New Risk • May 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Turkish stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Market cap is less than US$100m (₺1.53b market cap, or US$33.5m). Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺22.40, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 13x in the Software industry in Turkey. Total returns to shareholders of 443% over the past three years. Tillkännagivande • Mar 17
Kron Teknoloji A.S., Annual General Meeting, Apr 15, 2026 Kron Teknoloji A.S., Annual General Meeting, Apr 15, 2026. Location: i.t.u. ayazaga yerleskesi, koru yolu, ari-3 binasi, 3 no`lu seminer salonu, maslak, istanbul, istanbul Turkey Reported Earnings • Mar 12
Full year 2025 earnings released Full year 2025 results: Revenue: ₺536.7m (up 71% from FY 2024). Net income: ₺146.9m (up ₺189.6m from FY 2024). Profit margin: 27% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. New Risk • Mar 10
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 8.3% 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 High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (₺1.50b market cap, or US$34.1m). Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺17.54, the stock trades at a trailing P/E ratio of 29x. Average trailing P/E is 15x in the Software industry in Turkey. Total returns to shareholders of 174% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺14.83, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 12x in the Software industry in Turkey. Total returns to shareholders of 66% over the past three years. New Risk • Jan 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 8.0% 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 High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (₺1.18b market cap, or US$27.5m). Buy Or Sell Opportunity • Nov 11
Now 21% undervalued Over the last 90 days, the stock has risen 20% to ₺15.81. The fair value is estimated to be ₺20.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has declined by 5.0%. Reported Earnings • Nov 10
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺106.0m (up 103% from 3Q 2024). Net loss: ₺136.5k (loss narrowed 99% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₺14.70, the stock trades at a trailing P/E ratio of 53x. Average trailing P/E is 17x in the Software industry in Turkey. Total returns to shareholders of 199% over the past three years. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺19.11, the stock trades at a trailing P/E ratio of 68.9x. Average trailing P/E is 25x in the Software industry in Turkey. Total returns to shareholders of 392% over the past three years. New Risk • Jun 10
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 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 5.6% per year over the past 5 years. High level of non-cash earnings (27% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (₺739.7m market cap, or US$18.9m). Tillkännagivande • May 07
Kron Teknoloji A.S., Annual General Meeting, May 06, 2025 Kron Teknoloji A.S., Annual General Meeting, May 06, 2025. Location: i.t.u. ayazaga yerieskesi, koru yolu, ari-3 binasi, 3 no`lu seminer salonu, maslak, istanbul Turkey Reported Earnings • Mar 13
Full year 2024 earnings released: ₺0.50 loss per share (vs ₺0.54 profit in FY 2023) Full year 2024 results: ₺0.50 loss per share (down from ₺0.54 profit in FY 2023). Revenue: ₺313.6m (up 1.7% from FY 2023). Net loss: ₺42.7m (down 192% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. New Risk • Jan 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 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (₺1.96b market cap, or US$55.6m). Reported Earnings • Nov 13
Third quarter 2024 earnings released: ₺0.28 loss per share (vs ₺0.34 profit in 3Q 2023) Third quarter 2024 results: ₺0.28 loss per share (down from ₺0.34 profit in 3Q 2023). Revenue: ₺52.1m (down 11% from 3Q 2023). Net loss: ₺24.3m (down 270% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 08
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 5.0% to ₺23.00. The fair value is estimated to be ₺18.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Sep 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ₺18.49. The fair value is estimated to be ₺23.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 55% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Sep 06
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺80.6m (up 55% from 2Q 2023). Net income: ₺5.87m (down 78% from 2Q 2023). Profit margin: 7.3% (down from 50% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Jun 23
First quarter 2024 earnings released: ₺0.24 loss per share (vs ₺0.082 loss in 1Q 2023) First quarter 2024 results: ₺0.24 loss per share (further deteriorated from ₺0.082 loss in 1Q 2023). Revenue: ₺66.5m (up 107% from 1Q 2023). Net loss: ₺20.6m (loss widened 489% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 26% 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 • May 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (27% accrual ratio). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Profit margins are more than 30% lower than last year (26% net profit margin). Market cap is less than US$100m (₺2.09b market cap, or US$64.8m). Reported Earnings • May 05
