New Risk • May 18
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: -₺2.7b 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 (-₺2.7b free cash flow). Earnings have declined by 50% per year over the past 5 years. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Reported Earnings • Mar 17
Full year 2025 earnings released: ₺0.24 loss per share (vs ₺0.30 loss in FY 2024) Full year 2025 results: ₺0.24 loss per share. Revenue: ₺6.16b (flat on FY 2024). Net loss: ₺1.71b (loss widened 39% from FY 2024). New Risk • Feb 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 43% 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 43% per year over the past 5 years. Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Reported Earnings • Nov 13
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺1.82b (up 7.0% from 3Q 2024). Net loss: ₺978.1m (loss widened ₺928.2m from 3Q 2024). Announcement • Nov 12
Çan2 Termik A.S., Annual General Meeting, Dec 04, 2025 Çan2 Termik A.S., Annual General Meeting, Dec 04, 2025. Location: nidakule kuzey atasehir, barbaros mahallesi begonya, sokak no:3 b3 kati 34746, atasehir, istanbul Turkey Announcement • Sep 22
Çan2 Termik A.S.(IBSE:CANTE) dropped from FTSE All-World Index (USD) Çan2 Termik A.S.(IBSE:CANTE) dropped from FTSE All-World Index (USD) New Risk • Aug 18
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 8.1% 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 Earnings have declined by 33% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). Reported Earnings • May 15
First quarter 2025 earnings released: ₺0.042 loss per share (vs ₺0.099 loss in 1Q 2024) First quarter 2025 results: ₺0.042 loss per share (improved from ₺0.099 loss in 1Q 2024). Revenue: ₺976.4m (down 28% from 1Q 2024). Net loss: ₺294.8m (loss narrowed 49% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 13
Full year 2024 earnings released: ₺0.18 loss per share (vs ₺0.081 profit in FY 2023) Full year 2024 results: ₺0.18 loss per share (down from ₺0.081 profit in FY 2023). Revenue: ₺6.10b (up 4.7% from FY 2023). Net loss: ₺1.23b (down 376% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Nov 16
Çan2 Termik A.S., Annual General Meeting, Dec 17, 2024 Çan2 Termik A.S., Annual General Meeting, Dec 17, 2024. Location: nidakule kuzey atasehir, barbaros mahallesi begonya, sokak no:3, b3 kati 34746 atasehir, istanbul Turkey Reported Earnings • Nov 13
Third quarter 2024 earnings released: ₺0.007 loss per share (vs ₺0.12 profit in 3Q 2023) Third quarter 2024 results: ₺0.007 loss per share (down from ₺0.12 profit in 3Q 2023). Revenue: ₺1.70b (up 27% from 3Q 2023). Net loss: ₺50.0m (down 109% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Reported Earnings • Oct 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺901.7m (down 2.8% from 2Q 2023). Net loss: ₺178.1m (down 332% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. New Risk • Jun 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺1.93b (US$58.6m) 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: Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (₺1.93b market cap, or US$58.6m). Reported Earnings • Jun 23
First quarter 2024 earnings released: ₺0.57 loss per share (vs ₺0.59 profit in 1Q 2023) First quarter 2024 results: ₺0.57 loss per share (down from ₺0.59 profit in 1Q 2023). Revenue: ₺1.25b (up 2.2% from 1Q 2023). Net loss: ₺531.6m (down 213% from profit in 1Q 2023). 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 68% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,895% 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 (7.7% net profit margin). Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: ₺0.56 (vs ₺2.67 in FY 2022) Full year 2023 results: EPS: ₺0.56 (down from ₺2.67 in FY 2022). Revenue: ₺5.83b (flat on FY 2022). Net income: ₺446.8m (down 79% from FY 2022). Profit margin: 7.7% (down from 37% in FY 2022). New Risk • Jan 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor 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 Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (25% net profit margin). Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • Oct 22
Third quarter 2023 earnings released: EPS: ₺0.67 (vs ₺0.94 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.67 (down from ₺0.94 in 3Q 2022). Revenue: ₺1.34b (up 9.2% from 3Q 2022). Net income: ₺536.4m (down 29% from 3Q 2022). Profit margin: 40% (down from 61% in 3Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺21.00, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 8x in the Electric Utilities industry in Turkey. Total loss to shareholders of 47% over the past year. New Risk • Jul 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (37% accrual ratio). Reported Earnings • Jul 21
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺927.8m (down 14% from 2Q 2022). Net income: ₺76.9m (down 85% from 2Q 2022). Profit margin: 8.3% (down from 46% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ₺23.92, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 7x in the Electric Utilities industry in Turkey. Total returns to shareholders of 3.0% over the past year. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺27.40, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 6x in the Electric Utilities industry in Turkey. Total returns to shareholders of 78% over the past year. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₺21.28, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 4x in the Electric Utilities industry in Turkey. Total returns to shareholders of 50% over the past year. Reported Earnings • May 11
