Financials Hepsiburada

Equities

HEPS

US23292B1044

Department Stores

Market Closed - Nasdaq Other stock markets 01:30:00 18/06/2024 am IST			5-day change	1st Jan Change
1.79 ^USD	-7.25%		-16.74%	-0.56%

13/06	Transcript : D-Market Elektronik Hizmetler ve Ticaret A.S., Q1 2024 Earnings Call, Jun 13, 2024
13/06	Earnings Flash (HEPS) D-MARKET Electronic Services & Trading Reports Q1 Loss $-0.40 Per Share	MT

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,291	4,019	17,297	18,901	-	-
Enterprise Value (EV) ¹	3,724	4,019	10,537	13,783	13,688	18,901
P/E ratio	-13.2 x	-3.3 x	-	23.1 x	24 x	-
Yield	-	-	-	-	-	-
Capitalization / Revenue	1.1 x	0.29 x	0.59 x	0.42 x	0.35 x	0.22 x
EV / Revenue	0.49 x	0.29 x	0.36 x	0.31 x	0.25 x	0.22 x
EV / EBITDA	-2.29 x	-3.99 x	6.02 x	4.26 x	2.96 x	2.35 x
EV / FCF	-29.7 x	26.2 x	-	8.17 x	6.3 x	-
FCF Yield	-3.36%	3.82%	-	12.2%	15.9%	-
Price to Book	3.1 x	-	-	40.6 x	7.18 x	-
Nbr of stocks (in thousands)	3,25,998	3,25,998	3,25,998	3,21,383	-	-
Reference price ²	25.43	12.33	53.06	58.81	58.81	58.81
Announcement Date	24/03/22	22/03/23	25/03/24	-	-	-

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	44,902	54,398	84,127
EBITDA ¹	-	-1,628	-1,007	1,750	3,234	4,625	8,037
EBIT ¹	-	-1,769	-1,291	1,234	2,461	3,662	6,473
Operating Margin	-	-23.41%	-9.19%	4.21%	5.48%	6.73%	7.69%
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%	-1.24%	-0.61%	-
EPS ²	-8.340	-1.920	-3.735	-	2.551	2.450	-
Free Cash Flow ¹	-	-125.3	153.6	-	1,687	2,171	-
FCF margin	-	-1.66%	1.09%	-	3.76%	3.99%	-
FCF Conversion (EBITDA)	-	-	-	-	52.16%	46.94%	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-
Announcement Date	28/05/21	24/03/22	22/03/23	25/03/24	-	-	-

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	23/11/21	24/03/22	01/06/22	28/09/22	06/12/22

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	5,118	5,213	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-125	154	-	1,687	2,171	-
ROE (net income / shareholders' equity)	-	-62.1%	-	21.9%	317%	-493%	-
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	-	-	1.450	8.200	-
Cash Flow per Share ²	-	0.2700	2.730	-	7.420	12.50	-
Capex ¹	-	215	736	883	1,645	1,878	-
Capex / Sales	-	2.84%	5.24%	3.01%	3.66%	3.45%	-
Announcement Date	28/05/21	24/03/22	22/03/23	25/03/24	-	-	-

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

58.81 TRY

Average target price

107.7 TRY

Spread / Average Target

+83.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Internet & Mail Order Department Stores

	1st Jan change	Capi.
HEPSIBURADA	-0.56%	575M
JD.COM, INC.	+1.21%	44.65B
COUPANG, INC.	+26.87%	36.73B
ALLEGRO.EU S.A.	+11.99%	9.79B
ZOZO, INC.	+19.59%	7.18B
ETSY, INC.	-27.58%	6.86B
WAYFAIR INC.	-13.63%	6.5B
MONOTARO CO., LTD.	+18.58%	5.85B
FSN E-COMMERCE VENTURES LIMITED	+0.59%	5.85B
OCADO GROUP PLC	-53.27%	3.62B

Internet & Mail Order Department Stores