Screened 2026-09-01 · the tape above runs as of 22:12 UTC · 11 Sep · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its distribution label.
D-Market Elektronik Hizmetler ve Ticaret A.S. holds its Distribution at $2.62. The statistical read favours the sellers, held for 87 days.
As held on the ledger · 2026-09-01
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 87 days
Price at the screen
$2.62
Valuation
N/A trailing · 0.61 forward price to earnings
Values screen
PASS· score 70.0
Beta
2.15
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
6.57%
Below 33%
Interest-bearing debt is just 6.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
5.46%
Below 33%
Cash held in interest-bearing accounts and securities is 5.5% of assets, under the one-third limit.
Pass
Receivables
47.49%
Below 49%
Money owed to the company is 47.5% of assets, under the 49% limit.
Pass
Revenue purity
4.89%
Below 5%
Only 4.9% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-01 screen. The gold marker is the market price at the same screen. A 34.8% margin of safety to the base estimate.
Third-party analyst targets: 3 covering, consensus Buy. The average target sits +14% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-01 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
Every time a shopper in Istanbul clicks buy on a phone or a parent in Ankara orders toys, the transaction lands on a fast-expanding local platform that still cannot turn sales into profit. Revenue is rising 61 percent, yet margins sit at minus 7 percent and return on equity has collapsed to minus 273 percent. A forward multiple of 0.7 times looks tempting until the losses and negative equity show the figure is not a bargain but a warning of peak-cycle earnings.
We pass because the ethical screen returns insufficient data and the reported ratios are too thin to judge governance or long-term viability. The business sits in a consumer-cyclical corner where rapid top-line growth often reverses when currency or demand shifts. Three analysts call it a buy with a three-dollar target, yet the numbers we can see point to a classic value trap rather than an overlooked compounder.
Currency swings, thin domestic liquidity and an unknown competitive moat add layers of risk that the low multiple does not price away. Until fuller financial and governance detail appears, the margin of safety stays on paper only. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day; its business and earnings are exposed to Turkey and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
HEPS trades on Nasdaq (the company is based in Turkey). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-08-31Distribution · changed$2.82-1.7%Entry 5
The framework has shifted from accumulation to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 1.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (3 analysts) rates it buy, with a mean price target of $3.
2026-08-01Accumulation · changed$2.87+2.5%Entry 4
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (3 analysts) rates it buy, with a mean price target of $3.
2026-07-18Markdown$2.80+0.0%Entry 3
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (3 analysts) rates it buy, with a mean price target of $3.
2026-07-03Markdown$2.80+0.0%Entry 2
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markdown$2.80Entry 1
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
