Hepsiburada-Warner Bros partnership. Hepsiburada has announced a partnership agreement with Warner Bros. Discovery, extending the offering of a BluTV subscription, a video-on-demand service, offered to Hepsiburada Premium members. The BluTV, fully owned by Warner Bros. Discovery, features both Turkish and international content.

The premium membership update. Hepsiburada Premium, commands 2.6 million subscribers as of May 31, 2024. The premium service provides free delivery, scheduled shipping, 3% cashback and 50% discounted assembly service for furniture purchased on Hepsiburada, and includes a subscription to BluTV.

Valuation on price to sales and sales growth outlook. We quote below the current price to sales multiples on 2023A revenues across e-commerce and marketplaces we follow. Hepsiburada (HEPS) - 0.6x, Mercado Libre (MELI) - 5.9x, ALE - 3.7x, Jumia (JMIA) - 6.8x, PDD Holdings (PDD) - 0.7x, Coupang (CPNG) - 1.5x, Amazon (AMZN) - 3.4x. The best way to put these multiples in context is comparing them against sales growth outlook. Hepsiburada has the highest sales CAGR 3yr out (35-40pct) followed by Mercado Libre and Allegro.

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Hepsiburada - Warner Bros. Partnership and Values Update