Arcelik AS ADR
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Let's analyse Arcelik AS ADR together

Penke I guess you are interested in Arcelik AS ADR. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Arcelik AS ADR. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of Arcelik AS ADR (30 sec.)

What can you expect buying and holding a share of Arcelik AS ADR? (30 sec.)

How much money do you get?

$0.44

When do you have the money?

1 year

How often do you get paid?

62.5%

What is your share worth?

Current worth

$15.07

Expected worth in 1 year

$28.90

How sure are you?

82.5%

+ What do you gain per year?

Total Gains per Share

$14.27

Return On Investment

60.9%

For what price can you sell your share?

Current Price per Share

$23.42

Expected price per share

$23.42 - $23.42

How sure are you?

50%

1. Valuation of Arcelik AS ADR (5 min.)

Live pricePrice per Share (EOD)

$23.42

Book Value per Share

$15.07

Intrinsic Value Per Share

$-231.96 - $-71.90

Total Value Per Share

$-216.90 - $-56.83

My calculation of the intrinsic value of Arcelik AS ADR is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($-0.11) 3Y: ($-0.52) TTM: ($-1.22)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($-0.10) 3Y: ($-0.39) TTM: ($-1.18)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$-5.72	$-1.41	$-8.28 - $-2.05
2	$-16.75	$-4.33	$-14.47 - $-3.67
3	$-32.47	$-8.66	$-20.66 - $-5.29
4	$-52.31	$-14.32	$-26.85 - $-6.91
5	$-75.76	$-21.23	$-33.04 - $-8.53
6	$-102.34	$-29.31	$-39.23 - $-10.15
7	$-131.62	$-38.48	$-45.43 - $-11.77
8	$-163.22	$-48.68	$-51.62 - $-13.39
9	$-196.77	$-59.84	$-57.81 - $-15.01
10	$-231.96	$-71.90	$-64.00 - $-16.63

2. Growth of Arcelik AS ADR (5 min.)

Is Arcelik AS ADR growing?

	Current year	Previous year	Grow	Grow %
How rich?	$1.8b	$761.1m	$433.4m	36.3%

How much money is Arcelik AS ADR making?

	Current year	Previous year	Grow	Grow %
Making money	$58.8m	$33.1m	$25.6m	43.6%
Net Profit Margin	2.5%	3.1%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Arcelik AS ADR (5 min.)

4. Comparing to competitors in the Furnishings, Fixtures & Appliances industry (5 min.)

Industry Rankings (Furnishings, Fixtures & Appliances)

Richest
#15 / 260

Most Revenue
#18 / 260

Most Profit
#29 / 260

Most Efficient
#136 / 260

What can you expect buying and holding a share of Arcelik AS ADR? (5 min.)

Welcome investor! Arcelik AS ADR's management wants to use your money to grow the business. In return you get a share of Arcelik AS ADR.

What can you expect buying and holding a share of Arcelik AS ADR?

First you should know what it really means to hold a share of Arcelik AS ADR. And how you can make/lose money.

Speculation

The Price per Share of Arcelik AS ADR is $23.42. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Arcelik AS ADR.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Arcelik AS ADR, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $15.07. Based on the TTM, the Book Value Change Per Share is $3.46 per quarter. Based on the YOY, the Book Value Change Per Share is $-0.95 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.11 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Arcelik AS ADR.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	1.29	5.5%	0.35	1.5%	0.13	0.6%	0.18	0.8%	0.11	0.5%
Usd Book Value Change Per Share	13.25	56.6%	3.46	14.8%	-0.95	-4.1%	0.66	2.8%	0.35	1.5%
Usd Dividend Per Share	0.19	0.8%	0.11	0.5%	0.10	0.4%	0.09	0.4%	0.05	0.2%
Usd Total Gains Per Share	13.44	57.4%	3.57	15.2%	-0.85	-3.6%	0.75	3.2%	0.41	1.7%
Usd Price Per Share	21.75	-	26.04	-	22.67	-	19.83	-	22.14	-
Price to Earnings Ratio	4.21	-	133.82	-	55.36	-	65.14	-	1,534.68	-
Price-to-Total Gains Ratio	1.62	-	121.81	-	29.49	-	-214.41	-	-21.63	-
Price to Book Ratio	1.44	-	13.75	-	8.68	-	8.17	-	14.13	-
Price-to-Total Gains Ratio	1.62	-	121.81	-	29.49	-	-214.41	-	-21.63	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	23.42
Number of shares	42

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.11	0.09
Usd Book Value Change Per Share	3.46	0.66
Usd Total Gains Per Share	3.57	0.75
Gains per Quarter (42 shares)	149.85	31.61
Gains per Year (42 shares)	599.41	126.46

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	18	581	589	16	111	116
2	37	1162	1188	31	222	242
3	55	1743	1787	47	333	368
4	73	2324	2386	62	443	494
5	92	2905	2985	78	554	620
6	110	3486	3584	94	665	746
7	128	4067	4183	109	776	872
8	147	4648	4782	125	887	998
9	165	5230	5381	140	998	1124
10	183	5811	5980	156	1109	1250

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	60.0	0.0	0.0	100.0%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	11.0	1.0	0.0	91.7%	18.0	2.0	0.0	90.0%	32.0	8.0	0.0	80.0%	46.0	11.0	3.0	76.7%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	16.0	0.0	4.0	80.0%	25.0	0.0	15.0	62.5%	34.0	0.0	26.0	56.7%
Total Gains per Share	4.0	0.0	0.0	100.0%	11.0	1.0	0.0	91.7%	18.0	2.0	0.0	90.0%	33.0	7.0	0.0	82.5%	49.0	9.0	2.0	81.7%

Fundamentals of Arcelik AS ADR

About Arcelik AS ADR

https://www.arcelikglobal.com
Furnishings, Fixtures & Appliances
41042
Karaagaç Caddesi No: 2-6, Istanbul, Turkey, 34445
Google Maps Bing Maps

Arçelik Anonim Sirketi, together with its subsidiaries, produces, markets, sells, after sales services, imports, and exports consumer durable goods and electronics in Turkey, Europe, the Asia Pacific, Africa, and internationally. It operates through White Goods, Consumer Electronics, and Other segments. It offers refrigerators, automatic and semi-automatic top-loading washing machines, chest and upright deep freezers, split air conditioners, microwave ovens, water coolers, dryers, dish washers, ovens, cookers, home appliances, furniture and kitchen gadgets, hoods, built-in cookers, laundry dryers, water dispensers, and coffee machines. The company also provides furnaces, aspirators, mini-midi ovens, warming drawers, water purifiers, combi boilers, kettles, room heaters, and fans; small home appliances comprising brooms, cooking utensils, personal care and hygiene products, and irons; consumer electronics, such as smart phones, laptops and tablets, POS cash registers, Hi-fi systems, portable sound systems, and 3D printers; and hermetic compressors and motor pumps. In addition, it offers televisions, computers, cash registers, and other electronic devices. The company provides its products under the Altus, Arctic, Blomberg, Dawlance, Arçelik, Beko, Defy, Elektrabregenz, Flavel, Grundig, Leisure, STINOL, and VoltasBeko brand names. Arçelik Anonim Sirketi was incorporated in 1955 and is headquartered in Istanbul, Turkey.

Fundamental data was last updated by Penke on 2024-04-19 00:43:02.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a profit.
Using its assets, the company is inefficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is less efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is just able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is just able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is expensive.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is expensive.

1.1. Profitability of Arcelik AS ADR.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Arcelik AS ADR earns for each $1 of revenue.

Above 10% is considered healthy but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
A Net Profit Margin of 4.6% means that $0.05 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Arcelik AS ADR:

The MRQ is 4.6%. The company is making a profit. +1
The TTM is 2.5%. The company is making a profit. +1

Trends

Current period		Compared to		+/-
MRQ	4.6%	TTM	2.5%	+2.0%
TTM	2.5%	YOY	3.1%	-0.6%
TTM	2.5%	5Y	4.0%	-1.4%
5Y	4.0%	10Y	4.6%	-0.7%

Compared to industry (Furnishings, Fixtures & Appliances)

Period	Company	Industry (mean)	+/-
MRQ	4.6%	3.2%	+1.4%
TTM	2.5%	2.8%	-0.3%
YOY	3.1%	3.7%	-0.6%
5Y	4.0%	3.6%	+0.4%
10Y	4.6%	4.3%	+0.3%

Measures how much net profit Arcelik AS ADR earns for each $1 of revenue.

Revenue is the amount of profit Arcelik AS ADR generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Arcelik AS ADR earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
Can be used to compare companies within the Furnishings, Fixtures & Appliances industry.

You typically want a high profit margin. This means that for each $1 in sales, Arcelik AS ADR makes more profit. This shows the investor how efficiently Arcelik AS ADR is operating in general and compared to other companies in the same industry. Arcelik AS ADR operates in the Furnishings, Fixtures & Appliances industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Arcelik AS ADR. If profit margins remain low (compared to the Furnishings, Fixtures & Appliances industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Arcelik AS ADR is 0.05. This means that Arcelik AS ADR earned $0.05 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Furnishings, Fixtures & Appliances industry is 3.2%.
What is the trend?
The trend is important because it shows you how Arcelik AS ADR is performing over time. The most recent quarter might be important if Arcelik AS ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Arcelik AS ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Arcelik AS ADR with other companies in the same industry (Furnishings, Fixtures & Appliances).
Net profit margin should rise over the years.
Can be influenced when Arcelik AS ADR sells assets (profit will increase while costs remain the same).
It won’t show what part of Arcelik AS ADR is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Arcelik AS ADR

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Arcelik AS ADR = 5,100,110
Total revenue MRQ Arcelik AS ADR = 112,046,437
$5,100,110 / $112,046,437 = 0.05 or 4.6%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Arcelik AS ADR is using its assets to generate profit.

Above 5% is considered healthy but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
2.0% Return on Assets means that Arcelik AS ADR generated $0.02 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Arcelik AS ADR:

The MRQ is 2.0%. Using its assets, the company is less efficient in making profit.
The TTM is 0.9%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	2.0%	TTM	0.9%	+1.1%
TTM	0.9%	YOY	0.9%	0.0%
TTM	0.9%	5Y	1.1%	-0.2%
5Y	1.1%	10Y	1.2%	-0.2%

Compared to industry (Furnishings, Fixtures & Appliances)

Period	Company	Industry (mean)	+/-
MRQ	2.0%	1.6%	+0.4%
TTM	0.9%	1.3%	-0.4%
YOY	0.9%	1.6%	-0.7%
5Y	1.1%	1.8%	-0.7%
10Y	1.2%	2.0%	-0.8%

Shows how efficient Arcelik AS ADR is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Arcelik AS ADR is using its resources to generate profit. If the return on assets (2.0%) from Arcelik AS ADR are higher than the Furnishings, Fixtures & Appliances mean (1.6%) that means Arcelik AS ADR is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Arcelik AS ADR is 2.0%. This means the company generated $0.02 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Furnishings, Fixtures & Appliances industry is 1.6%.
What is the trend?
The trend is important because it shows you how Arcelik AS ADR is performing over time. The most recent quarter might be important if Arcelik AS ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Arcelik AS ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Arcelik AS ADR

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Arcelik AS ADR = 5,100,110
Total assets MRQ (balance sheet) from Arcelik AS ADR = 258,137,907
5,100,110 / 258,137,907 = 0.02 or 2.0%

ROA is an important ratio as it will tell you how effectively Arcelik AS ADR is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Arcelik AS ADR is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
9.6% Return on Equity means Arcelik AS ADR generated $0.10 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Arcelik AS ADR:

The MRQ is 9.6%. Using its investors money, the company is less efficient in making profit.
The TTM is 4.7%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	9.6%	TTM	4.7%	+4.9%
TTM	4.7%	YOY	4.6%	+0.0%
TTM	4.7%	5Y	4.5%	+0.2%
5Y	4.5%	10Y	4.4%	+0.1%

Compared to industry (Furnishings, Fixtures & Appliances)

Period	Company	Industry (mean)	+/-
MRQ	9.6%	3.3%	+6.3%
TTM	4.7%	2.8%	+1.9%
YOY	4.6%	3.4%	+1.2%
5Y	4.5%	3.7%	+0.8%
10Y	4.4%	4.0%	+0.4%

Shows how efficient Arcelik AS ADR is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Furnishings, Fixtures & Appliances industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Arcelik AS ADR is 9.6%. This means Arcelik AS ADR generated $0.10 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Furnishings, Fixtures & Appliances industry is 3.3%.
What is the trend?
The trend is important because it shows you how Arcelik AS ADR is performing over time. The most recent quarter might be important if Arcelik AS ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Arcelik AS ADR up to 10 years back (depending if Arcelik AS ADR existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Arcelik AS ADR

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Arcelik AS ADR = 5,100,110
Shareholders equity (balance sheet) MRQ Arcelik AS ADR = 53,169,904
5,100,110 / 53,169,904 = 0.10 or 9.6%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Arcelik AS ADR.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Arcelik AS ADR is operating .

Measures how much profit Arcelik AS ADR makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
An Operating Margin of -0.8% means the company generated $-0.01 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Arcelik AS ADR:

The MRQ is -0.8%. The company is operating very inefficient. -2
The TTM is 2.6%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	-0.8%	TTM	2.6%	-3.4%
TTM	2.6%	YOY	6.1%	-3.5%
TTM	2.6%	5Y	7.2%	-4.6%
5Y	7.2%	10Y	7.0%	+0.2%

Compared to industry (Furnishings, Fixtures & Appliances)

Period	Company	Industry (mean)	+/-
MRQ	-0.8%	5.7%	-6.5%
TTM	2.6%	3.7%	-1.1%
YOY	6.1%	5.9%	+0.2%
5Y	7.2%	5.6%	+1.6%
10Y	7.0%	5.4%	+1.6%

Measures how efficient Arcelik AS ADR is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Arcelik AS ADR is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Arcelik AS ADR is -0.8%. This means that Arcelik AS ADR earned $-0.01 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Furnishings, Fixtures & Appliances industry is 5.7%.
What is the trend?
The trend is important because it shows you how Arcelik AS ADR is performing over time. The most recent quarter might be important if Arcelik AS ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Arcelik AS ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Arcelik AS ADR

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Arcelik AS ADR = -876,133
Total revenue MRQ Arcelik AS ADR = 112,046,437
$-876,133 / $112,046,437 = -0.01 or -0.8%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Arcelik AS ADR is keeping operating costs low.

Below 1 is considered healthy (always compare to Furnishings, Fixtures & Appliances industry mean).
An Operation Ratio of 1.01 means that the operating costs are $1.01 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Arcelik AS ADR:

The MRQ is 1.008. The company is inefficient in keeping operating costs low. -1
The TTM is 0.944. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	1.008	TTM	0.944	+0.064
TTM	0.944	YOY	0.935	+0.008
TTM	0.944	5Y	0.931	+0.012
5Y	0.931	10Y	0.929	+0.002

Compared to industry (Furnishings, Fixtures & Appliances)

Period	Company	Industry (mean)	+/-
MRQ	1.008	1.548	-0.540
TTM	0.944	1.521	-0.577
YOY	0.935	1.482	-0.547
5Y	0.931	1.452	-0.521
10Y	0.929	1.255	-0.326

Measures how efficient Arcelik AS ADR is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Arcelik AS ADR is 100.8%. This means that Arcelik AS ADR earned $1.01 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Furnishings, Fixtures & Appliances industry is 1.55.
What is the trend?
The trend is important because it shows you how Arcelik AS ADR is performing over time. The most recent quarter might be important if Arcelik AS ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Arcelik AS ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Arcelik AS ADR

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(83,159,778 +29,762,792) \ 112,046,437 = 1.01

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Arcelik AS ADR.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Arcelik AS ADR is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Furnishings, Fixtures & Appliances industry mean).
A Current Ratio of 1.24 means the company has $1.24 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Arcelik AS ADR:

The MRQ is 1.243. The company is just able to pay all its short-term debts.
The TTM is 1.175. The company is just able to pay all its short-term debts.

