Buy Or Sell Opportunity • May 08
Now 22% undervalued Over the last 90 days, the stock has risen 11% to ₺40.70. The fair value is estimated to be ₺52.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 19%. Announcement • Mar 25
Edip Gayrimenkul Yatirim Sanayi ve Ticaret A.S., Annual General Meeting, Apr 21, 2026 Edip Gayrimenkul Yatirim Sanayi ve Ticaret A.S., Annual General Meeting, Apr 21, 2026. Location: 212 outlet avm - mahmutbey merkez mh.tasocagi, cd. no:5 bagcilar, istanbul Turkey Reported Earnings • Mar 15
Full year 2025 earnings released Full year 2025 results: Revenue: ₺766.7m (up 37% from FY 2024). Net income: ₺662.0m (down 29% from FY 2024). Profit margin: 86% (down from 167% in FY 2024). 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 64% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 17
Now 24% overvalued Over the last 90 days, the stock has fallen 18% to ₺33.30. The fair value is estimated to be ₺26.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 5.9%. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺36.08, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 60x in the Real Estate industry in Turkey. Total returns to shareholders of 952% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺32.62, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 50x in the Real Estate industry in Turkey. Total returns to shareholders of 970% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺34.92, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 49x in the Real Estate industry in Turkey. Total returns to shareholders of 1,068% over the past three years. Buy Or Sell Opportunity • May 08
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 105% to ₺41.30. The fair value is estimated to be ₺32.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₺31.06, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 50x in the Real Estate industry in Turkey. Total returns to shareholders of 925% over the past three years. New Risk • May 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 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: Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (167% net profit margin). Market cap is less than US$100m (₺1.84b market cap, or US$47.6m). Announcement • Mar 21
Edip Gayrimenkul Yatirim Sanayi ve Ticaret A.S., Annual General Meeting, Apr 18, 2025 Edip Gayrimenkul Yatirim Sanayi ve Ticaret A.S., Annual General Meeting, Apr 18, 2025. Location: 212 outlet avm - mahmutbey merkez, mh.tasocagi cd. no:5 bagcilar istanbul, istanbul Turkey Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: ₺14.38 (vs ₺28.65 in FY 2023) Full year 2024 results: EPS: ₺14.38 (down from ₺28.65 in FY 2023). Revenue: ₺561.0m (up 47% from FY 2023). Net income: ₺934.4m (down 50% from FY 2023). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Dec 04
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 Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (₺1.63b market cap, or US$46.8m). Buy Or Sell Opportunity • Nov 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to ₺25.60. The fair value is estimated to be ₺21.20, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: ₺1.97 (vs ₺0.34 in 3Q 2023) Third quarter 2024 results: EPS: ₺1.97 (up from ₺0.34 in 3Q 2023). Revenue: ₺153.7m (up 82% from 3Q 2023). Net income: ₺128.3m (up 476% from 3Q 2023). Profit margin: 84% (up from 26% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 26
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺140.7m (up 95% from 2Q 2023). Net income: ₺104.1m (up 175% from 2Q 2023). Profit margin: 74% (up from 53% in 2Q 2023). Reported Earnings • Jun 14
First quarter 2024 earnings released: EPS: ₺2.69 (vs ₺0.13 in 1Q 2023) First quarter 2024 results: EPS: ₺2.69 (up from ₺0.13 in 1Q 2023). Revenue: ₺104.2m (up 71% from 1Q 2023). Net income: ₺174.8m (up ₺166.5m from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has increased by 124% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 20
Full year 2023 earnings released Full year 2023 results: Revenue: ₺381.0m (up 119% from FY 2022). Net income: ₺1.86b (up 231% from FY 2022). Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺17.53, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 12x in the Real Estate industry in Turkey. Total returns to shareholders of 441% over the past three years. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺14.99, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 7x in the Real Estate industry in Turkey. Total returns to shareholders of 373% over the past three years. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺17.03, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 17x in the Real Estate industry in Turkey. Total returns to shareholders of 458% over the past three years. