New Risk • May 20
New major risk - Revenue and earnings growth Earnings have declined by 0.6% 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 0.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺1.96b market cap, or US$42.9m). Announcement • Dec 04
Trabzon Liman Isletmeciligi Anonim Sirketi, Annual General Meeting, Dec 26, 2025 Trabzon Liman Isletmeciligi Anonim Sirketi, Annual General Meeting, Dec 26, 2025. Location: iskenderpasa mah.rihtim sok.no:19, ortahisar, gundem maddeleri, trabzon Turkey New Risk • Nov 25
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: 17% Last year net profit margin: 27% 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 Profit margins are more than 30% lower than last year (17% net profit margin). Market cap is less than US$100m (₺2.00b market cap, or US$47.1m). Reported Earnings • Nov 10
Third quarter 2025 earnings released: EPS: ₺0.20 (vs ₺4.70 loss in 3Q 2024) Third quarter 2025 results: EPS: ₺0.20 (up from ₺4.70 loss in 3Q 2024). Revenue: ₺176.0m (up 26% from 3Q 2024). Net income: ₺4.13m (up ₺102.8m from 3Q 2024). Profit margin: 2.3% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. New Risk • Sep 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 100% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (₺2.05b market cap, or US$49.6m). Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺118, the stock trades at a trailing P/E ratio of 43.9x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 208% over the past three years. Buy Or Sell Opportunity • Aug 22
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to ₺108. The fair value is estimated to be ₺87.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 7.9%. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺82.25, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 184% over the past three years. Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: ₺5.58 (vs ₺7.59 in FY 2023) Full year 2024 results: EPS: ₺5.58 (down from ₺7.59 in FY 2023). Revenue: ₺591.6m (up 34% from FY 2023). Net income: ₺117.2m (down 26% from FY 2023). Profit margin: 20% (down from 36% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Feb 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.7% to ₺90.50. The fair value is estimated to be ₺114, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Earnings per share has grown by 28%. Announcement • Nov 28
Trabzon Liman Isletmeciligi Anonim Sirketi, Annual General Meeting, Dec 27, 2024 Trabzon Liman Isletmeciligi Anonim Sirketi, Annual General Meeting, Dec 27, 2024. Location: iskenderpasa mah, rihtim sok.no:19, ortahisar, trabzon Turkey Reported Earnings • Nov 15
Third quarter 2024 earnings released: ₺4.70 loss per share (vs ₺3.90 profit in 3Q 2023) Third quarter 2024 results: ₺4.70 loss per share (down from ₺3.90 profit in 3Q 2023). Revenue: ₺139.8m (up 43% from 3Q 2023). Net loss: ₺98.7m (down 221% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺98.95, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 245% over the past three years. Reported Earnings • Sep 22
Second quarter 2024 earnings released: EPS: ₺0.91 (vs ₺2.67 in 2Q 2023) Second quarter 2024 results: EPS: ₺0.91 (down from ₺2.67 in 2Q 2023). Revenue: ₺130.1m (up 98% from 2Q 2023). Net income: ₺19.1m (down 66% from 2Q 2023). Profit margin: 15% (down from 85% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 26
First quarter 2024 earnings released: EPS: ₺1.55 (vs ₺1.83 in 1Q 2023) First quarter 2024 results: EPS: ₺1.55 (down from ₺1.83 in 1Q 2023). Revenue: ₺121.6m (up 86% from 1Q 2023). Net income: ₺32.6m (down 15% from 1Q 2023). Profit margin: 27% (down from 59% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 11
Full year 2023 earnings released: EPS: ₺7.59 (vs ₺9.41 in FY 2022) Full year 2023 results: EPS: ₺7.59 (down from ₺9.41 in FY 2022). Revenue: ₺441.8m (up 110% from FY 2022). Net income: ₺159.3m (down 19% from FY 2022). Profit margin: 36% (down from 94% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺147, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 389% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺130, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 395% over the past three years. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺136, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 400% over the past three years. Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺118, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 293% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺111, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 272% over the past three years. New Risk • Oct 31
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: 72% Last year net profit margin: 112% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (123% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (72% net profit margin). Market cap is less than US$100m (₺1.69b market cap, or US$59.7m). Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: ₺3.90 (vs ₺4.28 in 3Q 2022) Third quarter 2023 results: EPS: ₺3.90 (down from ₺4.28 in 3Q 2022). Revenue: ₺98.0m (up 90% from 3Q 2022). Net income: ₺81.9m (down 8.9% from 3Q 2022). Profit margin: 84% (down from 174% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺79.25, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 150% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺95.00, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 186% over the past three years. Reported Earnings • Aug 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺65.7m (up 58% from 2Q 2022). Net income: ₺56.0m (up 16% from 2Q 2022). Profit margin: 85% (down from 116% in 2Q 2022). Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₺86.55, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 594% over the past three years. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺68.95, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 455% over the past three years. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺52.50, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 350% over the past three years. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: ₺1.83 (vs ₺0.25 in 1Q 2022) First quarter 2023 results: EPS: ₺1.83 (up from ₺0.25 in 1Q 2022). Revenue: ₺65.2m (up 166% from 1Q 2022). Net income: ₺38.5m (up ₺33.2m from 1Q 2022). Profit margin: 59% (up from 22% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year whereas the company’s share price has increased by 57% per year. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: ₺9.41 (vs ₺2.94 in FY 2021) Full year 2022 results: EPS: ₺9.41 (up from ₺2.94 in FY 2021). Revenue: ₺210.3m (up 125% from FY 2021). Net income: ₺197.5m (up 220% from FY 2021). Profit margin: 94% (up from 66% in FY 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 95% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 28% share price gain to ₺61.90, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 11x in the Infrastructure industry in Asia. Total returns to shareholders of 460% over the past three years. Upcoming Dividend • Dec 16
