Turk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY) Stock Analysis
Educational signal · not a buy or sell recommendation · How to read this
P/E 33.35 means the share price is 33.35 times one year of earnings per share; the S&P 500 usually sits near 20-25. Market cap $3.23B is the value of all shares combined. Beta 1.08: the stock has moved about 8% more than the S&P 500.
For informational purposes only. Not financial advice. Machine-generated analysis by Stock Expert AI — model gemini-2.0-flash, generated Mar 16, 2026. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief. Data sources: Financial Modeling Prep, Yahoo Finance, SEC EDGAR
Quick AnswerTurk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY) trades at $10.10. Koza Altin Isletmeleri A.S. is a Turkish gold mining company that explores and operates gold mines. Market cap: $3.23B, Sector: Basic materials.
Price as of Sep 11, 2026 · Last analyzed: Mar 16, 2026Analyst Coverage for KOZAY: KOZAY does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates KOZAY against Basic Materials peers across nine fundamental dimensions and assigns a neutral fundamental signal based on the underlying data.
These figures come from statements filed 12 months ago — the most recent this company has published.
No score published: this stock trades under $10,000 on a typical day, so the price beside it is not one you could reliably act on.
KOZAY: 2/2 scored disciplines lean bullish. Dominant signal: Izzy Englander bullish.
How is this calculated? →AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built
Turk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY) Materials & Commodity Exposure
Koza Altin Isletmeleri A.S., a Turkish gold mining company founded in 1989, operates seven gold mines across Turkey. With a market capitalization of $3.23B and a profit margin of 24.2%, the company focuses on gold exploration and production within the basic materials sector.
What Is the Investment Thesis for KOZAY?
Koza Altin Isletmeleri A.S. presents a focused investment opportunity within the Turkish gold mining sector. The company's operations across seven mines provide a degree of geographic diversification within Turkey. With a profit margin of 24.2% and a gross margin of 42.3%, Koza Altin demonstrates reasonable profitability. However, the company's P/E ratio of 33.35 suggests a relatively high valuation compared to peers. Growth catalysts include potential expansion of existing mines and exploration of new gold deposits. Potential risks include fluctuations in gold prices and regulatory changes in Turkey.
Based on FMP financials and quantitative analysis
KOZAY Key Highlights
Market capitalization of $3.23B indicates substantial size within the Turkish gold mining industry.
- Profit margin of 24.2% reflects efficient operations in gold extraction and sales.
- Gross margin of 42.3% suggests a strong ability to manage production costs.
- P/E ratio of 33.35 indicates a relatively high valuation compared to industry peers.
- Beta of 1.08 suggests the stock's price is slightly more volatile than the overall market.
Who Are KOZAY's Competitors?
KOZAY is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | MoonshotScore |
|---|---|---|---|---|
| AZRMF Azure Minerals Limited | $2.00 | +72.41% | $1.12B | — |
| CCGLF China Shanshui Cement Group Limited | $0.25 | 0.00% | $1.28B | — |
| CUGCF China Oriental Group Company Limited | $0.13 | 0.00% | $498M | — |
| HCHDY Hochschild Mining plc | $3.62 | 0.00% | $931M | — |
| KRRGF Karora Resources Inc. | $4.83 | +2.33% | $863M | — |
| NG NovaGold Resources Inc. | $7.50 | -1.45% | $3.29B | 425-pillar |
| SA Seabridge Gold Inc. | $30.95 | -4.24% | $3.33B | 445-pillar |
| AAUC Allied Gold Corporation | $22.82 | +1.49% | $2.89B | 345-pillar |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are KOZAY's Key Strengths?
Established gold mining operations in Turkey.
- Seven operating mines provide geographic diversification within Turkey.
- Experienced management team.
- Profitability with a 24.2% profit margin.
What Are KOZAY's Weaknesses?
High P/E ratio of 33.35 suggests a relatively high valuation.
- Dependence on gold prices.
- Geographic concentration in Turkey exposes the company to regional risks.
- No dividend yield may deter some investors.
What Could Drive KOZAY Stock Higher?
Expansion of existing mines to increase gold production.
- Exploration of new gold deposits in Turkey.
- Adoption of new technologies to improve mining efficiency.
- Potential strategic acquisitions to expand operations.
- Implementation of sustainable mining practices to reduce environmental impact.
What Are the Key Risks for KOZAY?
