D-MARKET Electronic Services & Trading (HEPS)

Price$2.67Cached quoteAs of 2026-09-17 18:50 UTC

AI: Fair-priced

Price checkThe valuation looks modest relative to Hepsiburada's transaction volume and strengthened liquidity, but persistent losses, Turkish macro risk and an increasingly concentrated ownership structure justify a substantial discount.

Following the September capital increase, roughly 429 million ordinary shares were outstanding, implying an equity value of about $1.1 billion. Conventional earnings multiples are not useful because the business remains loss-making. The September equity injection of TRY9.3 billion materially strengthens liquidity and bank borrowings were small relative to cash and investments at June, but the company had negative IFRS equity before that raise. Valuation therefore depends primarily on whether GMV and higher-margin marketplace growth can translate into durable positive margins rather than continued growth spending.

Big pictureHepsiburada continues to grow orders and engagement, but inflation-adjusted GMV growth slowed sharply in the second quarter and profitability weakened as management invested aggressively in marketing, merchant economics and delivery.

Second-quarter inflation-adjusted GMV increased 2.8% year over year, while orders rose 13.4%, active customers increased 2.5% and order frequency reached 7.4. Marketplace GMV remained about 69% of the total. Revenue increased 3.1%, with marketplace revenue up 22.3% and delivery revenue up 5.0%, but EBITDA fell substantially and the net loss nearly doubled. Shipping and packaging expense increased 21.7% and advertising expense increased 39.7%, showing that current growth is being supported by significant customer and merchant investment. Because Türkiye is treated as hyperinflationary under IAS 29, reported lira figures are inflation-adjusted and should not be read like conventional nominal financial statements.

Business strengthThe combination of a large marketplace, proprietary logistics and Kaspi ownership creates strategic advantages, although Hepsiburada operates in an intensely competitive and macro-sensitive Turkish consumer market.

Hepsijet is a meaningful differentiator: in 2025 it delivered 72.5% of Direct Sales and Marketplace parcels, with approximately 80% of Direct Sales parcels delivered through Hepsijet arriving the next day. In the latest quarter, off-platform Hepsijet business helped delivery-service revenue grow, while the higher-margin marketplace business gained revenue mix. Competition remains strong from domestic and international marketplaces, omnichannel retailers and offline merchants. Turkish inflation was still 32.1% at June, creating pressure on consumer purchasing power, wages, logistics costs, credit-card financing and foreign-exchange translation. Kaspi provides strategic expertise and capital, but its dominant ownership also reduces the public float.

What could change the storyMargin recovery, stronger Kaspi integration and successful monetization of marketplace, logistics and fintech services could re-rate the shares; continued losses, Turkish macro volatility or reduced trading liquidity could prevent that.

The bull case is that order growth and higher marketplace penetration eventually provide operating leverage while Hepsijet, advertising, payments and consumer-finance products increase monetization. September's fully funded capital raise gives management substantially more capacity to pursue that strategy without near-term balance-sheet stress. The bear case is that promotional intensity and competition keep advertising, shipping and financing costs elevated, while inflation and lira weakness erode real purchasing power and USD returns. Kaspi owned 88.95% of outstanding shares after exercising its pre-emptive rights in the capital increase and subsequently agreed to acquire another large ADS block, creating additional float and Nasdaq-liquidity risk if its ownership continues to rise.

AI: News

Kaspi funded a major capital increase and raised its ownership furtherHepsiburada received TRY9.3 billion of fresh equity capital in September, substantially strengthening liquidity while increasing controlling-shareholder concentration.

Kaspi exercised its pre-emptive rights and subscribed for 71.4 million newly issued ordinary shares, funding the entire capital increase from its working capital. After the issuance, Kaspi reported beneficial ownership of 88.95% of outstanding shares. It also signed an agreement to purchase another 19.5 million ADSs from VR Global Partners, with closing expected shortly afterward. The transactions demonstrate strong strategic support from Kaspi but further reduce the independent public float.

Second-quarter growth continued but profitability deterioratedOrders and marketplace revenue grew faster than headline GMV, while investment in advertising, logistics and customer affordability sharply compressed earnings.

Second-quarter GMV grew 2.8% on an IAS 29-adjusted basis and orders increased 13.4%, while active customers rose to 11.5 million. Marketplace revenue increased 22.3% and delivery-service revenue increased 5.0%. However, EBITDA margin fell to 0.4% of GMV, the quarterly net loss widened to TRY1.89 billion and free cash flow declined substantially year over year. Management attributed much of the pressure to growth initiatives, greater marketing spending and efforts to improve merchant delivery economics.

New leadership structure increased focus on commerce and deliveryHepsiburada completed its planned CEO transition and created dedicated senior leadership for its logistics business.

Ender Özgün became CEO of Hepsiburada effective July 1, succeeding Nilhan Gökçetekin, while Hakan Karadoğan was appointed CEO of the Delivery business. Both report to Kaspi CEO and Hepsiburada chairman Mikheil Lomtadze and the board. The structure places separate management emphasis on the core commerce platform and delivery capabilities as Kaspi increases its operational influence over the company.

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Revenue

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	₺84.65B	₺57.05B	₺51.34B	₺38.23B	₺24.79B	₺15.17B	₺2.60B
Operating expenses	₺31.57B	₺27.43B	₺21.57B	₺14.84B	—	—	—
Operating income	−₺901.6M	₺17.0M	−₺1.05B	−₺7.38B	−₺6.78B	−₺827.7M	₺101.1M
Operating margin	−1.07%	0.03%	−2.04%	−19.31%	−27.33%	−5.46%	3.88%
EBITDA	₺1.64B	₺2.07B	₺648.5M	−₺6.16B	−₺6.14B	−₺526.0M	₺167.4M
EBITDA margin	1.93%	3.62%	1.26%	−16.12%	−24.76%	−3.47%	6.43%
Net income	−₺5.70B	−₺1.60B	₺109.1M	−₺6.92B	−₺3.33B	−₺936.6M	−₺131.6M
Net profit margin	−6.73%	−2.81%	0.21%	−18.09%	−13.43%	−6.17%	−5.06%
Basic EPSper basic share	-TRY 18.00	-TRY 4.90	TRY 0.30	-TRY 21.20	-TRY 10.93	-TRY 3.29	-TRY 0.46
Diluted EPSper diluted share	-TRY 18.00	-TRY 4.90	TRY 0.30	-TRY 21.20	-TRY 10.93	-TRY 3.29	-TRY 0.46

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of HEPS
Holder	Shares held
VR Advisory Services Ltd	19.39M
STATE STREET CORP	2.32M
BNP PARIBAS FINANCIAL MARKETS	838.22K
UBS Group AG	788.15K
MORGAN STANLEY	592.48K
683 Capital Management, LLC	500K
Rangeley Capital, LLC	200K
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	159.8K
GAM Holding AG	130K
Russell Investments Group, Ltd.	120.37K
CITADEL ADVISORS LLC	69.84K
Aberdeen Group plc	68.54K
Schonfeld Strategic Advisors LLC	68.03K
GEODE CAPITAL MANAGEMENT, LLC	66.66K
GSA CAPITAL PARTNERS LLP	57.36K
SUSQUEHANNA INTERNATIONAL GROUP, LLP	33.94K
GAMMA Investing LLC	31.34K
JBF Capital, Inc.	30.95K
TWO SIGMA INVESTMENTS, LP	29.61K
Capricorn Fund Managers Ltd	29.19K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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D-MARKET Electronic Services & Trading (HEPS)

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