Full year 2023 earnings released: EPS: ₺1.08 (vs ₺1.17 in FY 2022) Full year 2023 results: EPS: ₺1.08 (down from ₺1.17 in FY 2022). Revenue: ₺308.4m (up 96% from FY 2022). Net income: ₺46.4m (down 7.6% from FY 2022). Profit margin: 15% (down from 32% 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 49% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺21.26, the stock trades at a trailing P/E ratio of 34.5x. Average trailing P/E is 49x in the Software industry in Turkey. Total returns to shareholders of 138% over the past three years. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺23.78, the stock trades at a trailing P/E ratio of 38.6x. Average trailing P/E is 55x in the Software industry in Turkey. Total returns to shareholders of 117% over the past three years. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺18.75, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 42x in the Software industry in Turkey. Total returns to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺16.05, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 36x in the Software industry in Turkey. Total returns to shareholders of 254% over the past three years. New Risk • Nov 10
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 Share price has been highly volatile over the past 3 months (16% average weekly change). High level of non-cash earnings (27% accrual ratio). Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (26% net profit margin). Market cap is less than US$100m (₺1.19b market cap, or US$41.8m). New Risk • Nov 09
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: 26% Last year net profit margin: 46% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). High level of non-cash earnings (27% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (26% net profit margin). Market cap is less than US$100m (₺599.3m market cap, or US$21.0m). Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺14.96, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 28x in the Software industry in Turkey. Total returns to shareholders of 227% over the past three years. New Risk • Oct 19
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 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). High level of non-cash earnings (62% accrual ratio). Minor Risk Market cap is less than US$100m (₺584.3m market cap, or US$20.9m). Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺27.18, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 33x in the Software industry in Turkey. Total returns to shareholders of 195% over the past three years. Reported Earnings • Aug 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺84.2m (up 277% from 2Q 2022). Net income: ₺22.5m (up ₺21.7m from 2Q 2022). Profit margin: 27% (up from 3.8% in 2Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺27.14, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 24x in the Software industry in Turkey. Total returns to shareholders of 221% over the past three years. New Risk • Jul 19
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 9.2% 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 High level of non-cash earnings (49% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Profit margins are more than 30% lower than last year (25% net profit margin). Market cap is less than US$100m (₺1.00b market cap, or US$37.2m). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺24.86, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 19x in the Software industry in Turkey. Total returns to shareholders of 167% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺18.45, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 14x in the Software industry in Turkey. Total returns to shareholders of 119% over the past three years. Reported Earnings • May 07
First quarter 2023 earnings released: ₺0.082 loss per share (vs ₺0.062 profit in 1Q 2022) First quarter 2023 results: ₺0.082 loss per share (down from ₺0.062 profit in 1Q 2022). Revenue: ₺32.1m (up 92% from 1Q 2022). Net loss: ₺3.50m (down 231% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: ₺3.52 (vs ₺2.46 in FY 2021) Full year 2022 results: EPS: ₺3.52 (up from ₺2.46 in FY 2021). Revenue: ₺157.2m (up 86% from FY 2021). Net income: ₺50.2m (up 43% from FY 2021). Profit margin: 32% (down from 42% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺67.65, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 16x in the Software industry in Turkey. Total returns to shareholders of 263% over the past three years. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improved over the past week After last week's 16% share price gain to ₺135, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 25x in the Software industry in Turkey. Total returns to shareholders of 961% over the past three years. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improved over the past week After last week's 17% share price gain to ₺98.25, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 23x in the Software industry in Turkey. Total returns to shareholders of 667% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Director Emre Baran was the last 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. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 18% share price gain to ₺91.65, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 19x in the Software industry in Turkey. Total returns to shareholders of 863% over the past three years. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: ₺2.16 (vs ₺0.015 in 3Q 2021) Third quarter 2022 results: EPS: ₺2.16 (up from ₺0.015 in 3Q 2021). Revenue: ₺55.3m (up 285% from 3Q 2021). Net income: ₺30.7m (up ₺30.5m from 3Q 2021). Profit margin: 56% (up from 1.5% 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 72% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 23% share price gain to ₺57.85, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 17x in the Software industry in Turkey. Total returns to shareholders of 582% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 16% share price gain to ₺46.98, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 16x in the Software industry in Turkey. Total returns to shareholders of 398% over the past three years. Reported Earnings • Aug 10