Rich valuation — a P/E of 33.35 runs well above the Basic Materials sector’s ~21.40x, leaving little room for a miss.
- Fluctuations in gold prices.
- Regulatory changes in Turkey.
- Environmental regulations.
- Geopolitical risks in Turkey.
- Currency risk associated with the Turkish Lira.
What Are the Growth Opportunities for KOZAY?
- Expansion of Existing Mines: Koza Altin can increase its gold production by expanding its existing mines in OvacikBergama-Izmir, Çukuralan-Izmir, Kaymaz-Eskisehir, Mastra-Gümüshane, and Himmetdede-Kayseri regions. This involves investing in new equipment, infrastructure, and exploration activities to increase the extraction rate and extend the lifespan of the mines. The timeline for expansion projects varies depending on the specific mine and regulatory approvals, but typically ranges from 1 to 3 years.
- Exploration of New Gold Deposits: Koza Altin can explore new gold deposits in Turkey to increase its gold reserves and production capacity. This involves conducting geological surveys, drilling, and feasibility studies to identify and assess potential gold deposits. The timeline for exploration projects is uncertain and depends on the success of the exploration activities, but typically ranges from 3 to 5 years.
- Technological Advancements: Koza Altin can adopt new technologies to improve its mining efficiency and reduce its operating costs. This includes using advanced drilling techniques, automated equipment, and data analytics to optimize the mining process. The implementation of new technologies can lead to increased gold production and lower production costs. The timeline for technology adoption varies depending on the specific technology, but typically ranges from 1 to 2 years.
- Strategic Acquisitions: Koza Altin can acquire other gold mining companies or gold deposits in Turkey or internationally to expand its operations and increase its gold reserves. This involves identifying and evaluating potential acquisition targets, negotiating the terms of the acquisition, and obtaining regulatory approvals. The timeline for acquisitions is uncertain and depends on the availability of suitable targets and regulatory approvals, but typically ranges from 6 months to 2 years.
- Sustainable Mining Practices: Koza Altin can implement sustainable mining practices to reduce its environmental impact and improve its social responsibility. This includes reducing its water consumption, minimizing its waste generation, and rehabilitating mined areas. The implementation of sustainable mining practices can enhance the company's reputation and attract investors who prioritize environmental and social governance (ESG) factors. The timeline for implementing sustainable mining practices is ongoing and requires a long-term commitment.
What Are KOZAY's Competitive Advantages?
- Geographic Concentration: Koza Altin's operations are concentrated in Turkey, providing a regional advantage.
- Operational Expertise: The company has experience in operating gold mines in Turkey.
- Established Infrastructure: Koza Altin has infrastructure in place to support its mining operations.
What Does KOZAY Do?
Koza Altin Isletmeleri A.S. was founded in 1989 and is headquartered in Ankara, Turkey. The company is engaged in the exploration and operation of gold mines. It has grown to become a significant player in the Turkish gold mining industry, operating seven mines located in OvacikBergama-Izmir, Çukuralan-Izmir, Kaymaz-Eskisehir, Mastra-Gümüshane, and Himmetdede-Kayseri regions. These mines are crucial to the company's production capacity and geographic diversification within Turkey. Koza Altin focuses on extracting gold and aims to increase its gold reserves through continuous exploration activities. The company's operations contribute to the Turkish economy by providing employment and generating revenue through gold sales. As of 2026, Koza Altin continues to focus on operational efficiency and sustainable mining practices.
What Products and Services Does KOZAY Offer?
- Explores for gold deposits in Turkey.
- Operates seven gold mines in various regions of Turkey.
- Extracts gold from its mines.
- Processes gold ore to produce gold bullion.
- Sells gold bullion to customers.
- Conducts geological surveys and drilling to identify new gold deposits.
- Invests in new equipment and infrastructure to improve mining efficiency.
How Does KOZAY Make Money?
- Exploration and Development: Koza Altin explores and develops gold mines in Turkey.
- Gold Production: The company extracts and processes gold ore to produce gold bullion.
- Sales: Koza Altin sells its gold bullion to various customers.
What Industry Does KOZAY Operate In?
Koza Altin Isletmeleri A.S. operates within the gold mining industry, which is influenced by global gold prices, economic conditions, and geopolitical factors. The gold mining industry is characterized by companies involved in the exploration, extraction, and processing of gold. The industry is competitive, with companies striving to increase their gold reserves and production efficiency. Koza Altin competes with other gold mining companies in Turkey and internationally. The demand for gold is driven by its use in jewelry, investment, and industrial applications.
