{"id":1612,"date":"2026-03-05T03:11:35","date_gmt":"2026-03-05T00:11:35","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1612"},"modified":"2026-03-05T03:13:24","modified_gmt":"2026-03-05T00:13:24","slug":"dohol-analist-toplants-notlar-202512-doan-irketler-grubu-holding-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1612","title":{"rendered":"\ud83c\uddf9\ud83c\uddf7 DOHOL Analist Toplant\u0131s\u0131 Notlar\u0131 2025\/12 | Do\u011fan \u015eirketler Grubu Holding A.\u015e."},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/18zZLTwuGPbrqAh8il3Hzv?utm_source=generator&amp;t=0\" width=\"100%\" height=\"352\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-testid=\"embed-iframe\"><\/iframe><\/p>\n<h1>Do\u011fan Holding\u2019in 2030 Rotas\u0131: Portf\u00f6y Sadele\u015fmesinden 4,5 Milyar Dolarl\u0131k Dev Hedefe<\/h1>\n<p><b>1. Giri\u015f: Devlerin D\u00f6n\u00fc\u015f\u00fcm\u00fc Neden \u00d6nemli?<\/b><\/p>\n<p>B\u00fcy\u00fck \u00f6l\u00e7ekli holdinglerin hantal yap\u0131lar\u0131ndan s\u0131yr\u0131l\u0131p \u00e7evik birer yat\u0131r\u0131m platformuna d\u00f6n\u00fc\u015fmesi, k\u00fcresel sermaye piyasalar\u0131nda de\u011fer yaratman\u0131n yeni standard\u0131 haline geldi. Bir d\u00f6nem her sekt\u00f6rde var olma stratejisi izleyen dev yap\u0131lar, art\u0131k sermayelerini en verimli olduklar\u0131 alanlara kanalize ederek operasyonel m\u00fckemmeliyet ar\u0131yor. Do\u011fan Holding de bu k\u00fcresel e\u011filimin T\u00fcrkiye\u2019deki en somut ve disiplinli \u00f6rneklerinden birini sergiliyor. \u015eirket y\u00f6netimi, 2025 y\u0131l\u0131n\u0131 bir &#8220;sadele\u015fme y\u0131l\u0131&#8221; ilan ederek, portf\u00f6y\u00fcn\u00fc daha odakl\u0131 ve y\u00fcksek b\u00fcy\u00fcme potansiyeline sahip sekt\u00f6rlere g\u00f6re yeniden dizayn ediyor. Bu stratejik d\u00f6n\u00fc\u015f\u00fcm, sadece bir portf\u00f6y optimizasyonu de\u011fil, 2030 y\u0131l\u0131na kadar uzanan <b>4,5 milyar dolarl\u0131k<\/b> iddial\u0131 bir Net Aktif De\u011fer (NAD) vizyonunun temellerini olu\u015fturuyor.<\/p>\n<p><b>2. Stratejik Odak: &#8220;Az \u00c7oktur&#8221; Felsefesi ve Portf\u00f6y Optimizasyonu<\/b><\/p>\n<p>Do\u011fan Holding, 2025 y\u0131l\u0131nda &#8220;az \u00e7oktur&#8221; felsefesi do\u011frultusunda disiplinli bir sermaye tahsisi stratejisi izledi. Dita\u015f\u2019taki <b>%68,24<\/b> oran\u0131ndaki hisse sat\u0131\u015f\u0131 ve Boyabat Hidroelektrik Santrali\u2019nden \u00e7\u0131k\u0131\u015f, grubun daha sade ve y\u00f6netilebilir bir yap\u0131ya ge\u00e7i\u015finin en net ad\u0131mlar\u0131 oldu. Bu stratejik odaklanma neticesinde; yenilenebilir enerji, madencilik ve finansal hizmetlerin NAD i\u00e7indeki pay\u0131 <b>%45<\/b>\u2019ten <b>%61<\/b>\u2019e y\u00fckseldi.