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    Basic Materials

  3. •

    Gold
Turk Altin Isletmeleri A.S. Unsponsored ADR

Turk Altin Isletmeleri A.S. Unsponsored ADR

KOZAY
Turk Altin Isletmeleri A.S. Unsponsored ADRUS flagOther OTC
10.10
USD
+3.90
- -
3.23BMarket Cap
Turk Altin Isletmeleri A.S. Unsponsored ADR
KOZAY
(Other OTC)

Recent

price

10.10

P/E

ratio

- -

div

yld

- -

ROIC.AI

2009
2010
2011
2012
2013
2014
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.07
1.47
2.52
3.26
2.9
2.77
3.24
3.02
5.03
8.9
10.15
12.5
34.99
36.55
35.71
52.89
64.97
Revenue per Share
0.46
0.74
1.44
1.93
1.55
1.55
1.23
1.66
3.67
5.52
5.65
9.38
-10.32
1.83
2.47
12.82
15.78
Basic EPS, GAAP
0.25
0.61
1.17
1.26
0.41
1.34
1.37
0.81
2.32
4.21
3.15
6.63
9.06
-10.76
-5.16
3.47
17.07
Free Cash Flow per Basic Share
0.22
0.09
0.07
0.35
0.53
0.98
- -
- -
- -
- -
- -
- -
15.52
7.14
- -
- -
- -
Dividend per Share
0.62
1.34
2.5
4.03
5
5.47
6.89
8.35
12.02
17.54
23.19
32.57
62.03
64.67
81.22
94.05
107.51
Book Value per Share
0.71
1.32
2.64
4.22
5.24
5.79
7.29
8.74
12.4
17.93
23.58
32.95
72.35
92.49
120.73
133.5
151.93
Tangible Book Value per Share
321
320
320
320
320
320
320
320
320
320
320
320
320
320
320
320
320
Basic Weighted Avg Shares
342
472
806
1,043
929
886
1,039
968
1,611
2,849
3,250
4,002
11,207
11,705
11,435
16,935
20,802
Sales/Revenue/Turnover
53.63
59.83
65.34
64.93
48.05
51.84
41.81
44.72
50.32
56.81
52.37
44.96
37.55
10.17
1.88
21.91
33.75
Operating Margin (%)
76
66
76
81
139
142
72
92
84
225
225
219
1,001
1,059
1,641
1,017
1,047
Depreciation Expense
147
235
460
618
498
495
395
532
1,174
1,767
1,810
3,004
-3,305
586
791
4,104
5,051
Net Income, GAAP
19.93
18.3
17.72
17.89
4.72
11.25
33.5
18.91
17.67
21.75
23
25.22
- -
- -
36.26
29.64
39.26
Effective Tax Rate (%)
42.88
49.88
57.15
59.25
53.58
55.86
38.04
54.97
72.88
62.03
55.71
75.06
-29.49
5.01
6.91
24.24
24.28
Profit Margin (%)
67
192
540
951
1,025
1,225
1,655
2,022
2,989
4,411
5,794
8,274
16,396
13,876
17,481
17,631
19,568
Working Capital
29
18
7
- -
- -
- -
- -
- -
- -
1
9
29
25
9
2
1
1
LT Debt
231
439
859
1,365
1,693
1,869
2,349
2,815
3,988
5,758
7,564
10,568
23,273
29,770
38,707
42,770
48,672
Total Equity
60.87
59.97
61.51
48.01
27.57
22.72
13.65
13.7
19.78
25.84
19.45
14.47
- -
- -
0.4
6.39
10.27
Return on Invested Capital (%)
72.87
72.89
76.35
59.41
34.6
32.59
20.12
21.79
35.99
37.33
27.72
33.53
- -
- -
3.36
14.62
17.62
Return on Capital (%)
90.48
75.19
74.86
59.13
34.46
29.52
19.96
21.79
35.98
37.34
27.76
33.65
-21.82
2.89
3.38
14.63
17.63
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
1
18
12
LT Borrowings
- -
- -
- -
LT Finance Leases
1
1
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,202
3,202
3,202
Market Capitalization
83,938
86,763
89,864

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
21,363
21,579
28,197
Cash, Cash Equivalents & STI
18,333
18,462
24,097
Accounts Receivable, Net
1
- -
2
Inventories
1,327
2,722
1,699
Total Current Liabilities
3,128
3,948
8,630
Payables & Accruals
- -
- -
- -
ST Debt
1
18
12
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
39.13%
45.68%
10.5%
Free Cash Flow
-8.63%
-58.13%
-167.17%
Net Income, GAAP
38.03%
38.43%
419.16%
Sales/Revenue/Turnover
42.12%
50.68%
48.1%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4,046
2,819
2,477
1,145
11,435
2025
5,523
2,752
5,589
3,579
16,935
2026
8,883
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.79
-0.17
3.23
- -
2.47
2025
2.07
3.56
8.63
- -
12.82
2026
5.03
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Koza Altin Isletmeleri A.S. engages in the exploration, development, and operation of gold mines primarily in Turkey. The company owns and operates gold mines in locations including Ovacik-Bergama-Izmir, Çukuralan-Izmir, Kaymaz-Eskisehir, Mastra-Gümüshane, and Himmetdede-Kayseri. It produces unprocessed gold and silver bullions which it sells to refineries in Turkey and Europe. Founded in 1989, the company is headquartered in Ankara, Turkey. Koza Altin’s core products and services include gold mining operations utilizing both underground and open-pit methods, mineral exploration, development of gold projects, and bullion sales. The company manages multiple active mines and projects, including various capacity expansions and new mine development initiatives designed to increase its gold production. Recent major company changes include significant production growth targets with plans to increase gold output to over 40 tons within five years, supported by new mines such as the Ağrı Mollakara gold mine projected to become operational soon, which will add substantial production capacity. Legal and environmental approvals have facilitated capacity expansions at existing mines like Çukuralan and Kaymaz. The company also underwent share transactions including repurchase programs and structural consolidations under its parent Koza İpek Holding to optimize operational efficiency and asset integration. These initiatives position Koza Altin to achieve a projected 150 percent increase in gold production by 2026 compared to 2024 levels. The company operates within the gold mining and precious metals industry, targeting primarily the domestic Turkish market while exporting bullion to European refineries. It maintains an extensive portfolio of exploration licenses across key Turkish mining regions. Koza Altin is a subsidiary of ATP İnşaat ve Ticaret A.Ş., a holding company under Koza İpek Holding, preserving a focused corporate structure aimed at growth and operational scale within Turkey’s mining sector.

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