We would see the tax to be generally positive for e-commerce and online marketplaces that largely source locally including Hepsiburada.

We would expect the 2024 to confirm a strong recovery across the marketplaces following two years of poor performance, Hepsiburada offers an attractive blend of growth and value among its peers.

Hepsiburada is trading at the most attractive price to sales multiple with the highest sales CAGR 3yr out followed by Mercado Libre and Allegro.

Hepsiburada is one of the best stocks to own in the space for all the good reasons.

In the June quarter, customers holding Hepsipay wallets generated 86% of GMV compared to 78% in the June quarter of 2022, successfully migrating Hepsiburada customers over to Hepsipay.

We would expect a second and even a stronger rally in shares, which should spill over into the next year as the stock rerates.

The recent weakness in shares as an opportunity to accumulate. Hepsiburada stands out in the ecommerce crowd as a stock to own in 2023.

Given its business model and reach, Hepsiburada is uniquely positioned to connect various government institutions, companies and NGOs, with the quake hit region. It is this unique position which should also help generate business as the region starts recovering.

Hepsiburada risks are mostly tilted to the upside. Here we list and label them.

The recovery, which has started unfolding from June quarter last year, should gain momentum in 2023. An EBITDA breakeven sometime this year is on the cards.

Hepsiburada has reported decline in EBITDA loss two quarters in a row. The better loss readings are due to a QoQ improvement in gross contribution margin and sequential decline in major OPEX lines.

Hepsipay is the leading online payments operator in Turkey. The business is constantly evolving with strong outlook both in terms of wallet base/consumer traction and enterprise acquisitions. This is a descriptive commentary. A detailed analysis will follow.

Hepsiburada is trading at compelling top-line multiples. This commentary explores fundamental catalysts which could alter the share price trajectory.

Corbone is a knowledge-based platform offering cognitive capabilities. Its clients include both enterprises and civic societies. This is a descriptive note. We will discuss the commercial aspects of this business including the breakdown by sector with specific focus on creating equity value in our next note. Stay tuned.

2022 is shaping up to be a better year for Hepsiburada, and for all the good reasons, than the previous one. The June quarter financials are looking good and they have led us to thinking the potential path to breakeven could be sooner than the street gives it credit for.

The amendments made to Turkish e-commerce code in July are likely to alter the industry landscape materially in the years to come. Hepsiburada should be a net beneficiary of the July 2022 code and continue gaining market share with a three-year view.

Hepsiburada has reported decline in loss at both EBITDA and net levels. The better loss readings are due to a QoQ improvement in gross contribution margin and sequential decline in major OPEX lines.

Lokman Hekim has published results for 4Q21 and the full year. The release reports solid results with significant growth in sales and margin gains.

Lokman have had a busy quarter with investor events. Expect more in 2H18. Both trading and investments appear on track to meet guidance.