<\/p>\n<p>Analitik bir perspektifle bak\u0131ld\u0131\u011f\u0131nda, bu sadele\u015fmenin en \u00e7arp\u0131c\u0131 sonucu halka a\u00e7\u0131k olmayan varl\u0131klarda gizli. Halka a\u00e7\u0131k i\u015ftiraklerin de\u011ferlemesinde piyasa ko\u015fullar\u0131 nedeniyle ya\u015fanan <b>195 milyon dolarl\u0131k<\/b> azal\u0131\u015f, ba\u015fta Hepiyi Sigorta ve G\u00fcm\u00fc\u015fta\u015f olmak \u00fczere halka a\u00e7\u0131k olmayan varl\u0131klardaki <b>484 milyon dolarl\u0131k<\/b> de\u011fer art\u0131\u015f\u0131 ile fazlas\u0131yla kompanse edildi. Bu &#8220;dengeleyici&#8221; etki, grubun \u00f6zel sermaye (private equity) mant\u0131\u011f\u0131yla y\u00f6netti\u011fi varl\u0131klar\u0131n ne denli g\u00fc\u00e7l\u00fc bir de\u011fer potansiyeli ta\u015f\u0131d\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor. Ayr\u0131ca, holdingin <b>639 milyon dolarl\u0131k<\/b> g\u00fc\u00e7l\u00fc solo net nakit pozisyonu, grubun yeni yat\u0131r\u0131m f\u0131rsatlar\u0131na kar\u015f\u0131 \u00e7evikli\u011fini korudu\u011funu g\u00f6steriyor.<\/p>\n<p>&#8220;Do\u011fan Holding, 2025 y\u0131l\u0131n\u0131 sadele\u015fme ve konsolidasyon y\u0131l\u0131 olarak tan\u0131mlad\u0131.&#8221;<\/p>\n<p><b>3. G\u00fcm\u00fc\u015fta\u015f ve Madencilik: Grubun Temel Nakit Jenerat\u00f6r\u00fc<\/b><\/p>\n<p>Madencilik segmenti, 2025 finansal sonu\u00e7lar\u0131nda holdingin operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 s\u0131rtlayan ana kolon oldu. G\u00fcm\u00fc\u015fta\u015f, d\u00f6rd\u00fcnc\u00fc \u00e7eyrekte ula\u015ft\u0131\u011f\u0131 <b>%53<\/b>\u2019l\u00fck FAV\u00d6K marj\u0131 ile y\u0131l\u0131n genelinde ula\u015f\u0131lan <b>%44<\/b>\u2019l\u00fck performans\u0131n da \u00fczerine \u00e7\u0131kt\u0131. \u015eirketin y\u0131ll\u0131k bazda \u00fcretimini <b>%32<\/b> art\u0131rarak <b>501 bin tona<\/b> ula\u015ft\u0131rmas\u0131, operasyonel verimlili\u011fin bir g\u00f6stergesidir.<\/p>\n<p>Madencili\u011fin stratejik de\u011feri sadece y\u00fcksek k\u00e2rl\u0131l\u0131kla s\u0131n\u0131rl\u0131 de\u011fil; maliyetlerin <b>%75<\/b>\u2019inin TL bazl\u0131, gelirlerin ise tamam\u0131n\u0131n d\u00f6viz cinsinden olmas\u0131, grubu makroekonomik dalgalanmalara kar\u015f\u0131 do\u011fal bir koruma kalkan\u0131 alt\u0131na al\u0131yor. Y\u00f6netim, bu &#8220;nakit jenerat\u00f6r\u00fcn\u00fc&#8221; daha da g\u00fc\u00e7lendirmek i\u00e7in 2026 y\u0131l\u0131nda <b>70 milyon dolar\u0131n \u00fczerinde<\/b> rekor bir CAPEX (yat\u0131r\u0131m harcamas\u0131) planl\u0131yor. Bu