Who Are KOZAY's Key Customers?
- Jewelry Manufacturers: Gold is used in the production of jewelry.
- Investors: Gold is used as an investment asset.
- Industrial Users: Gold is used in various industrial applications.
Research confidence
Enough evidence to be useful, with gaps worth knowing about.
- ● Scoring coverage unknown
- ● Price is current
- ● Latest filing 73 days ago
- ● No analyst coverage
- ● Reported in TRY, converted to USD
MoonshotScore History
Recorded daily since 2026-08-23 · 19 snapshots
| 2026-08-23 | 58 |
| 2026-08-26 | 58 |
| 2026-08-29 | 58 |
| 2026-09-01 | 58 |
| 2026-09-04 | 58 |
| 2026-09-07 | 58 |
| 2026-09-10 | 58 |
What changed?
The score has stayed at 58.
Over the same 18 days the stock moved +0.0%.
Company Profile
Turk Altin Isletmeleri A.S. Unsponsored ADR operates in the Gold industry within the Basic Materials sector. It is headquartered in Ankara, TR. The company is led by CEO Abdurrahman Alp Beyaz. KOZAY has traded publicly since 2011.
Key Financial Metrics
Return on equity for Turk Altin Isletmeleri A.S. Unsponsored ADR stands at 12.3%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 8.8%, showing how much profit it generates from its asset base. KOZAY trades at a trailing price-to-earnings ratio of 33.35, above the Basic Materials sector average of ~21.40x. Its free cash flow yield is 4.3%, a gauge of the cash the business throws off relative to its market value. A current ratio of 3.27 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is 3.3%, the inverse of the P/E and a quick read on earnings relative to price.
KOZAY Valuation & Market Position
With a $3.23B market cap, Turk Altin Isletmeleri A.S. Unsponsored ADR sits in the mid-cap segment of the market.
Quarterly Financial Performance: Turk Altin Isletmeleri A.S. Unsponsored ADR
Revenue for Turk Altin Isletmeleri A.S. Unsponsored ADR came in at $95.0M during Q2 FY2026, a 47.0% contraction versus the preceding quarter. The company recorded net income of $23.1M, with diluted EPS of $0.07. Quarter-over-quarter revenue has been mixed, typical for a mid-cap company operating in Basic Materials. Across the four most recent quarters, KOZAY averaged $0.08 in diluted EPS.
Financial Health
Turk Altin Isletmeleri A.S. Unsponsored ADR's Piotroski F-Score is 6/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of 13.24 places it in the safe zone, indicating low near-term bankruptcy risk.
KOZAY Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Established gold mining operations in Turkey.
- Seven operating mines provide geographic diversification within Turkey.
- Experienced management team.
- Profitability with a 24.2% profit margin.
Bear Case
- High P/E ratio of 33.35 suggests a relatively high valuation.
- Dependence on gold prices.
- Geographic concentration in Turkey exposes the company to regional risks.
- No dividend yield may deter some investors.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 FY2026 | $95M | $23M | $0.07 |
| Q1 FY2026 | $179M | $32M | $0.10 |
| Q4 FY2025 | $86M | -$9M | -$0.03 |
| Q3 FY2025 | $115M | $57M | $0.18 |
Q2 FY2026 · filed 30 Jun 2026 · SEC EDGAR →
Based on FMP financials and quantitative analysis · Converted to USD from TRY at today's rate
KOZAY Latest News
No recent news available for KOZAY.
KOZAY Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations collected by Financial Modeling Prep for KOZAY.
Price Targets
Wall Street price target analysis for KOZAY.
KOZAY MoonshotScore
MoonshotScore is Stock Expert AI's proprietary 0-100 research rating, not a buy or sell recommendation. No MoonshotScore is published for KOZAY; grades run from A+ (80-100) to F (below 30).
Leadership: Mahmut Celik
CEO
Mahmut Celik is the CEO of Koza Altin Isletmeleri A.S. He is responsible for managing the company's overall operations and strategic direction. Celik has extensive experience in the mining industry. His background includes various leadership roles in mining operations and project management. He oversees a workforce of 2058 employees.
Track Record: Under Mahmut Celik's leadership, Koza Altin has focused on increasing its gold production and expanding its operations in Turkey. He has overseen the development of new mines and the implementation of new technologies to improve mining efficiency. Celik has also focused on promoting sustainable mining practices and reducing the company's environmental impact.
