Turk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Turk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY) trades at $10.10 with AI Score 58/100 (Grade B). 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 live · AI analysis from 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 mixed fundamental profile based on the underlying data.
KOZAY: 3/4 perspectives are bullish. Dominant signal: Moon AI bullish.
How is this calculated? →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 30.0 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 30.0 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 | AI Score |
|---|---|---|---|---|
| AZRMF Azure Minerals Limited | $2.00 | +72.41% | $1.12B | 56 |
| CCGLF China Shanshui Cement Group Limited | $0.25 | +0.00% | $1.28B | 41 |
| CUGCF China Oriental Group Company Limited | $0.32 | +65.62% | $1.17B | 40 |
| HCHDY Hochschild Mining plc | $27.14 | +0.00% | $13.96B | 52 |
| KRRGF Karora Resources Inc. | $4.83 | +2.33% | $862.91M | 49 |
| WPM Wheaton Precious Metals Corp. | $115.28 | -0.38% | $52.35B | 69 |
| ORLA Orla Mining Ltd. | $10.17 | -0.10% | $3.82B | 69 |
| OR OR Royalties Inc. | $30.82 | -1.97% | $5.78B | 68 |
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 30.0 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 30.0 runs well above the Basic Materials sector’s ~22x, 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 Opportunities Does KOZAY Have?
- Expansion of existing mines to increase gold production.
- Exploration of new gold deposits in Turkey.
- Adoption of new technologies to improve mining efficiency.
- Strategic acquisitions to expand operations.
What Threats Does KOZAY Face?
- Fluctuations in gold prices.
- Regulatory changes in Turkey.
- Environmental regulations.
- Geopolitical risks in Turkey.
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.
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 Mahmut Celik. KOZAY has traded publicly since 2011.
F-Score 7/9Financial Health
Turk Altin Isletmeleri A.S. Unsponsored ADR's Piotroski F-Score is 7/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 10.80 places it in the safe zone, indicating low near-term bankruptcy risk.
ROE 12%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 29.99, above the Basic Materials sector average of ~22x. 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. Relative to its peer group, KOZAY's quantitative score of 58/100 is above the peer average of 48/100.
FY2026 estForward Outlook
Wall Street analysts project Turk Altin Isletmeleri A.S. Unsponsored ADR revenue of about $46.51B for fiscal 2026, with EPS near $0.00. The estimate reflects 4 contributing analysts.
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 30.0 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 · July 2026
KOZAY Latest News
No recent news available for KOZAY.
KOZAY Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for KOZAY.
Price Targets
Wall Street price target analysis for KOZAY.
KOZAY MoonshotScore
What does this score mean?
The MoonshotScore rates KOZAY's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
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
- Disclosure Status: Unknown
- 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
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. The company focuses on extracting gold from its seven mines located in various regions, including OvacikBergama-Izmir and Çukuralan-Izmir. It processes the extracted ore into gold bullion for sale. As an unsponsored ADR trading over-the-counter, KOZAY allows U.S. investors to gain exposure to the Turkish gold mining sector.
What are the main risks for KOZAY?
Investing in KOZAY involves several risks. Fluctuations in gold prices can significantly impact the company's revenue and profitability. Regulatory changes in Turkey, including mining regulations and environmental laws, can affect the company's operations. Geopolitical risks in Turkey can also disrupt the company's activities. As an ADR, KOZAY is subject to currency risk, as fluctuations in the Turkish Lira can affect the value of the ADR. Additionally, as an OTC stock, liquidity may be limited.
What are the key factors to evaluate for KOZAY?
Turk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY) holds an AI score of 58/100 (moderate). P/E: 30.0x vs the S&P 500's ~20-25x. Not financial advice.
How frequently does KOZAY data refresh on this page?
KOZAY prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
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 30.0x earnings. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
What research should beginners do before buying KOZAY?
Before investing in Turk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) what Wall Street analysts recommend and their price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Why might investors consider adding KOZAY to a portfolio?
Key strength of Turk Altin Isletmeleri A.S. Unsponsored ADR (KOZAY): Established gold mining operations in Turkey. Weigh rewards against risks and diversify. Not financial advice.
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
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.