Trends

Current period		Compared to		+/-
MRQ	1.243	TTM	1.175	+0.068
TTM	1.175	YOY	1.201	-0.025
TTM	1.175	5Y	1.372	-0.197
5Y	1.372	10Y	1.532	-0.160

Compared to industry (Furnishings, Fixtures & Appliances)

Period	Company	Industry (mean)	+/-
MRQ	1.243	1.638	-0.395
TTM	1.175	1.639	-0.464
YOY	1.201	1.690	-0.489
5Y	1.372	1.724	-0.352
10Y	1.532	1.604	-0.072

Measures if Arcelik AS ADR is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Furnishings, Fixtures & Appliances industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Arcelik AS ADR if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Arcelik AS ADR is 1.24. This means Arcelik AS ADR has $1.24 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Furnishings, Fixtures & Appliances industry is 1.64.
What is the trend?
The trend is important because it shows you how Arcelik AS ADR is performing over time. The most recent quarter might be important if Arcelik AS ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Arcelik AS ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Arcelik AS ADR

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
171,321,937 \ 137,801,099) = 1.24

The current ratio measures if Arcelik AS ADR is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Arcelik AS ADR is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Arcelik AS ADR does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Arcelik AS ADR is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Arcelik AS ADR is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
A Quick Ratio of 0.86 means the company can pay off $0.86 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Arcelik AS ADR:

The MRQ is 0.857. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.814. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.857	TTM	0.814	+0.043
TTM	0.814	YOY	0.799	+0.015
TTM	0.814	5Y	0.987	-0.172
5Y	0.987	10Y	1.118	-0.131

Compared to industry (Furnishings, Fixtures & Appliances)

Period	Company	Industry (mean)	+/-
MRQ	0.857	0.590	+0.267
TTM	0.814	0.620	+0.194
YOY	0.799	0.695	+0.104
5Y	0.987	0.744	+0.243
10Y	1.118	0.740	+0.378

Measures if Arcelik AS ADR is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Arcelik AS ADR can pay off its short term debts. This shows if Arcelik AS ADR can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Arcelik AS ADR is 0.86. This means that Arcelik AS ADR can pay off $0.86 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Furnishings, Fixtures & Appliances industry is 0.59.
What is the trend?
The trend is important because it shows you how Arcelik AS ADR is performing over time. The most recent quarter might be important if Arcelik AS ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Arcelik AS ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Arcelik AS ADR

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Arcelik AS ADR: (48,791,778 + +69,291,437) / 137,801,099 = 0.86

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Arcelik AS ADR.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Arcelik AS ADR assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Arcelik AS ADR to Furnishings, Fixtures & Appliances industry mean.
A Debt to Asset Ratio of 0.77 means that Arcelik AS ADR assets are financed with 76.9% credit (debt) and the remaining percentage (100% - 76.9%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Arcelik AS ADR:

The MRQ is 0.769. The company is just able to pay all its debts by selling its assets.
The TTM is 0.808. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.769	TTM	0.808	-0.039
TTM	0.808	YOY	0.792	+0.016
TTM	0.808	5Y	0.755	+0.052
5Y	0.755	10Y	0.711	+0.044

Compared to industry (Furnishings, Fixtures & Appliances)

Period	Company	Industry (mean)	+/-
MRQ	0.769	0.488	+0.281
TTM	0.808	0.490	+0.318
YOY	0.792	0.502	+0.290
5Y	0.755	0.480	+0.275
10Y	0.711	0.471	+0.240

Measures how much % of Arcelik AS ADR assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Arcelik AS ADR than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Arcelik AS ADR to Furnishings, Fixtures & Appliances industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Arcelik AS ADR is 0.77. This means means that Arcelik AS ADR is financed with 76.9% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Furnishings, Fixtures & Appliances industry is 163.8%.
What is the trend?
The trend is important because it shows you how Arcelik AS ADR is performing over time. The most recent quarter might be important if Arcelik AS ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Arcelik AS ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Arcelik AS ADR has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Arcelik AS ADR

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
198,574,568 \ 258,137,907 = 76.9% or 0.77.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Arcelik AS ADR is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
A Debt to Equity ratio of 373.5% means that company has $3.73 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Arcelik AS ADR:

The MRQ is 3.735. The company is unable to pay all its debts with equity. -1
The TTM is 4.692. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	3.735	TTM	4.692	-0.957
TTM	4.692	YOY	4.167	+0.525
TTM	4.692	5Y	3.408	+1.284
5Y	3.408	10Y	2.718	+0.690

Compared to industry (Furnishings, Fixtures & Appliances)

Period	Company	Industry (mean)	+/-
MRQ	3.735	0.953	+2.782
TTM	4.692	0.961	+3.731
YOY	4.167	1.010	+3.157
5Y	3.408	0.973	+2.435
10Y	2.718	0.998	+1.720

Measures if Arcelik AS ADR is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Arcelik AS ADR is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Arcelik AS ADR is 3.73. This means that Arcelik AS ADR can pay off $3.73 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Furnishings, Fixtures & Appliances industry is 0.95.
What is the trend?
The trend is important because it shows you how Arcelik AS ADR is performing over time. The most recent quarter might be important if Arcelik AS ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Arcelik AS ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Arcelik AS ADR

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
198,574,568 \ 53,169,904 = 3.73 or 373.5%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Arcelik AS ADR

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Arcelik AS ADR generates.

Above 15 is considered overpriced but always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
A PE ratio of 4.21 means the investor is paying $4.21 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Arcelik AS ADR:

The EOD is 4.539. Based on the earnings, the company is cheap. +2
The MRQ is 4.215. Based on the earnings, the company is cheap. +2
The TTM is 133.818. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	4.539	MRQ	4.215	+0.324
MRQ	4.215	TTM	133.818	-129.603
TTM	133.818	YOY	55.365	+78.453
TTM	133.818	5Y	65.140	+68.678
5Y	65.140	10Y	1,534.681	-1,469.541

Compared to industry (Furnishings, Fixtures & Appliances)

Period	Company	Industry (mean)	+/-
EOD	4.539	11.460	-6.921
MRQ	4.215	10.811	-6.596
TTM	133.818	11.511	+122.307
YOY	55.365	15.058	+40.307
5Y	65.140	15.911	+49.229
10Y	1,534.681	18.415	+1,516.266

Measures how much money you pay for each share for every $1 in earnings Arcelik AS ADR generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Arcelik AS ADR to the Furnishings, Fixtures & Appliances industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Arcelik AS ADR is 4.21. This means the investor is paying $4.21 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Furnishings, Fixtures & Appliances industry is 10.81.
What is the trend?
The trend is important because it shows you how Arcelik AS ADR is performing over time. The most recent quarter might be important if Arcelik AS ADR released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Arcelik AS ADR up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Arcelik AS ADR

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
\ 121,370 = EPS
PE ratio MRQ = 4.21

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Arcelik AS ADR:

The EOD is -1.291. Based on how much money comes from the company's main activities, the company is expensive. -2
The MRQ is -1.199. Based on how much money comes from the company's main activities, the company is expensive. -2
The TTM is -49.916. Based on how much money comes from the company's main activities, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-1.291	MRQ	-1.199	-0.092
MRQ	-1.199	TTM	-49.916	+48.718
TTM	-49.916	YOY	9.443	-59.359
TTM	-49.916	5Y	24.342	-74.258
5Y	24.342	10Y	-90.480	+114.822

Compared to industry (Furnishings, Fixtures & Appliances)

Period	Company	Industry (mean)	+/-
EOD	-1.291	3.074	-4.365
MRQ	-1.199	3.276	-4.475
TTM	-49.916	2.855	-52.771
YOY	9.443	-0.662	+10.105
5Y	24.342	3.005	+21.337
10Y	-90.480	3.310	-93.790

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Arcelik AS ADR is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Furnishings, Fixtures & Appliances industry mean).
A PB ratio of 1.44 means the investor is paying $1.44 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Arcelik AS ADR:

The EOD is 1.554. Based on the equity, the company is underpriced. +1
The MRQ is 1.444. Based on the equity, the company is underpriced. +1
The TTM is 13.755. Based on the equity, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	1.554	MRQ	1.444	+0.111
MRQ	1.444	TTM	13.755	-12.311
TTM	13.755	YOY	8.682	+5.073
TTM	13.755	5Y	8.166	+5.589
5Y	8.166	10Y	14.134	-5.968

Compared to industry (Furnishings, Fixtures & Appliances)

Period	Company	Industry (mean)	+/-
EOD	1.554	1.605	-0.051
MRQ	1.444	1.616	-0.172
TTM	13.755	1.545	+12.210
YOY	8.682	1.859	+6.823
5Y	8.166	1.909	+6.257
10Y	14.134	2.125	+12.009

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Arcelik AS ADR compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	13.250	3.459	+283%	-0.950	+107%	0.660	+1908%	0.353	+3652%
Book Value Per Share	-	-	15.066	4.966	+203%	4.733	+218%	3.677	+310%	2.478	+508%
Current Ratio	-	-	1.243	1.175	+6%	1.201	+4%	1.372	-9%	1.532	-19%
Debt To Asset Ratio	-	-	0.769	0.808	-5%	0.792	-3%	0.755	+2%	0.711	+8%
Debt To Equity Ratio	-	-	3.735	4.692	-20%	4.167	-10%	3.408	+10%	2.718	+37%
Dividend Per Share	-	-	0.190	0.109	+74%	0.100	+90%	0.093	+105%	0.054	+249%
Eps	-	-	1.290	0.354	+264%	0.134	+862%	0.176	+633%	0.111	+1064%
Free Cash Flow Per Share	-	-	-4.537	-1.223	-73%	-0.233	-95%	-0.240	-95%	-0.108	-98%
Free Cash Flow To Equity Per Share	-	-	0.146	0.141	+3%	-0.002	+102%	0.119	+22%	0.076	+91%
Gross Profit Margin	-	-	-3.149	-8.562	+172%	-11.496	+265%	-6.251	+98%	-4.423	+40%
Intrinsic Value_10Y_max	-	-	-71.897	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-231.962	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	-1.413	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-5.722	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	-8.660	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-32.469	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	-21.228	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-75.757	-	-	-	-	-	-	-	-
Market Cap	2842485400.000	+7%	2639805830.250	13396336445.337	-80%	6967808365.857	-62%	5427801284.894	-51%	4366606822.159	-40%
Net Profit Margin	-	-	0.046	0.025	+82%	0.031	+46%	0.040	+15%	0.046	-2%
Operating Margin	-	-	-0.008	0.026	-130%	0.061	-113%	0.072	-111%	0.070	-111%
Operating Ratio	-	-	1.008	0.944	+7%	0.935	+8%	0.931	+8%	0.929	+8%
Pb Ratio	1.554	+7%	1.444	13.755	-90%	8.682	-83%	8.166	-82%	14.134	-90%
Pe Ratio	4.539	+7%	4.215	133.818	-97%	55.365	-92%	65.140	-94%	1534.681	-100%
Price Per Share	23.420	+7%	21.750	26.041	-16%	22.674	-4%	19.827	+10%	22.142	-2%
Price To Free Cash Flow Ratio	-1.291	-8%	-1.199	-49.916	+4065%	9.443	-113%	24.342	-105%	-90.480	+7449%
Price To Total Gains Ratio	1.743	+7%	1.618	121.807	-99%	29.494	-95%	-214.407	+13348%	-21.628	+1436%
Quick Ratio	-	-	0.857	0.814	+5%	0.799	+7%	0.987	-13%	1.118	-23%
Return On Assets	-	-	0.020	0.009	+128%	0.009	+122%	0.011	+86%	0.012	+59%
Return On Equity	-	-	0.096	0.047	+105%	0.046	+107%	0.045	+113%	0.044	+120%
Total Gains Per Share	-	-	13.440	3.568	+277%	-0.850	+106%	0.753	+1685%	0.407	+3198%
Usd Book Value	-	-	1828594507.300	1194550377.525	+53%	761135813.250	+140%	623890855.390	+193%	398374655.705	+359%
Usd Book Value Change Per Share	-	-	13.250	3.459	+283%	-0.950	+107%	0.660	+1908%	0.353	+3652%
Usd Book Value Per Share	-	-	15.066	4.966	+203%	4.733	+218%	3.677	+310%	2.478	+508%
Usd Dividend Per Share	-	-	0.190	0.109	+74%	0.100	+90%	0.093	+105%	0.054	+249%
Usd Eps	-	-	1.290	0.354	+264%	0.134	+862%	0.176	+633%	0.111	+1064%
Usd Free Cash Flow	-	-	-550634616.700	-192567323.375	-65%	-6228032.250	-99%	-32880515.085	-94%	-14761934.593	-97%
Usd Free Cash Flow Per Share	-	-	-4.537	-1.223	-73%	-0.233	-95%	-0.240	-95%	-0.108	-98%
Usd Free Cash Flow To Equity Per Share	-	-	0.146	0.141	+3%	-0.002	+102%	0.119	+22%	0.076	+91%
Usd Market Cap	2842485400.000	+7%	2639805830.250	13396336445.337	-80%	6967808365.857	-62%	5427801284.894	-51%	4366606822.159	-40%
Usd Price Per Share	23.420	+7%	21.750	26.041	-16%	22.674	-4%	19.827	+10%	22.142	-2%
Usd Profit	-	-	156573377.000	58846796.125	+166%	33191857.600	+372%	28903056.855	+442%	17907459.663	+774%
Usd Revenue	-	-	3439825615.900	1973271196.825	+74%	1027801523.900	+235%	816647537.900	+321%	477798868.235	+620%
Usd Total Gains Per Share	-	-	13.440	3.568	+277%	-0.850	+106%	0.753	+1685%	0.407	+3198%
	EOD	+5 -3	MRQ	TTM	+26 -10	YOY	+27 -9	5Y	+24 -12	10Y	+22 -14

3.2. Fundamental Score

Let's check the fundamental score of Arcelik AS ADR based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	4.539
Price to Book Ratio (EOD)	Between	0-1	1.554
Net Profit Margin (MRQ)	Greater than	0	0.046
Operating Margin (MRQ)	Greater than	0	-0.008
Quick Ratio (MRQ)	Greater than	1	0.857
Current Ratio (MRQ)	Greater than	1	1.243
Debt to Asset Ratio (MRQ)	Less than	1	0.769
Debt to Equity Ratio (MRQ)	Less than	1	3.735
Return on Equity (MRQ)	Greater than	0.15	0.096
Return on Assets (MRQ)	Greater than	0.05	0.020
Total			4/10 (40.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

3.3. Technical Score

Let's check the technical score of Arcelik AS ADR based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	40.698
Ma 20	Greater than	Ma 50	23.417
Ma 50	Greater than	Ma 100	25.010
Ma 100	Greater than	Ma 200	23.557
Open	Greater than	Close	23.420
Total			1/5 (20.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

	2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Other Stockholders Equity	-79,816	0	-79,816	0	-79,816	0	-79,816	314,755	234,939
Operating Income	80,273	-12,703	67,570	44,050	111,620	10,674	122,294	-149,191	-26,897
Total Other Income Expense Net	-11,772	-33,988	-45,760	-31,279	-77,039	-3,684	-80,723	242,939	162,216

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in TRY. All numbers in thousands.

Summary

Total Assets	258,137,907
Total Liabilities	198,574,568
Total Stockholder Equity	53,169,904

	As reported
Total Liabilities	198,574,568
Total Stockholder Equity	+ 53,169,904
Total Assets	= 258,137,907

Assets

Total Assets	258,137,907
Total Current Assets	171,321,937
Long-term Assets	86,815,970

Total Current Assets

Total Current Assets (as reported)	171,321,937
Cash And Cash Equivalents	48,791,778
Net Receivables	69,291,437
Inventory	48,244,367
Other Current Assets	4,994,355
Total Current Assets (calculated)	171,321,937
+/-	0

Long-term Assets

Long-term Assets (as reported)	86,815,970
Property Plant Equipment	49,335,383
Goodwill	7,269,302
Intangible Assets	19,899,402
Long-term Assets Other	20,348,246
Long-term Assets (calculated)	96,852,333
+/-	10,036,363

Liabilities & Shareholders' Equity

Total Current Liabilities	137,801,099
Long-term Liabilities	60,773,469
Total Stockholder Equity	53,169,904

Total Current Liabilities

Total Current Liabilities (as reported)	137,801,099
Short-term Debt	57,448,389
Short Long Term Debt	56,499,932
Accounts payable	54,204,812
Other Current Liabilities	25,577,467
Total Current Liabilities (calculated)	193,730,600
+/-	55,929,501

Long-term Liabilities

Long-term Liabilities (as reported)	60,773,469
Long term Debt	41,598,522
Capital Lease Obligations	3,811,089
Long-term Liabilities Other	4,116,658
Long-term Liabilities (calculated)	49,526,269
+/-	11,247,200

Total Stockholder Equity

Total Stockholder Equity (as reported)	53,169,904
Common Stock	675,728
Retained Earnings	19,123,179
Accumulated Other Comprehensive Income	25,718,269
Other Stockholders Equity	7,652,728
Total Stockholder Equity (calculated)	53,169,904
+/-	0

Other

Capital Stock	675,728
Cash and Short Term Investments	48,791,778
Common Stock Shares Outstanding	121,370
Current Deferred Revenue	570,431
Liabilities and Stockholders Equity	258,137,907
Net Debt	53,117,765
Net Invested Capital	151,268,358
Net Working Capital	33,520,838
Property Plant and Equipment Gross	112,336,876
Short Long Term Debt Total	101,909,543

Balance Sheet

Currency in TRY. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

> Total Assets

0
0
0
6,426,658
6,071,012
6,850,635
6,683,920
7,321,759
7,232,975
7,650,148
8,379,588
9,197,753
9,598,732
9,820,953
10,004,344
10,228,153
10,388,643
11,121,580
11,583,401
11,410,916
11,686,884
11,763,596
12,353,681
12,395,005
12,498,097
12,712,680
14,380,332
13,738,508
13,867,924
14,075,504
14,878,667
16,909,368
18,578,930
18,833,877
19,905,910
20,436,495
21,651,456
24,368,274
30,488,567
28,368,361
31,707,316
33,575,913
32,941,720
34,729,500
36,095,535
37,340,550
45,143,249
46,549,044
53,003,175
61,838,847
62,288,817
85,078,606
102,410,107
115,870,075
128,640,529
132,242,678
146,628,119
181,387,437
208,819,244
258,137,907

258,137,907

208,819,244

181,387,437

146,628,119

132,242,678

128,640,529

115,870,075

102,410,107

85,078,606

62,288,817

61,838,847

53,003,175

46,549,044

45,143,249

37,340,550

36,095,535

34,729,500

32,941,720

33,575,913

31,707,316

28,368,361

30,488,567

24,368,274

21,651,456

20,436,495

19,905,910

18,833,877

18,578,930

16,909,368

14,878,667

14,075,504

13,867,924

13,738,508

14,380,332

12,712,680

12,498,097

12,395,005

12,353,681

11,763,596

11,686,884

11,410,916

11,583,401

11,121,580

10,388,643

10,228,153

10,004,344

9,820,953

9,598,732

9,197,753

8,379,588

7,650,148

7,232,975

7,321,759

6,683,920

6,850,635

6,071,012

6,426,658

> Total Current Assets

0
0
0
4,157,955
3,813,715
4,511,221
4,330,687
4,748,439
4,629,084
5,041,507
5,723,551
6,033,849
6,445,608
6,640,445
6,762,009
6,736,678
6,947,086
7,563,072
7,864,634
7,659,118
7,951,198
7,927,691
8,493,993
8,471,757
8,371,186
8,532,913
9,965,185
9,406,252
9,546,423
10,117,330
10,760,331
10,985,760
12,405,566
12,662,680
13,598,532
13,609,776
14,443,600
16,368,709
20,877,412
19,196,026
21,265,794
22,751,842
22,217,061
23,182,646
24,179,452
25,233,483
31,721,085
33,060,849
38,186,821
42,735,931
43,334,970
59,594,808
73,657,557
83,772,274
91,161,186
91,986,314
103,628,628
126,590,837
150,205,052
171,321,937

171,321,937

150,205,052

126,590,837

103,628,628

91,986,314

91,161,186

83,772,274

73,657,557

59,594,808

43,334,970

42,735,931

38,186,821

33,060,849

31,721,085

25,233,483

24,179,452

23,182,646

22,217,061

22,751,842

21,265,794

19,196,026

20,877,412

16,368,709

14,443,600

13,609,776

13,598,532

12,662,680

12,405,566

10,985,760

10,760,331

10,117,330

9,546,423

9,406,252

9,965,185

8,532,913

8,371,186

8,471,757

8,493,993

7,927,691

7,951,198

7,659,118

7,864,634

7,563,072

6,947,086

6,736,678

6,762,009

6,640,445

6,445,608

6,033,849

5,723,551

5,041,507

4,629,084

4,748,439

4,330,687

4,511,221

3,813,715

4,157,955

Cash And Cash Equivalents

0
0
0
904,734
709,354
1,007,617
861,992
1,317,166
1,069,915
897,027
1,051,821
1,173,889
1,370,402
1,117,359
1,173,933
1,740,789
1,876,582
1,647,067
1,498,177
1,266,575
1,553,300
1,098,133
1,491,072
1,621,221
1,644,892
1,052,562
1,564,163
2,167,627
2,491,432
2,467,275
2,722,129
2,441,871
2,886,432
2,038,247
1,982,875
2,581,964
2,611,584
2,955,974
4,225,164
5,341,524
6,478,098
5,787,781
5,481,640
6,937,060
7,826,632
9,253,158
11,540,151
12,002,246
10,213,040
10,743,491
8,340,575
16,014,589
16,694,456
14,956,187
20,425,396
24,529,219
29,347,464
28,665,840
39,623,140
48,791,778

