New Risk • Aug 11
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: 33% Last year net profit margin: 76% 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 (12% average weekly change). High level of non-cash earnings (125% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (33% net profit margin). Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorates as stock falls 34% After last week's 34% share price decline to ₺51.95, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 12x in the Transportation industry in Turkey. Total returns to shareholders of 315% over the past three years. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺115, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 13x in the Transportation industry in Turkey. Total returns to shareholders of 1,073% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺93.50, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 12x in the Transportation industry in Turkey. Total returns to shareholders of 1,036% over the past three years. Upcoming Dividend • Jul 01
Upcoming dividend of ₺0.036 per share Eligible shareholders must have bought the stock before 08 July 2026. Payment date: 10 July 2026. Payout ratio is a comfortable 1.8% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Turkish dividend payers (3.1%). Lower than average of industry peers (0.4%). New Risk • Jun 17
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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺104, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 14x in the Transportation industry in Turkey. Total returns to shareholders of 1,539% over the past three years. Upcoming Dividend • Apr 29
Upcoming dividend of ₺0.036 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 08 May 2026. Trailing yield: 0.1%. Lower than top quartile of Turkish dividend payers (2.6%). Lower than average of industry peers (0.3%). New Risk • Apr 14
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 8.2% 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 (125% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺134, the stock trades at a trailing P/E ratio of 59.8x. Average trailing P/E is 17x in the Transportation industry in Turkey. Total returns to shareholders of 1,278% over the past three years. Tillkännagivande • Mar 17
LDR Turizm A.S., Annual General Meeting, Apr 08, 2026 LDR Turizm A.S., Annual General Meeting, Apr 08, 2026. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺92.50, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 21x in the Transportation industry in Turkey. Total returns to shareholders of 984% over the past three years. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺65.90, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 19x in the Transportation industry in Turkey. Total returns to shareholders of 626% over the past three years. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺61.10, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 17x in the Transportation industry in Turkey. Total returns to shareholders of 870% over the past three years. Upcoming Dividend • Dec 04
Upcoming dividend of ₺0.029 per share Eligible shareholders must have bought the stock before 11 December 2025. Payment date: 15 December 2025. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Turkish dividend payers (3.1%). Lower than average of industry peers (0.5%). Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment deteriorates as stock falls 41% After last week's 41% share price decline to ₺41.70, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 15x in the Transportation industry in Turkey. Total returns to shareholders of 766% over the past three years. New Risk • Nov 24
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 Risk High level of non-cash earnings (93% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺78.15, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 20x in the Transportation industry in Turkey. Total returns to shareholders of 1,999% over the past three years. Reported Earnings • Nov 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺423.1m (down 34% from 3Q 2024). Net income: ₺208.7m (up ₺197.8m from 3Q 2024). Profit margin: 49% (up from 1.7% in 3Q 2024). The increase in margin was driven by lower expenses. New Risk • Oct 14
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Risk High level of non-cash earnings (127% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Upcoming Dividend • Oct 06
Upcoming dividend of ₺0.14 per share Eligible shareholders must have bought the stock before 13 October 2025. Payment date: 15 October 2025. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Turkish dividend payers (3.1%). Lower than average of industry peers (0.4%). Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺281, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 45x in the Transportation industry in Turkey. Total returns to shareholders of 2,788% over the past three years. Upcoming Dividend • Aug 06
Upcoming dividend of ₺0.14 per share Eligible shareholders must have bought the stock before 13 August 2025. Payment date: 15 August 2025. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Turkish dividend payers (3.1%). Lower than average of industry peers (0.4%). Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺272, the stock trades at a trailing P/E ratio of 54.4x. Average trailing P/E is 41x in the Transportation industry in Turkey. Total returns to shareholders of 3,040% over the past three years. Upcoming Dividend • Jun 05
Upcoming dividend of ₺0.14 per share Eligible shareholders must have bought the stock before 12 June 2025. Payment date: 16 June 2025. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Turkish dividend payers (3.7%). Lower than average of industry peers (0.4%). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺232, the stock trades at a trailing P/E ratio of 46.4x. Average trailing P/E is 66x in the Transportation industry in Turkey. Total returns to shareholders of 3,233% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺204, the stock trades at a trailing P/E ratio of 43.8x. Average trailing P/E is 53x in the Transportation industry in Turkey. Total returns to shareholders of 2,808% over the past three years. Upcoming Dividend • Apr 04
Upcoming dividend of ₺0.14 per share Eligible shareholders must have bought the stock before 11 April 2025. Payment date: 15 April 2025. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Turkish dividend payers (3.2%). Lower than average of industry peers (0.5%). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺210, the stock trades at a trailing P/E ratio of 45.1x. Average trailing P/E is 54x in the Transportation industry in Turkey. Total returns to shareholders of 2,525% over the past three years. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺176, the stock trades at a trailing P/E ratio of 37.2x. Average trailing P/E is 46x in the Transportation industry in Turkey. Total returns to shareholders of 156% over the past year. Tillkännagivande • Mar 11
LDR Turizm A.S., Annual General Meeting, Apr 03, 2025 LDR Turizm A.S., Annual General Meeting, Apr 03, 2025. Location: maslak mah., eski buyukdere cad., giz 2000 plaza, no:7, k:14, d:55-56, istanbul Turkey Reported Earnings • Mar 05
Full year 2024 earnings released Full year 2024 results: Revenue: ₺2.26b (up 28% from FY 2023). Net income: ₺758.3m (up 25% from FY 2023). Profit margin: 34% (in line with FY 2023). New Risk • Jan 03
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: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.7% net profit margin). Upcoming Dividend • Dec 03
Upcoming dividend of ₺0.13 per share Eligible shareholders must have bought the stock before 10 December 2024. Payment date: 12 December 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Turkish dividend payers (2.6%). In line with average of industry peers (0.5%). Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: ₺0.051 (vs ₺2.16 in 3Q 2023) Third quarter 2024 results: EPS: ₺0.051 (down from ₺2.16 in 3Q 2023). Revenue: ₺479.1m (up 30% from 3Q 2023). Net income: ₺8.17m (down 98% from 3Q 2023). Profit margin: 1.7% (down from 97% in 3Q 2023). Upcoming Dividend • Oct 15
Upcoming dividend of ₺0.13 per share Eligible shareholders must have bought the stock before 22 October 2024. Payment date: 24 October 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Turkish dividend payers (3.0%). In line with average of industry peers (0.6%). Reported Earnings • Sep 20
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺459.3m (up 69% from 2Q 2023). Net income: ₺15.7m (down 93% from 2Q 2023). Profit margin: 3.4% (down from 87% in 2Q 2023). The decrease in margin was driven by higher expenses. Upcoming Dividend • Aug 09
Upcoming dividend of ₺0.13 per share Eligible shareholders must have bought the stock before 16 August 2024. Payment date: 20 August 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Turkish dividend payers (2.5%). In line with average of industry peers (0.6%). Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺86.60, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 18x in the Transportation industry in Turkey. Total returns to shareholders of 146% over the past year. Upcoming Dividend • Jun 17
Upcoming dividend of ₺0.13 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 1.5% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Turkish dividend payers (2.3%). Lower than average of industry peers (0.6%). New Risk • Jun 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (36% net profit margin). Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Reported Earnings • May 13
Full year 2023 earnings released Full year 2023 results: Revenue: ₺1.77b (up 149% from FY 2022). Net income: ₺607.7m (up 21% from FY 2022). Profit margin: 34% (down from 70% in FY 2022). The decrease in margin was driven by higher expenses. New Risk • May 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% 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 (36% accrual ratio). Minor Risk Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺78.65, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 13x in the Transportation industry in Turkey. Total returns to shareholders of 50% over the past year. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺73.00, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 14x in the Transportation industry in Turkey. Total returns to shareholders of 75% over the past year. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺63.00, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 10x in the Transportation industry in Turkey. Total returns to shareholders of 76% over the past year. New Risk • Dec 07
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 10% 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 (36% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺230, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 14x in the Transportation industry in Turkey. Total returns to shareholders of 267% over the past year. Buying Opportunity • Nov 21
Now 22% undervalued Over the last 90 days, the stock is up 30%. The fair value is estimated to be ₺259, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Earnings per share has grown by 74%. Reported Earnings • Oct 31
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₺367.8m (up 120% from 3Q 2022). Net income: ₺356.6m (up 263% from 3Q 2022). Profit margin: 97% (up from 59% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺160, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 14x in the Transportation industry in Turkey. Total returns to shareholders of 218% over the past year. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ₺3.85 (vs ₺1.93 in 2Q 2022) Second quarter 2023 results: EPS: ₺3.85 (up from ₺1.93 in 2Q 2022). Revenue: ₺272.4m (up 81% from 2Q 2022). Net income: ₺238.0m (up 87% from 2Q 2022). Profit margin: 87% (up from 84% in 2Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺104, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 11x in the Transportation industry in Turkey. Total returns to shareholders of 339% over the past year. Upcoming Dividend • Jul 05
Upcoming dividend of ₺0.23 per share at 0.5% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 2.5% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Turkish dividend payers (3.0%). Lower than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺79.60, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 10x in the Transportation industry in Turkey. Total returns to shareholders of 314% over the past year. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to ₺64.80, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 9x in the Transportation industry in Turkey. Total returns to shareholders of 213% over the past year. Upcoming Dividend • May 04
Upcoming dividend of ₺0.23 per share at 0.6% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 15 May 2023. Payout ratio is a comfortable 3.0% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Turkish dividend payers (4.0%). Lower than average of industry peers (1.9%). Reported Earnings • May 03
First quarter 2023 earnings released First quarter 2023 results: EPS: ₺2.41. Revenue: ₺284.0m (up 137% from 1Q 2022). Net income: ₺151.1m (up 263% from 1Q 2022). Profit margin: 53% (up from 35% in 1Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₺108, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 15x in the Transportation industry in Turkey. Total returns to shareholders of 536% over the past year. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺132, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 16x in the Transportation industry in Turkey. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₺111, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 13x in the Transportation industry in Turkey. 
