Announcement • Apr 08
Aztek Teknoloji Urunleri Ticaret Anonim Sirketi, Annual General Meeting, May 05, 2026 Aztek Teknoloji Urunleri Ticaret Anonim Sirketi, Annual General Meeting, May 05, 2026. Location: mustafa kemal alisveris merkezi 1., kat no: 7 besiktas, istanbul Turkey Reported Earnings • Mar 15
Full year 2025 earnings released: ₺4.10 loss per share (vs ₺0.23 profit in FY 2024) Full year 2025 results: ₺4.10 loss per share (down from ₺0.23 profit in FY 2024). Revenue: ₺9.01b (up 12% from FY 2024). Net loss: ₺409.7m (down 280% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 132 percentage points per year, which is a significant difference in performance. New Risk • Feb 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺4.30b (US$98.1m) 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 Interest payments are not well covered by earnings (1.1x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 14x earnings per share. Paying a dividend despite having no free cash flows. High level of non-cash earnings (24% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (₺4.30b market cap, or US$98.1m). New Risk • Dec 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺4.25b (US$99.2m) 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 Interest payments are not well covered by earnings (1.1x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 14x earnings per share. Paying a dividend despite having no free cash flows. High level of non-cash earnings (24% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (₺4.25b market cap, or US$99.2m). Buy Or Sell Opportunity • Nov 30
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ₺5.05. The fair value is estimated to be ₺4.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 25%. Reported Earnings • Nov 16
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺1.97b (up 9.0% from 3Q 2024). Net loss: ₺91.1m (down 304% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. New Risk • Nov 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (0.4% net profit margin). New Risk • Nov 14
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: 0.2% Last year net profit margin: 2.5% 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 Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺44.60, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 28x in the Electronic industry in Turkey. Total returns to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺48.22, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 25x in the Electronic industry in Turkey. Total returns to shareholders of 314% over the past three years. Reported Earnings • Aug 19
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₺1.97b (up 8.3% from 2Q 2024). Net income: ₺28.8m (down 36% from 2Q 2024). Profit margin: 1.5% (down from 2.5% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. New Risk • May 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.86b (US$98.7m) 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 Interest payments are not well covered by earnings (1.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 119% Paying a dividend despite having no free cash flows. High level of non-cash earnings (32% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (₺3.86b market cap, or US$98.7m). 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: 2.5% Last year net profit margin: 3.7% 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 Risks Interest payments are not well covered by earnings (1.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 119% Paying a dividend despite having no free cash flows. High level of non-cash earnings (32% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (2.5% net profit margin). Upcoming Dividend • May 21
Upcoming dividend of ₺1.36 per share Eligible shareholders must have bought the stock before 28 May 2025. Payment date: 30 May 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.0%. Within top quartile of Turkish dividend payers (3.4%). Higher than average of industry peers (2.0%). Reported Earnings • May 14
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₺1.65b (flat on 1Q 2024). Net income: ₺2.67m (down 92% from 1Q 2024). Profit margin: 0.2% (down from 1.9% in 1Q 2024). Announcement • Mar 26
Aztek Teknoloji Urunleri Ticaret Anonim Sirketi announces Annual dividend, payable on January 05, 2026 Aztek Teknoloji Urunleri Ticaret Anonim Sirketi announced Annual dividend of TRY 1.3587 per share payable on January 05, 2026, ex-date on December 31, 2025 and record date on January 02, 2026. Announcement • Mar 25
Aztek Teknoloji Urunleri Ticaret Anonim Sirketi, Annual General Meeting, Apr 24, 2025 Aztek Teknoloji Urunleri Ticaret Anonim Sirketi, Annual General Meeting, Apr 24, 2025. Location: mustafa kemal alisveris merkezi 1., kat no: 7 besiktas, istanbul Turkey New Risk • Mar 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 115% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 333% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.8% net profit margin). New Risk • Mar 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 333% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (2.8% net profit margin). Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: ₺2.28 (vs ₺2.85 in FY 2023) Full year 2024 results: EPS: ₺2.28 (down from ₺2.85 in FY 2023). Revenue: ₺8.02b (up 34% from FY 2023). Net income: ₺228.2m (down 20% from FY 2023). Profit margin: 2.8% (down from 4.8% in FY 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 10
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺1.80b (up 18% from 3Q 2023). Net income: ₺44.7m (down 79% from 3Q 2023). Profit margin: 2.5% (down from 14% in 3Q 2023). Buy Or Sell Opportunity • Nov 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to ₺47.80. The fair value is estimated to be ₺60.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last year. Earnings per share has declined by 85%. Buy Or Sell Opportunity • Oct 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.1% to ₺48.42. The fair value is estimated to be ₺60.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last year. Earnings per share has declined by 85%. New Risk • Sep 30
New major risk - Revenue and earnings growth Revenue has declined by 21% 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 Risks Share price has been highly volatile over the past 3 months (10.0% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 422% Cash payout ratio: 111% Revenue has declined by 21% over the past year. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Reported Earnings • Sep 27
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺1.53b (up 61% from 2Q 2023). Net income: ₺38.7m (down 71% from 2Q 2023). Profit margin: 2.5% (down from 14% in 2Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺63.80, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 27x in the Electronic industry in Turkey. Negligible returns to shareholders over past year. New Risk • Sep 03
