gross margin
70–75 pct
FY 2025
official guidance
DOGAN SIRKETLER GRUBU HOLDING
Last · IstanbulTRY 21.76-0.04 (-0.18%)close · yahoo · 6h ago
Market capTRY 56.0B2.57B sh
P/E · TTM9.2fwd 311 · eps 2.36
Beta0.47vs S&P 500
Div yield1.38%annual · TTM
52w range
TRY 15.87TRY 25.24
Volume19.7Msession
| Revenue | $30.1B |
|---|---|
| Net income | $4.7B |
| Net margin | 15.7% |
| Return on equity | 4.2% |
| Period | 2026 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
BuyHoldSell
Strong strategic assets, but profitability recovery remains unproven.
HOLD: 2024 revenue rose 12% to TL84.5bn, but consolidated EBITDA fell to TL3.0bn despite the Gümüştaş contribution; TL4.3bn net profit was aided by a TL1.4bn net monetary gain and is therefore lower quality. The 2025 setup is promising—financial-services revenue growth above 70%, mining revenue growth above 50% and 5–10% USD NAV growth—but execution, leverage and regulatory risks argue against a clean buy.
Themes
- 2024 Results
- Galata Wind
- Gumustas Mining
- Hepiyi Insurance
- Karel Deleveraging
- Saic Talks
Near term
Galata Wind targets a little over 50 MW of additional capacity in 2025, with a 70–75% EBITDA margin target; power-price weakness remains the key swing factor.
Gümüştaş should contribute a full year of earnings after only being consolidated in 4Q24, with management targeting a 25–30% EBITDA margin.
Hepiyi’s ability to add $250–300 million of assets under management will test whether its rapid growth can continue without sacrificing profitability.
The SAIC discussions have lasted eight months and are progressing more slowly than expected, leaving uncertainty around a potential automotive catalyst.
Longer term
Galata Wind’s planned expansion toward nearly 1,100 MW by 2030 and Gümüştaş’s 80 research and 16 production licenses provide the main asset-value growth avenues.
Hepiyi, DY Bank and Doruk Factoring are becoming the portfolio’s higher-growth financial-services pillar, but the group must demonstrate that scale translates into recurring holding-company cash flows.
Karel and Ditaş remain structural drags until their high net debt and weak operating profitability are repaired; Karel reported a TL1.5bn net loss and Ditaş a TL206m net loss in 2024.
The holding’s value-creation thesis depends on disciplined exits, IPOs and acquisitions rather than simply expanding the conglomerate; management said no investment project is imminent.
Automotive and technology operations remain exposed to Turkish inflation, currency mismatch, Chinese-import regulation, OEM demand and competitive pricing pressure.
Red flags
Consolidated EBITDA declined despite mining entering the portfolio, while the net-profit improvement was heavily supported by a TL1.4bn net monetary gain rather than operating recovery.
Management gave limited detail on the route to repairing Karel and Ditaş leverage; both businesses continue to face financing-cost and demand risks.
The SAIC talks remain uncertain after eight months, weakening the near-term case for a mobility re-rating.
2025 targets rely on better commodity pricing, capacity additions and improved operating conditions, but the call did not quantify sensitivity to metal prices, electricity prices, FX or inflation.
No imminent M&A or IPO transaction was identified, so the stated NAV-creation plan lacks a near-term execution catalyst.
Forward outlook
revenue growth
—
FY 2025
official guidance
ebitda
25–30 pct
FY 2025
official guidance
revenue growth
—
FY 2025
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Earnings transcripts
- Issuer webcast
Q2 2026 earnings call transcript
DOGAN SIRKETLER GRUBU HOLDING
- Issuer webcast
Q1 2026 earnings call transcript
DOGAN SIRKETLER GRUBU HOLDING
- Issuer webcast
Q4 2025 earnings call transcript
DOGAN SIRKETLER GRUBU HOLDING
- Issuer webcast
Q3 2025 earnings call transcript
DOGAN SIRKETLER GRUBU HOLDING
- Issuer webcast
Q2 2025 earnings call transcript
DOGAN SIRKETLER GRUBU HOLDING
- Issuer webcast
Q1 2025 earnings call transcript
DOGAN SIRKETLER GRUBU HOLDING
Documents
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