yat\u0131r\u0131mlar aras\u0131nda yer alan <b>DMS (Yo\u011fun Ortam Ay\u0131rma)<\/b> teknolojisi, metal fiyatlar\u0131ndaki olas\u0131 d\u00fc\u015f\u00fc\u015flere kar\u015f\u0131 operasyonun direncini art\u0131rarak bir &#8220;ekonomik hendek&#8221; (moat) yaratmay\u0131 hedefliyor. \u015eirketin sahip oldu\u011fu <b>9 milyon ton kaynak<\/b> ve <b>12 milyon ton i\u015flenebilir rezerv<\/b>, bu devasa yat\u0131r\u0131m\u0131n uzun vadeli geri d\u00f6n\u00fc\u015f\u00fcn\u00fc garanti alt\u0131na al\u0131yor.<\/p>\n<p><b>4. Sigortac\u0131l\u0131kta Dijital Devrim: Hepiyi\u2019nin \u00d6l\u00e7eklenme G\u00fcc\u00fc<\/b><\/p>\n<p>Finansal hizmetler alan\u0131nda Hepiyi Sigorta, T\u00fcrkiye\u2019nin ilk tam dijital sigortac\u0131s\u0131 olarak geleneksel modelleri domine etmeye devam ediyor. \u015eirketin gider\/sat\u0131\u015f oran\u0131n\u0131n <b>%3,7<\/b> seviyesinde ger\u00e7ekle\u015fmesi, sekt\u00f6r ortalamas\u0131 olan <b>%6,8<\/b>\u2019in neredeyse yar\u0131s\u0131d\u0131r. Bu d\u00fc\u015f\u00fck maliyet yap\u0131s\u0131, dijital modelin ne denli \u00f6l\u00e7eklenebilir oldu\u011funu kan\u0131tlarken, y\u00f6netilen varl\u0131klar\u0131n (AUM) <b>764 milyon dolara<\/b> ula\u015farak <b>%58<\/b>\u2019lik b\u00fcy\u00fcme hedefini yakalamas\u0131n\u0131 sa\u011flad\u0131.<\/p>\n<p>D\u00f6rd\u00fcnc\u00fc \u00e7eyrekte teknik k\u00e2r\u0131n <b>1,2 milyar TL<\/b>&#8216;ye ula\u015fmas\u0131 ve net k\u00e2r\u0131n <b>1 milyar TL<\/b> olarak ger\u00e7ekle\u015fmesi, y\u00f6netimin Hepiyi i\u00e7in olas\u0131 bir halka arz sinyali vermesine zemin haz\u0131rlad\u0131. Bu hamle, dijital verimlili\u011fin piyasa \u00e7arpanlar\u0131 \u00fczerinden tescil edilmesi ad\u0131na kritik bir mihenk ta\u015f\u0131 olacakt\u0131r.<\/p>\n<p><b>5. Karel\u2019in Geri D\u00f6n\u00fc\u015f\u00fc: 8 \u00c7eyrek Sonra Gelen Marj Patlamas\u0131<\/b><\/p>\n<p>Holdingin &#8220;Dinamik Odak&#8221; alanlar\u0131nda yer alan Karel, 8 \u00e7eyreklik zarar d\u00f6neminin ard\u0131ndan d\u00f6rd\u00fcnc\u00fc \u00e7eyrekte net k\u00e2r elde ederek kritik bir e\u015fi\u011fi ge\u00e7ti. Bu geri d\u00f6n\u00fc\u015f\u00fcn arkas\u0131ndaki as\u0131l stratejik fakt\u00f6r, kurumsal projeler segmentinde br\u00fct k\u00e2r marj\u0131n\u0131n <b>%11<\/b>\u2019e y\u00fckselmesidir. Bu art\u0131\u015f\u0131n temel sebebi, uzun vadeli telekom s\u00f6zle\u015fmelerinin fiyat d\u00fczenlemeleriyle yenilenerek 1 Nisan itibar\u0131yla y\u00fcr\u00fcrl\u00fc\u011fe girmesidir.