{"id":65096,"date":"2026-04-17T12:15:52","date_gmt":"2026-04-17T12:15:52","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/17\/enerjisa-enjsa-bilanco-yorumu\/"},"modified":"2026-04-17T12:15:52","modified_gmt":"2026-04-17T12:15:52","slug":"enerjisa-enjsa-bilanco-yorumu","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2026\/04\/17\/enerjisa-enjsa-bilanco-yorumu\/","title":{"rendered":"Enerjisa (ENJSA) bilan\u00e7o yorumu"},"content":{"rendered":"<p>Enerjisa Enerji A.\u015e. (ENJSA) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. <a href=\"https:\/\/rotaborsa.com\/haberler\/bilanco-haberleri\/\">Bilan\u00e7o<\/a> sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2023\/02\/enerjisa.webp\" alt=\"| Rota Borsa\" class=\"wp-image-11422\" title=\"2 kurum Ford Otomotiv (FROTO) i\u00e7in hedef fiyatlar\u0131n\u0131 a\u00e7\u0131klad\u0131 6 HABERLER, G\u00fcndemdekiler, \u015eirket Haberleri Rota Borsa\" \/><\/figure>\n<h2 class=\"wp-block-heading\">Enerjisa Enerji A.\u015e. hisse haberleri \u2013 ENJSA hisse yorumu<\/h2>\n<p>\u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201c<strong>Ger\u00e7ekle\u015fen ve Tahminler<\/strong>: ENJSA 4\u00c725 i\u00e7in 3.619 mn TL baz al\u0131nan net kar (\u0130\u015f Yat\u0131r\u0131m: 3.620 mn TL) ve 13.869 mn TL faaliyet geliri (\u0130\u015f Yat\u0131r\u0131m: 11.951 mn TL) a\u00e7\u0131klad\u0131. Net kar ise 2.707 mn TL ile konsens\u00fcs\u00fcn \u00e7ok \u00fczerinde geldi (Piyasa: 918 mn TL).. Ciro 62.783 mn TL ile beklentilere paralel seyrederken (Piyasa: 61.002 mn TL, \u0130\u015f Yat\u0131r\u0131m: 69.422 mn TL), FAV\u00d6K rakam\u0131 10.988 mn TL (Piyasa: 11.320 mn TL) ile piyasa beklentisine olduk\u00e7a yak\u0131n ger\u00e7ekle\u015fti.<br \/><strong>Son \u00c7eyrekte \u00d6ne \u00c7\u0131kanlar<\/strong>: <em>DVT 83,6 milyar TL seviyesine ula\u015ft\u0131.\u00a0<\/em>Da\u011f\u0131t\u0131m taraf\u0131nda D\u00fczenlenmi\u015f Varl\u0131k Taban\u0131 (DVT) b\u00fcy\u00fcmeye devam ederek 83,6 milyar TL seviyesine ula\u015ft\u0131. B\u00f6ylece y\u0131ll\u0131k varl\u0131k taban\u0131nda B art\u0131\u015f kaydedildi.<br \/><em>Faaliyet gelirinde y\u0131ll\u0131k bazda \u00e7ift haneli b\u00fcy\u00fcme.<\/em><strong>\u00a0<\/strong>Faaliyet geliri 4\u00c725\u2019te y\u0131ll\u0131k bazda reel  oran\u0131nda g\u00fc\u00e7l\u00fc bir art\u0131\u015fla 13.869 mn TL seviyesinde ger\u00e7ekle\u015firken, \u00e7eyreksel bazda hafif bir ivme kayb\u0131yla %3 oran\u0131nda darald\u0131. FAV\u00d6K taraf\u0131nda ise %4\u2019l\u00fck y\u0131ll\u0131k b\u00fcy\u00fcme izlendi. Sonu\u00e7 olarak g\u00fc\u00e7l\u00fc operasyonel sonu\u00e7lar, 2025 y\u0131l\u0131n\u0131n tamam\u0131nda faaliyet gelirini %8 reel art\u0131\u015fla 58.290 mn TL\u2019ye ta\u015f\u0131d\u0131.<br \/><em>G\u00fc\u00e7l\u00fc vergi geliri net karda ciddi bir s\u0131\u00e7rama yaratt\u0131.<\/em><strong>\u00a0<\/strong>Finansman giderlerinde y\u0131ll\u0131k bazda %8\u2019lik bir daralma (-6.470 mn TL) g\u00f6r\u00fcl\u00fcrken, net k\u00e2r\u0131 as\u0131l destekleyen unsur 1.996 mn TL\u2019ye ula\u015fan vergi geliri (4\u00c724: 652 mn TL, 3\u00c725: -419 mn TL vergi gideri) oldu. Parasal kay\u0131p kalemi 4\u00c725\u2019te -1.644 mn TL ile \u00e7eyreksel bazda artsa da y\u0131ll\u0131k bazda \u2019luk bir d\u00fc\u015f\u00fc\u015f g\u00f6sterdi. Artan operasyonel marjlar, d\u00fc\u015fen finansman maliyetleri ve vergi gelirinin yaratt\u0131\u011f\u0131 kald\u0131ra\u00e7 etkisiyle, 4\u00c724\u2019te -547 mn TL net zarar a\u00e7\u0131klayan \u015firket, bu \u00e7eyrekte 2.707 mn TL net kara ula\u015ft\u0131. Baz al\u0131nan net kar da hem vergi etkisi hem de artan enflasyon beklentileri kaynakl\u0131 yukar\u0131 y\u00f6nl\u00fc g\u00fcncellenen faiz geliri sebebiyle y\u0131ll\u0131k bazda  9\u2019luk sert bir art\u0131\u015fla 3.619 mn TL seviyesine y\u00fckseldi.