New Risk • May 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 8.4% 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 Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 24% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). Reported Earnings • Mar 10
Full year 2025 earnings released: ₺1.42 loss per share (vs ₺0.56 loss in FY 2024) Full year 2025 results: ₺1.42 loss per share (further deteriorated from ₺0.56 loss in FY 2024). Revenue: ₺10.2b (down 4.7% from FY 2024). Net loss: ₺427.3m (loss widened 153% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Tillkännagivande • Mar 05
DYO Boya Fabrikalari Sanayi ve Ticaret A.S., Annual General Meeting, Mar 31, 2026 DYO Boya Fabrikalari Sanayi ve Ticaret A.S., Annual General Meeting, Mar 31, 2026. Location: altin yunus mahallesi 3215 sk. no:38 cesme, izmir Turkey New Risk • Oct 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺4.13b (US$98.6m) 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: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Earnings have declined by 0.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₺4.13b market cap, or US$98.6m). New Risk • Sep 10
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.7x 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 (0.7x net interest cover). Earnings have declined by 0.3% per year over the past 5 years. Buy Or Sell Opportunity • Jun 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 56% to ₺12.36. The fair value is estimated to be ₺15.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company became loss making. New Risk • May 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.91b (US$99.7m) 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 Risk Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risk Market cap is less than US$100m (₺3.91b market cap, or US$99.7m). New Risk • Mar 27
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 9.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Share price has been highly volatile over the past 3 months (9.2% average weekly change). Minor Risk Paying a dividend despite being loss-making. Reported Earnings • Mar 09
Full year 2024 earnings released Full year 2024 results: Revenue: ₺10.7b (up 26% from FY 2023). Net loss: ₺169.0m (down 152% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Mar 05
DYO Boya Fabrikalari Sanayi ve Ticaret A.S., Annual General Meeting, Mar 27, 2025 DYO Boya Fabrikalari Sanayi ve Ticaret A.S., Annual General Meeting, Mar 27, 2025. Location: altin yunus mahallesi 3215 sk. no:38 cesme, izmir Turkey New Risk • Jan 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 7.0% 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 Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺24.94, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 21x in the Chemicals industry in Turkey. Total returns to shareholders of 746% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺28.76, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 21x in the Chemicals industry in Turkey. Total returns to shareholders of 878% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺22.88, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 18x in the Chemicals industry in Turkey. Total returns to shareholders of 635% over the past three years. Buy Or Sell Opportunity • Nov 18
Now 26% overvalued Over the last 90 days, the stock has fallen 2.1% to ₺20.88. The fair value is estimated to be ₺16.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 11
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺2.20b (down 23% from 3Q 2023). Net loss: ₺80.2m (down 123% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺21.50, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 23x in the Chemicals industry in Turkey. Total returns to shareholders of 570% over the past three years. Reported Earnings • Sep 21
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺2.42b (up 56% from 2Q 2023). Net income: ₺152.0m (up ₺549.5m from 2Q 2023). Profit margin: 6.3% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. 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 85% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺2.15b (US$63.2m) 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 (0.6x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 148% Paying a dividend despite having no free cash flows. High level of non-cash earnings (29% accrual ratio). Minor Risk Market cap is less than US$100m (₺2.15b market cap, or US$63.2m). New Risk • Jun 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% 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 (0.3x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 113% Paying a dividend despite having no free cash flows. High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (3.0% net profit margin). Reported Earnings • Jun 17
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₺2.40b (up 94% from 1Q 2023). Net loss: ₺46.8m (down 222% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 09
Full year 2023 earnings released Full year 2023 results: Revenue: ₺8.53b (up 101% from FY 2022). Net income: ₺326.5m (up 14% from FY 2022). Profit margin: 3.8% (down from 6.7% in FY 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 01
Third quarter 2023 earnings released: ₺0.19 loss per share (vs ₺0.33 profit in 3Q 2022) Third quarter 2023 results: ₺0.19 loss per share (down from ₺0.33 profit in 3Q 2022). Revenue: ₺2.01b (up 94% from 3Q 2022). Net loss: ₺19.4m (down 159% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. New Risk • Aug 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Reported Earnings • Aug 14
Second quarter 2023 earnings released: ₺3.98 loss per share (vs ₺1.29 profit in 2Q 2022) Second quarter 2023 results: ₺3.98 loss per share (down from ₺1.29 profit in 2Q 2022). Revenue: ₺1.55b (up 28% from 2Q 2022). Net loss: ₺397.5m (down 408% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 73% per year, which means it is well ahead of earnings. Reported Earnings • May 04