<\/p>\n<p>Karel\u2019in gelecek projeksiyonu ise olduk\u00e7a parlak:<\/p>\n<ul>\n<li><b>Daiichi<\/b> i\u015ftiraki arac\u0131l\u0131\u011f\u0131yla otomotiv elektroni\u011finde biriken <b>425 milyon dolarl\u0131k<\/b> dev sipari\u015f (backlog),<\/li>\n<li>Stellantis d\u0131\u015f\u0131ndaki yeni k\u00fcresel OEM\u2019lerin portf\u00f6ye eklenmesi,<\/li>\n<li>Savunma sanayiinde yerli elektronik harp \u00e7\u00f6z\u00fcmleri i\u00e7in ilk prototipin tamamlanmas\u0131 ve ilk s\u00f6zle\u015fmenin imzalanmas\u0131.<\/li>\n<\/ul>\n<p><b>6. Otomotivdeki F\u0131rt\u0131nay\u0131 Y\u00f6netmek: Do\u011fan Trend\u2019in Savunma Hatt\u0131<\/b><\/p>\n<p>Otomotiv sekt\u00f6r\u00fc, \u00c7in men\u015feli ara\u00e7lara y\u00f6nelik d\u00fczenlemeler ve MG sat\u0131\u015flar\u0131ndaki d\u00fc\u015f\u00fc\u015fle zorlu bir testten ge\u00e7erken, Do\u011fan Trend y\u00f6netimi bu s\u00fcreci proaktif bir &#8220;savunma pozisyonu&#8221; ile y\u00f6netti. \u00c7eyreklik bazda <b>114 milyon TL<\/b> net zarar a\u00e7\u0131klanmas\u0131na ra\u011fmen, risk y\u00f6netimi hamleleri bilan\u00e7onun sa\u011fl\u0131\u011f\u0131n\u0131 korudu:<\/p>\n<ul>\n<li>Stoklar agresif bir \u015fekilde eritildi.<\/li>\n<li>Net bor\u00e7 pozisyonu <b>169 milyon dolardan 78 milyon dolara<\/b> indirilerek finansal y\u00fck hafifletildi.<\/li>\n<li>Holding taraf\u0131ndan yap\u0131lan <b>20 milyon dolarl\u0131k<\/b> sermaye enjeksiyonu, operasyonel dayan\u0131kl\u0131l\u0131\u011f\u0131 art\u0131rd\u0131.<\/li>\n<\/ul>\n<p>\u015eubat 2026\u2019daki yeni vergi avantajl\u0131 MG model lansmanlar\u0131, otomotiv grubunun 2026\u2019da yeniden ivme kazanmas\u0131 i\u00e7in anahtar rol oynayacak.<\/p>\n<p><b>7. Sonu\u00e7: 4,5 Milyar Dolarl\u0131k Vizyona Do\u011fru<\/b><\/p>\n<p>Do\u011fan Holding\u2019in 2025 performans\u0131, grubun sadece sadele\u015fmedi\u011fini, ayn\u0131 zamanda k\u00e2rl\u0131 b\u00fcy\u00fcme motorlar\u0131n\u0131 revize etti\u011fini g\u00f6steriyor. Y\u00f6netimin 2030 NAD hedefini 4 milyar dolardan <b>4,5 milyar dolara<\/b> revize etmesi, tesad\u00fcfi bir iyimserlik de\u011fil; 2020\u2019den bu yana kaydedilen <b>%14\u2019l\u00fck CAGR (Bile\u015fik Y\u0131ll\u0131k B\u00fcy\u00fcme Oran\u0131)<\/b> performans\u0131n\u0131n, y\u0131ll\u0131k <b>%10<\/b> b\u00fcy\u00fcme hedefiyle s\u00fcrd\u00fcr\u00fclebilir k\u0131l\u0131nmas\u0131 vizyonudur.<\/p>\n<p>Bu vizyonun enerji baca\u011f\u0131nda <b>Galata Wind<\/b>&#8216;in 2030 y\u0131l\u0131na kadar <b>1 GW \u00fczeri<\/b> kurulu kapasite hedefi dururken; finansal tarafta ise 2026 b\u00fct\u00e7esi <b>%25 enflasyon<\/b> ve <b>kal\u0131c\u0131 y\u00fcksek faiz<\/b> ortam\u0131 gibi muhafazak\u00e2r makro varsay\u0131mlarla stress testinden ge\u00e7irilmi\u015ftir.