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: Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (₺2.36b market cap, or US$51.9m). Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺4.00, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 37x in the Biotechs industry in Asia. Total returns to shareholders of 191% over the past three years. Reported Earnings • Mar 03
Full year 2025 earnings released Full year 2025 results: Net income: ₺881.2m (up ₺828.9m from FY 2024). Reported Earnings • Oct 29
Third quarter 2025 earnings released Third quarter 2025 results: Net income: ₺54.6m (up ₺156.6m from 3Q 2024). 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 32% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₺4.52, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 45x in the Biotechs industry in Asia. Total returns to shareholders of 188% over the past three years. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺3.38, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 44x in the Biotechs industry in Asia. Total returns to shareholders of 119% over the past three years. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ₺0.18 (vs ₺0.017 loss in 2Q 2024) Second quarter 2025 results: EPS: ₺0.18 (up from ₺0.017 loss in 2Q 2024). Net income: ₺91.8m (up ₺100.5m from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • May 06
RTA Laboratuvarlari Biyolojik Urunler Ilac ve Makine Sanayi Ticaret A.S., Annual General Meeting, Jun 04, 2025 RTA Laboratuvarlari Biyolojik Urunler Ilac ve Makine Sanayi Ticaret A.S., Annual General Meeting, Jun 04, 2025. Location: gebze plastikciler organize sanayi bolgesi inonu, mah. balcik koyu yolu uzeri geposb ici cumhuriyet, cad. no:3 41400 gebze /, kocaeli Turkey New Risk • May 05
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: 55% Last year net profit margin: 129% 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 Earnings have declined by 21% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (55% net profit margin). Revenue is less than US$5m (₺169m revenue, or US$4.4m). Market cap is less than US$100m (₺1.55b market cap, or US$40.0m). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺3.34, the stock trades at a trailing P/E ratio of 32x. Average trailing P/E is 29x in the Biotechs industry in Asia. Total returns to shareholders of 141% over the past three years. 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 ₺2.75, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 31x in the Biotechs industry in Asia. Total returns to shareholders of 98% over the past three years. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: ₺0.52 (vs ₺0.71 loss in FY 2023) Full year 2024 results: EPS: ₺0.52 (up from ₺0.71 loss in FY 2023). Revenue: ₺158.6m (up 65% from FY 2023). Net income: ₺52.2m (up ₺52.2m from FY 2023). Profit margin: 33% (up from 0% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 02
Third quarter 2024 earnings released: EPS: ₺0.26 (vs ₺0.47 in 3Q 2023) Third quarter 2024 results: EPS: ₺0.26 (down from ₺0.47 in 3Q 2023). Revenue: ₺116.5m (up ₺97.2m from 3Q 2023). Net income: ₺26.0m (down 45% from 3Q 2023). Profit margin: 22% (down from 245% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Sep 20
Second quarter 2024 earnings released: ₺1.95 loss per share (vs ₺0.76 profit in 2Q 2023) Second quarter 2024 results: ₺1.95 loss per share (down from ₺0.76 profit in 2Q 2023). Revenue: ₺35.5m (up 108% from 2Q 2023). Net loss: ₺195.0m (down 357% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₺17.88, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 28x in the Biotechs industry in Asia. Total returns to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺26.64, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 28x in the Biotechs industry in Asia. Total returns to shareholders of 154% over the past three years. New Risk • Aug 19
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 High level of non-cash earnings (22% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Revenue is less than US$5m (₺100m revenue, or US$3.0m). Market cap is less than US$100m (₺1.65b market cap, or US$49.0m). Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺12.43, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 27x in the Biotechs industry in Asia. Total returns to shareholders of 38% over the past three years. Reported Earnings • Jun 13
First quarter 2024 earnings released First quarter 2024 results: Net income: ₺126.1m (up 130% from 1Q 2023). Buy Or Sell Opportunity • May 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to ₺12.20. The fair value is estimated to be ₺15.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Earnings per share has grown by 56%. New Risk • May 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Risk High level of non-cash earnings (32% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Revenue is less than US$5m (₺53m revenue, or US$1.6m). Market cap is less than US$100m (₺1.24b market cap, or US$38.4m). Buy Or Sell Opportunity • May 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to ₺12.68. The fair value is estimated to be ₺15.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Earnings per share has grown by 56%. Buy Or Sell Opportunity • Mar 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to ₺12.89. The fair value is estimated to be ₺16.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Earnings per share has grown by 56%. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺16.45, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 40x in the Biotechs industry in Asia. Total loss to shareholders of 5.7% over the past three years. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺16.20, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 39x in the Biotechs industry in Asia. Total loss to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺17.71, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 36x in the Biotechs industry in Asia. Total loss to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺12.15, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 38x in the Biotechs industry in Asia. Total loss to shareholders of 51% over the past three years. Reported Earnings • Aug 14
Second quarter 2023 earnings released Second quarter 2023 results: Net income: ₺106.6m (up 81% from 2Q 2022). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺8.32, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 39x in the Biotechs industry in Asia. Total returns to shareholders of 14% over the past three years. Reported Earnings • Mar 16
