GSD Holding AS

IS:GSDHO Turkey Marine Shipping
Market Cap
$114.97 Million
TL4.08 Billion TRY
Market Cap Rank
#19547 Global
#194 in Turkey
Share Price
TL4.53
Change (1 day)
-0.88%
52-Week Range
TL3.48 - TL5.38
All Time High
TL5.61
Categories
Companies in Turkey Marine Shipping
About

GSD Holding A.S., through its subsidiaries, engages in finance, shipping, energy, and education businesses. The company offers spot loans, revolving, cash, installment commercial, and currency loans; trade financing services; and factoring, financing, warranty, collection services. It also provides dry bulk shipping for the products, such as iron ore and other metals, coal, agricultural products,… Read more

GSD Holding AS (GSDHO) - Net Assets

Latest net assets as of June 2025: TL11.67 Billion TRY

Based on the latest financial reports, GSD Holding AS (GSDHO) has net assets worth TL11.67 Billion TRY as of June 2025.

Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (TL17.70 Billion) and total liabilities (TL6.03 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.

Key Net Assets Metrics

Metric Value
Current Net Assets TL11.67 Billion
% of Total Assets 65.91%
Annual Growth Rate -37.38%
5-Year Change 474.62%
10-Year Change 1130.78%
Growth Volatility 37.68

GSD Holding AS - Net Assets Trend (2003–2024)

This chart illustrates how GSD Holding AS's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.

Annual Net Assets for GSD Holding AS (2003–2024)

The table below shows the annual net assets of GSD Holding AS from 2003 to 2024.

Year Net Assets Change
2024-12-31 TL10.23 Billion +0.16%
2023-12-31 TL10.22 Billion +105.79%
2022-12-31 TL4.96 Billion +67.81%
2021-12-31 TL2.96 Billion +66.12%
2020-12-31 TL1.78 Billion +16.02%
2019-12-31 TL1.53 Billion +15.66%
2018-12-31 TL1.33 Billion +39.48%
2017-12-31 TL951.48 Million +8.91%
2016-12-31 TL873.65 Million +5.08%
2015-12-31 TL831.41 Million +3.12%
2014-12-31 TL806.25 Million +1.01%
2013-12-31 TL798.20 Million +4.44%
2012-12-31 TL764.23 Million +10.03%
2011-12-31 TL694.54 Million +4.70%
2010-12-31 TL663.39 Million +6.59%
2009-12-31 TL622.36 Million +7.44%
2008-12-31 TL579.26 Million +16.58%
2007-12-31 TL496.87 Million +14.04%
2006-12-31 TL435.68 Million +50.09%
2005-12-31 TL290.28 Million +29.21%
2004-12-31 TL224.66 Million -100.00%
2003-12-31 TL190.13 Trillion --

Equity Component Analysis

This analysis shows how different components contribute to GSD Holding AS's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

  • Retained earnings have decreased by 100.0% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2024)

Component Amount Percentage
Other Components TL15.35 Billion 161.11%
Total Equity TL9.53 Billion 100.00%

GSD Holding AS Competitors by Market Cap

The table below lists competitors of GSD Holding AS ranked by their market capitalization.

Company Market Cap
Korea Ratings Co. Ltd
KQ:034950
 		$73.08 Million
Jeju Bank
KO:006220
 		$73.09 Million
VIGO Photonics S.A.
F:J8Z
 		$73.10 Million
Sinar Mas Agro Resources and Technology Tbk PT
JK:SMAR
 		$73.12 Million
Leofoo Development Co Ltd
TW:2705
 		$73.02 Million
GE Power India Limited
NSE:GEPIL
 		$73.01 Million
SUR TATIL EVLERI GMYO
IS:SURGY
 		$72.97 Million
Community Bancshares Inc. (McArthur OH)
PINK:CNUN
 		$72.95 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in GSD Holding AS's equity between the two most recent reporting periods.

Equity Growth Insights

  • From 2023 to 2024, total equity changed from 9,436,723,000 to 9,526,248,000, a change of 89,525,000 (0.9%).
  • Net income of 436,306,000 contributed positively to equity growth.
  • New share issuances of 83,369,000 increased equity.
  • Other factors decreased equity by 430,150,000.