<\/p>\n<p>Sizce bir holdingin g\u00fcc\u00fc, sahip oldu\u011fu \u015firketlerin say\u0131s\u0131nda m\u0131 yoksa en iyi oldu\u011fu alanlara odaklanma cesaretinde mi gizlidir?<\/p>\n<p>&nbsp;<\/p>\n<h1>Do\u011fan Holding 2025\/12 Analist Toplant\u0131s\u0131 ve Stratejik G\u00f6r\u00fcn\u00fcm Briefing Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Do\u011fan Holding i\u00e7in 2025 y\u0131l\u0131, &#8220;sadele\u015fme ve konsolidasyon&#8221; y\u0131l\u0131 olarak nitelendirilmektedir. Holding, stratejik odak alanlar\u0131 olan yenilenebilir enerji, madencilik ve finansal hizmetlere odaklanarak portf\u00f6y\u00fcn\u00fc yeniden yap\u0131land\u0131rm\u0131\u015f; bu alanlar\u0131n Net Aktif De\u011fer (NAD) i\u00e7indeki pay\u0131n\u0131 %45&#8217;ten %61&#8217;e \u00e7\u0131karm\u0131\u015ft\u0131r. 2025 y\u0131l sonu itibar\u0131yla Net Aktif De\u011fer, y\u0131ll\u0131k %9 art\u0131\u015fla 2,8 milyar dolar seviyesine y\u00fckselmi\u015ftir.<\/p>\n<p>Finansal a\u00e7\u0131dan, konsolide gelirler y\u0131ll\u0131k bazda %11 daralarak 93,7 milyar TL&#8217;ye gerilese de, FAV\u00d6K %79 art\u0131\u015fla 10,6 milyar TL&#8217;ye ula\u015farak g\u00fc\u00e7l\u00fc bir operasyonel iyile\u015fmeye i\u015faret etmi\u015ftir. Net k\u00e2r ise, yat\u0131r\u0131m faaliyetlerinden elde edilen gelirlere ra\u011fmen y\u0131ll\u0131k %68 azalarak 1,8 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. Holding, 2030 y\u0131l\u0131 i\u00e7in NAD hedefini 4 milyar dolardan 4,5 milyar dolara revize ederek uzun vadeli b\u00fcy\u00fcme beklentilerini yukar\u0131 y\u00f6nl\u00fc g\u00fcncellemi\u015ftir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Finansal Performans Analizi<\/h2>\n<p>Holdingin 2025 y\u0131l\u0131 finansal tablolar\u0131, operasyonel verimlili\u011fin artt\u0131\u011f\u0131 ancak net k\u00e2r\u0131n bask\u0131land\u0131\u011f\u0131 bir tablo sunmaktad\u0131r.<\/p>\n<h3>\u00d6zet Finansal Veriler (2025\/12)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025\/12<\/td>\n<td>2024\/12<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar<\/td>\n<td>93,7 mlr TL<\/td>\n<td>104,9 mlr TL<\/td>\n<td>-%11<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r<\/td>\n<td>17,0 mlr TL<\/td>\n<td>13,4 mlr TL<\/td>\n<td>+%27<\/td>\n<\/tr>\n<tr>\n<td>Faaliyet K\u00e2r\u0131<\/td>\n<td>11,6 mlr TL<\/td>\n<td>8,0 mlr TL<\/td>\n<td>+%45<\/td>\n<\/tr>\n<tr>\n<td>FAV\u00d6K<\/td>\n<td>10,6 mlr TL<\/td>\n<td>5,9 mlr TL<\/td>\n<td>+%79<\/td>\n<\/tr>\n<tr>\n<td>Net K\u00e2r<\/td>\n<td>1,8 mlr TL<\/td>\n<td>5,7 mlr TL<\/td>\n<td>-%68<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Finansal \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131k Marjlar\u0131:<\/b> \u00c7eyreklik bazda Br\u00fct K\u00e2r Marj\u0131 %16,92&#8217;den %22,15&#8217;e; FAV\u00d6K marj\u0131 ise %5,46&#8217;dan %13,40&#8217;a y\u00fckselerek yap\u0131sal bir iyile\u015fme g\u00f6stermi\u015ftir.