Upcoming dividend of ₺1.85 per share Eligible shareholders must have bought the stock before 23 December 2022. Payment date: 27 December 2022. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 2.7%. Within top quartile of Turkish dividend payers (1.9%). Lower than average of industry peers (4.1%). Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 17% share price gain to ₺69.90, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 11x in the Infrastructure industry in Asia. Total returns to shareholders of 647% over the past three years. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: ₺4.28 (vs ₺0.77 in 3Q 2021) Third quarter 2022 results: EPS: ₺4.28 (up from ₺0.77 in 3Q 2021). Net income: ₺89.8m (up 458% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 91% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 18% share price gain to ₺52.15, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 582% over the past three years. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 21% share price gain to ₺48.04, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 557% over the past three years. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 17% share price gain to ₺37.78, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 502% over the past three years. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: ₺2.30 (vs ₺0.10 loss in 2Q 2021) Second quarter 2022 results: EPS: ₺2.30 (up from ₺0.10 loss in 2Q 2021). Revenue: ₺41.7m (up 119% from 2Q 2021). Net income: ₺48.3m (up ₺50.4m from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: ₺0.25 (vs ₺1.24 in 1Q 2021) First quarter 2022 results: EPS: ₺0.25 (down from ₺1.24 in 1Q 2021). Revenue: ₺24.6m (up 29% from 1Q 2021). Net income: ₺5.30m (down 80% from 1Q 2021). Profit margin: 22% (down from 137% in 1Q 2021). The decrease in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 05
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ₺93.3m (up 14% from FY 2020). Net income: ₺61.6m (up 5.1% from FY 2020). Profit margin: 66% (down from 72% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 42% 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 16% share price decline to ₺26.54, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 253% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺28.42, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 319% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺35.44, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 465% over the past three years. Upcoming Dividend • Dec 13
Upcoming dividend of ₺2.89 per share Eligible shareholders must have bought the stock before 20 December 2021. Payment date: 22 December 2021. Payout ratio is on the higher end at 95%, and the cash payout ratio is above 100%. Trailing yield: 6.9%. Within top quartile of Turkish dividend payers (2.5%). Higher than average of industry peers (3.3%). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 18% share price gain to ₺43.66, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 517% over the past three years. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 17% share price gain to ₺31.32, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 303% over the past three years. Reported Earnings • Aug 11
Second quarter 2021 earnings released: ₺0.10 loss per share (vs ₺0.81 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: ₺19.1m (down 11% from 2Q 2020). Net loss: ₺2.18m (down 113% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 17% share price gain to ₺37.78, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 325% over the past three years. Reported Earnings • May 09
First quarter 2021 earnings released: EPS ₺1.24 (vs ₺0.035 in 1Q 2020) First quarter 2021 results: Revenue: ₺19.0m (up 18% from 1Q 2020). Net income: ₺26.0m (up ₺25.2m from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₺24.02, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 16x in the Infrastructure industry in Asia. Total returns to shareholders of 147% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺28.80, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 16x in the Infrastructure industry in Asia. Total returns to shareholders of 165% over the past three years. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ₺2.79 (vs ₺2.48 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₺81.5m (up 36% from FY 2019). Net income: ₺58.6m (up 13% from FY 2019). Profit margin: 72% (down from 87% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 11
New 90-day high: ₺41.18 The company is up 8.0% from its price of ₺38.20 on 13 October 2020. The Turkish market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 9.0% over the same period. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 17% share price gain to ₺37.44, the stock is trading at a trailing P/E ratio of 14.7x, up from the previous P/E ratio of 12.6x. This compares to an average P/E of 16x in the Infrastructure industry in Asia. Total returns to shareholders over the past year are 264%. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 19% share price gain to ₺36.58, the stock is trading at a trailing P/E ratio of 14.3x, up from the previous P/E ratio of 12x. This compares to an average P/E of 17x in the Infrastructure industry in Asia. Total returns to shareholders over the past year are 341%. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of ₺53.5m, up 21% from the prior year. Total revenue was ₺81.1m over the last 12 months, up 40% from the prior year. Valuation Update With 7 Day Price Move • Oct 27
Market pulls back on stock over the past week After last week's 16% share price decline to ₺31.22, the stock is trading at a trailing P/E ratio of 14.4x, down from the previous P/E ratio of 17.2x. This compares to an average P/E of 16x in the Infrastructure industry in Asia. Total returns to shareholders over the past year are 277%. Valuation Update With 7 Day Price Move • Oct 15
Market bids up stock over the past week After last week's 22% share price gain to ₺35.84, the stock is trading at a trailing P/E ratio of 16.6x, up from the previous P/E ratio of 13.6x. This compares to an average P/E of 17x in the Infrastructure industry in Asia. Total returns to shareholders over the past year are 372%.