Turk Altin Isletmeleri A.S. Unsponsored ADR ADR Information Unsponsored
An American Depositary Receipt (ADR) is a certificate representing shares of a foreign company trading on U.S. stock exchanges. KOZAY is an unsponsored Level 1 ADR, meaning it trades over-the-counter (OTC) without direct involvement from Koza Altin. This allows U.S. investors to invest in the company without directly dealing with the Turkish stock market.
- Home Market Ticker: KOZA trades on the Istanbul Stock Exchange (Borsa Istanbul) in Turkey.
- ADR Level: 1
- ADR Ratio: 1:1
- Home Market Ticker: KOZA
KOZAY OTC Market Information
The OTC Other tier represents the lowest tier of the OTC market, indicating minimal listing requirements and regulatory oversight compared to exchanges like the NYSE or NASDAQ. Companies on this tier often have limited financial disclosure and may not meet the listing standards of major exchanges. This can result in higher risks for investors due to the lack of transparency and regulatory scrutiny.
- OTC Tier: OTC Other
- Limited Financial Disclosure: The lack of financial disclosure makes it difficult to assess the company's financial health and performance.
- Low Liquidity: The low trading volume and wide bid-ask spread can make it difficult to buy or sell shares quickly and at desired prices.
- Regulatory Oversight: The limited regulatory oversight increases the risk of fraud and manipulation.
- Information Availability: Information about the company may be limited and difficult to obtain.
- Volatility: OTC stocks are generally more volatile than stocks listed on major exchanges.
- Verify the company's registration and legal status.
- Obtain and review the company's financial statements, if available.
- Research the company's management team and their track record.
- Assess the company's business model and competitive landscape.
- Understand the risks associated with investing in OTC stocks.
- Consult with a financial advisor before investing.
- Check for any regulatory actions or legal proceedings against the company.
- Company has been in operation for a significant period (founded in 1989).
- Operates multiple gold mines in Turkey.
- Employs a significant number of employees (2058).
- Has a market capitalization of $3.23B.
- ADR is available for trading, indicating some level of market interest.
KOZAY Basic Materials Stock FAQ
Is KOZAY a good stock?
Stock Expert AI does not rate KOZAY buy, sell or hold. Turk Altin Isletmeleri A.S. Unsponsored ADR has no MoonshotScore yet; read the financial checkup, analyst consensus and risks directly. Whether it fits is your call: check what it sells, whether it earns, what the price assumes, and what would prove you wrong.
What does Turk Altin Isletmeleri A.S. Unsponsored ADR do?
Turk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY) represents shares of a Turkish gold mining company that explores, develops, and operates gold mines in Turkey. It processes the extracted ore into gold bullion for sale.
What are the key factors to evaluate for KOZAY?
Evaluate KOZAY on fundamentals, analyst consensus, and risk factors. P/E: 33.35x vs the S&P 500's ~20-25x. With a profit margin of 24.2% and a gross margin of 42.3%, Koza Altin demonstrates reasonable profitability. Not financial advice.
How frequently does KOZAY data refresh on this page?
KOZAY's price was last updated on Sep 11, 2026 and refreshes on page view during U.S. market hours; the quote is a provider snapshot, not an exchange feed. Fundamentals follow quarterly filings. V2 calculations are scheduled daily at 10:15 UTC; the score's own date shows its last successful run.
What has driven KOZAY's recent stock price performance?
Turk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Established gold mining operations in Turkey. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider KOZAY overvalued or undervalued right now?
Turk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY) trades at 33.35x earnings. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
Can I buy fractional shares of KOZAY?
Yes, most major brokerages offer fractional shares of Turk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY) with no minimum purchase requirement. This means you can invest any dollar amount regardless of the share price. Check your brokerage platform for specific terms, fees, and fractional share availability.
How can I track KOZAY's earnings and financial reports?
Turk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY) reports quarterly earnings approximately 4-6 weeks after each fiscal quarter ends. You can track earnings dates, revenue and EPS estimates, and actual results on this page's Financials tab. Earnings surprises (beats or misses) often cause significant short-term price moves. Your brokerage can send alerts for KOZAY earnings announcements.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
MoonshotScore is not published for this security.
Data provided for informational purposes only.
- Analyst consensus and detailed financial projections are unavailable.
- OTC market data may be less reliable than exchange-listed data.