48,791,778

39,623,140

28,665,840

29,347,464

24,529,219

20,425,396

14,956,187

16,694,456

16,014,589

8,340,575

10,743,491

10,213,040

12,002,246

11,540,151

9,253,158

7,826,632

6,937,060

5,481,640

5,787,781

6,478,098

5,341,524

4,225,164

2,955,974

2,611,584

2,581,964

1,982,875

2,038,247

2,886,432

2,441,871

2,722,129

2,467,275

2,491,432

2,167,627

1,564,163

1,052,562

1,644,892

1,621,221

1,491,072

1,098,133

1,553,300

1,266,575

1,498,177

1,647,067

1,876,582

1,740,789

1,173,933

1,117,359

1,370,402

1,173,889

1,051,821

897,027

1,069,915

1,317,166

861,992

1,007,617

709,354

904,734

Short-term Investments

0
0
0
0
0
0
3,673
1,185
0
0
0
0
0
3,834
0
1,512
3,749
1,116
41,460
849
935
283
582
698
601
354
845
1,474
1,514
852
862
219
793
237
550
1,071
1,602
1,274
3,016
4,246
6,902
4,822
8,177
14,122
0
0
0
0
0
0
0
0
0
-44,302
-37,588
-42,387
-42,446
-39,575
-47,434
0

-47,434

-39,575

-42,446

-42,387

-37,588

-44,302

14,122

8,177

4,822

6,902

4,246

3,016

1,274

1,602

1,071

550

237

793

219

862

852

1,514

1,474

845

354

601

698

582

283

935

849

41,460

1,116

3,749

1,512

3,834

1,185

3,673

Net Receivables

0
0
0
2,237,455
2,041,403
2,432,989
2,421,252
2,324,578
2,327,635
2,838,797
3,207,339
3,183,802
3,330,877
3,754,081
3,733,096
3,384,246
3,472,931
4,089,499
4,328,719
4,394,779
4,363,439
4,746,907
4,838,554
4,716,444
4,588,103
5,076,820
5,896,347
5,088,918
4,784,980
5,322,512
5,618,120
5,757,431
6,234,100
7,055,016
7,630,416
7,211,265
7,466,916
8,599,491
10,366,859
8,700,473
9,278,433
10,800,526
10,673,729
10,532,967
10,445,209
10,022,075
13,250,252
13,816,069
17,708,259
19,385,766
21,657,354
26,626,625
33,423,907
40,153,604
38,356,603
37,909,624
42,965,780
57,933,854
65,625,912
69,291,437

69,291,437

65,625,912

57,933,854

42,965,780

37,909,624

38,356,603

40,153,604

33,423,907

26,626,625

21,657,354

19,385,766

17,708,259

13,816,069

13,250,252

10,022,075

10,445,209

10,532,967

10,673,729

10,800,526

9,278,433

8,700,473

10,366,859

8,599,491

7,466,916

7,211,265

7,630,416

7,055,016

6,234,100

5,757,431

5,618,120

5,322,512

4,784,980

5,088,918

5,896,347

5,076,820

4,588,103

4,716,444

4,838,554

4,746,907

4,363,439

4,394,779

4,328,719

4,089,499

3,472,931

3,384,246

3,733,096

3,754,081

3,330,877

3,183,802

3,207,339

2,838,797

2,327,635

2,324,578

2,421,252

2,432,989

2,041,403

2,237,455

Other Current Assets

0
0
0
108,980
115,606
90,114
101,159
117,984
108,775
92,242
93,887
146,017
149,186
117,143
100,453
11,985
12,420
10,440
10,431
9,391
10,006
16,840
10,497
9,146
15,332
13,060
11,307
9,650
15,290
16,514
18,563
24,888
29,826
31,315
39,851
36,619
54,950
60,990
84,059
66,353
70,304
81,894
82,439
82,368
86,141
83,069
91,462
146,912
140,574
98,170
143,304
124,895
152,594
352,083
430,397
310,351
518,421
336,596
1,141,788
4,994,355

4,994,355

1,141,788

336,596

518,421

310,351

430,397

352,083

152,594

124,895

143,304

98,170

140,574

146,912

91,462

83,069

86,141

82,368

82,439

81,894

70,304

66,353

84,059

60,990

54,950

36,619

39,851

31,315

29,826

24,888

18,563

16,514

15,290

9,650

11,307

13,060

15,332

9,146

10,497

16,840

10,006

9,391

10,431

10,440

12,420

11,985

100,453

117,143

149,186

146,017

93,887

92,242

108,775

117,984

101,159

90,114

115,606

108,980

> Long-term Assets

0
0
0
2,268,703
2,257,297
2,339,414
2,353,233
2,573,320
2,603,891
2,608,641
2,656,037
3,163,904
3,153,124
3,180,508
3,242,335
3,491,475
3,441,557
3,558,508
3,718,767
3,751,798
3,735,686
3,835,905
3,859,688
3,923,248
4,126,911
4,179,767
4,415,147
4,332,256
4,321,501
3,958,174
4,118,336
5,923,608
6,173,364
6,171,197
6,307,378
6,826,719
7,207,856
7,999,565
9,611,155
9,172,335
10,441,522
10,824,071
10,724,659
11,546,854
11,916,083
12,107,067
13,422,164
13,488,195
14,816,354
19,102,916
18,953,847
25,483,798
28,752,550
32,097,801
37,479,343
40,256,364
42,999,491
54,796,600
58,614,192
86,815,970

86,815,970

58,614,192

54,796,600

42,999,491

40,256,364

37,479,343

32,097,801

28,752,550

25,483,798

18,953,847

19,102,916

14,816,354

13,488,195

13,422,164

12,107,067

11,916,083

11,546,854

10,724,659

10,824,071

10,441,522

9,172,335

9,611,155

7,999,565

7,207,856

6,826,719

6,307,378

6,171,197

6,173,364

5,923,608

4,118,336

3,958,174

4,321,501

4,332,256

4,415,147

4,179,767

4,126,911

3,923,248

3,859,688

3,835,905

3,735,686

3,751,798

3,718,767

3,558,508

3,441,557

3,491,475

3,242,335

3,180,508

3,153,124

3,163,904

2,656,037

2,608,641

2,603,891

2,573,320

2,353,233

2,339,414

2,257,297

2,268,703

Property Plant Equipment

0
0
0
1,244,109
1,225,156
1,188,818
1,185,955
1,252,245
1,250,291
1,274,749
1,295,272
1,446,841
1,434,034
1,464,053
1,514,629
1,603,403
1,588,746
1,637,895
1,741,198
1,836,789
1,817,155
1,826,904
1,842,215
1,812,746
1,862,359
1,888,105
2,018,054
2,055,675
2,091,429
2,131,098
2,210,669
2,750,411
2,800,892
2,818,606
2,926,060
3,264,771
3,407,338
3,693,895
4,468,407
4,534,276
5,508,513
5,735,721
5,614,898
6,041,402
6,241,535
6,449,550
6,928,281
7,296,568
7,866,966
8,443,852
9,274,372
13,125,336
14,484,651
16,293,608
20,148,017
21,434,491
22,619,718
28,724,765
30,702,274
49,335,383

49,335,383

30,702,274

28,724,765

22,619,718

21,434,491

20,148,017

16,293,608

14,484,651

13,125,336

9,274,372

8,443,852

7,866,966

7,296,568

6,928,281

6,449,550

6,241,535

6,041,402

5,614,898

5,735,721

5,508,513

4,534,276

4,468,407

3,693,895

3,407,338

3,264,771

2,926,060

2,818,606

2,800,892

2,750,411

2,210,669

2,131,098

2,091,429

2,055,675

2,018,054

1,888,105

1,862,359

1,812,746

1,842,215

1,826,904

1,817,155

1,836,789

1,741,198

1,637,895

1,588,746

1,603,403

1,514,629

1,464,053

1,434,034

1,446,841

1,295,272

1,274,749

1,250,291

1,252,245

1,185,955

1,188,818

1,225,156

1,244,109

Goodwill

0
0
0
7,511
7,304
7,054
7,157
0
0
7,748
0
0
0
185,779
0
177,080
165,564
163,022
170,152
172,706
175,045
169,521
170,699
169,195
181,609
187,596
188,078
163,450
164,445
167,177
187,018
393,752
420,617
404,060
400,288
438,112
461,231
477,042
611,409
507,966
537,925
820,274
756,337
808,786
803,022
853,216
980,384
989,060
1,121,835
1,528,168
3,368,049
2,844,448
3,270,941
3,520,194
3,701,898
3,781,614
4,281,477
5,256,107
5,523,047
7,269,302

7,269,302

5,523,047

5,256,107

4,281,477

3,781,614

3,701,898

3,520,194

3,270,941

2,844,448

3,368,049

1,528,168

1,121,835

989,060

980,384

853,216

803,022

808,786

756,337

820,274

537,925

507,966

611,409

477,042

461,231

438,112

400,288

404,060

420,617

393,752

187,018

167,177

164,445

163,450

188,078

187,596

181,609

169,195

170,699

169,521

175,045

172,706

170,152

163,022

165,564

177,080

185,779

7,748

7,157

7,054

7,304

7,511

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
419,427
42,482
328,774
323,062
293,937
432,101
444
515,274
655,166
481,130
472,674
529,508
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

529,508

472,674

481,130

655,166

515,274

444

432,101

293,937

323,062

328,774

42,482

419,427

Intangible Assets

0
0
0
439,993
440,659
432,258
443,010
0
0
499,990
0
0
0
759,579
0
787,601
781,588
804,133
844,554
886,268
906,393
898,415
908,449
922,000
958,543
992,148
1,037,647
1,007,480
1,028,551
1,037,478
1,086,166
1,910,508
2,007,159
1,990,988
2,029,538
2,140,338
2,239,177
2,409,255
2,915,313
2,600,849
2,736,834
2,724,856
2,749,697
2,977,935
3,045,459
3,137,306
3,509,265
3,563,944
3,923,817
4,105,211
4,096,456
6,573,315
8,202,873
8,783,329
9,172,728
9,755,086
9,804,791
13,164,885
13,956,046
19,899,402

19,899,402

13,956,046

13,164,885

9,804,791

9,755,086

9,172,728

8,783,329

8,202,873

6,573,315

4,096,456

4,105,211

3,923,817

3,563,944

3,509,265

3,137,306

3,045,459

2,977,935

2,749,697

2,724,856

2,736,834

2,600,849

2,915,313

2,409,255

2,239,177

2,140,338

2,029,538

1,990,988

2,007,159

1,910,508

1,086,166

1,037,478

1,028,551

1,007,480

1,037,647

992,148

958,543

922,000

908,449

898,415

906,393

886,268

844,554

804,133

781,588

787,601

759,579

499,990

443,010

432,258

440,659

439,993

Other Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
525,269
71,120
622,718
1,204,958
806,173
987,272
1,007
1,699,506
1,003,084
1,062,090
1,131,053
2,053,576
1,284,410
1,062,475
1,335,832
2,005,815
1,189,565
4,336,069
1,506,943
3,380,203
2,038,397
2,695,224
3,760,852
6,918,412
6,259,204
7,929,612
8,963,504
0

8,963,504

7,929,612

6,259,204

6,918,412

3,760,852

2,695,224

2,038,397

3,380,203

1,506,943

4,336,069

1,189,565

2,005,815

1,335,832

1,062,475

1,284,410

2,053,576

1,131,053

1,062,090

1,003,084

1,699,506

1,007

987,272

806,173

1,204,958

622,718

71,120

525,269

> Total Liabilities

0
0
0
3,683,155
3,319,249
3,848,189
3,532,520
3,914,025
3,903,454
4,198,328
4,757,959
5,546,112
6,141,133
6,229,481
6,309,844
6,300,918
6,717,498
7,265,264
7,541,153
7,272,160
7,718,503
7,578,414
8,072,130
7,996,307
8,204,315
8,374,944
9,631,605
9,062,671
9,271,730
9,193,034
9,591,757
10,904,791
12,527,413
12,611,495
13,360,437
13,521,418
14,871,459
17,151,980
21,487,142
20,149,199
22,911,023
24,410,624
23,789,028
24,913,531
26,093,444
26,459,603
32,237,820
32,525,198
38,513,788
46,342,999
46,440,802
64,023,391
79,889,963
91,493,744
103,471,894
105,136,998
120,501,050
147,343,665
172,911,681
198,574,568

198,574,568

172,911,681

147,343,665

120,501,050

105,136,998

103,471,894

91,493,744

79,889,963

64,023,391

46,440,802

46,342,999

38,513,788

32,525,198

32,237,820

26,459,603

26,093,444

24,913,531

23,789,028

24,410,624

22,911,023

20,149,199

21,487,142

17,151,980

14,871,459

13,521,418

13,360,437

12,611,495

12,527,413

10,904,791

9,591,757

9,193,034

9,271,730

9,062,671

9,631,605

8,374,944

8,204,315

7,996,307

8,072,130

7,578,414

7,718,503

7,272,160

7,541,153

7,265,264

6,717,498

6,300,918

6,309,844

6,229,481

6,141,133

5,546,112

4,757,959

4,198,328

3,903,454

3,914,025

3,532,520

3,848,189

3,319,249

3,683,155

> Total Current Liabilities

0
0
0
3,179,663
2,815,707
1,385,903
2,114,782
2,341,989
2,322,939
2,996,431
3,232,303
3,530,620
3,803,961
4,343,337
4,183,090
3,949,762
4,491,487
3,837,467
4,228,665
4,091,143
4,395,257
4,956,985
4,435,125
4,430,803
4,669,349
5,064,814
5,567,381
5,236,297
5,622,656
5,539,539
6,151,484
6,606,088
7,612,710
7,789,672
8,645,892
8,403,020
9,335,026
10,893,600
13,194,569
12,496,956
13,595,993
14,871,677
14,554,502
14,714,925
14,815,737
14,833,387
23,140,245
23,826,916
27,965,693
30,707,560
30,401,577
40,501,624
55,414,456
72,368,241
78,845,201
79,359,444
93,446,406
111,534,547
123,675,648
137,801,099

137,801,099

123,675,648

111,534,547

93,446,406

79,359,444

78,845,201

72,368,241

55,414,456

40,501,624

30,401,577

30,707,560

27,965,693

23,826,916

23,140,245

14,833,387

14,815,737

14,714,925

14,554,502

14,871,677

13,595,993

12,496,956

13,194,569

10,893,600

9,335,026

8,403,020

8,645,892

7,789,672

7,612,710

6,606,088

6,151,484

5,539,539

5,622,656

5,236,297

5,567,381

5,064,814

4,669,349

4,430,803

4,435,125

4,956,985

4,395,257

4,091,143

4,228,665

3,837,467

4,491,487

3,949,762

4,183,090

4,343,337

3,803,961

3,530,620

3,232,303

2,996,431

2,322,939

2,341,989

2,114,782

1,385,903

2,815,707

3,179,663

Short-term Debt

0
0
0
1,923,727
0
1,084,819
0
839,220
899,667
1,276,135
1,370,246
1,628,943
1,574,913
0
0
2,151,436
2,185,300
1,384,851
1,876,490
1,673,379
1,868,402
2,444,741
1,795,882
1,802,623
1,981,943
2,274,312
2,309,545
2,184,742
2,507,669
2,078,096
2,369,867
2,250,574
2,770,765
2,922,039
3,215,587
3,262,187
3,900,481
4,413,008
4,686,986
5,516,726
5,810,571
5,801,155
5,953,831
6,151,755
6,209,839
5,780,973
9,605,880
10,230,877
10,921,261
11,539,790
8,971,439
13,044,100
19,320,912
30,363,515
34,872,406
35,229,350
44,130,065
45,719,266
47,337,262
57,448,389

57,448,389

47,337,262

45,719,266

44,130,065

35,229,350

34,872,406

30,363,515

19,320,912

13,044,100

8,971,439

11,539,790

10,921,261

10,230,877

9,605,880

5,780,973

6,209,839

6,151,755

5,953,831

5,801,155

5,810,571

5,516,726

4,686,986

4,413,008

3,900,481

3,262,187

3,215,587

2,922,039

2,770,765

2,250,574

2,369,867

2,078,096

2,507,669

2,184,742

2,309,545

2,274,312

1,981,943

1,802,623

1,795,882

2,444,741

1,868,402

1,673,379

1,876,490

1,384,851

2,185,300

2,151,436

1,574,913

1,628,943

1,370,246

1,276,135

899,667

839,220

1,084,819

1,923,727

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,750,336
806,303
2,136,605
2,227,770
3,157,969
3,578,283
1,345
1,494,640
5,602,044
5,596,127
5,772,498
5,974,472
6,017,632
5,602,802
9,407,394
10,029,834
10,697,950
11,284,714
8,717,690
12,713,842
18,884,556
29,812,866
34,315,183
34,629,704
43,401,304
44,840,822
46,440,841
56,499,932

56,499,932

46,440,841

44,840,822

43,401,304

34,629,704

34,315,183

29,812,866

18,884,556

12,713,842

8,717,690

11,284,714

10,697,950

10,029,834

9,407,394

5,602,802

6,017,632

5,974,472

5,772,498

5,596,127

5,602,044

1,494,640

1,345

3,578,283

3,157,969

2,227,770

2,136,605

806,303

6,750,336

Accounts payable

0
0
0
762,402
738,556
858,608
842,876
968,962
886,599
1,089,458
1,142,539
1,249,531
1,220,550
1,361,685
1,382,328
1,168,774
1,251,513
1,675,514
1,453,180
1,593,364
1,413,373
1,605,191
1,607,896
1,719,560
1,458,244
1,772,063
1,997,119
1,996,651
1,848,947
2,283,258
2,352,524
2,945,534
2,972,170
3,239,224
3,628,537
3,575,568
3,828,093
4,609,348
6,044,777
4,734,444
5,309,288
5,752,775
5,870,829
5,564,139
5,262,921
5,280,603
8,145,266
9,645,202
11,263,028
12,982,502
14,744,762
19,669,031
27,353,481
30,217,425
31,183,753
28,523,030
30,833,994
40,458,951
48,348,197
54,204,812