<\/li>\n<li><b>Nakit Pozisyonu:<\/b> Solo bazda net nakit pozisyonu 639 milyon dolar olarak ger\u00e7ekle\u015fmi\u015ftir. Y\u0131l i\u00e7inde i\u015ftirak sermaye art\u0131r\u0131mlar\u0131na (Karel, Do\u011fan Trend, D Yat\u0131r\u0131m Bankas\u0131) 56 milyon dolar aktar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Bor\u00e7luluk:<\/b> Net Bor\u00e7\/FAV\u00d6K oran\u0131 -3,72 ile olduk\u00e7a likit bir yap\u0131ya i\u015faret etmektedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Portf\u00f6y Optimizasyonu ve Stratejik Odak Alanlar\u0131<\/h2>\n<p>Holding, 2025 y\u0131l\u0131nda Dita\u015f hisselerinin sat\u0131\u015f\u0131 ve Boyabat HES&#8217;ten \u00e7\u0131k\u0131\u015f yaparak sadele\u015fme stratejisini s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr.<\/p>\n<h3>1. Madencilik (G\u00fcm\u00fc\u015fta\u015f)<\/h3>\n<p>Y\u0131l\u0131n en g\u00fc\u00e7l\u00fc de\u011fer katk\u0131s\u0131n\u0131 sa\u011flayan i\u015f kolu olmu\u015ftur.<\/p>\n<ul>\n<li><b>\u00dcretim ve K\u00e2rl\u0131l\u0131k:<\/b> \u00dcretim %32 art\u0131\u015fla 501 bin tona ula\u015fm\u0131\u015f, tam y\u0131l FAV\u00d6K marj\u0131 %44 ile hedeflerin \u00fczerine \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Plan\u0131:<\/b> 2026 y\u0131l\u0131 i\u00e7in CAPEX (yat\u0131r\u0131m harcamas\u0131) b\u00fct\u00e7esi 70 milyon dolar\u0131n \u00fczerine revize edilmi\u015ftir.<\/li>\n<li><b>Rezerv Yap\u0131s\u0131:<\/b> 9 milyon ton kaynak ve 12 milyon ton i\u015flenebilir rezerv bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>2. Yenilenebilir Enerji (Galata Wind)<\/h3>\n<ul>\n<li><b>Kapasite Hedefleri:<\/b> Mevcut 354 MW kapasitenin 2027 sonunda 577 MW&#8217;a, 2030&#8217;da ise 1 GW \u00fczerine \u00e7\u0131kar\u0131lmas\u0131 hedeflenmektedir.<\/li>\n<li><b>Operasyonel Durum:<\/b> 4. \u00e7eyrekte hava ko\u015fullar\u0131 nedeniyle \u00fcretim %10 d\u00fc\u015fse de %62 FAV\u00d6K marj\u0131 ile y\u00fcksek k\u00e2rl\u0131l\u0131k korunmu\u015ftur.<\/li>\n<\/ul>\n<h3>3. Finansal Hizmetler<\/h3>\n<ul>\n<li><b>Hepiyi Sigorta:<\/b> T\u00fcrkiye&#8217;nin ilk tam dijital sigortac\u0131s\u0131 olarak br\u00fct yaz\u0131lan primlerde %54 b\u00fcy\u00fcme kaydetmi\u015ftir. Gider\/sat\u0131\u015f oran\u0131 (%3,7), sekt\u00f6r ortalamas\u0131n\u0131n (%6,8) olduk\u00e7a alt\u0131ndad\u0131r. Olas\u0131 bir halka arz i\u00e7in zemin haz\u0131rlanmaktad\u0131r.