Equity Change Factors (2023 to 2024)

Factor Impact Contribution
Net Income TL436.31 Million +4.58%
Share Issuances TL83.37 Million +0.88%
Other Changes TL-430.15 Million -4.52%
Total Change TL- 0.95%

Book Value vs Market Value Analysis

This analysis compares GSD Holding AS's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

  • Current price-to-book ratio: 0.43x
  • The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
  • The price-to-book ratio has decreased from 2.19x to 0.43x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date Book Value per Share Market Price P/B Ratio
2017-12-31 TL2.07 TL4.53 x
2018-12-31 TL3.61 TL4.53 x
2019-12-31 TL4.18 TL4.53 x
2020-12-31 TL4.24 TL4.53 x
2021-12-31 TL6.81 TL4.53 x
2022-12-31 TL5.13 TL4.53 x
2023-12-31 TL10.49 TL4.53 x
2024-12-31 TL10.58 TL4.53 x

Capital Efficiency Dashboard

This dashboard shows how efficiently GSD Holding AS utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

  • Current Return on Equity (ROE): 4.58%
  • The company may be facing challenges in efficiently utilizing shareholder equity.
  • DuPont Analysis Breakdown:
  • • Net Profit Margin: 10.73%
  • • Asset Turnover: 0.27x
  • • Equity Multiplier: 1.57x
  • Recent ROE (4.58%) is below the historical average (9.02%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year Return on Equity Net Profit Margin Asset Turnover Equity Multiplier Economic Value Added
2003 25.07% 2.41% 0.98x 10.61x TL22.50 Trillion
2004 5.12% 0.65% 0.80x 9.76x TL-8.74 Million
2005 7.05% 1.22% 0.58x 10.01x TL-6.97 Million
2006 7.20% 1.74% 0.44x 9.50x TL-9.45 Million
2007 11.92% 9.72% 0.15x 8.46x TL7.43 Million
2008 4.15% 3.54% 0.17x 6.89x TL-26.31 Million
2009 5.70% 8.46% 0.14x 4.92x TL-20.70 Million
2010 4.23% 8.74% 0.09x 5.53x TL-29.57 Million
2011 4.86% 7.90% 0.09x 7.02x TL-27.79 Million
2012 5.37% 7.48% 0.11x 6.66x TL-27.59 Million
2013 5.48% 8.31% 0.10x 6.77x TL-28.15 Million
2014 0.90% 12.60% 0.01x 6.43x TL-58.16 Million
2015 27.34% 749.90% 0.02x 1.65x TL139.92 Million
2016 10.73% 51.72% 0.12x 1.71x TL6.22 Million
2017 6.10% 38.30% 0.09x 1.72x TL-36.30 Million
2018 22.55% 94.27% 0.16x 1.47x TL163.17 Million
2019 10.88% 55.50% 0.14x 1.40x TL13.30 Million
2020 2.82% 18.08% 0.11x 1.38x TL-123.31 Million
2021 22.63% 76.02% 0.20x 1.51x TL348.32 Million
2022 29.50% 94.72% 0.22x 1.43x TL900.16 Million
2023 -25.69% -90.41% 0.21x 1.38x TL-3.37 Billion
2024 4.58% 10.73% 0.27x 1.57x TL-516.32 Million

Industry Comparison

This section compares GSD Holding AS's net assets metrics with peer companies in the Marine Shipping industry.

Industry Context

  • Industry: Marine Shipping
  • Average net assets among peers: $140,011,895
  • Average return on equity (ROE) among peers: 21.54%

Peer Company Comparison

Company Net Assets Return on Equity Debt-to-Equity Market Cap
GSD Holding AS (GSDHO) TL11.67 Billion 25.07% 0.52x $73.06 Million
Ege Gubre Sanayi AS (EGGUB) $221.76 Million 20.43% 1.52x $140.15 Million
GSD Denizcilik Gayrimenkul Insaat Sanayi ve Ticaret AS (GSDDE) $58.73 Million 0.00% 0.19x $760.13K
Trabzon Liman Isletmeciligi A.S. (TLMAN) $139.54 Million 44.17% 0.35x $13.81 Million