First quarter 2023 earnings released: EPS: ₺0.59 (vs ₺0.56 in 1Q 2022) First quarter 2023 results: EPS: ₺0.59 (up from ₺0.56 in 1Q 2022). Revenue: ₺1.23b (up 35% from 1Q 2022). Net income: ₺471.3m (up 14% from 1Q 2022). Profit margin: 38% (down from 46% in 1Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 03
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₺40.08, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 4x in the Electric Utilities industry in Turkey. Total returns to shareholders of 31% over the past year. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to ₺44.20, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 5x in the Electric Utilities industry in Turkey. Total returns to shareholders of 93% over the past year. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺60.40, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 6x in the Electric Utilities industry in Turkey. Total returns to shareholders of 215% over the past year. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺68.30, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 6x in the Electric Utilities industry in Turkey. Total returns to shareholders of 314% over the past year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ₺88.30, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 7x in the Electric Utilities industry in Turkey. Total returns to shareholders of 391% over the past year. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: ₺6.68 (vs ₺0.61 loss in FY 2021) Full year 2022 results: EPS: ₺6.68 (up from ₺0.61 loss in FY 2021). Revenue: ₺5.81b (up 387% from FY 2021). Net income: ₺2.14b (up ₺2.32b from FY 2021). Profit margin: 37% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Reported Earnings • Nov 10
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺1.23b (up 277% from 3Q 2021). Net income: ₺753.5m (up ₺698.8m from 3Q 2021). Profit margin: 61% (up from 17% in 3Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 22% share price gain to ₺155, the stock trades at a trailing P/E ratio of 54.3x. Average trailing P/E is 10x in the Electric Utilities industry in Turkey. Total returns to shareholders of 962% over the past year. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improved over the past week After last week's 18% share price gain to ₺94.00, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 8x in the Electric Utilities industry in Turkey. Total returns to shareholders of 649% over the past year. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 21% share price gain to ₺91.60, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 7x in the Electric Utilities industry in Turkey. Total returns to shareholders of 618% over the past year. Reported Earnings • Aug 04
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺1.08b (up 311% from 2Q 2021). Net income: ₺502.0m (up ₺518.4m from 2Q 2021). Profit margin: 46% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 23% share price gain to ₺63.15, the stock trades at a trailing P/E ratio of 51.4x. Average trailing P/E is 10x in the Electric Utilities industry in Turkey. Total returns to shareholders of 491% over the past year. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 22% share price gain to ₺53.85, the stock trades at a trailing P/E ratio of 43.8x. Average trailing P/E is 8x in the Electric Utilities industry in Turkey. Total returns to shareholders of 410% over the past year. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₺35.40, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 9x in the Electric Utilities industry in Turkey. Total returns to shareholders of 392% over the past year. Reported Earnings • Apr 17
First quarter 2022 earnings released: EPS: ₺1.29 (vs ₺0.32 loss in 1Q 2021) First quarter 2022 results: EPS: ₺1.29 (up from ₺0.32 loss in 1Q 2021). Revenue: ₺907.1m (up 262% from 1Q 2021). Net income: ₺413.7m (up ₺502.2m from 1Q 2021). Profit margin: 46% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Reported Earnings • Feb 05
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ₺0.57 loss per share (down from ₺0.14 profit in FY 2020). Revenue: ₺1.19b (up 61% from FY 2020). Net loss: ₺181.0m (down ₺218.3m from profit in FY 2020). Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 17% share price gain to ₺17.34, the stock trades at a trailing P/E ratio of 31.8x. Average trailing P/E is 14x in the Electric Utilities industry in Turkey. 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 ₺10.58, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 14x in the Electric Utilities industry in Turkey. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 15% share price gain to ₺8.65, the stock trades at a trailing P/E ratio of 62.6x. Average trailing P/E is 16x in the Electric Utilities industry in Asia. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improved over the past week After last week's 20% share price gain to ₺8.32, the stock trades at a trailing P/E ratio of 60.2x. Average trailing P/E is 16x in the Electric Utilities industry in Asia.