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Merit Turizm Yatirim ve Isletmeleri AS

Merit Turizm Yatirim ve Isletmeleri AS

BBIST:MERIT
13.15
TRY
-0.25
(-1.87%)
2.15EPS
7.91P/E
5.73BMarket Cap
Merit Turizm Yatirim ve Isletmeleri AS
BIST:MERIT
(Istanbul Exchange)

Recent

price

13.15

P/E

ratio

7.91

div

yld

-0.22%

ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
TRY
0.02
0.02
0.02
0.03
0.04
0.04
0.06
0.02
0.08
0.33
0.44
0.59
0.97
1.05
Revenue per Share
0.01
0.01
0.01
0.01
0.02
0.03
0.03
0.01
0.03
0.05
0.36
1.39
2.24
2.15
Basic EPS, GAAP
- -
0.02
0.01
-0.01
- -
0.04
- -
- -
0.1
0.03
0.18
0.21
0.71
0.89
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.02
0.12
0.12
0.16
-0.03
Dividend per Share
0.03
0.03
0.04
0.05
0.07
0.16
0.19
0.19
2.72
7.46
17.77
38.04
51.34
60.73
Book Value per Share
0.03
0.03
0.04
0.05
0.07
0.16
0.19
0.19
2.72
7.46
17.77
38.04
51.34
60.73
Tangible Book Value per Share
247
247
247
247
247
247
247
247
136
337
337
337
337
337
Basic Weighted Avg Shares
5
5
6
8
11
10
14
5
11
113
149
197
325
353
Sales/Revenue/Turnover
56.19
43.59
37.27
32.94
41.39
30.37
48.87
43.23
45.98
41.64
50.77
60.71
61.74
64.71
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
3
2
2
2
4
8
7
2
4
16
122
468
755
724
Net Income, GAAP
20.01
19.95
20
20.01
18.97
11.16
19.13
22.82
25.4
62.02
- -
- -
6.09
6.45
Effective Tax Rate (%)
46.91
37.62
31.43
28.19
36.39
76.79
50.3
50.62
34.29
13.81
81.43
237.51
232.41
205.06
Profit Margin (%)
3
1
3
3
6
3
10
13
3
27
33
49
114
151
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
LT Debt
6
8
10
13
17
40
46
47
917
2,511
5,981
12,805
17,281
20,442
Total Equity
- -
25.34
19.54
19.9
24.72
12.39
14
5.64
0.82
1.09
- -
- -
1.25
1.34
Return on Invested Capital (%)
- -
27.25
20.46
20.74
26.67
27.55
16.83
5.77
0.84
0.92
- -
- -
5.02
4.54
Return on Capital (%)
- -
26.89
19.74
20.52
26.66
26.87
16.7
5.26
0.81
0.91
2.87
4.98
5.02
4.54
Return on Common Equity (%)

Capital Structure

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
337
337
337
Market Capitalization
6,025
5,221
5,726

Working Capital

TRY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
167
135
182
Cash, Cash Equivalents & STI
6
6
4
Accounts Receivable, Net
76
21
27
Inventories
- -
- -
- -
Total Current Liabilities
53
17
30
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

TRY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
252.84%
462.83%
34.96%
Free Cash Flow
61,550.44%
48,213.92%
241.8%
Net Income, GAAP
150.44%
277.37%
61.35%
Sales/Revenue/Turnover
119.66%
231.17%
64.89%
Total Cash Common Dividend
- -
- -
30.18%

Quarterly Revenue

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
24
34
51
64
197
2025
39
59
114
129
325
2026
47
64
- -
- -
- -

Quarterly Earnings Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.35
0.33
0.25
0.31
1.39
2025
0.07
0.37
0.87
1.01
2.24
2026
0.08
0.19
- -
- -
- -

Quarterly Dividends Per Share

TRY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.12
2025
- -
- -
-0.03
0.01
0.16
2026
- -
- -
- -
- -
- -
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Business
Merit Turizm Yatirim ve Isletmeleri AS is a Turkey-based hospitality and tourism management company primarily engaged in the investment, development, and operation of luxury hotel, resort, and casino properties. Founded in 1988 and headquartered in Istanbul, Turkey, the company operates as a key hospitality subsidiary of Net Holding AS. The company manages its operations under the Merit International Hotels & Resorts brand, offering a comprehensive suite of hospitality, entertainment, and leisure solutions. Its core products and services include luxury accommodation services comprising deluxe guest rooms, presidential suites, private villas, and premium residential suites; casino and gaming management featuring live table games, slot machine lounges, high-roller VIP gaming rooms, and international tournament hosting; food and beverage operations encompassing fine-dining restaurants, international cuisine buffets, specialty cafes, pool bars, and event catering; wellness and leisure amenities consisting of full-service luxury spas, Turkish baths, saunas, fitness centers, private beach clubs, and swimming pool complexes; meetings, incentives, conferences, and exhibitions (MICE) facilities with banquet halls, convention centers, and meeting rooms; and hospitality consultancy, facility leasing, and technical management services. The company's primary operational footprint is concentrated in the Turkish Republic of Northern Cyprus, where it operates flagship five-star properties such as Merit Royal Hotel Casino & Spa, Merit Royal Premium Hotel & Casino, Merit Crystal Cove Hotel & Casino, Merit Park Hotel & Casino, Merit Lefkosa Hotel & Casino, and Merit Cyprus Gardens Resort & Casino, as well as international casino and hotel properties in Southeastern Europe and the Balkans, including Montenegro, Croatia, and Bulgaria. In recent developments, Merit Turizm has expanded its ultra-luxury resort and gaming capacities, notably integrating the Merit Royal Diamond hotel and convention complex in Northern Cyprus and advancing regional development projects such as the Merit Starlit hotel and residence development in Montenegro. Additionally, the company has undertaken corporate capital increases and equity restructuring on Borsa Istanbul, upgraded its digital guest-relation platforms and Merit Club VIP loyalty program, and initiated green energy sustainability investments, including the deployment of solar power installations across its primary hospitality resort facilities.