D-Market Elektronik Hizmetler ve Ticaret (HEPS) is back on investors’ radar after reporting first quarter 2026 results, with higher sales and gross merchandise value alongside a wider net loss driven by growth investments.

The earnings release appears to have cooled very short term sentiment, with the share price down 2.48% over the last day and 1.43% over the week. However, a 7.42% year to date share price return contrasts with a slightly negative 1 year total shareholder return and a very large 3 year total shareholder return that hints at earlier, stronger momentum now moderating.

If this earnings update has you thinking about where else growth and risk might be priced differently, it could be worth scanning 19 top founder-led companies

So with revenue and gross merchandise value rising alongside a wider loss, and with the stock trading below analyst targets and an indicated intrinsic value, is HEPS offering a mispriced growth story, or is the market already charging for future gains?

Most Popular Narrative: 16.1% Undervalued

At a last close of $2.75 against a narrative fair value of $3.28, the current setup frames HEPS as a discounted growth story built around its logistics, payments and lending platforms.

Expansion of HepsiJet's delivery services, emphasizing increased off-platform volume by 89% year-on-year, which drives up revenue through higher delivery service income. Growth in Hepsipay's one-click checkout integration, reaching 140 key accounts. This can increase transaction volume and user adoption, boosting overall earnings and potentially improving net margins through higher-margin financial services.

Want to see what kind of revenue curve and margin profile would need to sit behind that logistics and payments push? The most followed narrative leans on fast scaling sales, a shift toward higher margin services and a compressed future earnings multiple to reach its $3.28 fair value.

Result: Fair Value of $3.28 (UNDERVALUED)

However, you still need to weigh up risks such as pressure on Turkish consumer spending and higher operating costs, which could challenge the margin and re-rating story.

Next Steps

If the mixed tone of growth potential and risk has you thinking, now is the moment to review the facts and decide for yourself. Start with 3 key rewards and 1 important warning sign

Looking for more investment ideas?

If HEPS has sharpened your focus, now is the time to widen your watchlist with other stocks that match the kind of profile you want.

• Spot opportunities with strong cash flow and quality fundamentals by reviewing the 48 high quality undervalued stocks.
• Prioritize resilience and sleep easier at night by checking companies in the 70 resilient stocks with low risk scores.
• Stay ahead of the crowd by hunting for overlooked potential in the screener containing 21 high quality undiscovered gems.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.