EREGL Metal & Mining
🏢 Company Profile
Flat steel manufacturing and sales; Turkey's largest steel producer with its subsidiary İskenderun Demir Çelik (İSDemir).
- ATAER HOLDİNG A.Ş. — 49.54%
- OYAK PORTFÖY ÜÇÜNCÜ SERBEST (TL) FON — 4.04%
- EREĞLİ DEMİR VE ÇELİK FABRİKALARI T A Ş — 3.97%
- Last quarter (2026/6): sales 124567404000 TL, net profit margin 7.4% (normal)
- Sales growth: YoY %+31.2 (increase).
- Net profit growth: YoY +407.6% (increase).
- Owners' Equity Growth: YoY %+7.9 (increase)
- Asset turnover 1.0 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 49% (moderate leverage); total liabilities (short+long) / owners' equity 82.2%.
- Net financial debt 39747738000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 1.8 — balanced liquidity.
- Current ratio (TradingView balance sheet section) 1.8 — balanced liquidity.
- Multiples: P/E 32.3 · P/B 0.8 · EV/EBITDA 12.3 · dividend yield 1.5.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
📋 Announced Financial Statements· manually added financial table summary · last pull: 2026-09-23
| Period | Sales Revenues (mlr TL) | Net Profit (mlr TL) | Profit Margin | Total Assets (mlr TL) | Equity (mlr TL) | Financial Debt (mlr TL) | Financial Debt / Equity |
|---|---|---|---|---|---|---|---|
| 2026/6 | 124.6 (+ 31.2% YoY) | 9.2 (+ 407.6% YoY) | 7.4% | 599.1 | 328.8 | 161.1 | 49.0% |
| 2026/3 | 59.7 (+ 11.5% YoY) | 0.4 (- 9.4% YoY) | 0.7% | 576.7 | 304.8 | 155.6 | 51.1% |
| 2025/12 | 246.0 (- 7.9% YoY) | 0.8 (- 95.6% YoY) | 0.3% | 657.7 | 350.1 | 186.5 | 53.3% |
| 2025/9 | 147.9 (- 0.7% YoY) | 2.5 (- 77.7% YoY) | 1.7% | 523.6 | 288.9 | 146.8 | 50.8% |
| 2025/6 | 95.0 (- 5.2% YoY) | 1.8 (- 82.5% YoY) | 1.9% | 492.4 | 275.1 | 135.3 | 49.2% |
| 2025/3 | 53.5 (+ 7.6% YoY) | 0.4 (- 92.3% YoY) | 0.8% | 454.8 | 260.6 | 128.2 | 49.2% |
| 2024/12 | 267.1 | 18.6 | 7.0% | 556.5 | 319.9 | 158.8 | 49.6% |
| 2024/9 | 148.9 | 11.3 | 7.6% | 405.2 | 233.0 | 121.0 | 51.9% |
| 2024/6 | 100.2 | 10.4 | 10.4% | 363.0 | 222.8 | 91.4 | 41.0% |
| 2024/3 | 49.7 | 5.8 | 11.8% | 349.9 | 214.1 | 80.6 | 37.7% |
Income statement items (sales revenues and net profit) are cumulative from the beginning of the year; balance sheet items are period-end balances. Source: İş Yatırım financial statements (based on KAP announcements).
🔎 Fundamental Analysis Summary · automatic
- Revenue (TTM) 256.85 milyar TL, FAVÖK 27.80 milyar TL — FAVÖK margin 10.8% (low FAVÖK margin).
- Net profit margin 3.6% (thin net profit margin).
- EV/FAVÖK 9.9 — reasonable EV/FAVÖK.
- Net financial debt 50.79 milyar TL (24% of market value).
- Current ratio 1.63 — balanced liquidity.
- Dividend yield 1.8%.
Rule-based summary: It is generated from İş Yatırım financial statements (TTM) and TradingView base data with fixed thresholds; no LLM, no hallucination risk. It is not investment advice.
