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GSD Holding A.S.

GSD Holding A.S.

BBIST:GSDHO
3.72
TRY
-0.11
(-2.87%)
0.46EPS
21.20P/E
5.17BMarket Cap
GSD Holding A.S.
BIST:GSDHO
(Istanbul Exchange)

Recent

price

3.72

P/E

ratio

21.20

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TRY
0.15
0.18
0.22
0.04
0.05
0.1
0.19
0.25
0.39
0.37
0.32
0.81
2.44
2.98
5.91
6.06
6.03
Revenue per Share
0.03
0.03
0.03
0.04
- -
0.23
0.1
0.07
0.37
0.2
0.06
0.52
-2.47
-2.69
0.63
0.23
0.28
Basic EPS, GAAP
0.18
-0.07
-0.07
-0.14
-0.22
-0.16
0.16
- -
0.06
0.01
-0.29
-0.17
1.85
1.94
-1.49
0.33
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
0.06
0.06
- -
- -
- -
0.03
- -
0.16
0.17
- -
0.03
- -
Dividend per Share
0.51
0.57
0.6
0.62
0.64
0.81
0.85
0.93
1.63
1.88
1.91
3.06
8.6
10.49
13.85
13.87
16.19
Book Value per Share
0.51
0.57
0.59
0.62
0.64
0.81
0.85
0.93
1.62
1.88
1.91
3.06
8.6
10.48
13.85
13.86
16.18
Tangible Book Value per Share
954
953
953
953
953
972
920
810
800
800
826
1,012
1,012
900
900
891
886
Basic Weighted Avg Shares
147
173
214
36
47
97
176
199
311
295
268
821
2,474
2,682
5,321
5,396
5,343
Sales/Revenue/Turnover
26.94
25.64
- -
- -
- -
- -
- -
23.31
30.21
31.69
17.86
57.87
56.81
32.5
37.9
40.14
44.04
Operating Margin (%)
5
4
4
3
7
15
19
1
1
7
7
7
44
68
87
87
- -
Depreciation Expense
28
26
32
34
2
221
91
57
293
164
49
529
-2,499
-2,425
571
208
247
Net Income, GAAP
20.21
16.45
21.47
63.92
- -
21.41
14.26
17.27
14.33
15.74
66.68
16.48
- -
- -
40.39
57.91
47.65
Effective Tax Rate (%)
19.33
15.15
14.98
94.03
4.7
228.47
51.72
28.52
94.27
55.5
18.08
64.43
-101.02
-90.41
10.73
3.86
4.62
Profit Margin (%)
- -
- -
- -
- -
- -
- -
- -
819
1,004
1,140
945
1,598
5,255
4,308
7,327
7,449
8,110
Working Capital
- -
354
374
516
266
465
253
227
242
246
174
623
787
889
2,826
4,608
4,719
LT Debt
663
695
764
798
806
831
874
951
1,327
1,535
1,781
2,958
8,197
10,216
13,394
13,345
15,233
Total Equity
4.61
3.73
- -
- -
- -
- -
- -
3.25
6.1
4.85
1.02
13.77
- -
- -
8.98
4.75
6.24
Return on Invested Capital (%)
5.47
2.18
2.23
2.16
- -
19.15
7.99
5.19
17.68
9.35
2.68
15.69
- -
- -
4.36
1.37
1.27
Return on Capital (%)
5.72
4.99
5.64
5.6
0.35
30.52
11
6.38
26.28
11.68
3.01
23.64
-47.61
-28.23
5.21
1.67
1.97
Return on Common Equity (%)

Capital Structure

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
2,185
3,002
2,990
LT Borrowings
4,608
4,598
4,719
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
900
888
876
Market Capitalization
4,113
3,826
5,167

Working Capital

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
9,979
10,188
11,462
Cash, Cash Equivalents & STI
6,937
6,199
7,450
Accounts Receivable, Net
54
71
51
Inventories
43
42
24
Total Current Liabilities
2,530
3,323
3,353
Payables & Accruals
- -
- -
- -
ST Debt
2,185
3,002
2,990
Deferred Revenue
- -
- -
- -

Growth Rates

TRY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
38.37%
59.72%
-0.37%
Free Cash Flow
-659.56%
-305.99%
-121.75%
Net Income, GAAP
43.33%
45.56%
-63.53%
Sales/Revenue/Turnover
65.3%
103.11%
1.39%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,117
1,408
1,213
1,066
5,321
2025
1,466
1,792
1,182
1,478
5,396
2026
1,302
1,381
- -
- -
- -

Quarterly Earnings Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.44
0.5
0.12
0.36
0.63
2025
-0.32
-0.04
0.05
0.5
0.23
2026
-0.45
0.18
- -
- -
- -

Quarterly Dividends Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
0.03
2026
- -
- -
- -
- -
- -
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Business
GSD Holding A.S. is a diversified investment holding company headquartered in Istanbul, Turkey, engaged primarily in international maritime transportation, corporate and investment banking, factoring, energy, and commercial investments. Founded in 1986, the company manages a comprehensive portfolio of operational subsidiaries and financial assets serving corporate, commercial, and institutional clients across global and domestic markets. The company operates through three primary business segments: Maritime Transportation, Banking, and Factoring. In the Maritime Transportation segment, operated through GSD Marin Yatirimcilik A.S. and specialized international ship-owning entities, GSD Holding owns and operates a modern fleet of dry bulk cargo vessels, specifically Ultramax and Handysize bulk carriers; offers worldwide ocean freight transportation and spot or time-charter services for dry bulk commodities, including iron ore, coal, grain, steel, bauxite, cement, and agricultural products; and provides technical ship management, commercial operations, and fleet logistics. In the Banking segment, operated via GSD Yatirim Bankasi A.S. (GSD Investment Bank), the company delivers corporate and commercial lending; structured finance and project financing; foreign trade finance, including letters of credit, letters of guarantee, and export-import financing; syndication loans and working capital credit facilities; treasury management, foreign exchange hedging, and money market transactions; and correspondent banking services for corporate clients. In the Factoring segment, operated through GSD Faktoring A.S., the company provides domestic factoring; export factoring and cross-border receivable finance; invoice discounting; buyer credit risk evaluation and collection management; and customized cash flow financing solutions for commercial and corporate enterprises. In recent developments, GSD Holding has advanced its strategic fleet expansion and modernization program by acquiring new-generation, fuel-efficient eco-design bulk carrier vessels to comply with international decarbonization regulations and optimize charter earnings; secured long-term time-charter agreements with premier global maritime logistics operators; and strengthened the capital base of GSD Yatirim Bankasi to support rising demand for structured corporate credit and trade finance. Additionally, the group has implemented targeted share buyback programs on Borsa Istanbul, upgraded the digital risk analytics and automated underwriting platforms at GSD Faktoring to accelerate client onboarding, and optimized its foreign currency asset-liability management to reinforce financial resilience across its consolidated operations.