SISE Glass & Ceramics
🏢 Company Profile
Flat glass, glass household goods, glass packaging with soda and chrome chemicals; production in 14 countries, sales to more than 150 countries; one of the world's top 5 producers of flat glass and glass packaging. Source: Midas company cards, 24.10.2026.
- TÜRKİYE İŞ BANKASI A.Ş. — 52.58%
- EFES HOLDİNG A.Ş. — 7.02%
- Last quarter (2026/6): sales 122325387000 TL, net profit margin 3.7% (thin)
- Sales growth: YoY %+-8.1 (contraction).
- Net profit growth: YoY -15.6% (contraction).
- Owners' Equity Growth: YoY %+4.9 (increase)
- Asset turnover 1.1 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 57.2% (moderate leverage); total liabilities (short+long) / owners' equity 80.9%.
- Net financial debt 150024148000 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 9.6 · P/B 0.4 · EV/EBITDA 17.0 · 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.
| Total Assets | 542.9 mlr TL | Total Debt | 242.8 mlr TL |
| Current Assets | 151.3 billion TL | Equity | 300.2 billion TL |
| Financial Debt | 171.6 billion TL | Net Profit | 4.6 mlr TL |
📋 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 | 122.3 (- 8.1% YoY) | 4.6 (- 15.6% YoY) | 3.7% | 542.9 | 300.2 | 171.6 | 57.2% |
| 2026/3 | 57.5 (- 3.4% YoY) | 1.4 (- 16.8% YoY) | 2.5% | 538.4 | 286.0 | 170.7 | 59.7% |
| 2025/12 | 264.4 (+ 8.8% YoY) | 11.2 (+ 63.8% YoY) | 4.3% | 597.0 | 317.1 | 190.7 | 60.1% |
| 2025/9 | 162.3 (- 10.7% YoY) | 5.7 (- 34.5% YoY) | 3.5% | 479.5 | 255.8 | 159.1 | 62.2% |
| 2025/6 | 133.1 (+ 14.9% YoY) | 5.4 (- 18.9% YoY) | 4.0% | 454.8 | 242.5 | 153.7 | 63.4% |
| 2025/3 | 59.5 (+ 6.2% YoY) | 1.7 (- 47.1% YoY) | 2.9% | 420.3 | 227.8 | 137.2 | 60.2% |
| 2024/12 | 242.9 | 6.9 | 2.8% | 522.3 | 272.4 | 171.2 | 62.8% |
| 2024/9 | 181.7 | 8.6 | 4.7% | 391.5 | 206.5 | 139.4 | 67.5% |
| 2024/6 | 115.9 | 6.6 | 5.7% | 369.1 | 193.6 | 133.1 | 68.8% |
| 2024/3 | 56.0 | 3.3 | 5.9% | 323.1 | 183.4 | 94.6 | 51.6% |
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) 234.48 billion TL, EBITDA 16.81 billion TL — EBITDA margin 7.2% (low EBITDA margin).
- Net profit margin 4.6% (thin net profit margin).
- EV/EBITDA 16.3 (16.3) — high EV/EBITDA — premium priced in.
- Net financial debt 150.02 (150.02) billion TL (149% of market value).
- Current ratio 1.81 — balanced liquidity.
- Dividend yield 1.7%.
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: +0.1%
| Market value | 102.2 billion TL |
| Equity (2026/6) | 300.2 billion TL |
| Net profit (last 12 months) | 10.4 billion TL |
| P/E (last 12 months) | 9.8 |
| P/B | 0.34 |
| ROE (last 12 months) | 3.5% |
| Financial debt / equity | 57% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 16.8 billion TL |
| EBITDA margin | 7.2% |
| EV / EBITDA | 16.3 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Glass & Ceramics 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 | SELL |
| Short term (EMA 5-8-13-21) | SELL |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | SELL |
| Wave Trend (indicator) | BUY AT THE BOTTOM |
| Channel position | 20% |
| Trend strength (r) | -0.70 |
| Score | 1 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- Şişecam Düzcam participated in the Eurasia Glass Fair — Haber 7 · 29.10
- Şişecam, tells the world behind the glass — Campaign Türkiye · 26.10
- The global power of the Turkish glass sector: Şişecam’ın 90-year story and its rise in the world market — Haberton · 25.10
- Şişecam declared its workers ‘surplus’: In the glass sector, workers are being disciplined using the crisis as a pretext — Evrensel.net · 24.10
- KAP *** BORSA ISTANBUL BISTECH CIRCUIT BREAKER APPLICATION *** SISE *** Circuit Breaker Notification by Share — Yeni Şafak · 23.10
- Şişecam's show of strength in Belgrade: Introduced its ultra-light glass bottles — yenişehir yörem · 23.10
📋 KAP Notifications
- 23 October 15:43 — Circuit Breaker Notification on a Share Basis→
- 21 October 19:52 — Special Situation Disclosure (General)→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- 8 October 13:07 — Company General Information Form→
- 30 September 18:18 — Special Situation Disclosure (General)→
- 30 September 14:02 — SPK Transaction Ban Due to Share Announcement →
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Şişecam, on September 23, 2026, is trading at 40.40 TL with a 0.35% premium. All indicators are in SELL position; the chart is at 0/4 STRONG SELL level. The channel position is at 55%, with trend strength (r) of -0.51 maintaining the medium-term downtrend. While the stock rests on a critical support level 2% above the 60-day low of 39.64 TL, it is priced 18% below its peak of 49.06 TL; closes below the low could trigger a new wave of selling.
🌍 Macroeconomic Evaluation
Demand in the glass sector is at the intersection of construction, automotive, and packaging cycles: expectations of interest rate cuts domestically have the potential to boost construction activity, while weak industrial production in Europe is pressuring export volumes. The decline in inflation to 31.5% improves cost predictability; stability in natural gas prices supports energy-intensive production costs. The USD/TL rate at 48.83 provides a currency advantage to the company, with more than half of its revenues being international; the real appreciation of the TL is the main risk eroding this advantage. The formation of a bottom in global glass prices and limited Chinese exports could support margins. High net debt transforms the Central Bank of the Republic of Turkey's (TCMB) rate cut path into a critical variable for the company. Main risks; prolonged weakness in European demand, energy shock, and high investment financing costs.
🧾 Balance Sheet Evaluation
In the first half of 2026, Şişecam recorded an 8.1% decline in sales and a 15.6% drop in net profit; in the second quarter, it was affected by weak demand conditions with 64.8 billion TL in sales (-11.9%) and 3.1 billion TL in net profit (-15.0%). Quarterly net margin was 4.8%, slightly above the 4.0% in the first half of last year; the moderate trend in energy costs provides limited support. The company, which generated 253.6 billion TL in sales and 10.4 billion TL in net profit over the last four quarters, has a market value of ~121 billion TL; it carries a deep asset discount with P/E ~11.6x and P/B ~0.4x. The FD/EBITDA ~22.4x view is a bloated signal stemming from seasonally low EBITDA base; the cyclical recovery has the capacity to quickly push the multiple back to single digits. In contrast, ~143 billion TL net debt is ~11.8 times EBITDA, drawing a high leverage profile; the financing need of the investment program continues to stretch the balance sheet. ROE is 3.5%, significantly below inflation. The 1.5% dividend yield is limited. In summary, while Şişecam offers a long-term value story with its deep asset discount and global scale, high leverage and weak profitability require a cautious stance in the short term.
This section is manually updated; for informational purposes only, not investment advice.