Financials Hepsiburada

Equities

HEPS

US23292B1044

Department Stores

Market Closed - Nasdaq Other stock markets 01:00:00 2024-07-03 pm EDT			5-day change	1st Jan Change
2.74 ^USD	+13.22%		+33.01%	+52.22%

Jul. 03	Top Gainers	MT
Jul. 03	Sector Update: Consumer Stocks Advance Premarket Wednesday	MT

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,291	4,019	17,297	28,654	-	-
Enterprise Value (EV) ¹	3,724	4,019	10,537	21,958	22,745	18,379
P/E ratio	-13.2 x	-3.3 x	-	16.2 x	30.8 x	8.82 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	1.1 x	0.29 x	0.59 x	0.57 x	0.47 x	0.32 x
EV / Revenue	0.49 x	0.29 x	0.36 x	0.44 x	0.37 x	0.2 x
EV / EBITDA	-2.29 x	-3.99 x	6.02 x	5.79 x	4.39 x	1.95 x
EV / FCF	-29.7 x	26.2 x	-	13 x	10.5 x	-
FCF Yield	-3.36%	3.82%	-	7.68%	9.54%	-
Price to Book	3.1 x	-	-	9.51 x	5.78 x	3.35 x
Nbr of stocks (in thousands)	325,998	325,998	325,998	321,383	-	-
Reference price ²	25.43	12.33	53.06	89.16	89.16	89.16
Announcement Date	3/24/22	3/22/23	3/25/24	-	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	7,558	14,042	29,293	50,174	61,147	90,801
EBITDA ¹	-	-1,628	-1,007	1,750	3,796	5,186	9,410
EBIT ¹	-	-1,769	-1,291	1,234	2,967	4,040	7,817
Operating Margin	-	-23.41%	-9.19%	4.21%	5.91%	6.61%	8.61%
Earnings before Tax (EBT) ¹	-	-625.8	-	729.1	-555	-333	-
Net income ¹	-474.5	-625.8	-1,217	729.1	-555.3	-332.6	-
Net margin	-	-8.28%	-8.67%	2.49%	-1.11%	-0.54%	-
EPS ²	-8.340	-1.920	-3.735	-	5.518	2.896	10.11
Free Cash Flow ¹	-	-125.3	153.6	-	1,687	2,171	-
FCF margin	-	-1.66%	1.09%	-	3.36%	3.55%	-
FCF Conversion (EBITDA)	-	-	-	-	44.45%	41.87%	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-
Announcement Date	5/28/21	3/24/22	3/22/23	3/25/24	-	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3
Net sales ¹	1,658	2,759	2,528	2,862	3,206
EBITDA	-659.4	-676.7	-	-	-
EBIT ¹	-696.7	-721.6	-365.2	-695.4	-537.2
Operating Margin	-42.01%	-26.15%	-14.45%	-24.3%	-16.76%
Earnings before Tax (EBT)	-	-	-	-	-
Net income	-778.4	714	-	-	-
Net margin	-46.94%	25.88%	-	-	-
EPS	-2.740	2.190	-	-	-
Dividend per Share	-	-	-	-	-
Announcement Date	11/23/21	3/24/22	6/1/22	9/28/22	12/6/22

¹TRY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	-	4,567	-	6,760	6,696	5,909	10,275
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-125	154	-	1,687	2,171	-
ROE (net income / shareholders' equity)	-	-62.1%	-	21.9%	74.9%	-531%	55.7%
ROA (Net income/ Total Assets)	-	-12.7%	-	4.27%	-3.75%	-2.01%	-
Assets ¹	-	4,923	-	17,084	14,825	16,572	-
Book Value Per Share ²	-	8.210	-	-	9.380	15.40	26.60
Cash Flow per Share ²	-	0.2700	2.730	-	9.190	12.80	15.40
Capex ¹	-	215	736	883	1,725	2,124	3,301
Capex / Sales	-	2.84%	5.24%	3.01%	3.44%	3.47%	3.63%
Announcement Date	5/28/21	3/24/22	3/22/23	3/25/24	-	-	-

¹TRY in Million²TRY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hepsiburada

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

89.16 TRY

Average target price

113.7 TRY

Spread / Average Target

+27.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Internet & Mail Order Department Stores

	1st Jan change	Capi.
HEPSIBURADA	+52.22%	778M
JD.COM, INC.	-6.99%	39.84B
COUPANG, INC.	+29.15%	37.37B
ALLEGRO.EU S.A.	+9.92%	9.57B
ZOZO, INC.	+30.02%	7.49B
ETSY, INC.	-28.16%	6.81B
WAYFAIR INC.	-16.55%	6.28B
FSN E-COMMERCE VENTURES LIMITED	+0.68%	6.01B
MONOTARO CO., LTD.	+20.27%	5.63B
PT GLOBAL DIGITAL NIAGA TBK	-3.73%	3.5B

Internet & Mail Order Department Stores