Stock fact sheet · data as of
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS): fair value, margin of safety and Wheel Score
Consumer Cyclical · Specialty Retail · Türkiye · ADR · Speculative / Distressed
Is HEPS undervalued?
D-Market Elektronik Hizmetler ve Ticaret A.S. (HEPS) closed at 2.73 on 16 Oct 2026, 16% above the GLS average fair value of 2.36. Only 0 of the 1 models that produced a number value the shares above the current price. The margin of safety is negative, so the stock fails the "below fair value" rule of the Sunday Scan; a premium of this size is common for companies whose growth the models are conservative about.
Only 1 of the nine models produced a value (DCF); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
The nightly engine files HEPS under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for HEPS
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 2.36 | -13% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -14.75 | -640% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is weak: HEPS passes 3 of the nine Piotroski tests. Our screens drop the stock at the health rule; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is low at 3.4 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are thin or negative - ROIC -128.4%, ROE -283.3%, ROA -15.4% - with debt at 1.21 times equity and negative free cash flow.
D-Market Elektronik Hizmetler ve Ticaret A.S. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Sales of goods 65%, Delivery service revenues 14%, Marketplace revenues 11% (fiscal year FY2025).
Institutional ownership scores 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 3 / 9 | ROIC | -128.4% |
|---|---|---|---|
| GLS Moat | 3.4 / 10 | ROE | -283.3% |
| Debt / equity | 1.21 | ROA | -15.4% |
| Free-cash-flow yield | -1.8% | Payout ratio | 0% |
| Institutions | 1 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 42: Weak
HEPS scores 42 out of 100 on the Wheel Score, in the Weak band (under 50). Value 6/25, Health 7/20, Moat 5/15, Premium 19/20, Stability 5/20. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 62% on the near-the-money contracts 20-60 days out - above the 60% ceiling of the sweet spot. Premiums are large, but the Wheel Score tapers the Premium points (19 of 20) because volatility this high usually comes with a reason. Chain open interest is thin - 1,522 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 84k shares a day on a market cap of $975M, with a beta of 2.08 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 5 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 6 / 25 | -16% margin of safety | |
| Health | 7 / 20 | Piotroski 3/9 | |
| Moat | 5 / 15 | moat 3.4/10 | |
| Premium | 19 / 20 | implied volatility 62% | |
| Stability | 5 / 20 | 84k shares/day, $975M cap, beta 2.08 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 8 Dec 2026, 53 days away - outside the window of a 30-45-day put sold today.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Specialty Retail
The 12 companies below are the closest to D-Market Elektronik Hizmetler ve Ticaret A.S. by market cap within the Specialty Retail industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| WINA Winmark Corporation | 297.97 | 185.52 | -61% | 29No options | $1.1B |
| HZO MarineMax, Inc. | 52.35 | 31.35 | -67% | 39Weak | $1.2B |
| RERE ATRenew Inc. | 3.98 | 20.92 | +81% | 39No options | $1.3B |
| LOGC ContextLogic Inc. | 15.37 | - | - | 25No options | $703M |
| LQDT Liquidity Services, Inc. | 44.09 | 29.25 | -51% | 50Fair | $1.4B |
| EYE National Vision Holdings, Inc. | 17.66 | 11.74 | -50% | 61Fair | $1.4B |
| WOOF Petco Health and Wellness Company, Inc. | 2.37 | 5.29 | +55% | 74Good | $677M |
| ARHS Arhaus, Inc. | 10.13 | 7.59 | -34% | 50Fair | $1.4B |
| SVV Savers Value Village, Inc. | 9.35 | 6.22 | -50% | 53Fair | $1.4B |
| BWMX Betterware de Mexico, S.A.P.I. de C.V. | 16.31 | 660.14 | +98% | 70Good | $644M |
| SBH Sally Beauty Holdings, Inc. | 16.11 | 44.11 | +63% | 86Prime | $1.5B |
| RVLV Revolve Group, Inc. | 21.60 | 22.17 | +3% | 63Fair | $1.5B |
⚖ Compare HEPS with 7 of them All Consumer Cyclical stocks →
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Start free See the Sunday ScanQuestions about HEPS
Is HEPS undervalued right now?
No: at 2.73 the stock trades 16% above the GLS average fair value of 2.36 (data as of 16 Oct 2026). The margin of safety is negative.
What is the Wheel Score of HEPS and what does it mean?
HEPS scores 42 out of 100 (Weak). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for HEPS?
2.36 per share as of 16 Oct 2026 - the simple average of the 1 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does D-Market Elektronik Hizmetler ve Ticaret A.S. report earnings next?
The next earnings report is due on 8 Dec 2026 (before the open), 53 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does HEPS have listed options, and how liquid are they?
Yes. The nightly snapshot found 30 listed contracts with 1,522 open interest across all expiries and implied volatility of 62% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.