54,204,812

48,348,197

40,458,951

30,833,994

28,523,030

31,183,753

30,217,425

27,353,481

19,669,031

14,744,762

12,982,502

11,263,028

9,645,202

8,145,266

5,280,603

5,262,921

5,564,139

5,870,829

5,752,775

5,309,288

4,734,444

6,044,777

4,609,348

3,828,093

3,575,568

3,628,537

3,239,224

2,972,170

2,945,534

2,352,524

2,283,258

1,848,947

1,996,651

1,997,119

1,772,063

1,458,244

1,719,560

1,607,896

1,605,191

1,413,373

1,593,364

1,453,180

1,675,514

1,251,513

1,168,774

1,382,328

1,361,685

1,220,550

1,249,531

1,142,539

1,089,458

886,599

968,962

842,876

858,608

738,556

762,402

Other Current Liabilities

0
0
0
169,288
2,077,151
-885,684
1,271,906
179,908
175,031
226,137
302,510
212,620
273,235
2,981,652
2,800,762
3,761
231,559
7,425
2,785
27,101
19,131
19,304
21,818
35,817
33,597
39,148
31,693
36,933
34,229
31,384
30,060
345,624
49,573
52,277
60,890
506,812
555,603
658,191
883,221
100,675
109,245
106,885
135,145
277,839
153,306
319,513
481,776
325,037
229,834
271,041
466,385
494,763
653,605
508,691
598,116
897,550
728,166
986,348
720,487
25,577,467

25,577,467

720,487

986,348

728,166

897,550

598,116

508,691

653,605

494,763

466,385

271,041

229,834

325,037

481,776

319,513

153,306

277,839

135,145

106,885

109,245

100,675

883,221

658,191

555,603

506,812

60,890

52,277

49,573

345,624

30,060

31,384

34,229

36,933

31,693

39,148

33,597

35,817

21,818

19,304

19,131

27,101

2,785

7,425

231,559

3,761

2,800,762

2,981,652

273,235

212,620

302,510

226,137

175,031

179,908

1,271,906

-885,684

2,077,151

169,288

> Long-term Liabilities

0
0
0
503,492
503,542
2,462,286
1,417,738
1,572,036
1,580,515
1,201,897
1,525,656
2,015,492
2,337,172
1,886,144
2,126,754
2,351,156
2,226,011
3,427,797
3,312,488
3,181,017
3,323,246
2,621,429
3,637,005
3,565,504
3,534,966
3,310,130
4,064,224
3,826,374
3,649,074
3,653,495
3,440,273
4,298,703
4,914,703
4,821,823
4,714,545
5,118,398
5,536,433
6,258,380
8,292,573
7,652,243
9,315,030
9,538,947
9,234,526
10,198,606
11,277,707
11,626,216
9,097,575
8,698,282
10,548,095
15,635,439
16,039,225
23,521,767
24,475,507
19,125,503
24,626,693
25,777,554
27,054,644
35,809,118
49,236,033
60,773,469

60,773,469

49,236,033

35,809,118

27,054,644

25,777,554

24,626,693

19,125,503

24,475,507

23,521,767

16,039,225

15,635,439

10,548,095

8,698,282

9,097,575

11,626,216

11,277,707

10,198,606

9,234,526

9,538,947

9,315,030

7,652,243

8,292,573

6,258,380

5,536,433

5,118,398

4,714,545

4,821,823

4,914,703

4,298,703

3,440,273

3,653,495

3,649,074

3,826,374

4,064,224

3,310,130

3,534,966

3,565,504

3,637,005

2,621,429

3,323,246

3,181,017

3,312,488

3,427,797

2,226,011

2,351,156

2,126,754

1,886,144

2,337,172

2,015,492

1,525,656

1,201,897

1,580,515

1,572,036

1,417,738

2,462,286

503,542

503,492

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
935,132
112,425
947,518
1,004,481
1,165,861
1,229,575
1,308
1,220,691
1,258,512
1,262,005
1,275,172
1,326,128
1,345,964
1,465,294
1,796,378
1,853,934
2,181,904
2,389,389
2,691,787
3,986,368
4,545,370
5,246,244
10,957,424
9,567,761
9,307,937
12,249,924
12,766,022
0

12,766,022

12,249,924

9,307,937

9,567,761

10,957,424

5,246,244

4,545,370

3,986,368

2,691,787

2,389,389

2,181,904

1,853,934

1,796,378

1,465,294

1,345,964

1,326,128

1,275,172

1,262,005

1,258,512

1,220,691

1,308

1,229,575

1,165,861

1,004,481

947,518

112,425

935,132

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
544,522
0
0
0
685,536
0
0
0
864,353
0
0
0
1,020,822
0
0
0
1,324,601
0
0
0
2,208,493
0
0
0
0

2,208,493

1,324,601

1,020,822

864,353

685,536

544,522

> Total Stockholder Equity

0
0
0
2,700,121
2,703,062
2,946,075
3,095,750
3,341,552
3,252,735
3,363,223
3,527,002
3,545,592
3,348,821
3,477,709
3,611,750
3,841,652
3,584,024
3,759,857
3,980,663
4,062,850
3,887,309
4,098,731
4,244,064
4,355,625
4,249,012
4,321,795
4,728,615
4,657,011
4,575,980
4,861,542
5,263,276
5,977,947
6,023,039
6,192,894
6,513,574
6,880,998
6,742,550
7,186,806
8,961,332
8,183,347
8,758,845
9,050,647
9,007,732
9,658,284
9,826,202
10,719,989
12,698,817
13,820,045
14,255,463
15,251,446
14,812,258
19,383,483
20,585,944
22,317,830
23,127,423
24,947,523
23,818,175
31,190,093
32,940,363
53,169,904

53,169,904

32,940,363

31,190,093

23,818,175

24,947,523

23,127,423

22,317,830

20,585,944

19,383,483

14,812,258

15,251,446

14,255,463

13,820,045

12,698,817

10,719,989

9,826,202

9,658,284

9,007,732

9,050,647

8,758,845

8,183,347

8,961,332

7,186,806

6,742,550

6,880,998

6,513,574

6,192,894

6,023,039

5,977,947

5,263,276

4,861,542

4,575,980

4,657,011

4,728,615

4,321,795

4,249,012

4,355,625

4,244,064

4,098,731

3,887,309

4,062,850

3,980,663

3,759,857

3,584,024

3,841,652

3,611,750

3,477,709

3,348,821

3,545,592

3,527,002

3,363,223

3,252,735

3,341,552

3,095,750

2,946,075

2,703,062

2,700,121

Common Stock

0
0
0
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728
675,728

675,728

Retained Earnings Total Equity

Accumulated Other Comprehensive Income

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17,547,679
18,222,367
17,470,547
16,570,779
23,890,947
24,246,764
25,718,269

25,718,269

24,246,764

23,890,947

16,570,779

17,470,547

18,222,367

17,547,679

Capital Surplus

Treasury Stock

Other Stockholders Equity

0
0
0
964,726
1,073,922
1,046,084
1,047,241
1,194,206
1,251,020
1,223,935
1,235,650
1,161,700
1,169,970
1,131,639
1,553,245
1,257,969
1,257,605
1,282,374
1,342,113
1,268,239
1,288,120
1,338,305
1,327,958
1,270,514
1,403,990
1,400,347
1,533,028
1,250,452
1,298,541
932,094
1,071,007
1,481,174
1,750,133
1,663,407
1,727,857
1,951,980
2,226,661
2,527,089
4,050,373
2,992,554
3,342,630
3,415,370
3,132,112
3,542,658
3,454,842
3,942,006
4,898,845
4,856,580
5,845,884
6,311,241
6,076,075
10,217,231
12,851,489
-2,506,627
-2,607,053
-2,599,874
-2,599,874
-2,599,874
-2,599,874
7,652,728

