D-Market Electronic Services & Trading ADR
D-Market Electronic Services & Trading ADR is an e-commerce and technology company focused on online retail in Turkey. Through its Hepsiburada platform, it offers a broad selection of consumer goods, including electronics, books, home products, cosmetics, toys, and apparel, serving shoppers through both direct sales and marketplace models. The company also supports its commerce ecosystem with services for last-mile delivery, fulfillment, pickup and drop-off points, digital advertising, payments, e-wallet services, consumer lending, and travel bookings. Its business is centered on connecting consumers, merchants, and logistics capabilities within a single digital commerce environment. Headquartered in Istanbul, Turkey, D-Market Electronic Services & Trading ADR plays a significant role in the region’s online shopping and digital services market by combining retail, logistics, and fintech-related offerings under one platform.
$2.71
-$0.02 (-0.73%)
EOD Oct 16, 2026
The business is unprofitable at the operating level (-1.07% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 48.4%, still solid.
ROIC dropped from 1.39% to -14.25%, capital efficiency is deteriorating.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
TRY 96.20B
▲ +48.4% YoY
Net Income (TTM)
-TRY 7.40B
▼ -255.1% YoY
Op. Margin
-1.48%
▼ -1.2pp YoY
ROIC
-14.25%
▼ -15.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
TRY 6.04B
▲ +140.6% YoY
Op. Cash Flow (TTM)
TRY 8.49B
▲ +107.0% YoY
Net Debt
-TRY 10.90B
Net Cash Position
Cash & Equiv.
TRY 13.32B
3Y CAGR: +47.3%
Continue Research
Is D-Market Electronic Services & Trading ADR (HEPS) overvalued?
D-Market Electronic Services & Trading ADR (HEPS) trades below a two-stage DCF intrinsic value of about TRY 681.58 per share, so at TRY 2.71 the stock looks undervalued (25,050.6% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, D-Market Electronic Services & Trading ADR scores 80/100 on Intrinsiqq's quality scorecard (a high-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is D-Market Electronic Services & Trading ADR's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about TRY 681.58 per share for HEPS, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around TRY 511.19. At today's TRY 2.71, that puts the stock about 25,050.6% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is D-Market Electronic Services & Trading ADR a high-quality business?+
D-Market Electronic Services & Trading ADR scores 80 out of 100 on Intrinsiqq's quality score, a weighted blend of 7 metrics each scored 0 to 100, which makes it a high-quality business on these measures. Recent fundamentals include a -1.5% operating margin and a -14.3% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Is D-Market Electronic Services & Trading ADR a good stock to buy right now?+
That depends on valuation and quality together, not either alone. HEPS currently trades below its estimated intrinsic value and scores 80/100 on quality (high-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.