<br \/><strong>De\u011ferleme ve G\u00f6r\u00fcn\u00fcm \u00dczerindeki Etkisi<\/strong>: \u015eirket, 2026 y\u0131l\u0131 i\u00e7in faaliyet gelirlerinin 75-80 milyar TL, baz al\u0131nan net kar\u0131n 11-13 milyar TL, yat\u0131r\u0131mlar\u0131n 30-35 milyar TL ve b\u00f6ylece varl\u0131k taban\u0131n\u0131n 110-120 milyar TL band\u0131na ula\u015fmas\u0131n\u0131 bekliyor.<br \/><strong>Yorum:<\/strong>\u00a0Sonu\u00e7lar hem piyasa hem de \u015firket beklentilerine paralel. A\u00e7\u0131klanan 2026 beklentisinin ard\u0131ndan DVT\u2019de 5, faaliyet gelirlerinde ise ( b\u00fcy\u00fcme \u00f6ng\u00f6r\u00fcyoruz. Bu da 1.6x 2026T FD\/DVT \u00e7arpan\u0131na denk geliyor ve ENJSA \u015fu anda 2.1x FD\/DVT \u00e7arpan\u0131yla i\u015flem g\u00f6rmekte. Baz al\u0131nan net karda ise reel b\u00fcy\u00fcme beklenmemesinin sebebi 2025\u2019de vergiden kaynakl\u0131 y\u00fcksek baz etkisi. Kuvvetli 2026 beklentilerinin ard\u0131ndan d\u00fcnk\u00fc kapan\u0131\u015f\u0131 da g\u00f6z \u00f6n\u00fcnde bulundurdu\u011fumuzda pozitif piyasa tepkisi bekliyoruz.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"404\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/03\/C2441BA7-CDB1-4C7B-A2CE-DAD37B2CD7E5-1024x404.png\" alt=\"| Rota Borsa\" class=\"wp-image-420605\" title=\"| Rota Borsa\" \/><\/figure>\n<p>\u27a2 Raporun tamam\u0131n\u0131 PDF olarak g\u00f6r\u00fcnt\u00fclemek i\u00e7in a\u015fa\u011f\u0131daki dosyay\u0131 indirebilirsiniz.<\/p>\n<div class=\"kanews-banner kanews-banner-single\">\n<div style=\"min-height:280px\" data-empower-zone=\"159899\" class=\"empower-ad\"><\/div>\n<\/div>\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object><\/object><a id=\"wp-block-file--media-acf46e4f-ca46-4cc7-a908-cf3b4fbbc121\" href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/03\/ENJSA_4C25_Kar-Analizi_030326-1.pdf\">ENJSA_4C25_Kar-Analizi_030326-1<\/a><a href=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2026\/03\/ENJSA_4C25_Kar-Analizi_030326-1.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-acf46e4f-ca46-4cc7-a908-cf3b4fbbc121\">\u0130ndir<\/a><\/div>\n<p><em><strong>Kaynak: <\/strong>\u0130\u015f Yat\u0131r\u0131m Ara\u015ft\u0131rma<\/em><\/p>\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\" style=\"font-size:10px\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group\">\n<div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-social-links aligncenter has-huge-icon-size has-visible-labels has-icon-color is-style-default is-horizontal is-content-justification-center is-layout-flex wp-container-core-social-links-is-layout-499968f5 wp-block-social-links-is-layout-flex\">\n<li style=\"color:#ffffff\" class=\"wp-social-link wp-social-link-whatsapp has-white-color wp-block-social-link\"><a rel=\"noopener nofollow\" target=\"_blank\" href=\"https:\/\/whatsapp.com\/channel\/0029Vb6J7JQ6GcG8uLrIR81x\" class=\"wp-block-social-link-anchor\"><span class=\"wp-block-social-link-label\">Rota Borsa WhatsApp kanal\u0131na kat\u0131l\u0131n!<\/span><\/a><\/li>\n<li style=\"color:#ffffff\" class=\"wp-social-link wp-social-link-telegram has-white-color wp-block-social-link\"><a rel=\"noopener nofollow\" target=\"_blank\" href=\"https:\/\/t.me\/rotaborsa_halkaarz\" class=\"wp-block-social-link-anchor\"><span class=\"wp-block-social-link-label\">Rota Borsa Telegram kanal\u0131na kat\u0131l\u0131n!<\/span><\/a><\/li>\n<li style=\"color:#ffffff\" class=\"wp-social-link wp-social-link-x has-white-color wp-block-social-link\"><a rel=\"noopener nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/rotaborsa\" class=\"wp-block-social-link-anchor\"><span class=\"wp-block-social-link-label\">Rota Borsa Twitter hesab\u0131n\u0131 takip edin!