7,652,728

-2,599,874

-2,607,053

-2,506,627

12,851,489

10,217,231

6,076,075

6,311,241

5,845,884

4,856,580

4,898,845

3,942,006

3,454,842

3,542,658

3,132,112

3,415,370

3,342,630

2,992,554

4,050,373

2,527,089

2,226,661

1,951,980

1,727,857

1,663,407

1,750,133

1,481,174

1,071,007

932,094

1,298,541

1,250,452

1,533,028

1,400,347

1,403,990

1,270,514

1,327,958

1,338,305

1,288,120

1,268,239

1,342,113

1,282,374

1,257,605

1,257,969

1,553,245

1,131,639

1,169,970

1,161,700

1,235,650

1,223,935

1,251,020

1,194,206

1,047,241

1,046,084

1,073,922

964,726

Balance Sheet

Currency in TRY. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31
Accounts Payable	54,204,812	28,523,030	19,669,031	9,645,202	5,564,139	4,734,444	3,575,568	2,945,534	1,996,651	1,719,560	1,593,364	1,168,774	1,249,531	968,962	762,402	83,835	1,329,747	812,300	693,010	501,822	597,962	480,471
Accumulated Amortization	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Accumulated Depreciation	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Accumulated Other Comprehensive Income	25,718,269	17,484,626	10,948,290	4,372,373	3,058,451	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Additional Paid In Capital	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Lease Obligations	3,811,089	2,293,648	1,434,622	916,935	735,420	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Stock	675,728	675,728	675,728	675,728	675,728	675,728	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Surpluse	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	48,791,778	24,529,219	16,014,589	12,002,246	6,937,060	5,341,524	2,581,964	2,441,871	2,167,627	1,621,221	1,266,575	1,740,789	1,173,889	1,317,166	904,734	415,586	302,492	288,796	293,520	258,953	303,260	224,119
Cash And Short Term Investments	48,791,778	24,529,219	16,014,589	12,002,246	6,937,060	5,341,524	2,581,964	2,441,871	2,167,627	1,621,221	1,266,575	1,740,789	1,173,889	1,318,351	904,734	441,625	302,492	288,796	293,520	258,953	303,260	224,119
Common Stock	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	399,960	399,960	399,960	399,960	868,771	763,149	674,541
Common Stock Shares Outstanding	606,852	613,564	665,045	675,728	675,728	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	111,997	85,151	81,992	81,992	81,992	78,208	72,304	59,963
Common Stock Total Equity	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Current Deferred Revenue	570,431	14,709,514	7,293,730	3,625,800	2,721,192	2,145,111	1,058,453	1,064,356	1,017,971	872,803	797,299	625,791	439,526	353,899	324,246	-	72,300	-	-	-	21,450	28,489
Deferred Long Term Asset Charges	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred Long Term Liab	-	2,208,493	1,324,601	1,020,822	864,353	685,536	544,522	434,699	380,417	325,896	-	-	-	-	-	-	-	-	-	-	-	-
Good Will	7,269,302	3,781,614	2,844,448	989,060	808,786	507,966	438,112	393,752	163,450	169,195	172,706	177,080	-	-	7,511	10,255	-	2,044	4,229	-	-	-
Intangible Assets	19,899,402	9,755,086	6,573,315	3,563,944	2,977,935	2,600,849	2,140,338	1,910,508	1,007,480	922,000	886,268	787,601	-	-	439,993	402,215	179,624	126,625	42,878	66,676	25,936	42,846
Inventory	48,244,367	29,237,120	16,828,699	7,095,622	5,630,251	5,087,676	3,779,928	2,761,570	2,140,057	2,124,946	1,988,373	1,599,658	1,530,141	987,526	906,786	1,303,931	1,296,726	1,275,026	965,326	727,195	416,767	368,241
Liabilities And Stockholders Equity	258,137,907	132,242,678	85,078,606	46,549,044	34,729,500	28,368,361	20,436,495	16,909,368	13,738,508	12,395,005	11,410,916	10,228,153	9,197,753	7,321,759	6,426,658	6,802,699	6,470,245	6,369,639	5,137,285	3,446,208	2,575,686	2,436,489
Long Term Debt	41,598,522	14,515,791	18,431,035	6,128,456	8,245,244	6,431,552	4,113,916	3,407,081	3,268,907	2,964,986	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt Total	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Investments	-	-	-	-	529,508	515,274	323,062	417,707	893,799	911,602	-	-	-	-	-	-	-	-	-	-	-	-
Negative Goodwill	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Debt	53,117,765	26,909,924	16,564,910	5,072,979	8,018,076	6,606,754	4,794,139	3,215,784	3,286,022	3,146,388	2,987,963	2,329,290	1,983,291	740,126	1,207,307	-415,586	1,994,329	2,028,066	956,047	63,246	36,142	157,336
Net Invested Capital	151,268,358	74,093,018	50,528,360	29,978,335	23,878,000	20,131,625	14,257,101	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	69,291,437	37,909,624	26,626,625	13,816,069	10,532,967	8,700,473	7,211,265	5,757,431	5,088,918	4,716,444	4,394,779	3,384,246	3,183,802	2,324,578	2,237,455	-	2,447,881	-	-	122,632	949,018	738,955
Net Tangible Assets	-	13,619,316	11,290,321	10,287,863	6,735,916	5,760,068	4,847,070	4,108,386	3,866,498	3,590,326	-	-	-	-	-	-	-	-	-	-	-	-
Net Working Capital	33,520,838	12,626,870	19,093,184	9,233,933	8,467,721	6,699,070	5,206,756	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	86,815,970	40,256,364	25,483,798	13,488,195	11,546,854	9,172,335	6,826,719	5,923,608	4,332,256	3,923,248	3,751,798	3,491,475	3,163,904	2,573,320	2,268,703	2,435,574	2,388,417	2,170,982	1,675,618	983,453	794,406	829,920
Non Current Liabilities Other	4,116,658	2,994,002	176,915	93,994	56,281	56,826	50,406	54,932	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	60,773,469	25,777,554	23,521,767	8,698,282	10,198,606	7,652,243	5,118,398	4,298,703	3,826,374	3,565,504	3,181,017	2,351,156	2,015,492	1,572,036	503,492	1,866,844	1,223,915	1,286,085	999,682	329,230	361,548	405,478
Non Currrent Assets Other	448,844	1,229,796	186,057	83,484	191,055	306,782	51,749	203,585	159,421	48,853	34,651	17,580	674,415	19,126	535,581	750,771	3,463	868,707	674,942	1,868	219,374	218,581
Noncontrolling Interest In Consolidated Entity	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Assets	-	6,918,412	3,380,203	2,005,815	2,053,576	1,699,974	1,313,576	885,929	592,269	433,601	-	-	-	-	-	-	-	-	-	-	-	-
Other Current Assets	4,994,355	310,351	124,895	146,912	82,368	66,353	36,619	24,888	9,650	9,146	9,391	11,985	146,017	117,984	108,980	2,748,099	91,283	-	-	1,398,013	112,235	275,254
Other Current Liab	25,577,467	897,550	494,763	325,037	277,839	100,675	506,812	345,624	36,933	35,817	27,101	3,761	212,620	179,908	169,288	2,977,221	454,158	865,590	901,063	840,142	272,442	226,659
Other Liab	-	9,567,761	3,986,368	1,853,934	1,326,128	1,220,691	1,004,482	891,622	557,467	600,518	-	-	-	-	-	-	-	-	-	-	-	-
Other Stockholder Equity	7,652,728	-2,613,953	-731,059	484,207	484,207	2,992,554	1,951,980	1,481,174	1,250,452	1,270,514	1,268,239	1,257,969	1,161,700	1,194,206	964,726	892,128	1,356,304	1,157,009	1,010,988	793,864	226,139	238,081
Preferred Stock Redeemable	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred Stock Total Equity	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant And Equipment Gross	112,336,876	37,569,710	23,951,628	13,850,737	11,442,631	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant And Equipment Net	49,335,383	21,434,491	13,125,336	7,296,568	6,041,402	4,534,276	3,264,771	2,750,411	2,055,675	1,812,746	1,836,789	1,603,403	1,446,841	1,252,245	1,244,109	1,272,333	1,207,882	1,115,169	930,582	632,276	549,096	568,493
Property Plant Equipment	-	20,822,336	13,125,336	7,296,568	6,041,402	4,534,276	3,264,771	2,762,299	2,055,675	1,812,746	-	-	-	-	-	-	-	-	-	-	-	-
Retained Earnings	19,123,179	9,401,122	8,490,524	8,287,737	5,439,898	4,515,065	4,253,290	3,821,045	2,730,831	2,409,383	2,118,883	1,907,955	1,708,164	1,471,618	1,059,667	582,711	332,912	546,678	642,943	-	236,807	243,976
Retained Earnings Total Equity	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Short Long Term Debt	56,499,932	34,629,704	12,713,842	10,029,834	5,974,472	5,516,726	3,262,187	2,250,574	1,149,001	1,082,761	-	-	-	-	-	-	-	-	-	-	-	-
Short Long Term Debt Total	101,909,543	51,439,143	32,579,499	17,075,225	14,955,136	11,948,278	7,376,103	5,657,655	5,453,649	4,767,609	4,254,538	4,070,079	3,157,180	2,057,292	2,112,041	-	2,296,821	2,316,862	1,249,567	322,199	339,402	381,455
Short Term Debt	57,448,389	35,229,350	13,044,100	10,230,877	6,151,755	5,516,726	3,262,187	2,250,574	2,184,742	1,802,623	1,673,379	2,151,436	1,628,943	839,220	1,923,727	-	1,300,949	1,269,127	407,893	112,379	78,298	118,731
Short Term Investments	-	-42,387	-65,022	-68,225	14,122	4,246	1,071	219	1,474	698	849	1,512	-	1,185	-	26,039	-18,655	-	-	-	-	-
Temporary Equity Redeemable Noncontrolling Interests	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Assets	258,137,907	132,242,678	85,078,606	46,549,044	34,729,500	28,368,361	20,436,495	16,909,368	13,738,508	12,395,005	11,410,916	10,228,153	9,197,753	7,321,759	6,426,658	6,929,229	6,526,799	6,369,639	5,137,285	3,490,246	2,575,686	2,436,489
Total Current Assets	171,321,937	91,986,314	59,594,808	33,060,849	23,182,646	19,196,026	13,609,776	10,985,760	9,406,252	8,471,757	7,659,118	6,736,678	6,033,849	4,748,439	4,157,955	4,493,655	4,138,382	4,198,657	3,461,667	2,506,793	1,781,280	1,606,569
Total Current Liabilities	137,801,099	79,359,444	40,501,624	23,826,916	14,714,925	12,496,956	8,403,020	6,606,088	5,236,297	4,430,803	4,091,143	3,949,762	3,530,620	2,341,989	3,179,663	3,061,056	3,157,154	2,947,017	2,001,966	1,454,343	970,152	854,350
Total Liab	198,574,568	105,136,998	64,023,391	32,525,198	24,913,531	20,149,199	13,521,418	10,904,791	9,062,671	7,996,307	7,272,160	6,300,918	5,546,112	3,914,025	3,683,155	4,927,900	4,381,069	4,233,102	3,001,648	1,783,573	1,331,700	1,259,828
Total Permanent Equity	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Stockholder Equity	53,169,904	24,947,523	19,383,483	13,820,045	9,658,284	8,183,347	6,880,998	5,977,947	4,657,011	4,355,625	4,062,850	3,841,652	3,545,592	3,341,552	2,700,121	1,874,799	2,089,176	2,103,647	2,053,891	1,662,635	1,226,095	1,156,598
Treasury Stock	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Warrants	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31
Accounts Payable	54,204,812	48,348,197	40,458,951	30,833,994	28,523,030	31,183,753	30,217,425	27,353,481	19,669,031	14,744,762	12,982,502	11,263,028	9,645,202	8,145,266	5,280,603	5,262,921	5,564,139	5,870,829	5,752,775	5,309,288	4,734,444	6,044,777	4,609,348	3,828,093	3,575,568	3,628,537	3,239,224	2,972,170	2,945,534	2,352,524	2,283,258	1,848,947	1,996,651	1,997,119	1,772,063	1,458,244	1,719,560	1,607,896	1,605,191	1,413,373	1,593,364	1,453,180	1,675,514	1,251,513	1,168,774	1,382,328	1,361,685	1,220,550	1,249,531	1,142,539	1,089,458	886,599	968,962	842,876	858,608	738,556	762,402	-	-	-
Accumulated Amortization	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accumulated Depreciation	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accumulated Other Comprehensive Income	25,718,269	24,246,764	23,890,947	16,570,779	17,470,547	18,222,367	17,547,679	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Additional Paid In Capital	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Lease Obligations	3,811,089	3,574,764	3,162,726	2,553,178	2,293,648	2,122,621	2,062,763	1,663,631	1,434,622	1,008,442	986,808	1,055,449	916,935	4,099,056	867,585	909,615	735,420	720,918	792,281	735,739	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Stock	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Surpluse	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	48,791,778	39,623,140	28,665,840	29,347,464	24,529,219	20,425,396	14,956,187	16,694,456	16,014,589	8,340,575	10,743,491	10,213,040	12,002,246	11,540,151	9,253,158	7,826,632	6,937,060	5,481,640	5,787,781	6,478,098	5,341,524	4,225,164	2,955,974	2,611,584	2,581,964	1,982,875	2,038,247	2,886,432	2,441,871	2,722,129	2,467,275	2,491,432	2,167,627	1,564,163	1,052,562	1,644,892	1,621,221	1,491,072	1,098,133	1,553,300	1,266,575	1,498,177	1,647,067	1,876,582	1,740,789	1,173,933	1,117,359	1,370,402	1,173,889	1,051,821	897,027	1,069,915	1,317,166	861,992	1,007,617	709,354	904,734	-	-	-
Cash And Short Term Investments	48,791,778	39,623,140	28,665,840	29,347,464	24,529,219	20,425,396	14,956,187	16,694,456	16,014,589	8,340,575	10,743,491	10,213,040	12,002,246	11,540,151	9,253,158	7,826,632	6,937,060	5,481,640	5,787,781	6,478,098	5,341,524	4,225,164	2,955,974	2,611,584	2,581,964	1,982,875	2,038,247	2,886,432	2,441,871	2,722,129	2,467,275	2,491,432	2,167,627	1,564,163	1,052,562	1,644,892	1,621,221	1,491,072	1,098,133	1,553,300	1,266,575	1,498,177	1,647,067	1,876,582	1,740,789	1,173,933	1,121,193	1,370,402	1,173,889	1,051,821	897,027	1,069,915	1,318,351	865,665	1,007,617	709,354	904,734	-	-	-
Common Stock	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	675,728	-	-	-
Common Stock Shares Outstanding	121,370	606,852	606,852	637,435	675,728	121,470	122,363	132,335	128,436	133,329	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	135,146	85,151	85,151
Common Stock Total Equity	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Current Deferred Revenue	570,431	27,269,702	24,369,982	17,754,181	14,709,514	12,190,926	11,278,610	8,086,458	7,293,730	6,218,991	5,914,227	5,551,570	3,625,800	4,907,323	3,452,298	3,189,671	2,721,192	2,594,697	3,210,862	2,366,889	2,145,111	1,579,585	1,213,053	1,050,849	1,058,453	1,740,878	1,576,132	1,820,202	1,064,356	1,399,033	1,146,801	1,231,811	1,017,971	1,229,024	979,291	1,195,565	872,803	1,009,529	887,749	1,094,351	797,299	896,210	769,677	823,115	625,791	-	-	735,263	439,526	417,008	404,701	361,642	353,899	-	328,160	-	324,246	-	-	-
Deferred Long Term Asset Charges	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred Long Term Liab	-	-	-	-	2,208,493	-	-	-	1,324,601	-	-	-	1,020,822	-	-	-	864,353	-	0	0	685,536	0	0	-	544,522	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Good Will	7,269,302	5,523,047	5,256,107	4,281,477	3,781,614	3,701,898	3,520,194	3,270,941	2,844,448	3,368,049	1,528,168	1,121,835	989,060	980,384	853,216	803,022	808,786	756,337	820,274	537,925	507,966	611,409	477,042	461,231	438,112	400,288	404,060	420,617	393,752	187,018	167,177	164,445	163,450	188,078	187,596	181,609	169,195	170,699	169,521	175,045	172,706	170,152	163,022	165,564	177,080	-	185,779	-	-	-	7,748	-	-	7,157	7,054	7,304	7,511	-	-	-
Intangible Assets	19,899,402	13,956,046	13,164,885	9,804,791	9,755,086	9,172,728	8,783,329	8,202,873	6,573,315	4,096,456	4,105,211	3,923,817	3,563,944	3,509,265	3,137,306	3,045,459	2,977,935	2,749,697	2,724,856	2,736,834	2,600,849	2,915,313	2,409,255	2,239,177	2,140,338	2,029,538	1,990,988	2,007,159	1,910,508	1,086,166	1,037,478	1,028,551	1,007,480	1,037,647	992,148	958,543	922,000	908,449	898,415	906,393	886,268	844,554	804,133	781,588	787,601	-	759,579	-	-	-	499,990	-	-	443,010	432,258	440,659	439,993	-	-	-
Inventory	48,244,367	43,814,212	39,654,547	30,796,963	29,237,120	31,948,790	28,310,400	23,386,600	16,828,699	13,193,737	12,508,504	10,124,948	7,095,622	6,839,220	5,875,181	5,821,470	5,630,251	5,979,253	6,081,641	5,438,959	5,087,676	6,201,330	4,752,254	4,310,150	3,779,928	3,945,390	3,538,102	3,255,208	2,761,570	2,401,519	2,311,029	2,254,721	2,140,057	2,493,368	2,390,471	2,122,859	2,124,946	2,153,870	2,065,811	2,024,453	1,988,373	2,027,307	1,816,066	1,585,153	1,599,658	1,754,527	1,648,028	1,595,143	1,530,141	1,370,504	1,213,441	1,122,759	987,526	942,611	980,501	947,352	906,786	-	-	-
Liabilities And Stockholders Equity	258,137,907	208,819,244	181,387,437	146,628,119	132,242,678	128,640,529	115,870,075	102,410,107	85,078,606	62,288,817	61,838,847	53,003,175	46,549,044	45,143,249	37,340,550	36,095,535	34,729,500	32,941,720	33,575,913	31,707,316	28,368,361	30,488,567	24,368,274	21,651,456	20,436,495	19,905,910	18,833,877	18,578,930	16,909,368	14,878,667	14,075,504	13,867,924	13,738,508	14,380,332	12,712,680	12,498,097	12,395,005	12,353,681	11,763,596	11,686,884	11,410,916	11,583,401	11,121,580	10,388,643	10,228,153	10,004,344	9,820,953	9,598,732	9,197,753	8,379,588	7,650,148	7,232,975	7,321,759	6,683,920	6,850,635	6,071,012	6,426,658	-	-	-
Long Term Debt	41,598,522	33,791,668	21,274,912	15,922,290	14,515,791	12,103,871	12,367,145	18,702,862	18,431,035	12,587,638	12,512,237	7,534,053	6,128,456	3,400,627	9,423,136	9,167,837	8,245,244	7,358,783	7,689,689	7,529,306	6,431,552	6,137	5,028,805	4,370,572	4,113,916	3,767,027	459,634	3,979,571	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt Total	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Investments	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	529,508	472,674	481,130	655,166	515,274	444	432,101	293,937	323,062	328,774	42,482	419,427	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Negative Goodwill	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Debt	53,117,765	44,184,133	40,612,620	32,529,308	26,909,924	28,116,279	29,286,587	22,556,593	16,564,910	13,973,195	14,040,268	9,074,412	5,072,979	5,366,926	6,640,365	8,268,452	8,018,076	8,370,559	8,290,316	7,388,991	6,606,754	7,297,382	6,485,839	5,639,851	4,794,139	4,999,739	4,757,998	3,863,904	3,215,784	2,490,815	2,688,556	3,100,413	3,286,022	4,246,808	4,007,167	3,280,522	3,146,388	3,337,091	3,332,162	3,019,038	2,987,963	3,148,883	2,663,674	2,115,693	2,329,290	-1,173,933	-1,117,359	2,057,846	1,983,291	1,450,458	1,201,666	1,045,160	740,126	-861,992	1,144,254	-709,354	1,207,307	-	-	-
Net Invested Capital	151,268,358	113,172,872	97,305,827	83,141,769	74,093,018	69,546,477	64,497,841	58,173,362	50,528,360	36,117,586	39,048,397	32,487,466	29,978,335	25,506,838	25,745,927	25,011,671	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	69,291,437	65,625,912	57,933,854	42,965,780	37,909,624	38,356,603	40,153,604	33,423,907	26,626,625	21,657,354	19,385,766	17,708,259	13,816,069	13,250,252	10,022,075	10,445,209	10,532,967	10,673,729	10,800,526	9,278,433	8,700,473	10,366,859	8,599,491	7,466,916	7,211,265	7,630,416	7,055,016	6,234,100	5,757,431	5,618,120	5,322,512	4,784,980	5,088,918	5,896,347	5,076,820	4,588,103	4,716,444	4,838,554	4,746,907	4,363,439	4,394,779	4,328,719	4,089,499	3,472,931	3,384,246	3,733,096	3,754,081	3,330,877	3,183,802	3,207,339	2,838,797	2,327,635	2,324,578	2,421,252	2,432,989	2,041,403	2,237,455	-	-	-
Net Tangible Assets	-	13,461,270	12,769,101	9,731,907	13,619,316	10,252,797	10,014,307	9,112,130	11,290,321	7,347,753	9,618,067	9,209,811	10,287,863	8,209,168	6,729,467	5,977,721	6,735,916	5,501,698	5,505,517	5,484,086	5,760,068	4,880	4,300,509	4,042,142	4,847,071	4,083,748	450,574	3,595,263	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Working Capital	33,520,838	26,529,404	15,056,290	10,182,222	12,626,870	12,315,985	11,404,033	18,243,101	19,093,184	12,933,393	12,028,371	10,221,128	9,233,933	8,580,840	10,400,096	9,363,715	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	86,815,970	58,614,192	54,796,600	42,999,491	40,256,364	37,479,343	32,097,801	28,752,550	25,483,798	18,953,847	19,102,916	14,816,354	13,488,195	13,422,164	12,107,067	11,916,083	11,546,854	10,724,659	10,824,071	10,441,522	9,172,335	9,611,155	7,999,565	7,207,856	6,826,719	6,307,378	6,171,197	6,173,364	5,923,608	4,118,336	3,958,174	4,321,501	4,332,256	4,415,147	4,179,767	4,126,911	3,923,248	3,859,688	3,835,905	3,735,686	3,751,798	3,718,767	3,558,508	3,441,557	3,491,475	3,242,335	3,180,508	3,153,124	3,163,904	2,656,037	2,608,641	2,603,891	2,573,320	2,353,233	2,339,414	2,257,297	2,268,703	-	-	-
Non Current Liabilities Other	4,116,658	3,396,536	3,538,583	2,744,625	2,994,002	6,779,373	248,820	211,101	176,915	111,013	114,257	108,746	93,994	107,204	94,671	24,436	56,281	53,576	57,376	57,826	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	60,773,469	49,236,033	35,809,118	27,054,644	25,777,554	24,626,693	19,125,503	24,475,507	23,521,767	16,039,225	15,635,439	10,548,095	8,698,282	9,097,575	11,626,216	11,277,707	10,198,606	9,234,526	9,538,947	9,315,030	7,652,243	8,292,573	6,258,380	5,536,433	5,118,398	4,714,545	4,821,823	4,914,703	4,298,703	3,440,273	3,653,495	3,649,074	3,826,374	4,064,224	3,310,130	3,534,966	3,565,504	3,637,005	2,621,429	3,323,246	3,181,017	3,312,488	3,427,797	2,226,011	2,351,156	2,126,754	1,886,144	2,337,172	2,015,492	1,525,656	1,201,897	1,580,515	1,572,036	1,417,738	2,462,286	503,542	503,492	-	-	-
Non Currrent Assets Other	20,348,246	1,378,209	1,357,411	1,211,749	1,229,796	996,802	987,944	912,317	1,117,019	849,639	3,817,401	885,089	805,339	927,417	789,427	728,853	191,055	125,059	92,038	345,914	306,782	386,724	292,272	61,850	51,749	75,595	121,744	208,755	203,585	131,381	141,525	77,971	159,421	157,135	111,698	162,370	48,853	16,621	19,716	25,509	34,651	74,724	36,584	22,429	17,580	707,349	23,039	677,858	674,415	785,153	780,994	826,386	19,126	19,110	670,236	540,207	535,581	-	-	-
Noncontrolling Interest In Consolidated Entity	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Assets	-	8,963,504	7,929,612	6,259,204	6,918,412	3,760,852	2,695,224	2,038,397	3,380,203	1,506,943	4,336,069	1,189,565	2,005,815	1,335,832	1,062,475	1,284,410	2,053,576	1,131,053	1,062,090	1,003,084	1,699,506	1,007	987,272	806,173	1,204,958	622,718	71,120	525,269	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Current Assets	4,994,355	1,141,788	336,596	518,421	310,351	430,397	352,083	152,594	124,895	143,304	98,170	140,574	146,912	91,462	83,069	86,141	82,368	82,439	81,894	70,304	66,353	84,059	60,990	54,950	36,619	39,851	31,315	29,826	24,888	18,563	16,514	15,290	9,650	11,307	13,060	15,332	9,146	10,497	16,840	10,006	9,391	10,431	10,440	12,420	11,985	100,453	117,143	149,186	146,017	93,887	92,242	108,775	117,984	101,159	90,114	115,606	108,980	-	-	-
Other Current Liab	25,577,467	720,487	986,348	728,166	897,550	598,116	508,691	653,605	494,763	466,385	271,041	229,834	325,037	481,776	319,513	153,306	277,839	135,145	106,885	109,245	100,675	883,221	658,191	555,603	506,812	60,890	52,277	49,573	345,624	30,060	31,384	34,229	36,933	31,693	39,148	33,597	35,817	21,818	19,304	19,131	27,101	2,785	7,425	231,559	3,761	2,800,762	2,981,652	273,235	212,620	302,510	226,137	175,031	179,908	1,271,906	-885,684	2,077,151	169,288	-	-	-
Other Liab	-	12,766,022	12,249,924	9,307,937	9,567,761	10,957,424	5,246,244	4,545,370	3,986,368	2,691,787	2,389,389	2,181,904	1,853,934	1,796,378	1,465,294	1,345,964	1,326,128	1,275,172	1,262,005	1,258,512	1,220,691	1,308	1,229,575	1,165,861	1,004,481	947,518	112,425	935,132	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Stockholder Equity	7,652,728	-2,599,874	-2,599,874	-2,599,874	-2,599,874	-2,607,053	-2,506,627	12,851,489	10,217,231	6,076,075	6,311,241	5,845,884	4,856,580	4,898,845	3,942,006	3,454,842	3,542,658	3,132,112	3,415,370	3,342,630	2,992,554	4,050,373	2,527,089	2,226,661	1,951,980	1,727,857	1,663,407	1,750,133	1,481,174	1,071,007	932,094	1,298,541	1,250,452	1,533,028	1,400,347	1,403,990	1,270,514	1,327,958	1,338,305	1,288,120	1,268,239	1,342,113	1,282,374	1,257,605	1,257,969	1,553,245	1,131,639	1,169,970	1,161,700	1,235,650	1,223,935	1,251,020	1,194,206	1,047,241	1,046,084	1,073,922	964,726	-	-	-
Preferred Stock Redeemable	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred Stock Total Equity	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant And Equipment Gross	112,336,876	54,992,570	51,977,762	39,698,411	37,569,710	37,068,588	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant And Equipment Net	49,335,383	30,702,274	28,724,765	22,619,718	21,434,491	20,148,017	16,293,608	14,484,651	13,125,336	9,274,372	8,443,852	7,866,966	7,296,568	6,928,281	6,449,550	6,241,535	6,041,402	5,614,898	5,735,721	5,508,513	4,534,276	4,468,407	3,693,895	3,407,338	3,264,771	2,926,060	2,818,606	2,800,892	2,750,411	2,210,669	2,131,098	2,091,429	2,055,675	2,018,054	1,888,105	1,862,359	1,812,746	1,842,215	1,826,904	1,817,155	1,836,789	1,741,198	1,637,895	1,588,746	1,603,403	1,514,629	1,464,053	1,434,034	1,446,841	1,295,272	1,274,749	1,250,291	1,252,245	1,185,955	1,188,818	1,225,156	1,244,109	-	-	-
Property Plant Equipment	-	28,840,820	27,128,160	21,484,716	20,822,336	19,884,651	16,155,412	14,377,842	13,125,336	9,274,372	8,443,852	7,866,966	7,296,568	6,928,281	6,449,550	6,241,535	6,041,402	5,614,898	5,735,721	5,508,513	4,534,276	4,012	3,693,895	3,407,338	3,264,771	2,926,060	334,398	2,800,892	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Retained Earnings	19,123,179	10,617,745	9,223,292	9,171,542	9,401,122	6,836,381	6,601,050	7,058,727	8,490,524	8,060,455	8,264,477	7,733,851	8,287,737	7,124,244	6,102,255	5,695,632	5,439,898	5,199,892	4,959,549	4,740,487	4,515,065	4,235,231	3,983,989	3,840,161	4,253,290	4,109,989	3,853,759	3,597,178	3,821,045	3,516,541	3,253,720	2,601,711	2,730,831	2,519,859	2,245,720	2,169,294	2,409,383	2,240,378	2,084,698	1,923,461	2,118,883	1,962,822	1,801,755	1,650,691	1,907,955	1,382,777	1,670,342	1,503,123	1,708,164	1,615,624	1,463,560	1,325,987	1,471,618	1,372,781	1,224,263	953,412	1,059,667	-	-	-
Retained Earnings Total Equity	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short Long Term Debt	56,499,932	46,440,841	44,840,822	43,401,304	34,629,704	34,315,183	29,812,866	18,884,556	12,713,842	8,717,690	11,284,714	10,697,950	10,029,834	9,407,394	5,602,802	6,017,632	5,974,472	5,772,498	5,596,127	5,602,044	1,494,640	1,345	3,578,283	3,157,969	2,227,770	2,136,605	806,303	6,750,336	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short Long Term Debt Total	101,909,543	83,807,273	69,278,460	61,876,772	51,439,143	48,541,675	44,242,774	39,251,049	32,579,499	22,313,770	24,783,759	19,287,452	17,075,225	16,907,077	15,893,523	16,095,084	14,955,136	13,852,199	14,078,097	13,867,089	11,948,278	11,522,546	9,441,813	8,251,435	7,376,103	6,982,614	6,796,245	6,750,336	5,657,655	5,212,944	5,155,831	5,591,845	5,453,649	5,810,971	5,059,729	4,925,414	4,767,609	4,828,163	4,430,295	4,572,338	4,254,538	4,647,060	4,310,741	3,992,275	4,070,079	-	-	3,428,248	3,157,180	2,502,279	2,098,693	2,115,075	2,057,292	-	2,151,871	-	2,112,041	-	-	-
Short Term Debt	57,448,389	47,337,262	45,719,266	44,130,065	35,229,350	34,872,406	30,363,515	19,320,912	13,044,100	8,971,439	11,539,790	10,921,261	10,230,877	9,605,880	5,780,973	6,209,839	6,151,755	5,953,831	5,801,155	5,810,571	5,516,726	4,686,986	4,413,008	3,900,481	3,262,187	3,215,587	2,922,039	2,770,765	2,250,574	2,369,867	2,078,096	2,507,669	2,184,742	2,309,545	2,274,312	1,981,943	1,802,623	1,795,882	2,444,741	1,868,402	1,673,379	1,876,490	1,384,851	2,185,300	2,151,436	-	-	1,574,913	1,628,943	1,370,246	1,276,135	899,667	839,220	-	1,084,819	-	1,923,727	-	-	-
Short Term Investments	-	-47,434	-39,575	-42,446	-42,387	-37,588	-44,302	-	-	-	-	-	-	-	-	-	14,122	8,177	4,822	6,902	4,246	3,016	1,274	1,602	1,071	550	237	793	219	862	852	1,514	1,474	845	354	601	698	582	283	935	849	41,460	1,116	3,749	1,512	-	3,834	-	-	-	-	-	1,185	3,673	-	-	-	-	-	-
Temporary Equity Redeemable Noncontrolling Interests	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Assets	258,137,907	208,819,244	181,387,437	146,628,119	132,242,678	128,640,529	115,870,075	102,410,107	85,078,606	62,288,817	61,838,847	53,003,175	46,549,044	45,143,249	37,340,550	36,095,535	34,729,500	32,941,720	33,575,913	31,707,316	28,368,361	30,488,567	24,368,274	21,651,456	20,436,495	19,905,910	18,833,877	18,578,930	16,909,368	14,878,667	14,075,504	13,867,924	13,738,508	14,380,332	12,712,680	12,498,097	12,395,005	12,353,681	11,763,596	11,686,884	11,410,916	11,583,401	11,121,580	10,388,643	10,228,153	10,004,344	9,820,953	9,598,732	9,197,753	8,379,588	7,650,148	7,232,975	7,321,759	6,683,920	6,850,635	6,071,012	6,426,658	-	-	-
Total Current Assets	171,321,937	150,205,052	126,590,837	103,628,628	91,986,314	91,161,186	83,772,274	73,657,557	59,594,808	43,334,970	42,735,931	38,186,821	33,060,849	31,721,085	25,233,483	24,179,452	23,182,646	22,217,061	22,751,842	21,265,794	19,196,026	20,877,412	16,368,709	14,443,600	13,609,776	13,598,532	12,662,680	12,405,566	10,985,760	10,760,331	10,117,330	9,546,423	9,406,252	9,965,185	8,532,913	8,371,186	8,471,757	8,493,993	7,927,691	7,951,198	7,659,118	7,864,634	7,563,072	6,947,086	6,736,678	6,762,009	6,640,445	6,445,608	6,033,849	5,723,551	5,041,507	4,629,084	4,748,439	4,330,687	4,511,221	3,813,715	4,157,955	-	-	-
Total Current Liabilities	137,801,099	123,675,648	111,534,547	93,446,406	79,359,444	78,845,201	72,368,241	55,414,456	40,501,624	30,401,577	30,707,560	27,965,693	23,826,916	23,140,245	14,833,387	14,815,737	14,714,925	14,554,502	14,871,677	13,595,993	12,496,956	13,194,569	10,893,600	9,335,026	8,403,020	8,645,892	7,789,672	7,612,710	6,606,088	6,151,484	5,539,539	5,622,656	5,236,297	5,567,381	5,064,814	4,669,349	4,430,803	4,435,125	4,956,985	4,395,257	4,091,143	4,228,665	3,837,467	4,491,487	3,949,762	4,183,090	4,343,337	3,803,961	3,530,620	3,232,303	2,996,431	2,322,939	2,341,989	2,114,782	1,385,903	2,815,707	3,179,663	-	-	-
Total Liab	198,574,568	172,911,681	147,343,665	120,501,050	105,136,998	103,471,894	91,493,744	79,889,963	64,023,391	46,440,802	46,342,999	38,513,788	32,525,198	32,237,820	26,459,603	26,093,444	24,913,531	23,789,028	24,410,624	22,911,023	20,149,199	21,487,142	17,151,980	14,871,459	13,521,418	13,360,437	12,611,495	12,527,413	10,904,791	9,591,757	9,193,034	9,271,730	9,062,671	9,631,605	8,374,944	8,204,315	7,996,307	8,072,130	7,578,414	7,718,503	7,272,160	7,541,153	7,265,264	6,717,498	6,300,918	6,309,844	6,229,481	6,141,133	5,546,112	4,757,959	4,198,328	3,903,454	3,914,025	3,532,520	3,848,189	3,319,249	3,683,155	-	-	-
Total Permanent Equity	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Stockholder Equity	53,169,904	32,940,363	31,190,093	23,818,175	24,947,523	23,127,423	22,317,830	20,585,944	19,383,483	14,812,258	15,251,446	14,255,463	13,820,045	12,698,817	10,719,989	9,826,202	9,658,284	9,007,732	9,050,647	8,758,845	8,183,347	8,961,332	7,186,806	6,742,550	6,880,998	6,513,574	6,192,894	6,023,039	5,977,947	5,263,276	4,861,542	4,575,980	4,657,011	4,728,615	4,321,795	4,249,012	4,355,625	4,244,064	4,098,731	3,887,309	4,062,850	3,980,663	3,759,857	3,584,024	3,841,652	3,611,750	3,477,709	3,348,821	3,545,592	3,527,002	3,363,223	3,252,735	3,341,552	3,095,750	2,946,075	2,703,062	2,700,121	-	-	-
Treasury Stock	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Warrants	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Cash Flow

