Buy Or Sell Opportunity • May 08
Now 22% undervalued Over the last 90 days, the stock has risen 59% to ₺36.24. The fair value is estimated to be ₺46.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Apr 21
Now 23% undervalued Over the last 90 days, the stock has risen 53% to ₺35.18. The fair value is estimated to be ₺45.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company became loss making. New Risk • Feb 20
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 7.8% 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 (7.8% average weekly change). Revenue is less than US$5m (₺192m revenue, or US$4.4m). Market cap is less than US$100m (₺892.2m market cap, or US$20.4m). Duyuru • Oct 03
Smartiks Yazilim A.S., Annual General Meeting, Oct 30, 2025 Smartiks Yazilim A.S., Annual General Meeting, Oct 30, 2025. Location: sahrayicedit mahallesi, halk sokak kayalar, is merkezi no:39/a, kadikoy-istanbul, istanbul Turkey Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₺24.46, the stock trades at a trailing P/E ratio of 63.3x. Average trailing P/E is 28x in the Software industry in Turkey. Total returns to shareholders of 351% over the past three years. New Risk • Mar 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 6.7% 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 (6.7% average weekly change). Profit margins are more than 30% lower than last year (6.1% net profit margin). Market cap is less than US$100m (₺831.6m market cap, or US$21.9m). Reported Earnings • Mar 13
Full year 2024 earnings released Full year 2024 results: Revenue: ₺202.7m (up 21% from FY 2023). Net income: ₺12.3m (down 73% from FY 2023). Profit margin: 6.1% (down from 27% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺32.90, the stock trades at a trailing P/E ratio of 47.9x. Average trailing P/E is 45x in the Software industry in Turkey. Total returns to shareholders of 540% over the past three years. Reported Earnings • Nov 10
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₺48.1m (up 37% from 3Q 2023). Net income: ₺6.25m (down 76% from 3Q 2023). Profit margin: 13% (down from 73% in 3Q 2023). The decrease in margin was driven by higher expenses. 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 84% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Oct 25
Smartiks Yazilim A.S., Annual General Meeting, Nov 21, 2024 Smartiks Yazilim A.S., Annual General Meeting, Nov 21, 2024. Location: ytu yildiz teknopark, ciftehavuzlar mahallesi eski, londra asfalti, caddesi, no:151/e, d:2 blok, z06 esenler, istanbul Turkey New Risk • Sep 30
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₺163m (US$4.8m) This is considered a minor risk. Companies with a small amount of revenue 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 High level of non-cash earnings (35% accrual ratio). Minor Risks Revenue is less than US$5m (₺163m revenue, or US$4.8m). Market cap is less than US$100m (₺927.8m market cap, or US$27.2m). Reported Earnings • Sep 15
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₺54.0m (up 65% from 2Q 2023). Net income: ₺16.2m (up 19% from 2Q 2023). Profit margin: 30% (down from 42% in 2Q 2023). The decrease in margin was driven by higher expenses. New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 1.9% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risks Earnings have declined by 1.9% per year over the past 5 years. High level of non-cash earnings (23% accrual ratio). Minor Risk Market cap is less than US$100m (₺1.18b market cap, or US$36.1m). Reported Earnings • Jun 17
First quarter 2024 earnings released: EPS: ₺0.29 (vs ₺0.21 in 1Q 2023) First quarter 2024 results: EPS: ₺0.29 (up from ₺0.21 in 1Q 2023). Revenue: ₺38.2m (up 92% from 1Q 2023). Net income: ₺9.41m (up 43% from 1Q 2023). Profit margin: 25% (down from 33% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 08
Full year 2023 earnings released Full year 2023 results: Revenue: ₺167.6m (up 184% from FY 2022). Net income: ₺45.0m (up ₺38.1m from FY 2022). Profit margin: 27% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₺49.50, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 60x in the Software industry in Turkey. Total returns to shareholders of 686% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺51.20, the stock trades at a trailing P/E ratio of 34.9x. Average trailing P/E is 46x in the Software industry in Turkey. Total returns to shareholders of 557% over the past three years. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to ₺66.80, the stock trades at a trailing P/E ratio of 45.5x. Average trailing P/E is 58x in the Software industry in Turkey. Total returns to shareholders of 721% over the past three years. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺37.70, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 37x in the Software industry in Turkey. Total returns to shareholders of 326% over the past three years. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₺44.78, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 37x in the Software industry in Turkey. Total returns to shareholders of 489% over the past three years. New Risk • Nov 22
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 13% 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 (13% average weekly change). High level of non-cash earnings (38% accrual ratio). Minor Risks Revenue is less than US$5m (₺117m revenue, or US$4.1m). Market cap is less than US$100m (₺813.8m market cap, or US$28.3m). Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ₺0.80 (vs ₺0.05 in 3Q 2022) Third quarter 2023 results: EPS: ₺0.80 (up from ₺0.05 in 3Q 2022). Revenue: ₺35.1m (up 206% from 3Q 2022). Net income: ₺25.5m (up ₺23.9m from 3Q 2022). Profit margin: 73% (up from 14% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₺18.46, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 31x in the Software industry in Turkey. Total returns to shareholders of 135% over the past three years. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₺19.85, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 31x in the Software industry in Turkey. Total returns to shareholders of 133% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺16.72, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 25x in the Software industry in Turkey. Total returns to shareholders of 87% over the past three years. