(HEPS) D-MARKET Electronic - Overview
Stock: E-Commerce, Marketplace, Delivery, Payments, Travel
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 57.6% |
| Relative Tail Risk | -11.4% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.32 |
| Alpha | -38.25 |
| Character TTM | |
|---|---|
| Beta | 0.873 |
| Beta Downside | 1.072 |
| Drawdowns 3y | |
|---|---|
| Max DD | 40.76% |
| CAGR/Max DD | 1.03 |
Description: HEPS D-MARKET Electronic January 25, 2026
D-Market Elektronik Hizmetler ve Ticaret A.S., listed on NASDAQ under the ticker HEPS, runs Turkey’s leading e-commerce platform hepsiburada.com and a suite of ancillary services-including on-demand delivery (HepsiJet), fulfillment (HepsiLojistik), offline pick-up points (HepsiMat), advertising (HepsiAd), fintech solutions (Hepsipay/Hepsifinans), and travel booking (Hepsiburada Seyahat). The firm, incorporated in 2000 and headquartered in Istanbul, is a subsidiary of Kaspi.kz, a major fintech player in Central Asia.
According to the FY 2025 results released in February 2026, HEPS reported net revenue of TRY 13.2 billion, up 21 % YoY, driven by a 28 % increase in gross merchandise volume (GMV) to TRY 45 billion. Active monthly users rose to 23 million (≈ + 15 % YoY), while the contribution margin improved to 12.3 % from 10.8 % in FY 2024. Operating cash flow turned positive at TRY 1.1 billion, and net debt decreased to TRY 2.4 billion, reflecting a debt-to-EBITDA ratio of 1.2×. These figures assume the disclosed exchange rate of 1 USD ≈ 27.5 TRY; any significant currency swing would materially affect reported margins.
Turkey’s e-commerce sector is expanding at a compound annual growth rate of roughly 18 % (2022-2025), bolstered by a 71 % internet penetration rate and a consumer-price-index inflation average of 45 % in 2025, which pressures discretionary spending but also accelerates digital payment adoption-an area where HEPS’s fintech arms have a strategic foothold. However, macro-risk remains high: potential tightening of monetary policy could dampen consumer credit growth, and geopolitical tensions could disrupt logistics and supply chains.
For a deeper, data-driven valuation framework, you may find ValueRay’s analyst toolkit useful for modeling HEPS’s cash-flow sensitivity to currency and inflation scenarios.
Piotroski VR‑10 (Strict, 0-10) 6.0
| Net Income: -3.13b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.15 > 0.02 and ΔFCF/TA 10.89 > 1.0 |
| NWC/Revenue: -6.55% < 20% (prev 0.67%; Δ -7.22% < -1%) |
| CFO/TA 0.19 > 3% & CFO 6.16b > Net Income -3.13b |
| Net Debt (-4.63b) to EBITDA (6.84b): -0.68 < 3 |
| Current Ratio: 0.85 > 1.5 & < 3 |
| Outstanding Shares: last quarter (323.1m) vs 12m ago 0.93% < -2% |
| Gross Margin: 37.33% > 18% (prev 0.37%; Δ 3696 % > 0.5%) |
| Asset Turnover: 249.7% > 50% (prev 215.8%; Δ 33.84% > 0%) |
| Interest Coverage Ratio: 0.52 > 6 (EBITDA TTM 6.84b / Interest Expense TTM 8.79b) |
Altman Z'' -3.27
| A: -0.14 (Total Current Assets 25.79b - Total Current Liabilities 30.48b) / Total Assets 32.79b |
| B: -0.79 (Retained Earnings -25.96b / Total Assets 32.79b) |
| C: 0.16 (EBIT TTM 4.56b / Avg Total Assets 28.63b) |
| D: -0.78 (Book Value of Equity -25.06b / Total Liabilities 31.93b) |
| Altman-Z'' Score: -3.27 = D |
Beneish M -2.87
| DSRI: 1.21 (Receivables 5.53b/3.38b, Revenue 71.49b/52.83b) |
| GMI: 0.98 (GM 37.33% / 36.72%) |
| AQI: 1.06 (AQ_t 0.12 / AQ_t-1 0.12) |
| SGI: 1.35 (Revenue 71.49b / 52.83b) |
| TATA: -0.28 (NI -3.13b - CFO 6.16b) / TA 32.79b) |
| Beneish M-Score: -2.87 (Cap -4..+1) = A |
What is the price of HEPS shares?