Currency in TRY. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31
Begin Period Cash Flow	24,529,219	16,011,915	11,988,227	6,922,938	5,337,278	2,580,893	2,441,652	2,166,153	1,620,523	1,265,726	1,739,277	1,172,662	1,313,075	900,133	415,586	302,492	288,796	293,520	313,929	303,260	224,119	272,355
Capital Expenditures	13,791,159	5,907,787	2,515,344	1,735,316	1,379,604	1,797,305	987,217	830,965	640,492	453,167	511,773	474,555	359,517	249,365	203,641	252,732	317,862	310,123	255,504	197,039	110,432	101,025
Cash And Cash Equivalents Changes	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash Flows Other Operating	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Change In Cash	24,262,559	8,466,094	4,023,688	5,065,289	1,585,660	2,756,385	139,241	275,499	545,630	354,797	-473,551	566,615	-140,413	412,942	489,148	14,094	13,696	-4,724	-20,409	-61,369	79,141	-48,236
Change In Working Capital	-6,542,407	-13,222,030	-11,677,961	-366,321	-782,999	-1,818,338	-1,881,401	253,042	196,606	-234,144	-781,719	-235,118	-1,000,618	9,067	842,987	-194,484	-469,030	-711,880	-160,976	-194,356	-	-
Change Receivables	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Account Receivables	-10,272,572	-10,787,883	-10,244,163	-2,781,751	-1,548,013	-1,283,364	-1,226,705	-482,683	-325,237	-265,710	-	-	-	-	-	-	-	-	-	-	-	-
Change To Inventory	3,980,620	-11,206,530	-8,778,570	-1,550,665	-287,696	-1,348,338	-1,035,079	-515,333	-30,689	-140,281	-409,540	-73,408	-456,618	-86,649	323,274	-	-	-319,479	86,671	-	-	-
Change To Liabilities	-	7,632,670	8,117,964	4,480,602	951,381	1,208,679	571,328	1,138,754	379,306	136,542	-	-	-	-	-	-	-	-	-	-	-	-
Change To Netincome	-	10,683,032	5,646,122	2,603,458	1,978,112	1,957,077	984,497	75,639	317,917	351,613	-	-	-	-	-	-	-	-	-	-	-	-
Change To Operating Activities	-	1,139,713	-279,156	-400,572	101,329	-395,315	-95,309	112,306	120,445	-42,492	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation	8,715,056	3,310,643	1,845,682	1,221,994	1,054,934	690,414	548,187	438,682	369,823	346,293	302,181	260,788	217,834	192,538	181,553	166,090	144,487	156,308	189,409	143,557	129,368	124,376
Dividends Paid	2,367,189	1,709,259	1,513,222	27,086	1,500,000	435,168	425,102	262,000	350,000	353,883	403,555	345,162	261,554	109,384	3,140	102,037	203,265	209,690	231,389	2,454	75,137	-
End Period Cash Flow	48,791,778	24,478,009	16,011,915	11,988,227	6,922,938	5,337,278	2,580,893	2,441,652	2,166,153	1,620,523	1,265,726	1,739,277	1,172,662	1,313,075	904,734	14,094	302,492	288,796	293,520	-61,369	303,260	224,119
Exchange Rate Changes	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-28,771,764	-811,470	-3,142,791	4,685,682	1,795,276	-116,396	-492,985	1,236,310	1,082,214	477,597	-155,816	225,495	-445,187	595,553	1,593,294	196,276	-197,325	-158,193,123	-37,212	4,974	216,991	-76,844
Investments	-9,408,123	-4,621,111	-137,704	-35,228	-167,686	-57,237	-19,002	-998,176	558,582	558,582	-	-	-	-	-	-	-	-	-	-	-	-
Issuance Of Capital Stock	-	-	-	399,379	27,880	368,123	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-	10,629,591	8,985,491	295,083	1,172,396	3,260,495	1,305,251	-439,654	230,113	469,071	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	7,667,336	4,723,057	3,251,009	2,878,989	953,026	855,841	845,303	1,304,150	892,993	637,978	622,695	629,372	615,409	656,638	-	29,121	219,083	362,441	298,918	-	-	-
Other Cashflows From Financing Activities	79,431,839	14,089,428	17,053,256	2,733,315	3,678,728	409,950	-2,442	32,737	-225,980	41,076	30,497	1,875,026	1,653,240	1,762,445	-34,005	-9,526	408,993	634,756,690	326,947	25,924	-14,664	54,845
Other Cashflows From Investing Activities	-	55,788	11,507	93	93	35,309	13,178	12,809	24,275	27,044	-	-	-	-	-	-	-	-	-	-	-	-
Other Non Cash Items	-675,733	10,284,647	5,953,823	2,686,336	1,949,919	1,952,992	982,143	71,401	263,284	180,637	212,800	45,008	81,705	-13,325	772,395	448,281	225,997	-157,689,869	-109,059	252,812	198,055	-100,195
Sale Purchase Of Stock	0	-1,882,894	-1,215,266	2,909,007	-	4,347,870	2,345,926	2,147,576	3,070,307	2,161,628	1,923,921	-	-	-	-	-	-	-	-	-	-	-
Stock Based Compensation	-20,996,946	1,507,493	387,891	-137,884	83,372	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Cash From Financing Activities	37,906,650	4,072,924	4,802,358	-1,307,361	-160,651	2,402,330	366,539	-1,110,651	-731,654	-192,041	-500,332	313,423	734,804	-225,614	-1,378,027	-111,563	205,728	634,547,000	95,558	-39,895	-130,655	34,411
Total Cash From Operating Activities	-14,980,605	5,096,317	-627,447	6,420,998	3,174,880	1,680,909	494,232	2,067,275	1,722,706	930,764	355,957	700,050	-85,670	844,918	1,796,935	449,008	120,537	-157,883,000	218,292	202,013	327,423	24,181
Total Cashflows From Investing Activities	-	-4,621,111	-4,383,598	-1,321,760	-1,912,128	-1,781,726	-1,069,947	-998,176	-598,700	-422,198	-	-	-	-	-	-	-	-	-	-	-	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31
Begin Period Cash Flow	39,623,140	28,657,290	29,346,081	24,478,009	20,424,054	14,952,373	16,689,754	16,011,915	8,339,980	10,742,477	10,205,078	11,988,227	11,528,330	9,243,286	7,820,130	6,922,938	5,473,463	5,782,959	6,471,196	5,337,278	4,222,148	2,954,700	2,609,982	2,580,893	1,982,325	2,038,010	2,885,639	2,441,652	2,721,267	2,466,423	2,489,918	2,166,153	1,563,318	1,052,208	1,644,291	1,620,523	1,490,490	1,097,850	1,552,365	1,265,726	1,497,010	1,645,951	1,872,833	1,739,277	1,173,077	1,116,249	1,367,750	1,172,662	1,050,408	896,235	1,068,519	1,313,075	860,415	1,004,779	709,354	904,734	953,528	490,137	386,898	415,586
Capital Expenditures	7,441,330	2,430,476	2,308,458	1,610,895	2,117,706	1,800,618	1,166,576	822,887	976,482	629,879	513,098	395,885	788,173	947,143	303,068	303,068	480,847	311,424	262,152	325,181	720,297	448,092	396,107	232,809	406,269	237,412	214,261	129,275	392,117	149,536	145,821	143,491	227,398	192,536	104,190	116,368	143,304	121,532	108,599	79,732	162,843	160,530	120,618	67,782	179,102	116,287	121,732	57,434	181,024	74,349	62,648	41,496	112,400	57,620	44,669	34,676	81,832	43,166	47,882	30,761
Cash And Cash Equivalents Changes	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash Flows Other Operating	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change In Cash	9,168,638	10,960,635	-688,791	4,868,072	4,053,955	5,471,681	-1,737,381	677,839	7,671,935	-2,402,497	537,399	-1,783,149	459,897	2,285,044	1,423,156	897,192	1,449,475	-309,496	-688,237	1,133,918	1,115,130	1,267,448	344,718	29,089	598,568	-55,685	-847,629	443,987	-279,615	254,844	-23,495	323,765	602,835	511,110	-592,083	23,768	130,033	392,640	-454,515	286,639	-231,284	-148,941	-226,882	133,556	566,200	56,828	-251,501	195,088	122,254	154,173	-172,284	-244,556	452,660	-144,364	295,425	-195,380	-48,794	463,391	103,239	-28,688
Change In Working Capital	21,958,542	-8,959,007	-11,889,202	-7,652,740	-954,789	-190,073	-6,927,491	-5,149,677	-3,410,236	-1,481,497	-2,552,590	-4,233,638	-421,212	-704,467	966,880	-207,522	514,436	-332,902	-576,181	-388,352	1,272,607	-1,570,652	-854,984	-665,309	395,856	-529,050	-722,740	-1,025,467	470,165	-117,693	-100,761	1,331	995,617	-341,345	-303,134	-154,532	130,698	-26,619	-144,398	-193,825	92,059	-578,286	-339,695	44,203	432,584	-27,997	-361,290	-278,415	128,881	-435,873	-387,966	-305,660	-	-	-277,984	57,520	-	-	114,745	329,937
Change Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Account Receivables	15,153,771	-9,408,326	-10,741,007	-5,277,010	-784,746	400,468	-4,880,427	-5,523,178	-4,664,988	-777,183	-1,195,906	-3,606,086	-112,850	-3,178,082	167,990	341,191	193,525	-130,761	-1,107,814	-502,963	1,664,969	-1,330	-1,177,933	-288,752	481,931	-540,071	-91,472	-397,558	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Inventory	17,865,986	-3,897,898	-8,773,808	-1,213,660	2,706,916	-2,386,147	-4,854,783	-6,672,516	-3,784,908	264,347	-2,169,595	-3,088,414	-302,176	-982,580	-73,067	-192,842	323,277	104,950	-362,697	-353,226	1,108,692	-1,472,478	-452,451	-532,101	154,913	-412,215	-285,677	-492,100	-243,840	-94,904	-62,235	-114,354	339,657	-103,474	-270,532	3,660	27,684	-88,955	-46,452	-32,558	31,991	-211,369	-232,771	2,609	152,005	-	-	-65,453	-	-	-	-	-	-	-35,718	-42,266	-	-	132,022	143,332
Change To Liabilities	-	3,640,700	6,614,828	-338,386	-3,676,722	671,670	2,917,074	7,720,648	5,442,317	-787,987	596,417	2,867,217	813,544	3,285,455	335,268	46,335	-268,559	-290,446	911,819	598,567	-1,301,231	1,319	785,661	254,918	-260,554	437,324	35,114	98,585	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Netincome	-	6,420,383	11,379,489	3,904,213	3,310,731	2,463,482	2,677,026	2,231,793	2,493,039	1,041,528	1,039,761	1,071,794	187,567	1,624,975	465,042	439,902	177,544	534,946	675,739	589,883	-496,684	1,405	624,660	353,074	209,478	334,669	23,386	243,235	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Operating Activities	-	706,517	1,010,785	-823,684	799,763	1,123,936	-109,355	-674,631	91,379	-180,674	216,494	-406,355	-819,730	170,740	536,689	-402,206	266,193	-16,645	-17,489	-130,730	-199,823	-77	-10,261	-99,374	19,566	-14,088	4,505	-234,394	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation	5,289,813	1,338,388	1,089,482	997,373	937,960	880,210	781,318	711,155	658,652	461,303	380,738	344,989	325,043	318,619	296,972	281,360	278,244	269,607	257,981	249,102	194,890	184,949	161,000	149,575	144,373	137,157	134,943	131,714	122,029	109,193	110,044	97,416	93,970	93,807	93,103	88,943	88,037	88,705	85,332	84,219	77,763	77,612	73,226	73,580	70,635	61,126	64,873	64,154	58,437	56,242	51,010	52,145	49,497	47,491	50,641	44,909	40,995	51,279	44,621	44,658
Dividends Paid	750,660	1,727,415	1,616,529	1,616,529	13,808	235,943	74,952	1,384,556	1,384,556	1,384,556	13,222	1,500,000	27,086	27,086	27,086	27,086	-	-	0	0	168	0	168	435,000	102	435,000	50,422	425,000	-	-	-	-	-	-	-	-	-	53,883	-	-	-	48,555	-	-	2,286	42,876	-	-	-	11,554	-	250,000	-	9,384	-	100,000	598	2,355	-	-
End Period Cash Flow	48,791,778	39,617,925	28,657,290	29,346,081	24,478,009	20,424,054	14,952,373	16,689,754	16,011,915	8,339,980	10,742,477	10,205,078	11,988,227	11,528,330	9,243,286	7,820,130	6,922,938	5,473,463	5,782,959	6,471,196	5,337,278	4,222,148	2,954,700	2,609,982	2,580,893	1,982,325	2,038,010	2,885,639	2,441,652	2,721,267	2,466,423	2,489,918	2,166,153	1,563,318	1,052,208	1,644,291	1,620,523	1,490,490	1,097,850	1,552,365	1,265,726	1,497,010	1,645,951	1,872,833	1,739,277	1,173,077	1,116,249	1,367,750	1,172,662	1,050,408	896,235	1,068,519	1,313,075	860,415	1,004,779	709,354	904,734	953,528	490,137	386,898
Exchange Rate Changes	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-17,935,981	-2,629,800	-1,236,832	-3,287,592	3,740,937	1,688,758	-4,377,134	-1,864,031	48,946	672,710	-601,465	-2,120,005	466,718	1,313,973	2,438,585	466,406	729,383	400,570	314,449	350,874	530,350	-106,526	-321,603	-218,617	433,322	-38,406	-348,362	-539,539	464,288	295,013	269,329	207,680	1,040,976	-3,749	12,102	32,885	260,930	120,367	94,080	2,220	274,460	-400,111	-244,904	214,739	243,307	153,876	-128,301	-43,387	-11,034	-231,387	-137,678	-65,088	196,608	205,241	-60,231	253,935	304,237	456,914	409,777	422,366
Investments	-7,426,970	-20,027	-2,280,448	-2,364,756	-2,420,792	-57,169	45,159	-26,725	-110,649	-110,649	11,165	-38,220	-38,220	48,588	-35,228	-35,228	-498,255	-314,248	-726,057	-373,568	-53,537	-48	-29,854	-27,383	-19,002	-19,002	-2,254	-19,002	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance Of Capital Stock	-	-	-	-	-	-	-	-	-	-	72,093	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-	14,790,773	-4,500,419	9,114,402	1,591,125	2,376,776	2,691,534	3,970,156	5,508,993	-2,614,256	4,890,529	1,200,225	477,111	-141,438	-466,873	426,283	792,404	25,403	-410,462	765,051	938,423	796	769,233	666,661	174,309	112,163	10,086	933,765	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	5,100,110	1,146,394	683,125	1,158,606	2,663,747	494,899	340,049	1,224,362	892,844	716,818	541,155	1,100,192	1,169,774	1,041,207	408,563	259,445	241,905	253,032	231,995	226,094	280,907	252,757	144,590	177,587	90,078	257,539	256,947	240,739	230,363	264,127	653,055	156,605	211,774	213,601	326,351	141,267	175,716	160,420	167,337	134,505	77,887	206,218	179,194	159,396	106,782	183,486	197,558	141,546	95,367	183,071	175,549	161,422	120,608	192,801	198,516	144,713	-	230,470	185,961	44,898
Other Cashflows From Financing Activities	38,006,929	21,327,548	8,297,484	18,655,552	828,567	260,843	3,169,397	4,661,219	7,111,837	644,900	-21,602	-62,745	541,967	616,105	-135,563	1,820,247	1,199,013	853,519	341,531	2,579,495	205,648	946,186	1,006,416	-30,563	-2,588	451,372	58,685	1,268,860	841,625	614,354	-383,009	845,343	273,221	838,601	628,743	753,762	48,783	20,659	173,528	723,191	-29,783	13,769	979,114	189,076	527,427	157,460	329,482	560,657	717,465	443,664	125,762	366,349	1,814,676	-343,438	-39,049	-21,262	-35,198	65,949	152,266	-117,799
Other Cashflows From Investing Activities	-	16,750	-16,750	16,750	257	55,375	-55,375	55,531	11,507	11,507	11,507	11,507	947,143	-947,143	-947,143	-947,143	-947,143	-	0	0	9,045	8	9,045	26,264	26,264	26,264	11	13,085	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Non Cash Items	-56,458,823	6,274,901	11,188,221	3,820,064	3,211,725	2,304,340	2,595,566	2,173,016	2,884,168	976,086	1,029,232	1,064,337	181,286	1,605,757	463,102	436,191	175,645	522,257	662,806	589,211	-497,757	1,474,512	623,898	352,339	209,284	333,360	196,749	242,750	33,848	188,922	-247,188	95,819	-32,987	222,724	-28	73,575	9,783	19,393	94,408	57,053	189,594	54,875	-37,011	5,342	-187,592	53,548	92,290	86,762	-112,695	39,522	86,377	68,501	138,903	22,569	13,265	41,469	345,074	218,331	112,332	33,634
Sale Purchase Of Stock	0	-	-	0	0	-100,426	-716,265	-	-	-	6,341,845	2,055,681	-	-	-	-	-	-	0	0	706,430	0	0	1,923,703	142,155	-	0	-	-	-	-	-	-	-	-	-	-	936,543	-	-	-	458,445	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-45,961	-	-
Stock Based Compensation	15,361,042	460,159	-30,883	973,300	473,209	677,300	231,482	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Cash From Financing Activities	18,511,358	13,338,529	-5,920,633	8,279,087	386,041	1,622,816	928,245	1,135,822	4,593,156	-3,696,194	4,470,803	-565,407	378,143	-696,834	-1,048,792	60,122	517,324	-630,682	-622,383	575,090	895,482	888,138	547,377	71,333	20,707	-41,317	-480,237	867,386	-200,186	-140,190	-853,970	83,695	-376,719	387,218	-674,324	-67,829	-100,880	196,395	-526,010	238,454	-525,684	190,541	-49,135	-116,054	311,572	-101,159	-126,462	229,472	592,015	374,755	-32,647	-199,319	222,672	-352,822	354,637	-450,101	-357,127	-8,695	-304,696	-707,509
Total Cash From Operating Activities	-10,494,651	-199,324	1,071,626	-1,676,697	5,858,643	3,489,376	-3,210,558	-1,041,144	1,025,428	672,710	-601,465	-1,724,120	1,254,891	2,261,116	2,135,517	769,474	1,210,230	711,994	576,601	676,055	1,250,647	341,566	74,504	14,192	839,591	199,006	-134,101	-410,264	856,405	444,549	415,150	351,171	1,268,374	188,787	116,292	149,253	404,234	241,899	202,679	81,952	437,303	-239,581	-124,286	282,521	422,409	270,163	-6,569	14,047	169,990	-157,038	-75,030	-23,592	309,008	262,861	-15,562	288,611	386,069	500,080	457,659	453,127
Total Cashflows From Investing Activities	-	-2,342,127	-2,280,448	-2,364,756	-2,420,792	-409,393	-1,060,357	-730,569	-790,157	668,165	-3,839,429	-422,177	-628,620	-383,765	-35,534	-273,934	-498,255	-314,248	-726,057	-373,568	-565,895	-457	-476,368	-230,672	-420,537	-237,363	-23,883	-115,104	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Income Statement

