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    Maksim Nekrasov

    Research Analyst at Citigroup

    Maksim Nekrasov is an Equity Analyst at Citigroup, specializing in European gaming and consumer sectors with a particular focus on major listed operators. He covers top companies including Greek Organisation of Football Prognostics SA (OPAP) and regularly provides actionable stock forecasts and ratings, such as a recent coverage update with a target price and performance outlook. Nekrasov began his career in investment research and has developed sector expertise through progressive roles, with a track record of delivering informed recommendations in the gaming industry. He holds relevant securities credentials and is recognized for his analytical rigor in equity coverage within his sector specialization.

    Maksim Nekrasov's questions to D-MARKET Electronic Services & Trading (HEPS) leadership

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

    Question

    Maksim Nekrasov of Citigroup inquired about which categories are experiencing a higher slowdown from Q2 2024, whether consumers are trading down, and when the company expects to begin booking tax expenses.

    Answer

    Executive Helin Celikbilek identified a slowdown in endurables, particularly computers and TVs, noting that consumers are trading down and deferring demand rather than decreasing shopping frequency. CFO Seckin Koseoglu addressed the tax question, stating the company does not expect to pay corporate taxes in 2024 due to R&D incentives and will likely start paying taxes in 2026.

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

    Question

    Maksim Nekrasov from Citi inquired about which categories are experiencing a higher slowdown, whether consumers are trading down or decreasing frequency, and when the company anticipates it will start booking tax expenses.

    Answer

    Executive Helin Celikbilek identified a slowdown in endurables, particularly in discretionary categories like computers and TVs, but noted they see consumers trading down and deferring demand rather than significantly decreasing shopping frequency. CFO Seckin Koseoglu addressed the tax question, stating that Hepsiburada does not expect to pay corporate taxes in 2024 due to R&D incentives and will most likely begin paying taxes in 2026.

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