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ₺0.34 (vs ₺9.38 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.34 (down from ₺9.38 in 3Q 2022). Revenue: ₺84.2m (up 68% from 3Q 2022). Net income: ₺22.3m (down 96% from 3Q 2022). Profit margin: 26% (down from 1,214% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 69% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Net income: ₺37.9m (up ₺162.3m from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 89% per year whereas the company’s share price has increased by 90% per year. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 61% After last week's 61% share price gain to ₺18.97, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 6x in the Real Estate industry in Turkey. Total returns to shareholders of 566% over the past three years. New Risk • Jun 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 10% 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 Interest payments are not well covered by earnings (0.5x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (40% accrual ratio). Minor Risk Market cap is less than US$100m (₺548.6m market cap, or US$23.2m). Reported Earnings • May 10
First quarter 2023 earnings released: ₺0.37 loss per share (vs ₺1.15 loss in 1Q 2022) First quarter 2023 results: ₺0.37 loss per share (improved from ₺1.15 loss in 1Q 2022). Revenue: ₺60.9m (up 113% from 1Q 2022). Net loss: ₺23.9m (loss narrowed 68% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₺10.29, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 12x in the Real Estate industry in Turkey. Total returns to shareholders of 646% over the past three years. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 21% share price gain to ₺10.38, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 13x in the Real Estate industry in Turkey. Total returns to shareholders of 647% over the past three years. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 20% share price gain to ₺10.08, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 10x in the Real Estate industry in Turkey. Total returns to shareholders of 720% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Mahmut Ölçer was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: ₺9.38 (vs ₺0.18 in 3Q 2021) Third quarter 2022 results: EPS: ₺9.38 (up from ₺0.18 in 3Q 2021). Net income: ₺609.6m (up ₺598.1m from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 63% per year, which means it is well ahead of earnings. Reported Earnings • Aug 20
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺37.2m (up 183% from 2Q 2021). Net loss: ₺124.3m (loss widened 170% from 2Q 2021). Reported Earnings • May 12
First quarter 2022 earnings released: ₺1.15 loss per share (vs ₺0.70 loss in 1Q 2021) First quarter 2022 results: ₺1.15 loss per share (down from ₺0.70 loss in 1Q 2021). Revenue: ₺28.6m (up 117% from 1Q 2021). Net loss: ₺74.5m (loss widened 64% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 157 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Mahmut Ölçer was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Net loss: ₺181.2m (loss narrowed 10% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 173 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 20
Second quarter 2021 earnings released: ₺0.71 loss per share (vs ₺0.58 loss in 2Q 2020) Second quarter 2021 results: Net loss: ₺46.0m (loss widened 23% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 149 percentage points per year, which is a significant difference in performance. Reported Earnings • May 26
First quarter 2021 earnings released: ₺0.70 loss per share (vs ₺0.54 loss in 1Q 2020) First quarter 2021 results: Net loss: ₺45.6m (loss widened 31% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Reported Earnings • Mar 11
Full year 2020 earnings released: ₺0.031 loss per share (vs ₺0.45 profit in FY 2019) Full year 2020 results: Net loss: ₺201.8m (down ₺230.7m from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 23
New 90-day high: ₺3.79 The company is up 24% from its price of ₺3.05 on 25 November 2020. The Turkish market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Real Estate industry, which is up 58% over the same period. Is New 90 Day High Low • Feb 01
New 90-day high: ₺3.44 The company is up 16% from its price of ₺2.97 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 Real Estate industry, which is up 49% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: ₺1.40 loss per share Third quarter 2020 results: Net loss: ₺91.1m (down 499% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Oct 14
New 90-day high: ₺3.46 The company is up 35% from its price of ₺2.56 on 16 July 2020. The Turkish market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Real Estate industry, which is up 82% over the same period.