Currency in TRY. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31
Cost Of Revenue	186,479,318	94,422,665	47,706,092	27,066,110	21,682,666	18,358,622	14,334,414	10,756,612	9,630,207	8,535,201	7,709,326	7,503,024	5,897,009	4,868,473	4,417,892	4,905,292	4,851,025	5,115,635	4,749,370	3,679,973	2,470,788	2,237,856
Depreciation And Amortization	8,715,056	3,310,643	1,845,682	1,221,994	1,054,934	690,414	548,187	438,682	369,823	346,293	302,181	260,788	217,834	192,538	181,553	166,090	144,487	156,308	189,409	143,557	129,368	124,376
Discontinued Operations	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Ebit	9,211,871	7,827,448	5,838,981	4,794,658	2,640,373	1,756,481	1,508,989	1,014,205	927,025	907,321	977,677	805,500	1,089,830	936,603	934,920	1,193,060	567,991	400,006	335,539	409,900	258,894	232,524
Ebitda	17,926,927	11,138,091	7,684,663	6,016,652	3,695,307	2,446,895	2,057,176	1,452,887	1,296,848	1,253,614	1,279,858	1,066,288	1,307,664	1,129,141	1,116,473	1,359,150	712,478	556,314	524,948	553,457	388,262	356,900
Effect Of Accounting Charges	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Extraordinary Items	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	70,624,421	39,492,843	20,478,345	13,806,373	10,259,107	8,545,762	6,506,199	5,339,560	4,535,893	3,978,832	3,388,385	3,053,837	2,540,230	2,067,947	2,174,003	1,870,246	1,771,519	1,843,048	1,496,074	1,226,862	870,181	810,688
Income Before Tax	7,639,879	4,218,014	3,622,614	3,497,905	1,114,180	949,406	820,897	1,201,681	785,121	731,622	744,780	629,372	615,409	656,638	576,443	29,121	219,083	362,441	298,918	418,715	215,225	161,131
Income Tax Expense	-1,236,952	-505,043	371,605	618,916	161,154	93,565	-24,406	-102,469	-107,872	93,644	122,085	77,684	74,322	107,391	73,417	29,693	61,318	71,785	69,123	119,913	61,503	88,324
Interest Expense	8,658,452	4,938,536	2,086,345	1,392,997	1,567,957	1,009,229	574,914	440,986	388,817	314,010	209,243	187,745	474,421	279,965	282,688	1,163,939	-	-	-	-	-	-
Interest Income	1,181,972	536,737	217,672	231,593	226,941	61,644	92,084	53,907	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Minority Interest	-519,905	-398,385	-186,335	203,801	157,685	35,815	34,079	26,630	18,826	43,073	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	7,667,336	4,324,672	3,064,674	2,847,839	924,833	851,756	842,949	1,299,912	891,141	617,084	597,845	524,764	506,506	517,093	485,410	6,556	157,765	324,147	259,913	293,201	151,874	70,363
Net Income Applicable To Common Shares	-	4,324,672	3,064,674	2,847,839	924,833	851,756	842,949	1,299,912	891,141	617,084	-	-	-	-	-	-	-	-	-	-	-	-
Net Income From Continuing Ops	5,651,872	4,723,057	3,251,009	2,878,989	953,026	855,841	845,303	1,304,150	892,993	637,978	-	-	-	-	-	-	-	-	-	-	-	-
Net Interest Income	-6,555,436	-4,407,008	-1,799,689	-1,128,385	-1,368,725	-964,226	-501,431	-409,937	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Operating Income Net Other	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Recurring	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	9,211,871	9,090,197	7,020,144	4,852,296	2,653,758	2,637,322	1,711,831	1,498,071	1,282,757	968,789	1,136,346	757,137	645,894	637,650	934,920	439,551	517,241	493,785	317,712	409,900	258,894	232,524
Other Items	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	247,891,868	125,264,490	63,131,861	37,105,211	29,784,050	24,791,125	19,529,446	14,969,493	13,103,891	11,545,847	10,273,651	9,838,575	7,791,345	6,298,770	5,766,408	6,335,987	6,054,553	6,464,898	5,927,732	4,496,935	3,082,075	2,816,020
Preferred Stock And Other Adjustments	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-
Reconciled Depreciation	4,363,203	3,310,643	1,845,682	1,221,994	1,054,934	690,414	548,187	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Research Development	786,191	704,593	444,068	318,211	256,751	26,684	19,809	151,668	125,173	102,055	83,207	72,998	64,847	60,520	48,480	54,517	-	76,038	65,233	46,336	35,812	38,859
Selling And Marketing Expenses	47,038,860	24,080,342	11,919,993	7,469,259	6,124,521	4,110,262	3,291,605	2,689,639	2,265,243	1,974,867	1,684,059	1,532,182	1,474,254	1,161,489	1,105,725	1,080,524	-	944,490	826,843	538,381	300,124	316,501
Selling General Administrative	14,779,434	6,159,895	3,106,770	2,175,948	1,594,398	403,557	338,498	283,402	216,560	173,535	158,357	152,438	342,572	280,363	328,331	295,616	-	615,755	540,557	251,930	262,868	238,228
Tax Provision	-229,610	-505,043	371,605	618,916	161,154	93,565	-24,406	-102,469	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	61,412,550	30,841,825	15,425,769	10,039,101	8,101,384	6,432,503	5,195,032	4,212,881	3,473,684	3,010,646	2,564,325	2,335,551	1,894,336	1,430,297	1,348,516	1,430,695	1,203,528	1,349,263	1,178,362	816,962	611,287	578,164
Total Other Income Expense Net	-1,571,992	-4,872,183	-3,397,530	-1,354,391	-1,539,578	-1,687,916	-890,934	-296,390	-497,636	-237,167	-391,566	-127,765	-30,485	18,988	-358,477	-410,430	-298,158	-131,344	-18,794	8,815	-43,669	-71,393
Total Revenue	257,103,739	133,915,508	68,184,437	40,872,483	31,941,773	26,904,384	20,840,613	16,096,172	14,166,100	12,514,033	11,097,711	10,556,861	8,437,239	6,936,420	6,591,895	6,775,538	6,622,544	6,958,683	6,245,444	4,906,835	3,340,969	3,048,544