<\/li>\n<li><b>D Yat\u0131r\u0131m Bankas\u0131:<\/b> 2025 y\u0131l\u0131nda 31 adet bor\u00e7lanma arac\u0131 ihrac\u0131na arac\u0131l\u0131k etmi\u015f ve \u00f6zsermaye k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 %21&#8217;e y\u00fckseltmi\u015ftir.<\/li>\n<li><b>Doruk Faktoring:<\/b> %62 gibi y\u00fcksek bir \u00f6zsermaye k\u00e2rl\u0131l\u0131\u011f\u0131 ile dikkat \u00e7ekmektedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Dinamik Odak Alanlar\u0131 ve Operasyonel D\u00f6n\u00fc\u015f\u00fcm<\/h2>\n<h3>Karel ve Savunma Sanayii<\/h3>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131\u011fa D\u00f6n\u00fc\u015f:<\/b> Sekiz \u00e7eyreklik zarar\u0131n ard\u0131ndan 4. \u00e7eyrekte net k\u00e2r elde edilmi\u015ftir.<\/li>\n<li><b>Backlog (Birikmi\u015f Sipari\u015f):<\/b> Otomotiv elektroni\u011fi alan\u0131nda (Daiichi arac\u0131l\u0131\u011f\u0131yla) 425 milyon dolarl\u0131k sipari\u015f portf\u00f6y\u00fc bulunmaktad\u0131r.<\/li>\n<li><b>Savunma:<\/b> Elektronik harp \u00e7\u00f6z\u00fcmlerinde ilk prototip tamamlanm\u0131\u015f ve k\u00fc\u00e7\u00fck \u00f6l\u00e7ekli ilk s\u00f6zle\u015fme imzalanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Do\u011fan Trend Otomotiv<\/h3>\n<ul>\n<li><b>D\u00fczenleyici Bask\u0131lar:<\/b> \u00c7in men\u015feli ara\u00e7 ithalat\u0131 k\u0131s\u0131tlamalar\u0131 nedeniyle MG sat\u0131\u015flar\u0131 ve motosiklet sat\u0131\u015flar\u0131nda ciddi d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Toparlanma Stratejisi:<\/b> Stok y\u00f6netimiyle net bor\u00e7 169 milyon dolardan 78 milyon dolara indirilmi\u015ftir. \u015eubat 2026&#8217;daki yeni MG model lansmanlar\u0131 ile toparlanma beklenmektedir.<\/li>\n<\/ul>\n<h3>Sesa Ambalaj<\/h3>\n<ul>\n<li><b>\u0130hracat:<\/b> ABD pazar\u0131n\u0131n ihracat i\u00e7indeki pay\u0131 %17&#8217;den %22&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r. Premium \u00fcr\u00fcnlerin sat\u0131\u015f i\u00e7indeki pay\u0131 %30&#8217;a ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Di\u011fer Varl\u0131klar ve Gayrimenkul<\/h2>\n<ul>\n<li><b>Medya:<\/b> Kanal D Romanya, \u00fclkenin en \u00e7ok izlenen 2. kanal\u0131 olma pozisyonunu korumaktad\u0131r (%46 FAV\u00d6K marj\u0131).<\/li>\n<li><b>\u0130nternet:<\/b> Hepsiemlak, Zingat sat\u0131n al\u0131m\u0131yla inorganik b\u00fcy\u00fcme sa\u011flam\u0131\u015f ve FAV\u00d6K seviyesinde %25 marj ile pozitife d\u00f6nm\u00fc\u015ft\u00fcr.