D-MARKET Electronic Services & Trading ADR HEPS
Valuation holds this up; Risk is the soft spot.
| Moat | 6.0 |
| Management | 6.0 |
| Valuation | 9.0 |
| Risk · 10 = lowest | 5.0 |
| Business model | 8.0 |
| Optionality | 8.0 |
The price needs 0.0% growth a year for ten years. The AI thinks 18.0% is achievable, at a 12.0% margin.
Massive positive gap with 19% FCF yield, cheap P/S 0.37x, and 18% achievable growth vs 0% required; Kaspi catalysts/TAM support undervaluation.
D-Market Elektronik Hizmetler ve Ticaret A.S. operates e-commerce platforms in Turkey. The company operates a retail website that provides electronics and non-electronics products, such as books, sports, toys, kids and baby products, cosmetics, furniture, etc. It also operates HepsiJet that provides last-mile delivery services; HepsiLojistik, which offers fulfillment services; HepsiMat, an offline network of pick-up and drop-off point; HepsiAd that provides advertising service; and Hepsipay and Hepsifinans, which offers e-wallet, e-money, payment facilitation services, and consumer lending. The company was incorporated in 2000 and is headquartered in Istanbul, Turkey. D-Market Elektronik Hizmetler ve Ticaret A.S. is a subsidiary of Joint Stock Company Kaspi.kz.
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