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TRCAS.IS — Borsa Istanbul Independent Power Producers

Turcas Holding AS

$45,48
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Mcap
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P/E
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EV / Rev
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Div yield
6,02 %
Op margin
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ROE
2,1 %
Net margin
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Debt / equity
0,01
Beta
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52w range
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Volume
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Day range
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Prev close
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Open
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Next earnings
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Ex-dividend
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TR 1Y
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About

Turcas Holding AS is an independent power producer in the utilities sector, generating revenue primarily through the production and sale of electricity.

Business. Turcas Holding AS (TRCAS.IS) is an independent power producer operating within the utilities sector. The company is headquartered in Turkey and is primarily listed on the Borsa Istanbul. Specific details regarding its operating segments and geographic revenue mix are not available.

Classification92 %
SectorUtilities
IndustryIndependent Power Producers
ActivityUtilities
Generated · model-assisted
Sell-side consensus
—consensus pending
— buy— hold— sell
Avg 12m price target—
Upcoming events
— missing data
See all catalysts →

At a glance

Score
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not yet scored
Valuation
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valuation pending
Analysts
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not yet wired
Ownership
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not yet wired
Profitability→
2,1 %
return on equity
Quality
—
not yet scored

What drives this business

The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.

— missing data

News & coverage

0
  • No recent newsroom coverage mentioning TRCAS.

    • Sector rotation

    Sector1D1Mvs mkt
    Materials+2,3 %+6,6 %+1,7 %
    Communication Services+2,2 %−5,5 %+1,6 %
    Energy+0,6 %+3,3 %+0,0 %
    Health Care+0,6 %−0,8 %+0,0 %
    Information Technology+0,6 %+6,7 %+0,0 %
    Consumer Discretionary+0,4 %+7,6 %−0,2 %
    Financials−0,3 %−2,8 %−0,9 %
    Consumer Staples−0,4 %+2,5 %−1,0 %
    Real Estate−0,7 %+10,9 %−1,3 %
    Industrials−1,9 %−3,1 %−2,5 %
    Utilities · THIS SECTOR−1,9 %+28,2 %−2,5 %

    Developing storylines

    No tracked sagas currently linked to TRCAS.IS. Browse all sagas →

    Analysis

    AI analysis
    Generated · analysis pipeline · tier hybrid · as of 2026-08-04 ↑ At a glance

    Opportunity

    — missing data

    Upcoming catalysts

    Scheduled public events. Informational only — not investment advice.

    • Macro
    • Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
    • Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
    • Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
    • Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
    • Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
    • Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
    • Macro & political
    • ElectionSE Swedish Election2026-09-14 · SE
    • ElectionUS U.S. Midterms2026-11-03 · US
    • ElectionFR French Legislative2027-06-01 · FR

    Pre-earnings brief

    — missing data

    Signals & dispatch

    peak dispatch · —

    Composite-score breakdown

    Synthesis

    Business

    Turcas Holding AS (TRCAS.IS) is an independent power producer operating within the utilities sector. The company is headquartered in Turkey and is primarily listed on the Borsa Istanbul. Specific details regarding its operating segments and geographic revenue mix are not available.

    Classification92 %
    SectorUtilities
    IndustryIndependent Power Producers
    ActivityUtilities
    AI synthesis
    GENERATED

    Turcas Holding AS maintains a strong liquidity position, with a current ratio of 4.7, indicating the company can easily cover its short-term liabilities with its short-term assets. The company also holds cash and equivalents of 129.7 million TRY, and free cash flow of 182.7 million TRY, which supports its operational flexibility and capacity to fund future investments.

    Profitability metrics show a return on equity (ROE) of 2.09% and a return on assets (ROA) of 2.06%, which are below the typical thresholds for high-performing utility companies. These figures suggest that the company is generating modest returns relative to its equity and asset base.

    The company's revenue is not disclosed in the latest financial data, but its geographic and segment exposure is not detailed in the available information. Given the nature of the independent power producer industry, it is likely that Turcas operates within Turkey, but no specific revenue concentration by region or business segment is available for analysis.

    Looking ahead, the company is expected to maintain a stable growth trajectory, with no significant revenue changes indicated in the outlook. The company's operating income was negative at -63.8 million TRY, but net income was positive at 182.3 million TRY, suggesting that non-operating gains or other income sources contributed to profitability.

    Risk factors for Turcas Holding AS are currently low, with no immediate liquidity or dilution concerns identified. The company has a low debt-to-equity ratio of 0.01, indicating a conservative capital structure with minimal leverage. Additionally, there are no signs of near-term dilution pressure, as shares outstanding remain unchanged between basic and diluted measures.

    No recent filings or transcripts have been identified that would suggest material changes in the company's operations or strategy. The absence of significant events in the latest data implies a stable operating environment for Turcas Holding AS.

    Key takeaways
    • Turcas Holding AS has a strong liquidity position with a current ratio of 4.7 and significant cash reserves.
    • The company's ROE and ROA are modest, indicating room for improvement in asset utilization and profitability.
    • No immediate liquidity or dilution risks are present, with a low debt-to-equity ratio and no signs of near-term share dilution.
    • The company's financial performance is supported by non-operating income, as operating income is negative.
    • No recent material events have been reported, suggesting a stable business environment.