Valuation and Profitability · single source, last 12 months
Last 5 trading days return: -11.1%
| Market value | 214.3 mlr TL |
| Equity (2026/6) | 328.8 mlr TL |
| Net profit (last 12 months) | 8.2 mlr TL |
| P/E (last 12 months) | 26.1 |
| P/B | 0.65 |
| ROE (last 12 months) | 2.5% |
| Financial debt / equity | 49% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 27.8 billion TL |
| EBITDA margin | 10.8% |
| EV / EBITDA | 9.9 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Metal & Mining sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | negative |
| Score | -1 |
| Channels | interest rate increase, domestic demand increase, commodity decrease |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | STRONG SELL |
| Short term (EMA 5-8-13-21) | SELL |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | BEKLE |
| Wave Trend (indicator) | SELL |
| Channel position | %-16 |
| Trend strength (r) | -0.62 |
| Score | 0 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- 14 different target prices for Erdemir (EREGL) after the balance sheet — Paratic News · 28.10
- Investing Pro+ with EREGL Analysis! — Investing.com Türkiye · 27.10
- Ereğli Demir Çelik (EREGL) credit rating announced — Hisse.net · 26.10
- Ak Yatırım raised its recommendation for Erdemir — EKOTÜRK · 26.10
- Heavy selling from BofA in the week of October 19-23! ASELS, EREGL, TUPRS, KOCHL... — Ekonomim · 25.10
- Strong Start to Earnings Season: TAV, Erdemir, Aksigorta and Ebebek Exceeded Profit Expectations — Para Analiz · 24.10
📋 KAP Notifications
- 23 Ekim 10:58 — Circuit Breaker Notification on a Share Basis→
- 23 Ekim 10:03 — Circuit Breaker Notification on a Share Basis→
- 22 Ekim 19:01 — Disclaimer (Consolidated)→
- 22 Ekim 19:01 — Activity Report (Consolidated)→
- 22 Ekim 19:01 — Financial Report→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- 20 Ekim 16:35 — Announcement of Conversion to Traded Type→
- 19 October 17:40 — Announcement of Conversion to Traded Type→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Ereğli Demir Çelik rose by 2.12% to 38.62 TL on September 23, 2026. Long-term EMA and Wave Trend are in BUY position; short and medium-term remain WAIT, so the table is 2/4 NEUTRAL. The channel position is at 75%, trading in the upper band of the channel; trend strength (r) is -0.70, indicating a movement back to average. The stock is trading 9% above the 60-day low of 35.44 TL and 14% below the peak of 44.96 TL; showing a consistent appearance with the over 2.8% daily strength in the metal main industry index.
🌍 Macroeconomic Evaluation
The steel sector is priced at the intersection of the global commodity cycle and domestic demand: China's supply discipline and Europe's protectionist measures support prices, while the construction and automotive demand trajectory in Turkey determines volumes. The decline in domestic inflation to 31.5% and interest rate cut expectations have the potential to boost credit-financed demand in steel-intensive sectors like automotive and white goods. USD/TL's position at 48.83 provides natural protection by partially balancing foreign exchange-based raw material costs with export revenues; energy cost trends continue to be the main determinant of margins. The metal main industry index's rise of over 2.8% indicates that cyclical recovery expectations are being priced in. Although the carbon border tax (CBAM) compliance process increases export costs, Erdemir's scale and efficiency maintain its competitive edge. Main risks; reversal in global steel prices and shocks in energy costs.
🧾 Balance Sheet Evaluation
Erdemir increased its sales by 31.2% in the first half of 2026, with a 407.6% jump in net profit; confirmed the cyclical recovery in the second quarter with 64.9 billion TL sales (+56.7%) and 8.8 billion TL net profit (+544.1). Quarterly net margin was 13.6%, far above the 1.9% in the first half of the previous year; improved capacity utilization and widening spread between scrap and product prices drive profitability. The company, which generated 275.6 billion TL sales and 8.2 billion TL net profit in the last four quarters, has a market value of ~259 billion TL; while TTM profit appears high at ~31.5x due to a low base, forward profit expectations have the potential to quickly normalize this multiple. PD/DD ~0.8x below book value; FD/FAVÖK ~13.0x equals cyclical trough FAVÖÖK, so it's inflated, with capacity to fall to single digits in a recovery scenario. Net debt/Equity 49.0%, net debt ~39.5 billion TL is ~1.7x FAVÖK; leverage is within sector norms. ROE 2.5% is still low; double-digit levels are expected if margin repair continues. Dividend yield of 1.4% is limited. In summary, Ereğli is in the early-mid phase of cyclical recovery; although multiples appear deceptively expensive as profitability has not yet normalized, it is in a reasonable range according to cyclical valuation logic.
This section is manually updated; for informational purposes only, not investment advice.