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31
Cost Of Revenue	83,159,778	39,140,453	31,950,377	27,475,138	27,815,271	24,393,399	22,736,217	19,477,778	16,041,717	13,022,200	10,141,203	8,500,972	8,548,930	7,806,585	5,412,862	5,297,733	5,714,456	5,520,482	5,784,268	4,663,460	5,003,928	5,185,275	4,537,873	3,631,546	3,956,411	3,714,987	3,506,684	3,156,332	3,094,120	2,722,219	2,606,889	2,333,384	2,744,674	2,617,177	2,273,297	1,995,059	2,351,271	2,187,976	2,085,487	1,910,467	2,148,140	2,004,291	1,865,237	1,691,658	1,883,168	1,914,663	1,979,945	1,725,248	1,724,925	1,598,214	1,407,139	1,166,731	1,324,911	1,292,767	1,247,350	1,003,445	1,155,806	1,120,388	1,159,009	982,689
Depreciation And Amortization	5,289,813	1,338,388	1,089,482	997,373	937,960	880,210	781,318	711,155	658,652	461,303	380,738	344,989	325,043	318,619	296,972	281,360	278,244	269,607	257,981	249,102	194,890	184,949	161,000	149,575	144,373	137,157	134,943	131,714	122,029	109,193	110,044	97,416	93,970	93,807	93,103	88,943	88,037	88,705	85,332	84,219	77,763	77,612	73,226	73,580	70,635	61,126	64,873	64,154	58,437	56,242	51,010	52,145	49,497	47,491	50,641	44,909	40,995	51,279	44,621	44,658
Discontinued Operations	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Ebit	-876,133	3,686,084	-793,042	2,591,527	3,016,377	1,278,582	1,397,991	2,455,039	1,471,539	1,325,038	1,053,545	1,830,033	1,288,628	1,969,763	662,063	553,158	531,246	803,008	683,850	601,360	674,439	337,868	321,820	448,893	257,010	456,415	429,372	331,572	114,409	355,865	260,989	282,942	352,633	220,127	286,097	67,768	193,704	193,232	273,358	234,644	301,029	287,280	212,206	177,162	-108,955	307,354	313,962	304,756	184,459	305,714	190,502	313,923	182,439	243,335	170,385	226,152	-142,134	333,551	267,740	316,554
Ebitda	4,413,680	5,024,472	296,440	3,588,900	3,954,337	2,158,792	2,179,309	3,166,194	2,130,191	1,786,341	1,434,283	2,175,022	1,613,671	2,288,382	959,035	834,518	809,490	1,072,615	941,831	850,462	869,329	522,817	482,820	598,468	401,383	593,572	564,315	463,286	236,438	465,058	371,033	380,358	446,603	313,934	379,200	156,711	281,741	281,937	358,690	318,863	378,792	364,892	285,432	250,742	-38,320	368,480	378,835	368,910	242,896	361,956	241,512	366,068	231,936	290,826	221,026	271,061	-101,139	384,830	312,361	361,212
Effect Of Accounting Charges	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Extraordinary Items	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	28,886,659	19,077,430	14,997,665	12,416,239	11,376,609	9,861,201	9,568,416	8,686,617	6,476,812	5,125,480	4,393,211	4,482,842	4,785,741	4,131,570	2,419,267	2,469,795	2,651,609	2,725,469	2,643,332	2,238,697	2,410,334	2,510,736	1,974,020	1,650,672	1,749,261	1,724,623	1,554,393	1,477,922	1,431,809	1,361,019	1,352,667	1,194,065	1,322,287	1,260,109	1,081,796	871,701	1,050,464	1,046,091	990,478	891,799	951,464	898,185	800,223	738,513	761,212	813,030	798,858	680,737	669,297	716,356	621,922	532,655	511,001	553,960	519,508	483,478	576,427	651,769	594,650	351,157
Income Before Tax	4,407,784	1,354,107	1,126,421	710,424	2,231,307	231,353	303,906	1,451,448	974,381	770,439	583,538	1,294,256	1,378,732	1,285,035	525,734	308,404	282,188	269,546	301,604	260,842	270,296	331,844	189,445	157,821	112,310	258,448	213,573	236,566	108,298	283,273	655,654	154,456	242,562	240,952	179,895	121,712	187,048	193,861	190,090	160,623	199,972	206,218	179,194	159,396	106,782	183,486	197,558	141,546	95,367	183,071	175,549	161,422	120,608	192,801	198,516	144,713	115,114	230,470	185,960	44,898
Income Tax Expense	-1,439,782	207,715	443,298	-448,182	-432,440	-263,546	-36,143	227,086	81,537	53,621	42,383	194,064	208,958	243,828	117,171	48,959	40,283	16,514	69,609	34,748	-10,611	79,087	44,855	-19,766	22,232	909	-43,374	-4,173	-122,065	19,146	2,599	-2,149	30,788	27,351	-146,456	-19,555	11,332	33,441	22,753	26,118	34,790	37,273	24,747	25,275	2,355	36,581	24,217	14,531	-7,391	22,734	30,393	28,586	14,020	35,148	30,256	27,967	29,648	70,564	-20,398	-6,397
Interest Expense	4,060,271	1,811,090	1,329,798	1,967,555	2,185,932	1,063,832	1,080,306	984,057	638,721	527,725	460,985	332,528	354,117	316,409	348,994	373,477	411,745	376,734	400,696	378,782	312,295	295,347	218,529	183,058	160,114	154,144	142,640	118,016	113,960	104,687	116,857	105,482	102,068	110,127	93,075	83,547	83,183	79,321	79,800	71,706	63,708	56,278	50,006	39,251	215,737	123,868	116,404	163,210	89,092	122,643	24,505	152,501	61,831	50,534	26,130	81,439	257,248	103,081	83,680	271,656
Interest Income	987,826	421,354	234,107	270,701	294,661	84,082	92,978	115,136	4,930	37,365	63,149	98,848	99,482	79,112	48,735	33,467	111,108	45,751	47,856	34,543	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Minority Interest	-307,175	-145,481	-191,266	-84,149	-99,006	-159,142	-81,460	-58,777	-102,907	-65,442	244,402	233,924	203,801	206,612	160,958	175,889	157,685	144,960	114,642	37,448	35,815	36	29,488	37,447	34,079	31,899	3,498	28,478	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	5,100,110	1,000,911	491,857	1,074,457	2,564,741	335,757	258,589	1,165,585	789,937	651,376	530,626	1,092,735	1,163,493	1,021,989	406,623	255,734	240,006	240,343	219,062	225,422	279,834	251,242	143,828	176,852	89,884	256,230	256,581	240,254	229,381	262,821	652,009	155,701	210,971	212,360	326,278	141,532	169,006	155,680	161,237	131,161	156,048	161,053	151,307	129,437	99,565	137,232	173,341	121,161	92,099	151,629	137,172	125,606	74,434	157,653	160,828	116,746	67,850	159,906	204,185	51,295
Net Income Applicable To Common Shares	-	1,000,911	491,857	1,074,457	2,564,741	335,757	258,589	1,165,585	789,937	651,376	530,626	1,092,735	1,163,493	1,021,989	406,623	255,734	240,006	240,343	219,062	225,422	279,834	226	143,828	176,852	89,884	256,230	30,441	240,254	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income From Continuing Ops	5,407,285	1,146,392	683,123	1,158,606	2,663,747	494,899	340,049	1,224,362	892,844	716,818	541,155	1,100,192	1,169,774	1,041,207	408,563	259,445	241,905	253,032	231,995	226,094	280,907	227	144,590	177,587	90,078	257,539	30,484	240,739	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Interest Income	-3,647,478	-1,960,018	-1,600,054	-1,675,899	-1,319,467	-1,226,055	-978,860	-882,626	-548,971	-494,679	-401,536	-310,485	-237,912	-244,166	-313,094	-342,868	-314,482	-339,741	-370,865	-347,545	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Operating Income Net Other	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Recurring	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-876,133	3,983,515	3,635,840	2,200,980	2,614,747	1,833,543	1,920,015	2,721,892	3,009,743	1,265,110	1,067,167	1,678,124	1,492,917	1,874,117	712,238	773,024	631,494	718,554	663,771	639,939	142,293	1,383,664	606,938	504,427	429,107	503,423	355,661	423,640	459,164	437,547	310,784	290,576	234,894	481,574	344,275	222,014	212,848	280,818	234,927	240,196	365,870	338,875	269,394	178,529	144,726	226,528	222,578	163,305	122,264	203,516	172,868	147,246	114,517	182,329	189,348	151,456	-142,134	260,710	212,436	154,644
Other Items	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	112,922,570	53,384,388	42,992,028	37,247,896	36,528,740	32,162,155	30,751,714	25,876,931	21,376,257	16,828,206	13,502,019	11,501,837	12,069,138	10,554,979	7,379,236	7,414,100	7,855,262	7,639,343	7,820,512	6,485,934	6,566,378	7,138,033	6,106,252	4,920,802	5,491,315	5,043,255	4,707,872	4,321,624	4,276,048	3,765,278	3,672,060	3,256,107	3,711,552	3,571,456	3,109,772	2,711,511	3,156,816	2,975,114	2,814,460	2,599,457	2,853,793	2,673,352	2,486,917	2,259,590	2,538,505	2,501,165	2,556,225	2,242,680	2,271,958	2,111,054	1,864,755	1,552,140	1,721,395	1,664,398	1,624,925	1,335,467	1,534,537	1,511,447	1,541,697	1,179,202
Preferred Stock And Other Adjustments	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reconciled Depreciation	5,289,813	1,338,388	1,089,482	997,373	937,960	880,210	781,318	711,155	658,652	461,303	380,738	344,989	325,043	318,619	296,972	281,360	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Research Development	1,247,816	262,078	207,148	226,763	186,240	192,720	171,056	154,577	149,232	113,079	94,285	87,472	88,887	84,407	72,199	72,718	70,287	64,921	61,998	59,545	114,380	51,018	46,571	43,475	103,674	39,978	42,988	40,517	37,864	39,898	39,134	34,772	35,546	31,225	29,072	29,330	23,115	27,728	25,785	25,427	20,609	22,457	20,680	19,461	11,209	15,745	22,808	23,236	10,130	19,024	18,068	17,625	17,970	15,391	17,784	9,375	7,624	21,389	7,613	11,854
Selling And Marketing Expenses	21,161,888	10,402,011	8,437,831	7,037,130	6,517,983	6,347,539	6,285,679	4,929,141	4,148,183	2,916,239	2,569,861	2,285,710	2,413,314	2,088,466	1,433,104	1,534,375	1,640,145	1,603,703	1,500,715	1,379,958	357,967	1,509,756	1,262,253	980,286	404,514	1,047,777	948,681	890,633	357,814	809,101	830,625	692,099	320,266	742,967	659,357	542,653	241,517	626,158	573,021	534,171	220,128	531,544	499,525	432,862	161,407	499,110	459,815	411,850	399,103	421,978	360,220	292,953	1,161,489	-	268,045	246,246	1,105,725	-	296,867	228,663
Selling General Administrative	6,529,308	3,337,279	2,435,781	2,477,067	2,008,898	1,286,400	1,552,445	1,312,152	1,058,708	796,232	681,005	570,825	721,271	551,101	416,333	487,243	400,554	409,140	430,451	354,253	487,946	353,604	278,671	259,228	320,465	231,867	207,823	219,273	255,881	176,328	173,168	189,787	234,775	167,430	150,900	133,005	201,361	130,404	122,963	121,529	138,617	107,531	92,891	96,552	108,652	79,054	97,600	84,436	124,058	73,793	72,822	71,899	25,736	84,309	90,175	80,143	86,158	80,212	87,039	74,922
Tax Provision	-1,439,782	207,715	443,298	-448,182	-432,440	-263,546	-36,143	227,086	81,537	53,621	42,383	194,064	208,958	243,828	117,171	48,959	40,283	16,514	69,609	34,748	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	29,762,792	14,243,935	11,041,651	9,772,758	8,713,469	7,768,756	8,015,497	6,399,153	5,334,540	3,806,006	3,360,816	3,000,865	3,520,208	2,748,394	1,966,374	2,116,367	2,140,806	2,118,861	2,036,244	1,822,474	1,562,450	1,952,758	1,568,379	1,289,256	1,534,904	1,328,268	1,201,188	1,165,292	1,181,928	1,043,059	1,065,171	922,723	966,878	954,279	836,475	716,452	805,545	787,138	728,973	688,990	705,653	669,061	621,680	567,932	655,337	586,502	576,280	517,432	547,033	512,840	457,616	385,409	396,484	371,631	377,575	332,022	378,731	391,059	382,688	196,513
Total Other Income Expense Net	5,283,917	-2,629,408	-2,509,419	-1,490,556	-383,440	-1,602,190	-1,616,109	-1,270,444	-2,035,362	-494,671	-483,629	-383,868	-114,185	-589,082	-186,504	-464,620	-349,306	-449,008	-362,167	-379,097	128,003	-1,051,820	-417,493	-346,606	-316,797	-244,975	-142,088	-187,074	-350,866	-154,274	344,870	-136,120	7,668	-240,622	-164,380	-100,302	-25,800	-86,957	-44,837	-79,573	-165,898	-132,657	-90,200	-19,133	-37,944	-43,042	-25,020	-21,759	-26,897	-20,445	2,681	14,176	6,091	10,472	9,168	-6,743	257,248	-30,240	-26,476	-109,746
Total Revenue	112,046,437	58,217,883	46,948,042	39,891,377	39,191,880	34,254,600	32,304,633	28,164,395	22,518,529	18,147,680	14,534,414	12,983,814	13,334,671	11,938,155	7,832,129	7,767,528	8,366,065	8,245,951	8,427,600	6,902,157	7,414,262	7,696,011	6,511,893	5,282,218	5,705,672	5,439,610	5,061,077	4,634,254	4,525,929	4,083,238	3,959,556	3,527,449	4,066,961	3,877,286	3,355,093	2,866,760	3,401,735	3,234,067	3,075,965	2,802,266	3,099,604	2,902,476	2,665,460	2,430,171	2,644,380	2,727,693	2,778,803	2,405,985	2,394,222	2,314,570	2,029,061	1,699,386	1,835,912	1,846,727	1,766,858	1,486,923	1,732,233	1,772,157	1,753,659	1,333,846

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	257,103,739
Cost of Revenue	-186,479,318
Gross Profit	70,624,421	70,624,421

Operating Income (+$)
Gross Profit	70,624,421
Operating Expense	-61,412,550
Operating Income	9,211,871	9,211,871

Operating Expense (+$)
Research Development	786,191
Selling General Administrative	14,779,434
Selling And Marketing Expenses	47,038,860
Operating Expense	61,412,550	62,604,485

Net Interest Income (+$)
Interest Income	1,181,972
Interest Expense	-8,658,452
Other Finance Cost	-921,044
Net Interest Income	-6,555,436

Pretax Income (+$)
Operating Income	9,211,871
Net Interest Income	-6,555,436
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	7,639,879	10,783,863 EBIT - interestExpense = 553,419 6,430,384 16,325,788
Interest Expense	8,658,452
Earnings Before Interest and Taxes (EBIT)	9,211,871	16,298,331
Earnings Before Interest and Taxes (EBITDA)	17,926,927

After tax Income (+$)
Income Before Tax	7,639,879
Tax Provision	--229,610
Net Income From Continuing Ops	5,651,872	7,869,489
Net Income	7,667,336
Net Income Applicable To Common Shares	-

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	247,891,868
Total Other Income/Expenses Net	-1,571,992	6,555,436

Technical Analysis of Arcelik AS ADR
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Arcelik AS ADR. The general trend of Arcelik AS ADR is BEARISH with 57.1% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Arcelik AS ADR's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (-57.1%)		Bearish trend (57.1%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Arcelik AS ADR.

The long score for the Support & Resistance is 1/1.
The longshort score for the Support & Resistance is 1/(-1 +1).

Around support: The price is currently trading around a support level. This can be considered as a potential entry level. +1

The bullish price targets are: 23.42 < 23.42 < 23.42.

The bearish price targets are: 23.42 > 23.42 > 23.42.

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Arcelik AS ADR Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Arcelik AS ADR. The current mas is .

The long score for the Moving Averages is 3/14.
The longshort score for the Moving Averages is -8/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close > MA 20: The price is above the MA 20. +1
MA 20 < MA 50: The MA 20 is lower than the MA 50. -1
MA 20 < MA 100: The MA 20 is lower than the MA 100. -1
MA 20 < MA 200: The MA 20 is lower than the MA 200. -1
MA 50 trending up: The MA 50 is trending up. +1
Close < MA 50: The price is below the MA 50. -1
MA 50 > MA 100: The MA 50 is higher than the MA 100. +1
MA 50 < MA 200: The MA 50 is lower than the MA 200. -1
MA 100 trending down: The MA 100 is trending down. -1
Close < MA 100: The price is below the MA 100. -1
MA 100 < MA 200: The MA 100 is lower than the MA 200. -1
MA 200 trending down: The MA 200 is trending down. -1
Close < MA 200: The price is below the MA 200. -1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Arcelik AS ADR Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Arcelik AS ADR. The current macd is -0.33992523.

The long score for the Moving Average Convergence/Divergence (MACD) is 3/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is 2/(-4 +4).

MACD line > signal line: The MACD line is above the signal line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the Arcelik AS ADR price going up in the near term. +2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Arcelik AS ADR. This means that the short-term moving average is lower than the long-term moving average, signaling negative momentum and suggesting a higher likelihood of the Arcelik AS ADR price continuing to fall in the near future. It indicates that sellers are gaining control, and there is negativism in the market, leading to potential price decreases. -1
Trending up: The MACD line is trending up. This indicates that the short-term moving average is rising faster than the long-term moving average, suggesting positive momentum in the market. This signals that buyers are becoming more active and confident, leading to potential price increases as traders anticipate further gains and are willing to buy at higher prices. +1

Arcelik AS ADR Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Arcelik AS ADR. The current adx is 25.46.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -3/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Arcelik AS ADR shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX > 25 && ADX trending down: The ADX is above 25 and indicates a strong bearish trend. The ADX is declining, the bearish trend is weakening. Could be a potential reversal to the upside. -2

Arcelik AS ADR Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Arcelik AS ADR. The current sar is 25.40.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

Arcelik AS ADR Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Arcelik AS ADR. The current rsi is 40.70. The current phase is Continuation in bear market.

The long score for the Relative Strength Index (RSI) is 0/13.
The longshort score for the Relative Strength Index (RSI) is -3/(-13 +13).

Continuation in bear market: Downtrend continues after a consolidation or pullback. Hold or add to short positions.

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Arcelik AS ADR Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Arcelik AS ADR. The current phase is Oversold in bear market.

The long score for the Stochastic Oscillator is 0/6.
The longshort score for the Stochastic Oscillator is -6/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH < 20: The STOCH %K is below 20 and oversold. -2
STOCH %K line < STOCH %D line: The STOCH %K line is below the STOCH %D line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Arcelik AS ADR price going down in the near term. -2
Trending down: The STOCH %K is trending down. -1

Arcelik AS ADR Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Arcelik AS ADR. The current cci is -1.88397323.

Arcelik AS ADR Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Arcelik AS ADR. The current cmo is -20.73558544.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

Arcelik AS ADR Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Arcelik AS ADR. The current willr is 0.

The long score for the Williams %R is 1/1.
The longshort score for the Williams %R is 1/(-1 +1).

WILLR > -20: The Williams %R is above -20. This indicates that the price is in overbought territory, suggesting a potential price correction or trend reversal to the downside. +1

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Arcelik AS ADR.

Arcelik AS ADR Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Arcelik AS ADR. The current atr is 0.17001182.

Arcelik AS ADR Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Arcelik AS ADR. The current obv is -2,106.

Arcelik AS ADR Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Arcelik AS ADR. The current mfi is 0.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -2/(-2 +2).

MFI < 50: -1
MFI < 20: -1

Arcelik AS ADR Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Arcelik AS ADR.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-11-24	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-11-27	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-11-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-11-29	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-11-30	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-04	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-06	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-07	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-08	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-11	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-14	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-12-20	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-21	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-26	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2023-12-29	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-03	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-05	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-08	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-09	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-01-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-12	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-17	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-25	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-30	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-02-02	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-02-08	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-14	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-02-28	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-29	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-01	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-03-14	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-19	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-03-21	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-22	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-03-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-09	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-04-11	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-12	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-04-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-16	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside

6.3. Candlestick Patterns

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Arcelik AS ADR based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	40.698
Ma 20	Greater than	Ma 50	23.417
Ma 50	Greater than	Ma 100	25.010
Ma 100	Greater than	Ma 200	23.557
Open	Greater than	Close	23.420
Total			1/5 (20.0%)

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Quick analysis of Arcelik AS ADR (30 sec.)

What can you expect buying and holding a share of Arcelik AS ADR? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Arcelik AS ADR (5 min.)

$23.42

$15.07

$-231.96 - $-71.90

$-216.90 - $-56.83

2. Growth of Arcelik AS ADR (5 min.)

Is Arcelik AS ADR growing?

How much money is Arcelik AS ADR making?

How much money comes from the company's main activities?

3. Financial Health of Arcelik AS ADR (5 min.)

4. Comparing to competitors in the Furnishings, Fixtures & Appliances industry (5 min.)

Industry Rankings (Furnishings, Fixtures & Appliances)

What can you expect buying and holding a share of Arcelik AS ADR? (5 min.)

What can you expect buying and holding a share of Arcelik AS ADR?

Speculation

Investing

How much money are you going to get?

When do you get the money?

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Linear %

Fundamentals of Arcelik AS ADR

About Arcelik AS ADR

Financial Health

Valuation

1.1. Profitability of Arcelik AS ADR.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Furnishings, Fixtures & Appliances)

1.1.2. Return on Assets

Trends

Compared to industry (Furnishings, Fixtures & Appliances)

1.1.3. Return on Equity

Trends

Compared to industry (Furnishings, Fixtures & Appliances)

1.2. Operating Efficiency of Arcelik AS ADR.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Furnishings, Fixtures & Appliances)

1.2.2. Operating Ratio

Trends

Compared to industry (Furnishings, Fixtures & Appliances)

1.3. Liquidity of Arcelik AS ADR.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Furnishings, Fixtures & Appliances)

1.3.2. Quick Ratio

Trends

Compared to industry (Furnishings, Fixtures & Appliances)

1.4. Solvency of Arcelik AS ADR.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Furnishings, Fixtures & Appliances)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Furnishings, Fixtures & Appliances)

2. Market Valuation of Arcelik AS ADR

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Furnishings, Fixtures & Appliances)

Arcelik AS ADR
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