Selçuk Ecza Deposu Ticaret ve Sanayi A.S.

SELEC.IS

Medical - Distribution · Healthcare

Price

235.70 TRY

-2.60 (-1.09%)

Market Cap

146.37B TRY

Exchange

Istanbul Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Selçuk Ecza Deposu is one of Turkey's largest pharmaceutical wholesalers. It buys medicines, medical supplies, and healthcare products from manufacturers and distributes them to pharmacies, hospitals, and clinics across Turkey. The company sits in the middle of the healthcare supply chain, connecting drug makers to the places where patients actually get their medications.

The company makes money by buying products in bulk and reselling them at a small markup, which explains the thin margins typical of distribution businesses. It operates almost entirely within Turkey, making its financial performance closely tied to the Turkish economy, currency fluctuations, and government drug pricing policies. Its scale and established logistics network give it a competitive edge over smaller rivals, but the main risk is that Turkey's government regularly sets or adjusts the prices pharmacies and distributors can charge for medicines, which puts constant pressure on already narrow profit margins.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+38.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

85.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$13.9B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Selçuk Ecza Deposu Ticaret ve Sanayi A.S. grew revenue 39% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 621.0M (2021) → 621.0M (2025)

Score breakdown

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Quality

Gross Margin

11.3%

Thin — 11.3% gross margin

Operating Margin

5.8%

Thin — 5.8% operating margin

ROCE

4.7%

Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+36.3%

Fast-growing sales (36.3% YoY)

EPS YoY

-32.7%

Earnings shrinking (-32.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

-58%

Weak — only -58% of profit becomes cash

FCF Margin

-0.8%

Burning cash (-0.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.87

Moderate — manageable debt (0.87)

Interest Cover

5.91x

Adequate interest coverage (5.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

124.1x

Expensive — P/E 124.1

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+92.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (124.1 → 31.3)

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Dividends

Dividend Yield

0.18%

Small dividend — 0.18% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+42.6%

Dividend growing fast (42.6% YoY)

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