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 Share price has been highly volatile over the past 3 months (10% average weekly change). Revenue has declined by 1.6% over the past year. Minor Risks Dividend is not well covered by earnings (121% payout ratio). Large one-off items impacting financial results. New Risk • Jul 25
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 8.9% 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: Major Risk Revenue has declined by 1.6% over the past year. Minor Risks Dividend is not well covered by earnings (121% payout ratio). Share price has been volatile over the past 3 months (8.9% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺63.10, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 28x in the Electronic industry in Turkey. Total returns to shareholders of 36% over the past year. Buy Or Sell Opportunity • Jul 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 47% to ₺57.00. The fair value is estimated to be ₺73.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has declined by 16%. New Risk • Jul 01
New major risk - Revenue and earnings growth Revenue has declined by 1.6% 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 1.6% over the past year. Minor Risks Dividend is not well covered by earnings (121% payout ratio). Large one-off items impacting financial results. New Risk • Jun 24
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: 3.5% Last year net profit margin: 12% 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 Short dividend paying track record (1 year of continuous dividend payments). Profit margins are more than 30% lower than last year (3.5% net profit margin). Reported Earnings • Jun 24
First quarter 2024 earnings released: EPS: ₺0.29 (vs ₺1.38 in 1Q 2023) First quarter 2024 results: EPS: ₺0.29 (down from ₺1.38 in 1Q 2023). Revenue: ₺1.53b (up 62% from 1Q 2023). Net income: ₺29.1m (down 79% from 1Q 2023). Profit margin: 1.9% (down from 15% in 1Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺70.55, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 25x in the Electronic industry in Turkey. Total returns to shareholders of 165% over the past year. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺90.65, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 31x in the Electronic industry in Turkey. Total returns to shareholders of 249% over the past year. Announcement • Mar 22
Aztek Teknoloji Urunleri Ticaret Anonim Sirketi, Annual General Meeting, Apr 17, 2024 Aztek Teknoloji Urunleri Ticaret Anonim Sirketi, Annual General Meeting, Apr 17, 2024, at 07:00 Coordinated Universal Time. Location: Mustafa Kemal Alisveris Merkezi 1. Kat No: 7 BESIKTAS Istanbul Turkey Agenda: To consider Opening and election of the meeting chairmanship and authorizing the meeting chairman to sign the minutes of the meeting; to consider Reading and discussion of the Board of Directors' Annual Report for 2023, to consider Reading the Independent Audit Report prepared by the Independent Audit Firm for the year 2023; to consider Reading, discussion and approval of the financial statements for the fiscal year 2023; to consider release the members of the Board of Directors individually from liability for the Company's activities in 2023; to consider determination of the number and terms of office of the members of the Board of Directors, election according to the number of members determined, election of Independent Members of the Board of Directors; and to consider other matters. Reported Earnings • Mar 15
Full year 2023 earnings released Full year 2023 results: Revenue: ₺5.99b (up 135% from FY 2022). Net income: ₺285.3m (up 2.7% from FY 2022). Profit margin: 4.8% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺154, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 27x in the Electronic industry in Turkey. Total returns to shareholders of 597% over the past year. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺165, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 31x in the Electronic industry in Turkey. Total returns to shareholders of 640% over the past year. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺140, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 28x in the Electronic industry in Turkey. Total returns to shareholders of 644% over the past year. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺134, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 25x in the Electronic industry in Turkey. Total returns to shareholders of 424% over the past year. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₺90.75, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 19x in the Electronic industry in Turkey. Total returns to shareholders of 221% over the past year. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺123, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 23x in the Electronic industry in Turkey. Total returns to shareholders of 299% over the past year. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺156, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 23x in the Electronic industry in Turkey. Total returns to shareholders of 346% over the past year. New Risk • Nov 08
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). High level of non-cash earnings (66% accrual ratio). Minor Risks Less than 3 years of financial data is available. Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (12% average weekly change). Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺93.30, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 20x in the Electronic industry in Turkey. Total returns to shareholders of 349% over the past year. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺72.80, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 19x in the Electronic industry in Turkey. Total returns to shareholders of 481% over the past year. Reported Earnings • Aug 09
Second quarter 2023 earnings released Second quarter 2023 results: EPS: ₺1.36. Revenue: ₺956.5m (up 25% from 2Q 2022). Net income: ₺134.8m (up 30% from 2Q 2022). Profit margin: 14% (in line with 2Q 2022). Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺44.22, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 15x in the Electronic industry in Turkey. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺35.28, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 13x in the Electronic industry in Turkey. Reported Earnings • May 07
First quarter 2023 earnings released: EPS: ₺1.38 (vs ₺0.57 in 1Q 2022) First quarter 2023 results: EPS: ₺1.38 (up from ₺0.57 in 1Q 2022). Revenue: ₺942.5m (up 152% from 1Q 2022). Net income: ₺138.1m (up 205% from 1Q 2022). Profit margin: 15% (up from 12% 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 15% After last week's 15% share price decline to ₺21.72, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 12x in the Electronic industry in Turkey. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺25.64, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 14x in the Electronic industry in Turkey. 
