D-Market Elektronik Hizmetler ve Ticaret A.S. operates e-commerce platforms in Turkey. The company operates www.hepsiburada.com, a retail website that provides electronics and non-electronics products, such as books, sports, toys, kids and baby products, cosmetics, furniture, etc. It also operates Hepsiburada Market, an app-in-app initiative and on-demand delivery service; HepsiJet that provides last-mile delivery services; HepsiLojistik, which offers fulfillment services; HepsiMat, …
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Competitive advantage assessment
Key strengths
Consistent Cash GenerationCash generation is strong and consistent (score 0.78).
Cash Generation ConsistentCash generation is consistent (score 0.78), indicating reliable business model.
Key risks
ROIC Below WACC or PeersROIC at 11.8th percentile suggests inefficient capital deployment.
Liquidity ConcernsLiquidity is concerning (score 0.05), raising questions about short-term obligations.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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D-Market Electronic Services & ranks #23 of 43
scored companies in Internet Retail by moat score — the top 53%.
The widest moat in the group is PDD Holdings Inc. (PDD)
at 77/100.
Moat scores for companies ranked near HEPS in Internet Retail
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 49
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 55
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 10
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 52
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 62
· 15% of the moat score
Scale matters only when it converts into economics.
What is D-Market Electronic Services & 's moat score?
D-Market Electronic Services & (HEPS) scores 41 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #23 of 43 scored companies in Internet Retail, the top 53%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 42 companies in Internet Retail. Its strongest defense is Scale & Market Position (62/100) and its weakest is Capital Efficiency (10/100).
How does D-Market Electronic Services & compare with other Internet Retail companies?
D-Market Electronic Services & ranks #23 of 43 scored companies in Internet Retail by moat score. The widest moat in Internet Retail is PDD Holdings Inc. (PDD) at 77/100. The companies ranked closest are ZKH Group Limited (ZKH) at 41 just above it and Jowell Global Ltd. (JWEL) at 40 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 42 companies in Internet Retail. The defenses are then weighted to produce the overall score out of 100.
Why is D-Market Electronic Services & scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for D-Market Electronic Services & ?
The Corporate Default template measures 6 defenses, and HEPS scores: Pricing Power (27), Cost Advantage (49), Customer Stickiness (55), Capital Efficiency (10), Resilience (52), Scale & Market Position (62). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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