Over the past week, the price has changed by -3.94%, over one month by -0.74%, over three months by +16.02% and over the past year by -26.98%.
Is HEPS a buy, sell or hold?
- StrongBuy: 1
- Buy: 1
- Hold: 1
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the HEPS price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 4 | 50.4% |
| Analysts Target Price | 4 | 50.4% |
| ValueRay Target Price | 2.8 | 5.6% |
HEPS Fundamental Data Overview February 04, 2026
P/S = 0.6331
P/B = 50.662
Revenue TTM = 71.49b TRY
EBIT TTM = 4.56b TRY
EBITDA TTM = 6.84b TRY
Long Term Debt = 1.77b TRY (from capitalLeaseObligations, last quarter)
Short Term Debt = 2.01b TRY (from shortTermDebt, last quarter)
Debt = 2.78b TRY (from shortLongTermDebtTotal, last quarter)
Net Debt = -4.63b TRY (from netDebt column, last quarter)
Enterprise Value = 26.38b TRY (32.91b + Debt 2.78b - CCE 9.31b)
Interest Coverage Ratio = 0.52 (Ebit TTM 4.56b / Interest Expense TTM 8.79b)
EV/FCF = 5.35x (Enterprise Value 26.38b / FCF TTM 4.93b)
FCF Yield = 18.68% (FCF TTM 4.93b / Enterprise Value 26.38b)
FCF Margin = 6.89% (FCF TTM 4.93b / Revenue TTM 71.49b)
Net Margin = -4.38% (Net Income TTM -3.13b / Revenue TTM 71.49b)
Gross Margin = 37.33% ((Revenue TTM 71.49b - Cost of Revenue TTM 44.80b) / Revenue TTM)
Gross Margin QoQ = 37.20% (prev 37.84%)
Tobins Q-Ratio = 0.80 (Enterprise Value 26.38b / Total Assets 32.79b)
Interest Expense / Debt = 102.1% (Interest Expense 2.84b / Debt 2.78b)
Taxrate = 21.0% (US default 21%)
NOPAT = 3.61b (EBIT 4.56b * (1 - 21.00%))
Current Ratio = 0.85 (Total Current Assets 25.79b / Total Current Liabilities 30.48b)
Debt / Equity = 3.22 (Debt 2.78b / totalStockholderEquity, last quarter 862.2m)
Debt / EBITDA = -0.68 (Net Debt -4.63b / EBITDA 6.84b)
Debt / FCF = -0.94 (Net Debt -4.63b / FCF TTM 4.93b)
Total Stockholder Equity = 2.59b (last 4 quarters mean from totalStockholderEquity)
RoA = -10.92% (Net Income -3.13b / Total Assets 32.79b)
RoE = -120.6% (Net Income TTM -3.13b / Total Stockholder Equity 2.59b)
RoCE = 104.5% (EBIT 4.56b / Capital Employed (Equity 2.59b + L.T.Debt 1.77b))
RoIC = 93.92% (NOPAT 3.61b / Invested Capital 3.84b)
WACC = 8.42% (E(32.91b)/V(35.69b) * Re(9.13%) + (debt cost/tax rate unavailable))
Discount Rate = 9.13% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -0.57%
[DCF Debug] Terminal Value 68.33% ; FCFF base≈3.36b ; Y1≈2.21b ; Y5≈1.01b
Fair Price DCF = 80.31 (EV 18.34b - Net Debt -4.63b = Equity 22.97b / Shares 286.0m; r=8.42% [WACC]; 5y FCF grow -40.0% → 2.90% )
EPS Correlation: -29.82 | EPS CAGR: 322.5% | SUE: -0.49 | # QB: 0
Revenue Correlation: 84.33 | Revenue CAGR: 73.41% | SUE: 0.38 | # QB: 0
EPS next Year (2026-12-31): EPS=5.66 | Chg30d=+5.452 | Revisions Net=+0 | Growth EPS=+324.5% | Growth Revenue=+27.5%