Announcement • May 07
Denge Yatirim Holding A.S., Annual General Meeting, Jun 08, 2026 Denge Yatirim Holding A.S., Annual General Meeting, Jun 08, 2026. Location: centrum is merkezi a.s. aydinevler mahallesi, sanayi caddesi centrum plaza a blok no:3/z01, maltepe-istanbul safir toplanti salonu, istanbul Turkey New Risk • Nov 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 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₺722m free cash flow). Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (₺1.91b market cap, or US$44.9m). New Risk • Nov 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₺753m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₺753m free cash flow). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₺2.35b market cap, or US$55.6m). Buy Or Sell Opportunity • Oct 15
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to ₺2.76. The fair value is estimated to be ₺2.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last 3 years. Meanwhile, the company became loss making. New Risk • Sep 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 2.4% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₺1.74b market cap, or US$42.2m). New Risk • Sep 13
New major risk - Revenue and earnings growth Earnings have declined by 3.2% per year over the past 5 years. 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 profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings 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 Earnings have declined by 3.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺795.0m market cap, or US$19.2m). Buy Or Sell Opportunity • Aug 01
Now 21% overvalued Over the last 90 days, the stock has fallen 1.0% to ₺2.88. The fair value is estimated to be ₺2.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jul 18
Denge Yatirim Holding A.S., Annual General Meeting, Aug 15, 2025 Denge Yatirim Holding A.S., Annual General Meeting, Aug 15, 2025. Location: centrum is merkezi a.s. aydinevlermahallesi, sanayi caddesi centrum plaza a blok no:3/z01, maltepe-istanbul safir toplantisalonu, istanbul Turkey New Risk • May 08
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 7.5% 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 Risk Share price has been highly volatile over the past 3 months (7.5% average weekly change). Minor Risk Market cap is less than US$100m (₺795.0m market cap, or US$20.6m). Buy Or Sell Opportunity • May 08
Now 36% undervalued after recent price drop Over the last 90 days, the stock has fallen 43% to ₺1.86. The fair value is estimated to be ₺2.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.4% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 12
Full year 2024 earnings released: ₺1.13 loss per share (vs ₺0.80 profit in FY 2023) Full year 2024 results: ₺1.13 loss per share (down from ₺0.80 profit in FY 2023). Revenue: ₺535.1m (up 37% from FY 2023). Net loss: ₺339.7m (down 241% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺3.93, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 202% over the past three years. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺3.18, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 13x in the Capital Markets industry in Turkey. Total returns to shareholders of 141% over the past three years. New Risk • Nov 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Share price has been highly volatile over the past 3 months (9.2% average weekly change). High level of non-cash earnings (23% accrual ratio). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (₺849.0m market cap, or US$24.6m). Reported Earnings • Nov 13
Third quarter 2024 earnings released: ₺0.47 loss per share (vs ₺0.97 profit in 3Q 2023) Third quarter 2024 results: ₺0.47 loss per share (down from ₺0.97 profit in 3Q 2023). Revenue: ₺922.7m (up 380% from 3Q 2023). Net loss: ₺139.5m (down 148% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 01
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue 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 Share price has been highly volatile over the past 3 months (9.9% average weekly change). Revenue is less than US$1m. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₺1.80b market cap, or US$52.5m). Reported Earnings • Sep 22
Second quarter 2024 earnings released Second quarter 2024 results: Net income: ₺197.3m (up ₺266.8m from 2Q 2023). 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 51% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺5.74, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 246% over the past three years. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₺6.79, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 506% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺4.85, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 273% over the past three years. Reported Earnings • Jun 23
First quarter 2024 earnings released: ₺0.50 loss per share (vs ₺0.044 loss in 1Q 2023) First quarter 2024 results: ₺0.50 loss per share (further deteriorated from ₺0.044 loss in 1Q 2023). Net loss: ₺151.2m (loss widened ₺138.1m from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Jun 04
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 11% 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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₺1.45b market cap, or US$44.4m). Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺4.85, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 83% over the past three years. Reported Earnings • May 12