<\/span><\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><em><em><em><strong>\u0130\u015f Yat\u0131r\u0131m yasal uyar\u0131s\u0131:<\/strong> Burada yer alan bilgiler \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. taraf\u0131ndan bilgilendirme amac\u0131 ile haz\u0131rlanm\u0131\u015ft\u0131r. Yat\u0131r\u0131m bilgi, yorum ve tavsiyeleri yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kapsam\u0131nda de\u011fildir. Yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 hizmeti; arac\u0131 kurumlar, portf\u00f6y y\u00f6netim \u015firketleri, mevduat kabul etmeyen bankalar ile m\u00fc\u015fteri aras\u0131nda imzalanacak yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 s\u00f6zle\u015fmesi \u00e7er\u00e7evesinde sunulmaktad\u0131r. Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanlar\u0131n ki\u015fisel g\u00f6r\u00fc\u015flerine dayanmaktad\u0131r. Herhangi bir yat\u0131r\u0131m arac\u0131n\u0131n al\u0131m-sat\u0131m \u00f6nerisi ya da getiri vaadi olarak yorumlanmamal\u0131d\u0131r. Bu g\u00f6r\u00fc\u015fler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir. Bu nedenle, sadece burada yer alan bilgilere dayanarak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir. Burada yer alan fiyatlar, veriler ve bilgilerin tam ve do\u011fru oldu\u011fu garanti edilemez; i\u00e7erik, haber verilmeksizin de\u011fi\u015ftirilebilir. T\u00fcm veriler, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. taraf\u0131ndan g\u00fcvenilir oldu\u011funa inan\u0131lan kaynaklardan al\u0131nm\u0131\u015ft\u0131r. Bu kaynaklar\u0131n kullan\u0131lmas\u0131 nedeni ile ortaya \u00e7\u0131kabilecek hatalardan \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. sorumlu de\u011fildir. <\/em><\/em><br \/><strong>Rota Borsa yasal uyar\u0131s\u0131:<\/strong> Burada yer alan yat\u0131r\u0131m bilgi, yorum ve tavsiyeleri yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 kapsam\u0131nda de\u011fildir. Yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 hizmeti, arac\u0131 kurumlar, portf\u00f6y y\u00f6netim \u015firketleri, mevduat kabul etmeyen bankalar ile m\u00fc\u015fteri aras\u0131nda imzalanacak yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131 s\u00f6zle\u015fmesi \u00e7er\u00e7evesinde sunulmaktad\u0131r. Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanlar\u0131n ki\u015fisel g\u00f6r\u00fc\u015flerine dayanmaktad\u0131r. Bu g\u00f6r\u00fc\u015fler, mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabilir. Bu nedenle sadece burada yer alan bilgilere dayan\u0131larak yat\u0131r\u0131m karar\u0131 verilmesi beklentilerinize uygun sonu\u00e7lar do\u011furmayabilir.<\/em><\/p>\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-rota-borsa wp-block-embed-rota-borsa\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"2TtROg2baT\"><p><a href=\"https:\/\/rotaborsa.com\/aselsan-asels-2026-yili-temettu-kararini-acikladi\/\">Aselsan (ASELS) 2026 y\u0131l\u0131 temett\u00fc karar\u0131n\u0131 a\u00e7\u0131klad\u0131<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Enerjisa Enerji A.\u015e. (ENJSA) 2025 y\u0131l\u0131 4. \u00e7eyrek finansal sonu\u00e7lar\u0131 kamuya a\u00e7\u0131kland\u0131. Bilan\u00e7o sonras\u0131nda \u015eirketin finansal tablolar\u0131 i\u00e7in de\u011ferlendirme, \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.\u2019den geldi. Enerjisa Enerji A.\u015e. hisse haberleri \u2013 ENJSA hisse yorumu \u0130\u015f Yat\u0131r\u0131m de\u011ferlendirmesi \u015fu \u015fekilde; \u201cGer\u00e7ekle\u015fen ve Tahminler: ENJSA 4\u00c725 i\u00e7in 3.619 mn TL baz al\u0131nan net kar (\u0130\u015f Yat\u0131r\u0131m: 3.620 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":65097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-65096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilanco-haberleri"],"_links":{"self":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/65096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/comments?post=65096"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/65096\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/65097"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=65096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=65096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=65096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}