<\/li>\n<li><b>Gayrimenkul:<\/b> Trump Tower (%92) ve Milta Marina (%91) y\u00fcksek doluluk oranlar\u0131yla \u00e7al\u0131\u015fmaktad\u0131r. Portf\u00f6y\u00fcn toplam de\u011feri holding pay\u0131 baz\u0131nda 274 milyon dolard\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2026 Beklentileri ve 2030 Vizyonu<\/h2>\n<p>Y\u00f6netim, 2026 y\u0131l\u0131 i\u00e7in temkinli ancak iyimser bir projeksiyon sunmaktad\u0131r:<\/p>\n<ul>\n<li><b>Makro Varsay\u0131mlar:<\/b> 2026 y\u0131l sonu enflasyonu %25, y\u00fcksek faiz ortam\u0131n\u0131n devam\u0131 ve 105 dolar seviyelerinde Brent petrol \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<li><b>Revize Hedef:<\/b> 2030 y\u0131l\u0131 Net Aktif De\u011fer hedefi, portf\u00f6ydeki b\u00fcy\u00fcme ivmesine duyulan g\u00fcvenle <b>4,5 milyar dolara<\/b> y\u00fckseltilmi\u015ftir.<\/li>\n<li><b>Stratejik Odak:<\/b> 2026&#8217;da G\u00fcm\u00fc\u015fta\u015f&#8217;ta verimlilik art\u0131r\u0131c\u0131 DMS yat\u0131r\u0131mlar\u0131 ve Galata Wind&#8217;in Avrupa projelerinin in\u015faat s\u00fcre\u00e7leri \u00f6nceliklendirilecektir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"1612\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Do\u011fan Holding, 2025 y\u0131l\u0131n\u0131 &#8220;sadele\u015fme ve konsolidasyon&#8221; y\u0131l\u0131 olarak geride b\u0131rak\u0131rken, stratejik odak alanlar\u0131ndaki g\u00fc\u00e7l\u00fc operasyonel performans\u0131yla 2030 vizyonunu bir ad\u0131m \u00f6teye ta\u015f\u0131yor. Net Aktif De\u011ferini y\u0131ll\u0131k %9 art\u0131\u015fla 2,8 milyar dolar seviyesine y\u00fckselten grup, madencilikte G\u00fcm\u00fc\u015fta\u015f\u2019\u0131n rekor katk\u0131s\u0131 ve finansal hizmetlerde Hepiyi Sigorta\u2019n\u0131n dijital ba\u015far\u0131 hikayesiyle b\u00fcy\u00fcme rotas\u0131n\u0131 netle\u015ftirdi. 2030 NAV hedefini 4,5 milyar dolara revize eden Holding&#8217;in, Galata Wind&#8217;in yenilenebilir enerji yat\u0131r\u0131mlar\u0131ndan Karel&#8217;deki d\u00f6n\u00fc\u015f\u00fcm s\u00fcrecine, otomotivdeki zorlu d\u00f6nemden finansal i\u015ftiraklerin y\u00fcksek karl\u0131l\u0131\u011f\u0131na kadar t\u00fcm kritik verilerini ve 2026 beklentilerini analizimizde bulabilirsiniz.<\/p>\n","protected":false},"author":9,"featured_media":1305,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[249],"tags":[281],"class_list":["post-1612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analisttoplantisi","tag-dohol"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1612"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1612\/revisions"}],"predecessor-version":[{"id":1614,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1612\/revisions\/1614"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1305"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}