Full year 2023 earnings released: EPS: ₺0.80 (vs ₺0.83 in FY 2022) Full year 2023 results: EPS: ₺0.80 (down from ₺0.83 in FY 2022). Revenue: ₺391.8m (down 14% from FY 2022). Net income: ₺240.2m (down 3.8% from FY 2022). Profit margin: 61% (up from 55% in FY 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₺3.59, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 8.1% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺2.94, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Total loss to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺3.41, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 8x in the Capital Markets industry in Turkey. Total loss to shareholders of 29% over the past three years. Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: ₺0.97 (vs ₺0.052 loss in 3Q 2022) Third quarter 2023 results: EPS: ₺0.97 (up from ₺0.052 loss in 3Q 2022). Revenue: ₺192.2m (down 7.1% from 3Q 2022). Net income: ₺289.9m (up ₺305.6m from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2023 earnings released: ₺0.23 loss per share (vs ₺0.12 loss in 2Q 2022) Second quarter 2023 results: ₺0.23 loss per share (further deteriorated from ₺0.12 loss in 2Q 2022). Revenue: ₺162.0m (up 121% from 2Q 2022). Net loss: ₺69.5m (loss widened 94% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 12
First quarter 2023 earnings released: ₺0.044 loss per share (vs ₺0.80 profit in 1Q 2022) First quarter 2023 results: ₺0.044 loss per share (down from ₺0.80 profit in 1Q 2022). Revenue: ₺162.5m (up 318% from 1Q 2022). Net loss: ₺13.1m (down 106% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 14
Full year 2022 earnings released Full year 2022 results: Revenue: ₺458.3m (up 234% from FY 2021). Net income: ₺249.7m (up 174% from FY 2021). Profit margin: 55% (down from 67% in FY 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺2.20, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Total returns to shareholders of 174% 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 19% share price gain to ₺3.20, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 287% over the past three years. Board Change • Nov 16
No independent directors 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. No independent directors (5 non-independent directors). Director Ferit ÖZALP was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 05
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺206.8m (up ₺172.8m from 3Q 2021). Net loss: ₺15.7m (down 190% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 135% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 16% share price gain to ₺2.98, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 214% over the past three years. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improved over the past week After last week's 22% share price gain to ₺2.60, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 10x in the Capital Markets industry in Turkey. Total returns to shareholders of 171% over the past three years. Reported Earnings • Aug 21
Second quarter 2022 earnings released: ₺0.12 loss per share (vs ₺0.34 profit in 2Q 2021) Second quarter 2022 results: ₺0.12 loss per share (down from ₺0.34 profit in 2Q 2021). Revenue: ₺73.5m (up 166% from 2Q 2021). Net loss: ₺35.9m (down 313% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 26% share price gain to ₺2.25, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 184% over the past three years. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: ₺0.80 (vs ₺0.051 in 1Q 2021) First quarter 2022 results: EPS: ₺0.80 (up from ₺0.051 in 1Q 2021). Net income: ₺240.5m (up ₺238.0m from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improved over the past week After last week's 32% share price gain to ₺1.85, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 145% over the past three years. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Ferit ÖZALP was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 20% share price gain to ₺1.71, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 11x in the Capital Markets industry in Turkey. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 17% share price gain to ₺1.55, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 14x in the Capital Markets industry in Turkey. Total returns to shareholders of 133% over the past three years. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 16% share price gain to ₺1.33, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 13x in the Capital Markets industry in Turkey. Total returns to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorated over the past week After last week's 30% share price decline to ₺2.62, the stock trades at a trailing P/E ratio of 45.6x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Total returns to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺3.95, the stock trades at a trailing P/E ratio of 68.8x. Average trailing P/E is 9x in the Capital Markets industry in Turkey. Total returns to shareholders of 76% over the past three years. Reported Earnings • Mar 17
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺92.8m (up ₺92.6m from FY 2019). Net income: ₺432.9k (up ₺54.4m from FY 2019). Profit margin: 0.5% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has fallen by 74% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 06
New 90-day high: ₺7.17 The company is up 37% from its price of ₺5.25 on 06 November 2020. The Turkish market is up 22% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Capital Markets industry, which is up 72% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: ₺6.47 The company is up 15% from its price of ₺5.61 on 08 October 2020. The Turkish market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 37% over the same period. Is New 90 Day High Low • Sep 30
New 90-day high: ₺4.45 The company is up 187% from its price of ₺1.55 on 02 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 28% over the same period.