SASA Chemicals & Fertilizers
🏢 Company Profile
Production and marketing of polyester fiber, yarn and polyester-based polymers, intermediate products and specialty products.
- ERDEMOĞLU HOLDİNG A.Ş. — 53.16%
- Last quarter (2026/6): sales 38875677000 TL, net profit margin 1.3% (thin)
- Sales growth: YoY %+31.4 (increase).
- Net profit growth: YoY -104.2% (contraction).
- Owners' Equity Growth: YoY %+12.2 (increase)
- Asset turnover 0.4 (TTM revenue / total assets) — moderate asset utilisation.
- Financial liabilities / owners' equity 72.6% (high leverage); total liabilities (short+long) / owners' equity 95.8%.
- Net financial debt 136155078000 TL (TradingView balance sheet section).
- Current ratio (current assets / short-term debt) 0.6 — short-term liability pressure.
- Current ratio (TradingView balance sheet section) 0.6 — short-term liability pressure.
- Multiples: P/B 0.5 · EV/EBITDA 19.8.
- 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 | 38.9 (+ 31.4% YoY) | 0.5 (- 104.2% YoY) | 1.3% | 377.3 | 192.7 | 140.0 | 72.6% |
| 2026/3 | 16.1 (+ 36.2% YoY) | 1.7 (- 7.3% YoY) | 10.7% | 353.8 | 171.7 | 143.7 | 83.7% |
| 2025/12 | 62.6 (- 1.6% YoY) | -25.9 (- 208.2% YoY) | %-41.4 | 377.5 | 181.7 | 144.5 | 79.5% |
| 2025/9 | 38.7 (- 18.5% YoY) | -10.1 (- 143.9% YoY) | %-26.1 | 296.9 | 138.1 | 127.2 | 92.1% |
| 2025/6 | 29.6 (- 2.7% YoY) | -11.7 (- 163.0% YoY) | %-39.5 | 281.7 | 130.8 | 120.9 | 92.5% |
| 2025/3 | 11.8 (- 19.6% YoY) | 1.9 (- 87.4% YoY) | 15.7% | 254.5 | 130.0 | 104.0 | 80.0% |
| 2024/12 | 63.6 | 23.9 | 37.6% | 304.1 | 158.2 | 123.8 | 78.3% |
| 2024/9 | 47.4 | 23.0 | 48.6% | 223.9 | 108.9 | 93.7 | 86.0% |
| 2024/6 | 30.4 | 18.5 | 60.9% | 202.5 | 100.3 | 82.0 | 81.7% |
| 2024/3 | 14.7 | 14.8 | 100.5% | 184.1 | 86.6 | 74.6 | 86.1% |
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) 66.71 billion TL, EBITDA 12.01 billion TL — EBITDA margin 18.0% (solid EBITDA margin).
- Net profit margin -18.2% (records a net loss).
- EV/FAVÖK 17.8 — EV/FAVÖK high — premium priced.
- Net financial debt 136.16 billion TL (174% of market value).
- Current ratio 0.58 — under short-term liability pressure.
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: -6.9%
| Market value | 69.2 billion TL |
| Equity (2026/6) | 192.7 billion TL |
| Net profit (last 12 months) | - 13.7 billion TL |
| P/E (last 12 months) | — |
| P/B | 0.36 |
| ROE (last 12 months) | -7.1% |
| Financial debt / equity | 73% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 12.0 billion TL |
| EBITDA margin | 18.0% |
| EV / EBITDA | 17.8 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Chemical & Fertilizer sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | positive |
| 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) | SELL |
| Wave Trend (indicator) | SELL |
| Channel position | 29% |
| Trend strength (r) | -0.78 |
| Score | 0 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- In BIST Stocks Experiencing Outflows: ASTOR, SASA, TUPRS — Finans Hattı · 27.10
- Stock Analyses: ASTOR EUPWR GESAN MİATK YEOTK ASELS TUPRS SASA KTLEV GLRMK GESAN — Investing.com Türkiye · 27.10
- KAP *** BORSA İSTANBUL BISTECH CIRCUIT BREAKER APPLICATION *** SASA *** Circuit Breaker Notification on Share Basis — Yeni Şafak · 26.10
- THYAO, TUPRS, SASA Leader; Stocks with Highest Investor Count — Finans Hattı · 25.10
- HSBC's ASTOR, SASA and THYAO sales exceeded 1 billion TL — Hisse.net · 25.10
- Who bought and who sold SASA shares this week? — Hisse.net · 24.10
📋 KAP Notifications
- 26 Ekim 13:31 — Circuit Breaker Notification on a Share Basis→
- 23 Ekim 14:32 — Circuit Breaker Notification on a Share Basis→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- October 8 18:15 — Notification Regarding Capital Market Intermediary Transactions Outside Share (Interest-Bearing) →
- October 7 14:28 — Circuit Breaker Notification on a Share Basis→
- October 5 18:15 — Special Situation Disclosure (General)→
- 1 Ekim 18:15 — Special Situation Disclosure (General)→
- 30 September 14:41 — Circuit Breaker Notification on a Share Basis→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Sasa is trading at 2.26 TL with a 1.31% decline within the day of September 23, 2026, and testing its 60-day low. All indicators are in SELL position; the chart is at 0/4 STRONG SELL level. The channel position is at 18%, at the lower end of the band, and the trend strength (r) is 0.05, indicating a search for a directionless bottom. The stock is priced 35% below its 60-day peak of 3.50 TL; confirmation of bottom formation is required due to high debt and loss statement.
🌍 Macroeconomic Evaluation
Polyester and fiber sector is at the bottom of the global petrochemical cycle: Asian supply surplus is pressuring margins, while capacity exits in Europe carry hope for medium-term balance. The critical macro variable for Sasa is the interest rate path: ~136 billion TL net debt burden makes the Central Bank of Turkey's rate cut cycle the most important relief channel for the balance sheet; inflation falling to 31.5% supports this expectation. USD/TL's movement at the 48.83 level increases the TL equivalent of foreign currency obligations while partially supporting export revenues. While the decline in oil prices reduces raw material costs, simultaneous pressure on product prices limits the spread. Domestic production incentives and import measures protect the company's domestic market share. Main risks; delay in interest rate cuts, currency shock, and extension of global petrochemical supply surplus.
🧾 Balance Sheet Evaluation
Sasa increased its sales by 31.4% in the first half of 2026, but net loss continued; in the second quarter, it announced a net loss of 1.2 billion TL against 22.7 billion TL sales (+28.2), with the loss over the last four quarters reaching 13.7 billion TL. Behind the loss; tightness in petrochemical spreads, depreciation load from newly commissioned lines, and high financing expenses. With a market value of ~119 billion TL, the stock is trading at ~0.6x its equity; since TTM earnings are negative, P/E is not meaningful, while EV/EBITDA ~21.0x shows an inflated appearance based on low operating profit. A critical balance sheet indicator is leverage: financial debt/equity is 72.6%, and ~136 billion TL net debt is ~11.3x EBITDA; this ratio points to one of the highest debt profiles in BIST-30. ROE is -7.1% in negative territory. As capacity utilization increases with the completion of the investment program, operating leverage may come into effect; however, the current debt service burden continues to pressure the profit statement. In summary, Sasa offers a speculative recovery story with high leverage, loss statement, and cyclical bottom conditions; strong spread recovery and/or capital strengthening are needed for balance sheet repair.
This section is manually updated; for informational purposes only, not investment advice.