Borrower Fundamentals#

25 statements of asset-leasing companies are left out. The SPV is never the credit risk, so the page does not count it as a borrower. For a lease certificate, the borrower is its fund user. The collector looked for 233 names on KAP: issuers, fund users and guarantors of listed paper. 37 had no financial report with an exactly matching name in the last 90 days. They may report on another cycle, or they have not filed yet.

Net debt / equity, short-term debt share and cash / short-term debt come straight from the 30 Jun 2026 statement. Interest cover divides operating profit by interest expense. Where the statement tags no interest expense, it divides by finance costs, and the cell says so. Finance costs can include foreign-exchange losses on foreign-currency debt. A low cover on that basis needs care. The site does not read the FX position yet, so that column shows Not available. The median spread pools every priced bond of the borrower, whatever its source: auction, traded or floating-rate reset. The Credit & Spreads page shows the breakdown by ISIN. Flags are plain text. A dash means that the statement does not disclose the figure. It never means zero.

26 borrowers have a current traded spread: a yield that BIST published, or one that the site computed from a traded price. Auction yields and floating-rate estimates are not plotted. Only the borrowers that also have a statement appear in the charts, so each chart has few points. Read the fit as a guide, not as a precise estimate. In the net debt / equity chart, a strong ratio but a wide spread: Pınar Süt Mamülleri Sanayii A.Ş., EMLAK KONUT GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş. In the net debt / equity chart, a weak ratio but a tight spread: Bulls Yatırım Menkul Değerler A.Ş. In the interest cover chart, 1 point lies beyond −10x to 20x. The chart draws it as a triangle on the axis edge. The hover shows the actual value. In the interest cover chart, a strong ratio but a wide spread: Gelecek Varlık Yönetimi A.Ş., LOKMAN HEKİM ENGÜRÜSAĞ SAĞLIK TURİZM EĞİTİM HİZMETLERİ VE İNŞAAT TAAHHÜT A.Ş. In the interest cover chart, a weak ratio but a tight spread: Kapital Gayrimenkul Yatırımı Geliştirme Ve İşletmecilik A.Ş., EBEBEK MAĞAZACILIK A.Ş.

The two figures complement each other. Statement short-term debt can already include the current part of bonds, so do not add the two. Bonds due come straight from the BIST instrument list, so they are more recent than the statement. The page caps multiples at 50x. A few borrowers disclose near-zero cash next to large commercial-paper programs. An exact multiple there, such as 33,755x, would give false precision.

The gap is the borrower ratio minus the sector figure, in percentage points. The sector figure comes from the CBRT company accounts for 2025. CBRT publishes it once a year, so it is older than the 30 Jun 2026 statement. Never read the two as the same date. The sector figure is an average of all companies in the sector, not a median. Four sectors have a defensible CBRT match: real estate (M), transport (H), energy and materials (D), and consumer and industrial companies (C). Banks, non-bank financial companies, investment holdings, TMT and other sectors have no peer group in this survey, because it excludes financial companies. They stay in the Screener. The CBRT equity / assets series is not used: it equals one minus its leverage ratio. The page does not show return on assets. It reads operating profit from the statements, not net profit.