D-MARKET Electronic Services & Trading ADR Dossier
Outlook & Key Dates
Estimates, guidance, catalysts, and upcoming events
Analyst Estimates Learn more →
5-Yr Fwd EPS Growth
23.6%projected annual EPS growth
Analyst Coverage
3analysts covering
FY Revenue (est.)
$118.9Bnext fiscal year
Monitoring Framework
Key Performance Indicators
Gross Merchandise Value (GMV) Quarterly85.3BTarget: Maintain double-digit growth momentum under Kaspi.kz operational definitions
Active Customers Quarterly11.6MTarget: Expand customer acquisition and retention through Hepsiburada Premium
Order Frequency Quarterly7.2Target: Increase frequency through fintech (Hepsipay) and delivery (HepsiJet) integration
Watch Items
- Integration with Kaspi.kz Operational DefinitionsTrigger: Q1 2026 reporting transitionAction: Monitor alignment of key operating performance indicators with Kaspi's stricter reporting standards.
- EBITDA Margin CompressionTrigger: EBITDA near-zero or negativeAction: Evaluate marketing, advertising, and shipping subsidy expenses relative to 1P price competitiveness.
Research as of 19 Jun 2026