Full year 2022 earnings released Full year 2022 results: Net income: ₺281.1m (up 146% from FY 2021). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺10.03, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 36x in the Biotechs industry in Asia. Total returns to shareholders of 746% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺9.44, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 36x in the Biotechs industry in Asia. Total returns to shareholders of 789% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺10.84, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 36x in the Biotechs industry in Asia. Total returns to shareholders of 1,006% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 25% share price gain to ₺13.21, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 35x in the Biotechs industry in Asia. Total returns to shareholders of 1,022% over the past three years. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Tahsin Yesildere was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improved over the past week After last week's 16% share price gain to ₺8.62, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 28x in the Biotechs industry in Asia. Total returns to shareholders of 1,480% over the past three years. Reported Earnings • Aug 21
Second quarter 2022 earnings released: EPS: ₺0.59 (vs ₺0.39 in 2Q 2021) Second quarter 2022 results: EPS: ₺0.59 (up from ₺0.39 in 2Q 2021). Revenue: ₺25.1m (down 74% from 2Q 2021). Net income: ₺58.7m (up 60% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has increased by 161% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 18% share price gain to ₺8.40, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 32x in the Biotechs industry in Asia. Total returns to shareholders of 1,512% over the past three years. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 25% share price gain to ₺7.46, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 32x in the Biotechs industry in Asia. Total returns to shareholders of 1,342% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improved over the past week After last week's 15% share price gain to ₺15.80, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 31x in the Biotechs industry in Asia. Total returns to shareholders of 1,233% over the past three years. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: ₺0.78 (vs ₺0.60 in 1Q 2021) First quarter 2022 results: EPS: ₺0.78 (up from ₺0.60 in 1Q 2021). Revenue: ₺43.4m (down 27% from 1Q 2021). Net income: ₺33.5m (up 37% from 1Q 2021). Profit margin: 77% (up from 41% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has increased by 122% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Tahsin Yesildere was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺2.66 (up from ₺1.59 in FY 2020). Revenue: ₺384.3m (up 67% from FY 2020). Net income: ₺114.5m (up 88% from FY 2020). Profit margin: 30% (up from 26% in FY 2020). The increase in margin 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 86% per year but the company’s share price has increased by 118% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺15.94, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 36x in the Biotechs industry in Asia. Total returns to shareholders of 981% over the past three years. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 27% share price gain to ₺25.20, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 41x in the Biotechs industry in Asia. Total returns to shareholders of 1,139% over the past three years. Reported Earnings • Nov 12
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: ₺112.0m (up 144% from 3Q 2020). Net income: ₺40.2m (up 185% from 3Q 2020). Profit margin: 36% (up from 31% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has increased by 112% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 17% share price gain to ₺25.44, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 42x in the Biotechs industry in Asia. Total returns to shareholders of 1,237% over the past three years. Reported Earnings • Aug 24
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₺94.8m (up 74% from 2Q 2020). Net income: ₺36.7m (up 39% from 2Q 2020). Profit margin: 39% (down from 49% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has increased by 118% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 12
First quarter 2021 earnings released: EPS ₺0.60 (vs ₺0.24 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺59.3m (up 160% from 1Q 2020). Net income: ₺24.5m (up 173% from 1Q 2020). Profit margin: 41% (up from 39% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has increased by 132% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₺24.60, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 54x in the Biotechs industry in Asia. Total returns to shareholders of 1,144% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 36% share price gain to ₺25.36, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 52x in the Biotechs industry in Asia. Total returns to shareholders of 888% over the past three years. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS ₺1.49 (vs ₺0.15 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ₺230.4m (up ₺213.7m from FY 2019). Net income: ₺60.9m (up ₺56.5m from FY 2019). Profit margin: 26% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has increased by 103% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺21.98, the stock is trading at a trailing P/E ratio of 17x, down from the previous P/E ratio of 20.3x. This compares to an average P/E of 58x in the Biotechs industry in Asia. Total returns to shareholders over the past three years are 763%. Is New 90 Day High Low • Feb 19
New 90-day low: ₺25.66 The company is down 41% from its price of ₺43.58 on 20 November 2020. The Turkish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 18
New 90-day low: ₺28.08 The company is down 37% from its price of ₺44.46 on 20 October 2020. The Turkish market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day low: ₺33.08 The company is down 33% from its price of ₺49.50 on 25 September 2020. The Turkish market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 1.0% over the same period. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₺33.12, the stock is trading at a trailing P/E ratio of 25.7x, down from the previous P/E ratio of 31.4x. This compares to an average P/E of 63x in the Biotechs industry in Asia. Total returns to shareholders over the past three years are 1,245%. Is New 90 Day High Low • Dec 07
New 90-day low: ₺40.28 The company is down 29% from its price of ₺56.65 on 08 September 2020. The Turkish market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 2.0% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS ₺0.34 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₺45.9m (up ₺42.4m from 3Q 2019). Net income: ₺14.1m (up ₺14.5m from 3Q 2019). Profit margin: 31% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has increased by 155% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 29
Market bids up stock over the past week After last week's 18% share price gain to ₺50.30, the stock is trading at a trailing P/E ratio of 52.5x, up from the previous P/E ratio of 44.6x. This compares to an average P/E of 72x in the Biotechs industry in Asia. Total returns to shareholders over the past three years are 1,697%. 
