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Friday 6 November 2026
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D-MARKET Electronic Services & Trading Unsponsored ADR
HEPS Consumer Cyclical Internet Retail
D-MARKET Electronic Services & Trading Unsponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 23.6% from fiscal 2024.
- Revenue
- +16.2%
- EPS
- −83.3%
- Free cash flow
- −62.0%
- Total debt
- −39.8%
Quarter to June 2026, against a year earlier
2.74
0.06
−2.14%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 916 | 875 | 983 | 1,540 | 1,740 | 2,150 | 2,353 | +18.6% | 2,280 | 2,956 | 4,515 | +28.1% | |
| Gross margin, % | — | — | — | — | 23.94 | 24.46 | 21.73 | 30.29 | 37.49 | 36.23 | 36.25 | +12.3 pt | ||||||
| EBT | — | — | — | — | (68) | (81) | (178) | 3 | (49) | (146) | (181) | +16.4% | ||||||
| EBT margin, % | — | — | — | — | (7.44) | (9.26) | (18.09) | 0.21 | (2.81) | (6.78) | (7.69) | +0.7 pt | ||||||
| Net income | — | 0 | — | — | (68) | (81) | (178) | 3 | (49) | (145) | (181) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 16.10 | 2.87 | 3.02 | 4.74 | 5.30 | 5.78 | 6.35 | (18.5%) | |||||
| Earnings | — | — | — | — | (1.20) | (0.22) | (0.55) | 0.01 | (0.15) | (0.39) | (0.51) | (20.2%) | ||||||
| Cash flow | — | — | — | — | 1.11 | 0.03 | 0.08 | 0.67 | 0.53 | 0.77 | 0.64 | (7.1%) | ||||||
| Capex | — | — | — | — | (0.25) | (0.08) | (0.16) | (0.15) | (0.19) | (0.16) | (0.18) | (8.2%) | ||||||
| Free cash flow | — | — | — | — | 0.86 | (0.05) | (0.08) | 0.52 | 0.34 | 0.61 | 0.46 | (6.8%) | ||||||
| Book value | — | — | — | — | (1.99) | 1.02 | 0.38 | 0.44 | 0.31 | 0.14 | (0.03) | n/m | ||||||
| Shares, m | — | — | — | — | 57 | 305 | 326 | 325 | 328 | 372 | 358 | +45.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 0.00 | 0.00 | 0.00 | 168.00 | 0.00 | 0.00 | 0.00 | 28.0 | |||||
| P/S | — | — | — | — | 0.00 | 0.67 | 0.24 | 0.35 | 0.57 | 0.43 | 0.43 | 0.4 | ||||||
| P/B | — | — | — | — | 0.00 | 1.88 | 1.85 | 3.82 | 9.82 | 18.07 | 0.00 | 5.9 | ||||||
| EV/Sales | — | — | — | — | 0.00 | 0.04 | (0.09) | 0.16 | 0.45 | 0.29 | 0.36 | 0.1 | ||||||
| EV/FCF | — | — | — | — | 0.00 | (2.50) | 3.56 | 1.43 | 6.92 | 2.73 | 4.92 | 2.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 63 | 10 | 26 | 217 | 174 | 287 | 237 | +35.2% | |||||
| Capex | — | — | — | — | (14) | (25) | (52) | (50) | (61) | (61) | (66) | +33.6% | ||||||
| Free cash flow | — | — | — | — | 49 | (14) | (25) | 168 | 113 | 225 | 171 | +35.7% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | (139) | 241 | 39 | 42 | (22) | (95) | (164) | (7.4%) | |||||
| Net debt | — | — | — | — | (22) | (546) | (322) | (307) | (214) | (309) | (175) | +69.8% | ||||||
| Shareholders’ equity | — | — | — | — | (113) | 310 | 125 | 143 | 101 | 51 | (13) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | (48.30) | (13.57) | (23.28) | 0.47 | (6.28) | (16.68) | (24.39) | +31.6 pt | |||||
| ROIC | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | — | — | — | (64.40) | (82.37) | (81.83) | 2.44 | (40.07) | (189.97) | (596.37) | (125.6) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 2,432 | 3,789 | 3,834 | 3,213 | 3,743 | 3,611 | — | +8.2% | |||||
| Revenue/emp, $m | — | — | — | — | 0.38 | 0.23 | 0.26 | 0.48 | 0.46 | 0.60 | — | +9.6% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
D-MARKET Electronic Services & Trading Unsponsored ADR vs peers in Internet Retail (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| PTRN Pattern Group Inc. | $3.1B | 24.0× | 27.2× | +38.49% (above 0%: growing) | n/m | −0.70% (below 0%: shrinking) | 43.65% | 4.23% | Compare |
| LQDT Liquidity Services, Inc. | $1.4B | 42.1× | 38.1× | +8.09% (above 0%: growing) | +37.50% (above 0%: growing) | +71.33% (above 0%: growing) | 49.26% | 10.91% | Compare |
| RVLV Revolve Group, Inc. | $1.4B | 20.2× | 25.7× | +20.41% (above 0%: growing) | −27.20% (below 0%: shrinking) | −617.20% (below 0%: shrinking) | 53.88% | 5.35% | Compare |
| HEPS D-MARKET Electronic Services & Trading Unsponsored ADR | $978.8M | — (loss-making) | — (loss-making) | +16.17% (above 0%: growing) | n/m | −62.03% (below 0%: shrinking) | 37.80% | (3.04%) | |
| JMIA Jumia Technologies | $636.6M | — (loss-making) | — (loss-making) | +13.91% (above 0%: growing) | n/m | +4.91% (above 0%: growing) | 59.10% | (23.81%) | Compare |
| RERE ATRenew Inc. Sponsored ADR | $566.4M | 14.8× | 10.0× | +39.80% (above 0%: growing) | +100.00% (above 0%: growing) | −609.63% (below 0%: shrinking) | 21.03% | 2.70% | Compare |
| NEGG Newegg Commerce, Inc. | $194.0M | — (loss-making) | — (loss-making) | −8.23% (below 0%: shrinking) | n/m | +138.92% (above 0%: growing) | 12.40% | 0.44% | Compare |
| LOGC ContextLogic Inc. | $194.0M | — (loss-making) | — (loss-making) | +380.00% (above 0%: growing) | n/m | −115.15% (below 0%: shrinking) | 37.20% | (5.95%) | Compare |
| TDUP ThredUp Inc. | $190.4M | — (loss-making) | — (loss-making) | +16.88% (above 0%: growing) | n/m | +160.75% (above 0%: growing) | 79.90% | (6.73%) | Compare |
| Median of peers | $601.5M | 22.1× | 26.5× | +18.65% | +37.50% | +2.11% | 46.46% | 1.57% |