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺22.3m (up 78% from 2Q 2021). Net income: ₺847.2k (down 22% from 2Q 2021). Profit margin: 3.8% (down from 8.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 61% per year whereas the company’s share price has increased by 64% per year. Reported Earnings • May 02
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₺16.7m (up 63% from 1Q 2021). Net income: ₺2.67m (up 7.6% from 1Q 2021). Profit margin: 16% (down from 24% in 1Q 2021). The decrease in margin was driven by higher expenses. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Director Borgehan Koksal was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₺34.16, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 27x in the Software industry in Turkey. Total returns to shareholders of 219% over the past three years. Reported Earnings • Feb 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺2.46 (up from ₺0.74 in FY 2020). Revenue: ₺84.4m (up 58% from FY 2020). Net income: ₺35.1m (up 231% from FY 2020). Profit margin: 42% (up from 20% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improved over the past week After last week's 17% share price gain to ₺43.24, the stock trades at a trailing P/E ratio of 68.7x. Average trailing P/E is 46x in the Software industry in Turkey. Total returns to shareholders of 362% over the past three years. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS ₺0.015 (vs ₺0.26 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₺14.3m (up 54% from 3Q 2020). Net income: ₺218.6k (down 94% from 3Q 2020). Profit margin: 1.5% (down from 39% 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 19% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₺32.88, the stock trades at a trailing P/E ratio of 37.9x. Average trailing P/E is 29x in the Software industry in Turkey. Total returns to shareholders of 189% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₺36.16, the stock trades at a trailing P/E ratio of 41.6x. Average trailing P/E is 26x in the Software industry in Turkey. Total returns to shareholders of 263% over the past three years. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS ₺0.076 (vs ₺0.049 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺12.5m (up 44% from 2Q 2020). Net income: ₺1.09m (up 55% from 2Q 2020). Profit margin: 8.7% (up from 8.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 09
First quarter 2021 earnings released: EPS ₺0.17 (vs ₺0.075 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₺10.3m (up 9.7% from 1Q 2020). Net income: ₺2.48m (up 132% from 1Q 2020). Profit margin: 24% (up from 11% in 1Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% 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 • Apr 19
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₺56.00, the stock trades at a trailing P/E ratio of 75.5x. Average trailing P/E is 36x in the Software industry in Asia. Total returns to shareholders of 295% 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 ₺47.62, the stock trades at a trailing P/E ratio of 64.2x. Average trailing P/E is 36x in the Software industry in Asia. Total returns to shareholders of 237% over the past three years. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₺56.20, the stock is trading at a trailing P/E ratio of 75.7x, down from the previous P/E ratio of 93.3x. This compares to an average P/E of 36x in the Software industry in Asia. Total returns to shareholders over the past three years are 253%. Reported Earnings • Feb 23
Full year 2020 earnings released The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ₺53.4m (down 4.5% from FY 2019). Net income: ₺10.6m (down 4.7% from FY 2019). Profit margin: 20% (in line with FY 2019). 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 59% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 25% share price gain to ₺78.50, the stock is trading at a trailing P/E ratio of 79.6x, up from the previous P/E ratio of 63.9x. This compares to an average P/E of 34x in the Software industry in Asia. Total returns to shareholders over the past three years are 375%. Is New 90 Day High Low • Feb 08
New 90-day high: ₺66.00 The company is up 152% from its price of ₺26.20 on 10 November 2020. The Turkish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is flat over the same period. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improved over the past week After last week's 22% share price gain to ₺51.90, the stock is trading at a trailing P/E ratio of 52.6x, up from the previous P/E ratio of 43.2x. This compares to an average P/E of 36x in the Software industry in Asia. Total returns to shareholders over the past three years are 197%. Is New 90 Day High Low • Jan 13
New 90-day high: ₺44.80 The company is up 66% from its price of ₺26.92 on 15 October 2020. The Turkish market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is flat over the same period. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 23% share price gain to ₺33.50, the stock is trading at a trailing P/E ratio of 34x, up from the previous P/E ratio of 27.6x. This compares to an average P/E of 36x in the Software industry in Asia. Total returns to shareholders over the past three years are 86%. Is New 90 Day High Low • Dec 29
New 90-day high: ₺30.46 The company is up 7.0% from its price of ₺28.36 on 30 September 2020. The Turkish market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is down 1.0% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: ₺28.76 The company is up 13% from its price of ₺25.48 on 11 September 2020. The Turkish market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is up 3.0% over the same period. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS ₺0.26 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₺9.29m (up 66% from 3Q 2019). Net income: ₺3.64m (up ₺4.57m from 3Q 2019). Profit margin: 39% (up from net loss in 3Q 2019). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth.