New Risk • Aug 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 11
Second quarter 2026 earnings released Second quarter 2026 results: Revenue: ₺1.11b (up 59% from 2Q 2025). Net income: ₺1.78b (up 490% from 2Q 2025). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Renewable Energy industry in Turkey. Reported Earnings • May 06
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₺691.6m (up 17% from 1Q 2025). Net income: ₺164.1m (up 16% from 1Q 2025). Profit margin: 24% (in line with 1Q 2025). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Renewable Energy industry in Turkey. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺31.74, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Renewable Energy industry in Turkey. Total returns to shareholders of 145% over the past three years. Price Target Changed • Apr 15
Price target decreased by 16% to ₺37.17 Down from ₺44.00, the current price target is an average from 3 analysts. New target price is 36% above last closing price of ₺27.24. Stock is up 1.2% over the past year. The company is forecast to post earnings per share of ₺1.51 for next year compared to ₺1.57 last year. Tillkännagivande • Mar 10
Galata Wind Enerji A.S., Annual General Meeting, Apr 02, 2026 Galata Wind Enerji A.S., Annual General Meeting, Apr 02, 2026. Location: galata wind enerji a.s. sirket merkezi, burhaniye mahallesi kisikli caddesi no:65, ic kapi no:1 34676 uskudar/, istanbul Turkey Reported Earnings • Nov 06
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺947.5m (up 53% from 3Q 2024). Net income: ₺291.7m (up 92% from 3Q 2024). Profit margin: 31% (up from 25% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Renewable Energy industry in Asia. Tillkännagivande • Sep 22
Galata Wind Enerji A.S.(IBSE:GWIND) dropped from FTSE All-World Index (USD) Galata Wind Enerji A.S.(IBSE:GWIND) dropped from FTSE All-World Index (USD) New Risk • Aug 10
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: 1.6% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: ₺0.76 (vs ₺0.42 in 2Q 2024) Second quarter 2025 results: EPS: ₺0.76 (up from ₺0.42 in 2Q 2024). Revenue: ₺1.19b (up 122% from 2Q 2024). Net income: ₺412.4m (up 81% from 2Q 2024). Profit margin: 35% (down from 42% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Reported Earnings • May 07
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₺556.1m (up 5.8% from 1Q 2024). Net income: ₺133.8m (down 41% from 1Q 2024). Profit margin: 24% (down from 43% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺24.20, the stock trades at a trailing P/E ratio of 15.7x. Average forward P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 326% over the past three years. Tillkännagivande • Mar 13
Galata Wind Enerji A.S., Annual General Meeting, Apr 03, 2025 Galata Wind Enerji A.S., Annual General Meeting, Apr 03, 2025. Location: galata wind enerji as sirket merkezi, burhaniye mahallesi kisikli caddesi, no:65 34676 uskudar, istanbul Turkey Reported Earnings • Mar 03
Full year 2024 earnings released Full year 2024 results: Revenue: ₺2.36b (up 27% from FY 2023). Net income: ₺834.4m (up 34% from FY 2023). Profit margin: 35% (up from 34% in FY 2023). The increase in margin was driven by higher revenue. Price Target Changed • Jan 17
Price target increased by 9.9% to ₺47.07 Up from ₺42.82, the current price target is an average from 3 analysts. New target price is 54% above last closing price of ₺30.60. Stock is up 27% over the past year. The company posted earnings per share of ₺1.15 last year. Reported Earnings • Nov 05
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺617.5m (down 2.6% from 3Q 2023). Net income: ₺151.8m (up 82% from 3Q 2023). Profit margin: 25% (up from 13% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Renewable Energy industry in Asia. Reported Earnings • Sep 06
Second quarter 2024 earnings released: EPS: ₺0.35 (vs ₺0.41 in 2Q 2023) Second quarter 2024 results: EPS: ₺0.35 (down from ₺0.41 in 2Q 2023). Revenue: ₺451.6m (up 78% from 2Q 2023). Net income: ₺190.3m (down 14% from 2Q 2023). Profit margin: 42% (down from 87% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 102% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 22
Upcoming dividend of ₺0.81 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 03 September 2024. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Turkish dividend payers (2.6%). In line with average of industry peers (1.4%). Price Target Changed • Jun 21
Price target increased by 7.8% to ₺42.82 Up from ₺39.71, the current price target is an average from 3 analysts. New target price is 41% above last closing price of ₺30.26. Stock is up 80% over the past year. The company is forecast to post earnings per share of ₺3.60 for next year compared to ₺1.15 last year. Reported Earnings • Jun 06
First quarter 2024 earnings released: EPS: ₺0.39 (vs ₺0.44 in 1Q 2023) First quarter 2024 results: EPS: ₺0.39 (down from ₺0.44 in 1Q 2023). Revenue: ₺485.0m (up 44% from 1Q 2023). Net income: ₺208.7m (down 12% from 1Q 2023). Profit margin: 43% (down from 70% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Renewable Energy industry in Turkey. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Mar 27
Galata Wind Enerji A.S., Annual General Meeting, Apr 18, 2024 Galata Wind Enerji A.S., Annual General Meeting, Apr 18, 2024, at 07:00 Coordinated Universal Time. Location: Galata Wind Enerji AS Sirket Merkezi, Burhaniye Mahallesi Kisikli Caddesi No:65 34676 Üsküdar/Istanbul Istanbul Turkey Agenda: To consider Opening, forming the Chairmanship to preside over the meeting, and authorizing the meeting chairmanship to sign the Minutes of the Meeting; to consider Reading out, discussing and submitting for approval the Annual Report of the Board of Directors for the fiscal period January 1, 2023 - December 31, 2023; to consider Reading out the Summary Independent Audit Report for the accounting period January 1, 2023 - December 31, 2023, without submitting it to the General Assembly for voting and making a decision; to consider Releasing each member of the Board of Directors and senior executives individually for their activities, transactions and accounts for the accounting period January 1, 2023 - December 31, 2023; and to consider other matters. Reported Earnings • Mar 24
Full year 2023 earnings released Full year 2023 results: Revenue: ₺1.86b (up 57% from FY 2022). Net income: ₺623.5m (down 41% from FY 2022). Profit margin: 34% (down from 89% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Renewable Energy industry in Turkey. Reported Earnings • Nov 05
Third quarter 2023 earnings released: EPS: ₺0.65 (vs ₺0.53 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.65 (up from ₺0.53 in 3Q 2022). Revenue: ₺480.8m (up 39% from 3Q 2022). Net income: ₺348.9m (up 22% from 3Q 2022). Profit margin: 73% (down from 83% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 48% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Renewable Energy industry in Asia. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺37.54, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Renewable Energy industry in Asia. Total returns to shareholders of 158% over the past year. Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺253.8m (up 11% from 2Q 2022). Net income: ₺221.2m (down 35% from 2Q 2022). Profit margin: 87% (down from 150% in 2Q 2022). Buying Opportunity • Jul 25
Now 24% undervalued Over the last 90 days, the stock is up 45%. The fair value is estimated to be ₺30.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 67% over the last year. Earnings per share has grown by 220%. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺25.60, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 18x in the Renewable Energy industry in Turkey. Total returns to shareholders of 175% over the past year. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺16.65, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 160% over the past year. Reported Earnings • May 05
First quarter 2023 earnings released: EPS: ₺0.44 (vs ₺0.34 in 1Q 2022) First quarter 2023 results: EPS: ₺0.44 (up from ₺0.34 in 1Q 2022). Revenue: ₺337.1m (up 16% from 1Q 2022). Net income: ₺235.8m (up 30% from 1Q 2022). Profit margin: 70% (up from 63% in 1Q 2022). The increase in margin was primarily driven by higher revenue. Reported Earnings • Feb 24
Full year 2022 earnings released Full year 2022 results: Revenue: ₺1.19b (up 120% from FY 2021). Net income: ₺1.04b (up ₺873.0m from FY 2021). Profit margin: 88% (up from 32% in FY 2021). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₺17.84, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 13x in the Renewable Energy industry in Turkey. Total returns to shareholders of 148% over the past year. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Huseyin Acikalin was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 06
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₺344.8m (up 128% from 3Q 2021). Net income: ₺286.7m (up 265% from 3Q 2021). Profit margin: 83% (up from 52% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 17% share price gain to ₺16.62, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 11x in the Renewable Energy industry in Turkey. Total returns to shareholders of 328% over the past year. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 15% share price gain to ₺13.66, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 9x in the Renewable Energy industry in Turkey. Total returns to shareholders of 284% over the past year. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 16% share price gain to ₺8.32, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 12x in the Renewable Energy industry in Turkey. Total returns to shareholders of 133% over the past year. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Huseyin Acikalin was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₺6.18, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 10x in the Renewable Energy industry in Turkey. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₺0.32 (up from ₺0.29 in FY 2020). Revenue: ₺540.2m (up 63% from FY 2020). Net income: ₺170.9m (up 9.3% from FY 2020). Profit margin: 32% (down from 47% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Tillkännagivande • Feb 19
Galata Wind Enerji A.S. to Report Q4, 2021 Results on Feb 24, 2022 Galata Wind Enerji A.S. announced that they will report Q4, 2021 results After-Market on Feb 24, 2022 Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 22% share price gain to ₺6.30, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 16x in the Renewable Energy industry in Turkey. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 18% share price gain to ₺4.19, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 17x in the Renewable Energy industry in Turkey.