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺1.24b (up 50% from 1Q 2022). Net income: ₺38.5m (down 55% from 1Q 2022). Profit margin: 3.1% (down from 10% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺23.62, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 12x in the Chemicals industry in Turkey. Total returns to shareholders of 495% over the past three years. Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: ₺2.85 (vs ₺0.007 loss in FY 2021) Full year 2022 results: EPS: ₺2.85 (up from ₺0.007 loss in FY 2021). Revenue: ₺4.25b (up 85% from FY 2021). Net income: ₺285.0m (up ₺285.8m from FY 2021). Profit margin: 6.7% (up from 0% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₺17.34, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 11x in the Chemicals industry in Turkey. Total returns to shareholders of 177% over the past three years. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 17% share price gain to ₺31.80, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 16x in the Chemicals industry in Turkey. Total returns to shareholders of 557% 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 24% share price gain to ₺25.64, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 15x in the Chemicals industry in Turkey. Total returns to shareholders of 469% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Damla Birol was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: ₺2.47 (vs ₺0.015 in 3Q 2021) Third quarter 2022 results: EPS: ₺2.47 (up from ₺0.015 in 3Q 2021). Revenue: ₺3.07b (up 420% from 3Q 2021). Net income: ₺247.2m (up ₺245.7m from 3Q 2021). Profit margin: 8.1% (up from 0.3% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 78% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 15% share price gain to ₺23.12, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 13x in the Chemicals industry in Turkey. Total returns to shareholders of 605% over the past three years. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 24% share price gain to ₺18.64, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 11x in the Chemicals industry in Turkey. Total returns to shareholders of 455% over the past three years. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: ₺1.29 (vs ₺0.15 in 2Q 2021) Second quarter 2022 results: EPS: ₺1.29 (up from ₺0.15 in 2Q 2021). Revenue: ₺1.21b (up 105% from 2Q 2021). Net income: ₺129.2m (up ₺113.8m from 2Q 2021). Profit margin: 11% (up from 2.6% in 2Q 2021). 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 but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 17% share price gain to ₺12.41, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 15x in the Chemicals industry in Turkey. Total returns to shareholders of 311% over the past three years. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: ₺0.85 (vs ₺0.22 in 1Q 2021) First quarter 2022 results: EPS: ₺0.85 (up from ₺0.22 in 1Q 2021). Revenue: ₺822.9m (up 75% from 1Q 2021). Net income: ₺85.3m (up 291% from 1Q 2021). Profit margin: 10% (up from 4.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 62% per year whereas the company’s share price has increased by 61% per year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). Chairman of the Board Emine Yasar was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 05
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: ₺0.007 loss per share (down from ₺1.34 profit in FY 2020). Revenue: ₺2.30b (up 55% from FY 2020). Net loss: ₺720.0k (down 100% from profit in FY 2020). Profit margin: 0% (down from 9.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺9.24, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 18x in the Chemicals industry in Turkey. Total returns to shareholders of 221% over the past three years. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS ₺0.015 (vs ₺0.41 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₺590.3m (up 25% from 3Q 2020). Net income: ₺1.52m (down 96% from 3Q 2020). Profit margin: 0.3% (down from 8.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ₺0.15 (vs ₺0.31 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ₺589.5m (up 76% from 2Q 2020). Net income: ₺15.4m (down 50% from 2Q 2020). Profit margin: 2.6% (down from 9.2% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 18% share price gain to ₺13.52, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 26x in the Chemicals industry in Turkey. Total returns to shareholders of 181% over the past three years. Upcoming Dividend • Apr 26
Upcoming dividend of ₺0.11 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 04 May 2021. Trailing yield: 1.0%. Lower than top quartile of Turkish dividend payers (3.3%). Higher than average of industry peers (0.5%). Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorated over the past week After last week's 23% share price decline to ₺10.19, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 32x in the Chemicals industry in Turkey. Total returns to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₺13.50, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 32x in the Chemicals industry in Turkey. Total returns to shareholders of 132% over the past three years. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improved over the past week After last week's 22% share price gain to ₺16.13, the stock is trading at a trailing P/E ratio of 12.1x, up from the previous P/E ratio of 9.9x. This compares to an average P/E of 38x in the Chemicals industry in Turkey. Total returns to shareholders over the past three years are 165%. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS ₺1.34 (vs ₺0.20 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₺1.48b (up 31% from FY 2019). Net income: ₺133.6m (up ₺113.4m from FY 2019). Profit margin: 9.0% (up from 1.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 23% share price gain to ₺15.83, the stock is trading at a trailing P/E ratio of 21.3x, up from the previous P/E ratio of 17.3x. This compares to an average P/E of 42x in the Chemicals industry in Turkey. Total returns to shareholders over the past three years are 160%. Is New 90 Day High Low • Feb 15
New 90-day high: ₺14.42 The company is up 32% from its price of ₺10.93 on 17 November 2020. The Turkish market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 64% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: ₺14.05 The company is up 17% from its price of ₺12.02 on 23 October 2020. The Turkish market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 58% over the same period. Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 18% share price gain to ₺13.15, the stock is trading at a trailing P/E ratio of 17.5x, up from the previous P/E ratio of 14.8x. This compares to an average P/E of 22x in the Chemicals industry in Turkey. Total returns to shareholders over the past three years are 98%. Valuation Update With 7 Day Price Move • Oct 22
Market pulls back on stock over the past week After last week's 16% share price decline to ₺11.93, the stock is trading at a trailing P/E ratio of 36.5x, down from the previous P/E ratio of 43.6x. This compares to an average P/E of 27x in the Chemicals industry in Turkey. Total returns to shareholders over the past three years are 109%. Valuation Update With 7 Day Price Move • Oct 19
Market pulls back on stock over the past week After last week's 21% share price decline to ₺12.59, the stock is trading at a trailing P/E ratio of 38.5x, down from the previous P/E ratio of 48.9x. This compares to an average P/E of 25x in the Chemicals industry in Turkey. Total returns to shareholders over the past three years are 123%. Is New 90 Day High Low • Sep 29
New 90-day high: ₺7.94 The company is up 28% from its price of ₺6.21 on 01 July 2020. The Turkish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 26% over the same period.