https://www.youtube.com/playlist?list=PLhAxKX2X0s4WyHwGyc54Rt1wfdXjZhzaE π Key Highlights (Balance Sheet & Income Statement Analysis) π Balance Sheet Analysis (Mio TL) π° Cash & Equivalents: 11.72 → 8.20 (-30.05%) π’ Total Assets: 72.05 → 73.93 (+2.60%) πΈ Total Liabilities: 5.45 → 5.96 (+9.39%) π Net Debt: -61.42 → -65.16 π Equity: 66.60 → 67.96 (+2.04%) πΌ Income Statement Analysis (Mio TL) π️ Net Sales: 62.21 → 48.71 (-21.70%) ⚙️ Cost of Sales: 32.26 → 33.90 (+5.08%) π΅ Gross Profit/Loss: 29.95 → 14.81 (-50.56%) π Operating Expenses: 12.18 → 14.61 (+19.97%) π EBITDA: 20.32 → 2.99 (-85.31%) π° Net Profit/Loss: -7.90 → -16.45 π΅πΊπΈ #ETYAT | Euro Trend Investment 2025/9 Earnings Analysis | Financial and Operational Results π§Ώ https://www.kap.org.tr/tr/Bildirim/1507952 https://www.kap.org.tr/tr/Bildirim/1507954
We examined ETYAT closely: 5 surprising facts revealed from its reports
Introduction: Looking beyond the price chart
Euro Trend YatΔ±rΔ±m OrtaklΔ±ΔΔ± (ETYAT) stock has been on investors’ radar thanks to an impressive 138.71% rise over the past year. However, when we look behind the shining price chart, the company’s public reports reveal a much more complex picture — and several important warning signals for investors. Understanding a stock’s true value often requires looking beyond what the chart shows, into its underlying fundamentals. In this article, we analyze ETYAT’s reports to uncover five of the most striking findings.
1. The control paradox: Minority share, majority voting power
A company’s ownership structure is the most fundamental document showing who makes strategic decisions. In ETYAT, this structure presents a surprising paradox. While 99.46% of the company’s capital is owned by public investors, Mustafa Εahin’s share as of September 30, 2025, is only 0.54%. Yet, despite this small stake, he remains the key decision-maker in board elections.
This situation stems from the privileged share structure defined in the company’s articles of association. The annual report explains it as follows:
Each Class A privileged share carries 1,000 voting rights in board member elections, while each Class B share carries 1 vote.
For investors, this means one simple but powerful truth: Strategic decisions shaping the company’s future are made not by the overwhelming majority of shareholders but by a single privileged shareholder owning just half of one percent of the capital.
2. The performance gap: Rising stock, growing losses
Market performance and financial health do not always move in tandem. ETYAT is a clear example of this. On one hand, according to Finnet Plus data, the stock’s annual return is an eye-catching 138.71%. On the other, the company’s own financial statements tell a completely different story.
The company’s net loss for the first nine months of 2025 increased by 108.25% compared to the same period in 2024, jumping from 7.9 million TL to 16.45 million TL. Even more concerning is the dramatic collapse in operating profit, which reflects the company’s core business performance. This figure fell by 98.88%, from 17.7 million TL to just 199 thousand TL.
This striking contrast suggests that ETYAT’s stock price is moving independently of the company’s operational realities and financial fundamentals.
3. The dividend story: From past generosity to present uncertainty
ETYAT long held a reputation as a “reliable dividend stock,” distributing dividends regularly from 2014 to 2023. This consistency was a major attraction for income-focused investors.
However, that picture has changed. According to the annual report, no dividend was paid for 2024 due to the company posting a net loss, and this decision was approved at the general assembly. This was not merely a choice but a necessity, as the company’s dividend policy explicitly requires that at least 20% of distributable profit be paid in cash. With no distributable profit available, the company was legally and financially unable to maintain its historical dividend commitment. Considering the continuing losses in 2025, future dividend payments remain highly uncertain.
4. Small team, big valuation
Sometimes the simplest data reveals the most surprising truths. According to ETYAT’s annual report, as of September 30, 2025, the company employed only six people, including the general manager.
Yet, based on the October 24, 2025 closing price, the company’s market capitalization stood at 548 million TL. While it’s normal for an investment trust to operate with a small staff, it’s remarkable that a company valued at over half a billion TL is run by just six people. This situation raises not only questions of operational efficiency but also “key person risk.” With such a small team carrying the entire operational and administrative burden, any departure or disruption could pose a significant continuity risk for the company.
5. Governance under the microscope: Family ties and committee structure
Corporate governance is vital for transparency and effective oversight. Examining ETYAT’s board and committee structure reveals a notable concentration of family ties. Members with the surnames Εahin and Civelek dominate the board:
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Selina Γzlem Εahin (Chairperson of the Board)
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Michael Burak Εahin (Vice Chairperson)
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Seda Εahin (Board Member)
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GΓΌlnur Berber Civelek (Independent Board Member)
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Vahit Civelek (Independent Board Member)
Even more striking is the composition of the key oversight committees. According to the annual report, both the Audit Committee and the Early Detection of Risk Committee consist solely of GΓΌlnur Berber Civelek and Vahit Civelek. The Corporate Governance Committee includes these two members plus the Head of Investor Relations.
This structure means that the company’s most critical financial and risk control mechanisms rest entirely in the hands of just two individuals.
Conclusion: What the numbers whisper
These five critical findings reveal how ETYAT’s glowing stock chart conceals a paradox of control, deepening financial challenges, and a highly concentrated governance structure. This case study clearly demonstrates that evaluating a company based solely on its stock price can be misleading. Factors such as ownership structure, financial health, dividend policy, and governance must form the foundation of any investment decision.
So, in light of all this data, one question remains: Is a stock’s true value hidden in its price chart — or between the lines of its reports?