GSD Holding AS (GSDHO) - Net Assets

Latest as of June 2025: TL11.67 Billion TRY ≈ $261.28 Million USD

Based on the latest financial reports, GSD Holding AS (GSDHO) has net assets worth TL11.67 Billion TRY (≈ $261.28 Million USD) 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 ≈ $396.41 Million USD) and total liabilities (TL6.03 Billion ≈ $135.13 Million USD). 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. Check how resilient are GSD Holding AS's assets to evaluate the company's liquid asset resilience ratio.

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. Also explore balance sheet size of GSD Holding AS for the complete picture of this company's asset base.

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. For live valuation and market cap data, see GSDHO stock market capitalisation.

Year	Net Assets	Change
2024-12-31	TL10.23 Billion ≈ $229.19 Million	+0.16%
2023-12-31	TL10.22 Billion ≈ $228.82 Million	+105.79%
2022-12-31	TL4.96 Billion ≈ $111.19 Million	+67.81%
2021-12-31	TL2.96 Billion ≈ $66.26 Million	+66.12%
2020-12-31	TL1.78 Billion ≈ $39.89 Million	+16.02%
2019-12-31	TL1.53 Billion ≈ $34.38 Million	+15.66%
2018-12-31	TL1.33 Billion ≈ $29.72 Million	+39.48%
2017-12-31	TL951.48 Million ≈ $21.31 Million	+8.91%
2016-12-31	TL873.65 Million ≈ $19.57 Million	+5.08%
2015-12-31	TL831.41 Million ≈ $18.62 Million	+3.12%
2014-12-31	TL806.25 Million ≈ $18.06 Million	+1.01%
2013-12-31	TL798.20 Million ≈ $17.88 Million	+4.44%
2012-12-31	TL764.23 Million ≈ $17.12 Million	+10.03%
2011-12-31	TL694.54 Million ≈ $15.56 Million	+4.70%
2010-12-31	TL663.39 Million ≈ $14.86 Million	+6.59%
2009-12-31	TL622.36 Million ≈ $13.94 Million	+7.44%
2008-12-31	TL579.26 Million ≈ $12.97 Million	+16.58%
2007-12-31	TL496.87 Million ≈ $11.13 Million	+14.04%
2006-12-31	TL435.68 Million ≈ $9.76 Million	+50.09%
2005-12-31	TL290.28 Million ≈ $6.50 Million	+29.21%
2004-12-31	TL224.66 Million ≈ $5.03 Million	-100.00%
2003-12-31	TL190.13 Trillion ≈ $4.26 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
PT DFI Retail Nusantara Tbk JK:HERO	$118.16 Million
Impiana Hotels Bhd KLSE:7243	$118.18 Million
SaraminHR Co.Ltd KQ:143240	$118.25 Million
Black Mammoth Metals Corp V:BMM	$118.32 Million
EML Payments Ltd F:A8Y1	$118.07 Million
Allied Tecnologia S.A SA:ALLD3	$118.06 Million
TTEC Holdings Inc NASDAQ:TTEC	$118.01 Million
Traeger Inc NYSE:COOK	$117.97 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: 0.55x
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 2.83x to 0.55x 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	TL5.86	x
2018-12-31	TL3.61	TL5.86	x
2019-12-31	TL4.18	TL5.86	x
2020-12-31	TL4.24	TL5.86	x
2021-12-31	TL6.81	TL5.86	x
2022-12-31	TL5.13	TL5.86	x
2023-12-31	TL10.49	TL5.86	x
2024-12-31	TL10.58	TL5.86	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: $4,576,018,336
Average return on equity (ROE) among peers: 15.72%

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	$118.12 Million
Ege Gubre Sanayi AS (EGGUB)	$8.55 Billion	8.37%	0.22x	$285.79 Million
GSD Denizcilik Gayrimenkul Insaat Sanayi ve Ticaret AS (GSDDE)	$603.66 Million	23.07%	0.44x	$58.46 Million

About GSD Holding AS

IS:GSDHO Turkey Marine Shipping

Market Cap

$118.12 Million

TL5.27 Billion TRY

Market Cap Rank

#18579 Global

#268 in Turkey

Share Price

TL5.86

Change (1 day)

+7.13%

52-Week Range

TL3.48 - TL5.86

All Time High

TL5.86