.84b market cap, or US$57.9m). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺19.17, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 15x in the Media industry in Turkey. Total returns to shareholders of 48% over the past year. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺17.00, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 17x in the Media industry in Turkey. Total returns to shareholders of 116% over the past year. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺39.50, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 14x in the Media industry in Turkey. Total returns to shareholders of 31% over the past year. Reported Earnings • Aug 23
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺875.3m (up 53% from 2Q 2022). Net income: ₺142.5m (up 211% from 2Q 2022). Profit margin: 16% (up from 8.0% in 2Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺31.64, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 14x in the Media industry in Turkey. Total returns to shareholders of 137% over the past year. New Risk • Aug 01
New major 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 11% 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 Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₺1.90b market cap, or US$70.6m). Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺39.44, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 19x in the Media industry in Turkey. Total returns to shareholders of 203% over the past year. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺30.62, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 15x in the Media industry in Turkey. Total returns to shareholders of 143% over the past year. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺27.16, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 14x in the Media industry in Turkey. Total returns to shareholders of 125% over the past year. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺21.12, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 13x in the Media industry in Turkey. Total returns to shareholders of 72% over the past year. Upcoming Dividend • May 15
Upcoming dividend of ₺0.91 per share at 5.3% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Trailing yield: 5.3%. Within top quartile of Turkish dividend payers (3.9%). Higher than average of industry peers (2.2%). Reported Earnings • May 14
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺467.7m (up 41% from 1Q 2022). Net income: ₺23.6m (up 126% from 1Q 2022). Profit margin: 5.1% (up from 3.2% in 1Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺20.00, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 13x in the Media industry in Turkey. Total returns to shareholders of 61% over the past year. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺27.36, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 19x in the Media industry in Turkey. Total returns to shareholders of 122% over the past year. Reported Earnings • Mar 04
Full year 2022 earnings released Full year 2022 results: Revenue: ₺1.93b (up 131% from FY 2021). Net income: ₺126.6m (up 301% from FY 2021). Profit margin: 6.6% (up from 3.8% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺22.20, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 19x in the Media industry in Turkey. Total returns to shareholders of 70% over the past year. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺29.84, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 22x in the Media industry in Turkey. Total returns to shareholders of 146% over the past year. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 18% share price gain to ₺29.00, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 21x in the Media industry in Turkey. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 16% share price gain to ₺23.92, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 21x in the Media industry in Turkey. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 23% share price gain to ₺20.30, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 16x in the Media industry in Turkey. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improved over the past week After last week's 17% share price gain to ₺18.00, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 17x in the Media industry in Turkey. Reported Earnings • Aug 21
Second quarter 2022 earnings released Second quarter 2022 results: EPS: ₺1.02. Net income: ₺45.9m (up ₺45.9m from 2Q 2021). 
