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    James Hayes

    Research Analyst at Lucerna Global Capital

    Jim Hayes is the Founding Partner and Chief Investment Officer at Lucerna Global Capital, where he leads the firm's investment strategy and portfolio management across diverse sectors. While detailed records of specific companies covered and precise performance metrics are not publicly available, Hayes is recognized for his leadership role in shaping the firm's investment approach and driving its growth. He co-founded Lucerna Global Capital and has significant experience in managing investment portfolios, with a background that suggests deep expertise in hedge fund operations and capital allocation. Hayes’s professional credentials likely include extensive experience in portfolio management and institutional investing, though specific securities licenses or FINRA registrations are not confirmed from public sources.

    James Hayes's questions to D-MARKET Electronic Services & Trading (HEPS) leadership

    James Hayes's questions to D-MARKET Electronic Services & Trading (HEPS) leadership • Q1 2024

    Question

    James Hayes from Lucerna Global Capital asked for an update on Turkish regulatory initiatives constraining larger competitors, which items will take effect in 2025, and for medium-term thoughts on free cash flow generation.

    Answer

    Executive Helin Celikbilek detailed several regulatory impacts, including license fees for the largest player, a ban on private labels, and advertising promotion reductions, which will continue to have an impact into 2025. CFO Seckin Koseoglu addressed free cash flow, stating that EBITDA will continue to grow year-over-year and the business will maintain a negative net working capital model. While seasonality may affect quarterly results, he expects the full-year free cash flow position to improve in 2024.

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    James Hayes's questions to D-MARKET Electronic Services & Trading (HEPS) leadership • Q1 2024

    Question

    James Hayes of Lucerna Global Capital asked for an update on regulatory initiatives constraining competitors, which items will take effect in 2025, and for medium-term thoughts on free cash flow generation.

    Answer

    Executive Helin Celikbilek discussed regulations impacting larger competitors, including license fees, a ban on private labels, and advertising promotion reductions, expecting continued impact into 2025. CFO Seckin Koseoglu addressed free cash flow, stating it will continue to improve in 2024, driven by year-over-year EBITDA growth and maintaining a negative net working capital business model. He noted that while seasonality can cause quarterly fluctuations, the full-year position is expected to improve.

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