Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a loss-making company: Sales comps and Analyst consensus.
ACCE opinionD-Market Electronic Services & Trading American Depositary Shares (HEPS)
Fair value
Not available
ACCE price target
$3.10
Rating
Not rated
Horizon
12 months
ACCE price target published on 12 Oct 2026, 00:00 CEST.
Price used: $2.80 at the close on 23 Oct 2026, 22:00 CEST.
Models: Analyst consensus and Sales comps.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
46
out of 100
Analysts
50% buy
2 covering
P/E
0.0x
forward 0.0x
1-year return
+6.9%
Dividend yield
0.00%
D-Market Electronic Services & Trading American Depositary Shares in four questions
Plain answers, details below
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Overview
ACCE thesis
D-Market Electronic Services & Trading, which operates the Hepsiburada e-commerce marketplace in Turkey alongside its HepsiJet logistics network, is a Turkish online retailer that carries a 25.6% gross margin and grew revenue 36.2%, a combination that gives the company room to reach operating breakeven if volume keeps compounding. The moat rests on scale in a market where consumers still shop online less than their European peers, and the logistics arm gives Hepsiburada more control over delivery speed than a pure marketplace would have. The near-term question is whether operating leverage arrives before capital runs short: the operating margin is still 0.0% and the return on equity sits at -636.5%, so the thesis depends on the gross margin expanding faster than fulfilment and marketing costs. With a market capitalisation of about 1.2B USD, the stock is not in any major index, which means a thinner investor base and more sensitivity to lira moves and Turkish macro headlines. The composite score of 43/100 says the screen sees more risk than reward today, so this is a name worth a deeper look only if the margin trajectory in the next two reported periods can be verified.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Earnings flat, valuation stretched
Earnings YoY is +0.0% and net margin is -8.0% despite revenue growth of +36.2%. EV/EBITDA of 36.1 leaves little room for error if profits stay unclear.
high
Score down sharply in 90 days
ACCE Score fell 19 points, from 62 to 43, over 90 days. Value (32) and quality (30) are the weakest components, which points to deteriorating fundamentals.
moderate
Heavy insider concentration
Insiders hold 92.5% of shares and institutions only 6.6%. Float is thin, so liquidity and price discovery may be limited.
AI research notes
AI-assisted·How I use AIWritten Oct 21, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 36.2% over the last year, and has averaged 41.0% growth per year across five years.
Free cash flow over the last twelve months was TRY 2.2B, a 3.8% yield at the current share price.
Analysts' mean price target of $3.30 sits 20.2% above the current share price, and half of covering analysts rate it Buy.
Why it could disappoint
The company lost money on a net basis, with a net margin of -8.0% and a return on equity of -636.5%.
Debt equals 1.21 times equity, which raises refinancing risk if growth slows in a business not yet consistently profitable.
The shares trade 9.7% below the ACCE price target of $3.10, which signals limited upside to our own view.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 4, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where HEPS's valuation models land
Price
$2.80
Model fair valueConfidence: low
about $3.30
Model
Fair value
Upside
Analyst consensus
Sales comps
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores
Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.
+Quarter-over-quarter institutional position changes
+Every insider and Congress trade, with how late it was disclosed
+Active 13D activist filings and top holders
Compare
Where it sits vs peers
News and Record
Press releases mentioning this company
Recent performance
1 week
+3.3%
1 month
+11.1%
3 months
-0.7%
6 months
+0.4%
YTD
+12.9%
1 year
+6.9%
SEC filings
Recommendation history, last 12 months
Date
Type
New
Previous
Price
12 Oct 2026, 00:00 CEST
ACCE price target
$3.10
first publication
$2.74
Price
+8.5% · 1Y
Ask anything about HEPS
Answered from D-Market Electronic Services & Trading American Depositary Shares fundamentals + recent valuations. Every number shows its source and date.
This stock Peer Peer median weaker → stronger
P/Ebetter than 100% of peers
low 0.0x0.0xhigh 44.0x
ROEbetter than 0% of peers
low -636%-636%high 15%
Div yieldbetter than 83% of peers
low 0.0%0.0%high 2.6%
Peers
Prices Oct 23, 2026
Company
Price
Fair value
vs fair value
P/E
ROE
Quality
Score
HEPSD-Market Electronic Services & Trading American Depositary Shares