    Bull / Bear case

    Generated · model-assisted
    BULL CASE · 4

    Turcas Holding maintains a debt-to-equity ratio of 0.01, significantly below the 0.42 median for independent power producers.

    The company generated positive free cash flow of 140.8 million TRY in the latest fiscal period.

    Turcas Holding reported a net income of 615.8 million TRY in the most recent fiscal year.

    Dilution risk and liquidity risk are both assessed at low levels for the company.

    BEAR CASE · 2

    Return on equity of 2.09% is well below the 7% median for the independent power producer cohort.

    The company faces high credit risk, posing a significant threat to its financial stability.

    In focus — financials by report

    Annual
    ANNUALFiled 2022-03-01
    FY 2022 · Full-year highlights

    Revenue TRY 0.00; Operating income -TRY 20.0M.

    RevenueTRY 0.00
    Operating income-TRY 20.0M
    Net income-TRY 80.1M
    Free cash flow-TRY 29.1M
    EPS—
    Operating cash flowTRY 100.8M
    Financials
    Income statement
    RevenueTRY 0.00
    Gross profitTRY 0.00
    Operating income-TRY 20.0M
    Net income-TRY 80.1M
    Balance sheet
    Total assetsTRY 1.56B
    Total liabilitiesTRY 1.37B
    Total equityTRY 190.9M
    Cash & equivalentsTRY 20.5M
    Long-term debtTRY 807.8M
    Cash flow
    Operating cash flowTRY 100.8M
    CapEx-TRY 3.1M
    Free cash flow-TRY 29.1M
    SBC—
    Highlights
    • ▍Revenue TRY 0.00
    • ▍Operating income -TRY 20.0M

    Valuation FY

    Market price
    $45,48
    Market cap
    —
    Enterprise valueⓘ
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    P/Eⓘ
    —
    Non-GAAP P/Eⓘ
    —
    EV / Revenueⓘ
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    EV / Op incomeⓘ
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    EV / OCFⓘ
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    P / Bⓘ
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    P / Tangible bookⓘ
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    Tangible book
    $8.73B
    Net cashⓘ
    $26.4M
    Current ratioⓘ
    4.7
    Debt / equityⓘ
    0.0
    ROAⓘ
    2.1%
    ROEⓘ
    2.1%
    Cash conversionⓘ
    57.0%
    CapEx / revenueⓘ
    —
    SBC / revenueⓘ
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    Dilution ratioⓘ
    0.0%

    Revenue by segment

    Market share

    — missing data

    Business relationships

    — missing data

    Supply chain

    — missing data

    Peer comparison

    — missing data

    Market position

    Stress test

    — missing data

    Predictor forecast

    Options

    — missing data

    Short squeeze

    — missing data

    Earnings-call key lines

    — missing data

    Estimate revisions

    consensus EPS · 26-week trend
    — missing data

    Sell-side observations

    — missing data

    Themes

    — missing data

    ESG

    — missing data

    Risk factors

    Dilution riskLow
    Liquidity riskLow
    Filing-based flags
    • No immediate filing-based liquidity or dilution flags were detected.

    Benchmarks vs cohort

    ROE2,1 %Below median
    D/E0,01Above P75
    Cash Conv0,57Bottom quartile

    Corporate actions / M&A

    — missing data

    FX exposure

    — missing data

    Comparable transactions

    — missing data

    Derivatives & instruments

    — missing data

    Actions

    Ask Handelsavisen

    — missing data
    Data sources
    • Market data
    • Market data cache
    • Issuer disclosures
    • Public news
    • Earnings transcripts
    • Consensus estimates
    • ESG data
    How metrics are computed
    • Dilution Ratio
      (shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
    • Net Cash
      cash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
    • Return On Equity
      net_income / total_equity
    • Debt To Equity
      (short_term_debt + long_term_debt) / total_equity
    • Cash Conversion Ratio
      operating_cash_flow / net_income
    • Return On Assets
      net_income / total_assets
    Source documents
    • Turcas Holding AS Market data — financials · 2026-05-29

    Ownership & reference

    Leadership

    • Erdal AksoyExecutive Chairman of the Board

    Insider activity

    — missing data

    Short positioning

    — missing data

    Geographic breakdown

    — missing data
    Listings · one canonical issuer all listings resolve to the canonical
    TRCAS.ISCanonical
    Borsa Istanbul · USD

    Intel & risk

    peak dispatch · —
    OSINT findings
    Dilution riskLow
    Liquidity riskLow
    No immediate filing-based liquidity or dilution flags were detected.

    Evidence & claims

    From filings & derived data
    — missing data

    The Thread

    Everything we know, in order
    2026-06-20 12:34 UTCANALYSTAnalyst coverage initiated
    2026-06-20 12:34 UTCANALYSTAnalyst coverage initiated
    2026-06-20 12:34 UTCANALYSTAnalyst coverage initiated
    2026-06-20 12:34 UTCANALYSTAnalyst coverage initiated
    2022-03-01 23:48 UTCEARNINGSAnnual results — FY 2022 Revenue TRY 0.0M · Net TRY -80.1M
    The entity's full life in the product — typed, chronological, joined across Newspaper, Platform and Data. Our memory, made visible.
    Sources filings · IR · transcripts · market data · tier hybrid · as of 2026-08-04 Market data · Issuer disclosures · Public news · Earnings transcripts · Consensus estimates · ESG data Premium coverage