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₺13.38, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 20x in the Software industry in Turkey. Total returns to shareholders of 81% over the past three years. New Risk • Aug 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 (24% accrual ratio). Minor Risks Revenue is less than US$5m (₺93m revenue, or US$3.4m). Market cap is less than US$100m (₺488.1m market cap, or US$18.0m). Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺32.7m (up 278% from 2Q 2022). Net income: ₺13.6m (up ₺13.1m from 2Q 2022). Profit margin: 42% (up from 6.4% in 2Q 2022). Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₺13.60, the stock trades at a trailing P/E ratio of 44.5x. Average trailing P/E is 21x in the Software industry in Turkey. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₺9.56, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 18x in the Software industry in Turkey. Total returns to shareholders of 6.2% over the past three years. New Risk • Jun 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₺244.7m (US$9.57m) This is considered a major 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 Earnings have declined by 0.4% per year over the past 5 years. Market cap is less than US$10m (₺244.7m market cap, or US$9.57m). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (₺69m revenue, or US$2.7m). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₺8.03, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 14x in the Software industry in Turkey. Total loss to shareholders of 18% over the past three years. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₺19.9m (up 105% from 1Q 2022). Net income: ₺6.57m (up 78% from 1Q 2022). Profit margin: 33% (down from 38% in 1Q 2022). Reported Earnings • Mar 16
Full year 2022 earnings released Full year 2022 results: Revenue: ₺59.0m (up 62% from FY 2021). Net income: ₺6.86m (up 80% from FY 2021). Profit margin: 12% (up from 11% in FY 2021). Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₺7.41, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 15x in the Software industry in Turkey. Total loss to shareholders of 29% 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 27% share price gain to ₺12.62, the stock trades at a trailing P/E ratio of 50x. Average trailing P/E is 25x in the Software industry in Turkey. Total returns to shareholders of 52% 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. 4 non-independent directors. Chairman of the Board Ali Kalyoncu 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. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: ₺0.049 (vs ₺0.03 loss in 3Q 2021) Third quarter 2022 results: EPS: ₺0.049 (up from ₺0.03 loss in 3Q 2021). Revenue: ₺11.5m (up 61% from 3Q 2021). Net income: ₺1.55m (up ₺2.49m from 3Q 2021). Profit margin: 14% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 22% share price gain to ₺7.76, the stock trades at a trailing P/E ratio of 44.5x. Average trailing P/E is 17x in the Software industry in Turkey. Total returns to shareholders of 229% over the past three years. Reported Earnings • Aug 23
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₺8.63m (up 19% from 2Q 2021). Net income: ₺553.2k (up 47% from 2Q 2021). Profit margin: 6.4% (up from 5.2% in 2Q 2021). Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 18% share price gain to ₺6.30, the stock trades at a trailing P/E ratio of 37.4x. Average trailing P/E is 18x in the Software industry in Turkey. Total returns to shareholders of 128% over the past three years. Reported Earnings • May 12
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ₺0.12 (up from ₺0.067 in 1Q 2021). Revenue: ₺9.75m (up 31% from 1Q 2021). Net income: ₺3.70m (up 73% from 1Q 2021). Profit margin: 38% (up from 29% in 1Q 2021). Revenue missed analyst estimates by 9.7%. Earnings per share (EPS) also missed analyst estimates by 24%. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Board Change • Apr 27
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. 4 non-independent directors. Chairman of the Board Ali Kalyoncu 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. Reported Earnings • Mar 13
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ₺0.12 (up from ₺0.12 in FY 2020). Revenue: ₺36.4m (up 34% from FY 2020). Net income: ₺3.81m (up 2.0% from FY 2020). Profit margin: 11% (down from 14% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 9.7%. Earnings per share (EPS) also missed analyst estimates by 24%. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 15% share price gain to ₺5.63, the stock trades at a trailing P/E ratio of 65x. Average trailing P/E is 42x in the Software industry in Turkey. Total loss to shareholders of 40% over the past year. Reported Earnings • Nov 11
Third quarter 2021 earnings released: ₺0.029 loss per share (vs ₺0.03 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ₺7.14m (down 11% from 3Q 2020). Net loss: ₺935.6k (down 199% from profit in 3Q 2020). Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS ₺0.012 (vs ₺0.007 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₺7.25m (up 53% from 2Q 2020). Net income: ₺375.3k (up 69% from 2Q 2020). Profit margin: 5.2% (up from 4.7% in 2Q 2020). Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₺5.25, the stock trades at a trailing P/E ratio of 44.7x. Average trailing P/E is 38x in the Software industry in Asia. Total loss to shareholders of 46% over the past year. Reported Earnings • Feb 23
Full year 2020 earnings released The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ₺27.2m (flat on FY 2019). Net income: ₺3.74m (down 52% from FY 2019). Profit margin: 14% (down from 29% in FY 2019). Is New 90 Day High Low • Dec 22
New 90-day high: ₺9.99 The company is up 21% from its price of ₺8.24 on 23 September 2020. The Turkish market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 1.0% over the same period. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 19% share price gain to ₺9.09, the stock is trading at a trailing P/E ratio of 49x, up from the previous P/E ratio of 41.1x. This compares to an average P/E of 37x in the Software industry in Asia. Total returns to shareholders over the past year are 9.5%. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS ₺0.03 The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ₺8.03m (up 39% from 3Q 2019). Net income: ₺941.6k (down 54% from 3Q 2019). Profit margin: 12% (down from 35% in 3Q 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Oct 12
New 90-day high: ₺9.11 The company is up 7.0% from its price of ₺8.55 on 14 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is down 10.0% over the same period.